Allied Nevada Gold (Amex:ANV) Upgraded by RBC Capital

Allied Nevada Gold (Amex:ANV) was upgraded by RBC Capital from "Sector Perform" to "Outperform."

Since the latter part of July, when Allied was as low as $15.70 a share, they've rebounded to $24.77, where they closed at on Monday. Trading volume was also over 50 percent higher than the 3-month average of 918,000.

Allied operates in the State of Nevada, with its flagship property being the Hycroft Mine, which includes gold and silver as a byproduct.

Its close at $24.77 was a gain of $1.23 on the day, or 5.32 percent. They have market cap of 2.19 billion.

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.

Allied Nevada (AMEX:ANV) Net Income Reaches $20.8 Million in Second Quarter

Allied Nevada Gold (TSX:ANV) (AMEX:ANV) turned things around in the second quarter over last year, generate net income of $20.8 million, far better than the $6.9 million loss they suffered last year in the same quarter.

Production for gold and silver at their Hycroft mine soared in contrast to 2009 as well, with gold production reaching 31,400 ounces and silver growing to 62,000 ounces. Last year only 14,500 ounces were produced at the mine and 15,400 of silver.

During the quarter 29,560 ounces of gold were sold and 63,859 ounces of silver, both records for the company, at a cost of $408 an ounce gold

"I am proud to report that we have achieved a number of milestones and new operating and financial records in the first half of 2010. Hycroft is running well and we have begun the first stage of the oxide expansion ahead of schedule. Exploration drilling continues to define what management believes to be a very large system and ongoing metallurgical testing continues to provide confidence for both oxide and sulfide mineralization," said Scott Caldwell, President and CEO of Allied Nevada.

Allied said it is still on schedule to meet its guidance of gold sales of about 100,000 ounces, sold in a range of $400-$500.