Allied Nevada Awards the Hycroft Expansion Project Engineering and Procurement Contract to Fluor
March 15 2012 - 4:30PM
Marketwired
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.
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.
Contacts: Allied Nevada Gold Corp. Scott Caldwell President
& CEO (775) 358-4455 Allied Nevada Gold Corp. Tracey Thom Vice
President, Investor Relations (775) 789-0119
www.alliednevada.com