Effective as of May 20, 2013, Gary W. Banbury has resigned as Executive Vice President and Chief Administrative Officer of Allied Nevada Gold Corp.

Allied Nevada Gold Corp. plans to complete and operate a 130,000 ton per day ("tpd") mill by early 2015 are under review. Currently the company believe that there is value in phasing construction of the mill starting with a 75,000 tpd plant in 2015 and increasing to 130,000 tpd once the initial phase is operating according to plan. The company expected that, once engineering is optimized, the company will be able to show lower initial capital costs, initially processing only higher grade oxide and transition ore through the mill, leaching that ore on site and only producing sulfide concentrate as per demand. As of March 31, 2013, the company had spent or committed $723.5 million, which represents approximately 58% of the previously stated capital cost of $1.24 billion. Included in the $723.5 million spent or committed at March 31, 2013, were purchase obligations totaling $315.7 million, a portion of which are expected to be financed through capital leases. The company estimate that 2013 capital expenditures at the Hycroft Mine for the expansion projects will total approximately $394.9 million; however, such amount may change if company determine expansion project will include a stage with a smaller than originally planned mill. The heap leach expansion is well underway and the company expected to complete the crushing facility, North Leach Pad and new Merrill-Crowe plant this year. Recent major developments include: Construction of the lower cells of the North Leach Pad has been completed and the company expected to begin loading ore during the first week of May. Upon completion, the North Leach Pad will increase total leach pad space from 12.0 million square feet to 20.0 million square feet. The first wire rope shovel is expected to begin commissioning during the second week of May 2013, ahead of schedule.

Allied Nevada Gold Corp., Q1 2013 Earnings Call, May 01, 2013