Allied Nevada Gold Corp. : Allied Nevada Awards the Hycroft Expansion Project Engineering and Procurement Contract to Fluor
03/16/2012| 03:31am US/Eastern
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Allied Nevada Gold Corp.
9790 Gateway Drive
Suite 200
Reno, NV 89521 USA
NEWS RELEASE
Allied Nevada Awards the Hycroft Expansion Project
Engineering and Procurement
Contract to Fluor
March 15, 2012 | Reno, Nevada - Allied Nevada Gold Corp.
("Allied Nevada" or the "Company") (TSX: ANV;
NYSE-Amex: ANV) is pleased to announce that it
has awarded a contract to Fluor Corporation ("Fluor") to
complete the engineering and remaining procurement activities
for the Hycroft Expansion Project. The scope of the contract
includes completing engineering required to construct and
remaining procurement requirements for the crushing plant,
130,000 ton per day mill and flotation plant, and associated
facilities. It is expected that the engineering to construct
the crushing plant will be completed in the first quarter of
2013 and the mill engineering to construct will be completed
in the second quarter of 2014. Civil and earthworks for the
crushing project have begun and it is expected that similar
work for the milling facilities will begin in the first
quarter of 2013. With these schedules, the crusher is on
track to begin operations in the second half of 2013 and the
mill is expected to be in operation in the first quarter of
2015.
"Fluor has an internationally recognized presence and proven
track record for successfully completing
large scale facilities such as the proposed expansion at
Hycroft," commented Scott Caldwell, President and CEO of
Allied Nevada. "Having worked with Fluor on projects
worldwide, I am confident that this project will advance in a
timely and professional manner."
To date, orders have been placed for the primary gyratory
crusher, secondary and tertiary crushers and screens, SAG
mills and ball mills as well as the majority of the major
mobile mining equipment. With cash on hand and equipment
leases currently in place, Allied Nevada believes it has
identified approximately half of the $1.2 billion capital
requirements for its previously announced expansion project.
For further information on Allied Nevada, please contact:
Scott Caldwell Tracey Thom
President & CEO Vice President, Investor Relations
(775) 358-4455 (775) 789-0119
or visit the Allied
Nevada website at www.alliednevada.com
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking statements within
the meaning of the U.S. Securities Act of 1933, the U.S.
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995 or in releases made by the U.S.
Securities and Exchange Commission (the "SEC"), all as may be
amended from time to time, (and the equivalent under Canadian
securities laws), that are intended to be covered by the safe
harbor created by such sections. Such forward-looking
statements include, without limitation, statements regarding
the Company's expectation of the projected timing and outcome
of engineering studies; the potential for confirming,
upgrading and expanding gold and silver mineralized material
at Hycroft; mineral reserve and resource estimates; estimates
of gold and silver grades; and other statements that are not
historical facts. Forward-looking statements address
activities, events or developments that Allied Nevada expects
or anticipates will or may occur in the future, and are based
on current expectations and assumptions. Although Allied
Nevada management believes that its expectations are based on
reasonable assumptions, it can give no assurance that these
expectations will prove correct. Important factors that could
cause actual results to differ materially from those in the
forward-looking statements include, among others, risks
relating to risks that Allied Nevada's acquisition,
exploration and property advancement efforts will not be
successful; risks relating to fluctuations in the price of
gold and silver; the inherently hazardous nature of
mining-related activities; uncertainties concerning reserve
and
resource estimates; availability of outside contractors in
connection with Hycroft and other activities; uncertainties
relating to obtaining approvals and permits from governmental
regulatory authorities; and availability, amount and timing
of capital for financing the Company's exploration and
development activities, including uncertainty of being able
to raise capital on favorable terms or at all; as well as
those factors discussed in Allied Nevada's filings with the
SEC including Allied Nevada's latest Annual Report on Form
10-K and its other SEC filings (and Canadian filings). The
Company does not intend to publicly update any forward-
looking statements, whether as a result of new information,
future events, or otherwise, except as may be required under
applicable securities laws.
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This press release was issued by Allied Nevada Gold Corp. and was initially posted at http://www.alliednevada.com. It was distributed, unedited and unaltered, by noodls on 2012-03-16 09:20:09 AM. The issuer is solely responsible for the accuracy of the information contained therein.
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