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Thursday, September 9, 2010

Allied Nevada's (NYSE:ANV) Hycroft Mine Production Profile Larger Than Thought

An updated scoping study of the Hycroft mine of Allied Nevada (NYSE:ANV) found it can support a much larger production facility than the original study indicated.

CEO Scott Caldwell said, "This mine is expected to support an operation with a much greater production profile than was originally presented in the April scoping study."

Allied said in August it had a measured and indicated resource of eight million ounces of gold and 259.2 million ounces of silver at Hycroft mine.

Annually the gold miner projects gold production of 610,000 ounces, and silver production of 27 million ounces.

The enlarged project will now cost Allied about $1.1 billion.

They should be able to generate $500 million of that on their own by 2015, with the remaining $600 million to be raised.

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