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The technical contents of this news release have been reviewed and approved by Donald Harris, a Certified Professional Geologist with American Institute of Professional Geologists (A.I.P.G.), #10819, who is Manager of Hycroft Exploration for Allied Nevada Gold Corp. and Dan Moore, Vice President, Technical Services, a Registered Professional Engineer and a registered member of the Society for Mining, Metallurgy and Exploration (#2257810) who are a Qualified Persons as defined by National Instrument 43-101. For further information regarding the quality assurance program and the quality control measures applied, as well as other relevant technical information, please see the Hycroft Technical Report which will be filed within the regulatory timeframe on www.sedar.com. For further information regarding technical information in relation to the Hasbrouck and Three Hills properties, please see the Technical Report titled "Technical Report, Allied Nevada Gold Corp. Hasbrouck Property, Tonopah, Nevada, USA" dated April 11, 2012, available on www.sedar.com. For further information regarding technical information in relation to the Wildcat property, please see the Technical Report titled "Updated Technical Review, Wildcat Project, Pershing County, Nevada" dated August 14, 2006, available on www.sedar.com.

Non-GAAP Financial Measures

Adjusted cash costs is a non-GAAP financial measure, calculated on a per ounce of gold sold basis, and includes all direct and indirect operating cash costs related to the physical activities of producing gold, including mining, processing, third party refining expenses, on-site administrative and support costs, royalties, and mining production taxes, net of by-product revenue earned from silver sales. Adjusted cash costs provides management and investors with a further measure, in addition to conventional measures prepared in accordance with GAAP, to assess the Company's performance of the mining operations and ability to generate cash flows over multiple periods. Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other mining companies. Accordingly, the above measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The table below presents a reconciliation between non-GAAP adjusted cash costs to cost of sales (GAAP) for the years ended December 31, 2012 and 2011 (in thousands, except ounces sold):

                                                   Years ended December 31,                                              ------------------------------                                                        2012           2011                                              ------------------------------Total cost of sales (000s)                         $ 109,492       $ 63,029Less:Depreciation and amortization (000s)                 (14,594)        (6,984)Silver revenues (000s)                               (21,712)       (12,983)                                              ------------------------------Total adjusted cash costs (000s)                    $ 73,186       $ 43,062Gold ounces sold                                     114,705         88,191Adjusted cash cost per ounce                           $ 638          $ 488ALLIED NEVADA GOLD CORP.CONSOLIDATED BALANCE SHEETS(US dollars in thousands, except shares)                                                               December 31,                                              ------------------------------                                                        2012           2011                                              ------------------------------Assets:  Cash and cash equivalents                        $ 347,047      $ 275,002  Accounts receivable                                 60,479            ---  Inventories                                         55,818         28,305  Ore on leachpads, current                           93,088         64,230  Prepaids and other                                  12,084          6,687  Deferred tax assets, current                           ---          1,795                                              ------------------------------    Current assets                                   568,516        376,019  Restricted cash                                     31,837         18,798  Stockpiles and ore on leachpads, non-current        38,357         11,320  Other assets, non-current                           38,499          2,196  Plant, equipment, and mine development, net        515,902        190,694  Mineral properties, net                             44,616         44,706  Deferred tax assets, non-current                       ---         13,473                                              ------------------------------Total assets                                     $ 1,237,727      $ 657,206                                              ------------------------------                                              ------------------------------Liabilities:  Accounts payable                                  $ 60,292       $ 26,314  Interest payable                                     2,756            ---  Other liabilities, current                           9,762          3,166  Debt, current                                       28,614         10,306  Asset retirement obligation, current                   331            339  Deferred tax liabilities, current                       76            ---                                              ------------------------------    Current liabilities                              101,831         40,125  Other liabilities, non-current                      10,223          9,327  Debt, non-current                                  496,578         34,245  Asset retirement obligation, non-current             8,726          8,387  Deferred tax liabilities, non-current                  395            ---                                              ------------------------------    Total liabilities                                617,753         92,084                                              ------------------------------Commitments and ContingenciesShareholders' Equity:  Common stock, $0.001 par value  Shares authorized: 200,000,000  Shares issued and outstanding: 2012 -   89,734,112 and 2011 - 89,646,988                       90             90  Additional paid-in-capital                         601,553        589,012  Accumulated other comprehensive loss                (5,416)           ---  Retained earnings (accumulated deficit)             23,747        (23,980)                                              ------------------------------    Total shareholders' equity                       619,974        565,122                                              ------------------------------Total liabilities and shareholders' equity       $ 1,237,727      $ 657,206                                              ------------------------------                                              ------------------------------ALLIED NEVADA GOLD CORP.CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME(US dollars in thousands, except per share amounts)                                                    Years Ended December 31,                                --------------------------------------------                                          2012           2011           2010                                --------------------------------------------Revenue                              $ 214,559      $ 152,029      $ 130,930Operating expenses:  Production costs                      94,898         56,045         57,713  Depreciation and amortization         14,594          6,984          6,972                                --------------------------------------------    Total cost of sales                109,492         63,029         64,685                                --------------------------------------------  Exploration, development, and   land holding costs                    7,367         28,174         24,969  Accretion                                564            450            442  Corporate general and   administrative                       16,269         18,593         17,299                                --------------------------------------------Income from operations                  80,867         41,783         23,535                                --------------------------------------------Other income (expense):  Interest income                          899            473            145  Interest expense                     (17,908)          (712)           ---  Foreign exchange gain, net               ---              4          3,067  Gain on sale of mineral   property                                ---          1,097            ---  Other income, net                        292            413            269                                --------------------------------------------Income before income taxes              64,150         43,058         27,016  Income tax (expense) benefit         (16,423)        (6,349)         7,112                                --------------------------------------------Net income                              47,727         36,709         34,128                                --------------------------------------------Other comprehensive loss, net of tax  Change in fair value of   effective portion of cash   flow hedge instruments, net   of tax                               (5,940)           ---            ---  Settlements of cash flow   hedges, net of tax                    2,297            ---            ---  Reclassifications into   earnings, net of tax                 (1,773)           ---            ---                                --------------------------------------------Other comprehensive loss, net of tax                                    (5,416)           ---            ---                                --------------------------------------------Comprehensive income                  $ 42,311       $ 36,709       $ 34,128                                --------------------------------------------                                --------------------------------------------Income per share:  Basic                                 $ 0.53         $ 0.41         $ 0.41  Diluted                               $ 0.52         $ 0.40         $ 0.41ALLIED NEVADA GOLD CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS(US dollars in thousands)                                                   Years Ended December 31,                               ---------------------------------------------                                         2012           2011           2010                               ---------------------------------------------Cash flows from operating activities:Net income                           $ 47,727       $ 36,709       $ 34,128Adjustments to reconcile net income for the period to net cash (used in) provided by operating activities:  Depreciation and amortization        14,594          6,984          6,972  Accretion                               564            450            442  Stock-based compensation              4,339          6,562          8,375  Deferred taxes                       18,656          4,116         (7,111)  Gain on sale of mineral   property                               ---         (1,097)           ---  Other non-cash items                   (300)          (397)          (269)Changes in operating assets and liabilities:  Accounts receivable                 (60,479)           ---            ---  Inventories                         (23,849)       (16,843)        (3,035)  Stockpiles and ore on leach   pads                               (45,235)       (22,074)       (14,008)  Prepaids and other                   (2,228)         1,194         (3,493)  Accounts payable                     16,285          1,310          2,490  Interest payable                      2,756            ---            ---  Asset retirement obligation            (540)          (775)          (470)  Other liabilities                     6,599          1,282            274                               ---------------------------------------------Net cash (used in) provided by operating activities                 (21,111)        17,421         24,295                               ---------------------------------------------Cash flows from investing activities:  Additions to plant,   equipment, and mine   development                       (262,216)       (81,554)       (37,025)  Additions to mineral   properties                            (130)          (114)           ---  Increases in restricted cash        (13,039)        (3,778)          (954)  Proceeds from other investing   activities                             136            183            131                               ---------------------------------------------Net cash used in investing activities                          (275,249)       (85,263)       (37,848)                               ---------------------------------------------Cash flows from financing activities:  Proceeds from issuance of   common stock                           464            815        279,240  Payments of share issuance   costs                                  ---            ---        (17,886)  Proceeds from debt issuance         400,400            ---            ---  Payments of debt issuance   costs                              (15,340)          (476)           ---  Proceeds from sale-leaseback   agreement                              ---          9,471            ---  Repayments of principal on   capital lease obligations          (16,323)        (5,591)        (1,553)  Excess tax (expense) benefit   from stock-based awards               (796)           796            ---                               ---------------------------------------------Net cash provided by financing activities                           368,405          5,015        259,801                               ---------------------------------------------  Net increase (decrease) in   cash and cash equivalents           72,045        (62,827)       246,248  Cash and cash equivalents,   beginning of year                  275,002        337,829         91,581                               ---------------------------------------------Cash and cash equivalents, end of year                            $ 347,047      $ 275,002      $ 337,829                               ---------------------------------------------                               ---------------------------------------------Supplemental cash flow disclosures:  Cash paid for interest             $ 21,367        $ 1,167          $ 440  Cash paid for income taxes            3,950            ---            800Non-cash financing and investing activities  Mining equipment acquired by   capital lease                       84,877         35,823          9,873  Plant and equipment additions   through accounts payable   increase                            27,740         10,047            ---  Accounts payable reduction   through capital lease               10,047            ---            ---  Additional paid in capital   increase from award   modification and settlement   of outstanding DPU liability         7,453            ---            ---  Mineral properties increase   from deferred tax adjustment           ---          5,611            ---