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Press release from Marketwire

Allied Nevada Drills 233 Meters Grading 2.02 g/t Gold Equivalent(1) in the Vortex Zone at Hycroft

Tuesday, November 23, 2010

Allied Nevada Drills 233 Meters Grading 2.02 g/t Gold Equivalent(1) in the Vortex Zone at Hycroft16:45 EST Tuesday, November 23, 2010RENO, NEVADA--(Marketwire - Nov. 23, 2010) - Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV)(NYSE Amex:ANV) is pleased to provide an update to recent Vortex Zone drilling, including highlights from two newly drilled holes at its wholly owned Hycroft mine located near Winnemucca, Nevada. Highlights from the these holes include 233 meters grading 2.02 g/t AuEq2 (0.73 g/t Au and 67 g/t Ag), and 192 meters grading 0.93 g/t AuEq (0.53 g/t Au and 20.89 g/t Ag). "We continue to see impressively long runs of mineralization with higher grade silver values in the Vortex Zone," comments Dave Flint, Vice President Exploration for Allied Nevada. "As we near the end of the successful 2010 exploration program, we are confident that the data collected through this infill program at Vortex will show a positive impact to the year-end resource estimate."The Vortex Zone currently has been defined by exploration drilling over a 950 by 850 meter area, and with mineralization encountered to depths of 650 meters. A higher grade zone of mineralization within the Vortex Zone has been intersected in 30 holes over a strike length of 600 meters and a vertical range of 400 meters. The thickness of the higher grade zone, which occurs above the East Fault, is as much as 100 meters. Vortex gold and silver mineralization is associated with a hydrothermal breccia and the silver mineralization is primarily contained within the mineral pyrargyrite. Drilling at the Vortex Zone indicates that the mineralization is contiguous with both the Brimstone and Central deposits. The Vortex Zone mineralization remains largely open along strike to the north, south, west and at depth.Core hole H10D-3896 (233 meters grading 2.02 g/t AuEq) was part of the recently completed definition drill program at Vortex. Core hole H10D-3503 is a step-out hole drilled in northeast region of the Vortex area. Mineralization encountered in this drillhole (192.3 meters grading 0.93 g/t AuEq), remains open to the north and west. Follow up drilling will be conducted during 2010 and the first quarter of 2011. Year to date 366 infill and exploration holes totaling 93,200 meters have been drilled. The Vortex Zone infill program for 2010 was completed during the first half of November. The remainder of the 2010 drill program for Hycroft will focus on infill drilling of the Central and Brimstone pits, step out drilling along the northern portion of Vortex and west of the Central Pit, and property wide exploration. A total of 25-30 additional holes are planned for the remainder of 2010. Allied Nevada maintains a strict quality control program at all of its projects. Drill samples are picked up on site and validated by Allied Nevada and Scott E. Wilson Consulting, Inc. geologists to be shipped to ALS Chemex's assaying laboratories in Reno, Nevada. Gold and silver analyses are conducted on 1-assay ton prepped samples with gold and silver determined using industry standard fire assay methods with a gravimetric finish. The following includes significant intercepts encountered in the two holes:GRADEFROMTOINTERVALAuAgAuEqmetersmetersmetersg/tg/tg/tH10D-38963095422330.7367.062.02H10D-35032954871920.5320.890.93Mr. Scott E. Wilson, AIPG Certified Professional Geologist #10965, is Allied Nevada's Independent Qualified Person as defined under National Instrument 43-101. The technical data in this news release have been prepared under his supervision.Cautionary Statement Regarding Forward Looking InformationThis press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934 (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 results and indications of exploration drilling currently underway at Hycroft; the potential for confirming, upgrading and expanding gold and silver mineralized material at Hycroft; resource estimates and the timing of the release of updated estimates; estimates of gold and silver grades; our planned exploration program for the second half of 2010 and the first quarter of 2011 and the expected benefits therefrom; 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 that Allied Nevada's 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; uncertainties relating to obtaining approvals and permits from governmental regulatory authorities; and availability and timing of capital for financing the Company's exploration and development activities, including the 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 U.S. Securities and Exchange Commission (the "SEC") including Allied Nevada's latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly Report on Form 10-Q. 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.The technical contents of this news release have been prepared under the supervision of Scott Wilson of Scott E. Wilson Mining, an independent consultant for Allied Nevada, who is a Qualified Person 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 Amended and Restated Technical Report dated September 23, 2010 and filed with SEDAR at www.sedar.com.Visit the Allied Nevada website at www.alliednevada.com to view a full list of assays received to date for holes drilled in the 2010 program.1 Gold equivalent grades were calculated using a gold price of $800 and silver price of $14 for a silver to gold equivalent conversion factor of 57.14 to 1.2 g/t Au = grams per tonne gold; g/t Ag = grams per tonne silver; g/t AuEq = grams per tonne gold equivalent.FOR FURTHER INFORMATION PLEASE CONTACT: Scott CaldwellAllied Nevada Gold Corp.President & CEO(775) 358-4455ORTracey ThomAllied Nevada Gold Corp.Vice President, Investor Relations(416) 409-6007www.alliednevada.com