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Press release from Marketwire

Allied Nevada Drills 190 Meters of 1.4 g/t Gold and 36.8 g/t Silver (2.5 g/t Gold Equivalent) in the Vortex Zone at Hycroft

Tuesday, May 03, 2011

Allied Nevada Drills 190 Meters of 1.4 g/t Gold and 36.8 g/t Silver (2.5 g/t Gold Equivalent) in the Vortex Zone at Hycroft07:30 EDT Tuesday, May 03, 2011RENO, NEVADA--(Marketwire - May 3, 2011) - Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV)(NYSE Amex:ANV) is pleased to announce recent drill results from the ongoing exploration program at its wholly owned Hycroft mine located near Winnemucca, Nevada. The Company implemented a program of north-south oriented infill drilling in the Vortex Zone, which had previously been drilled on an east-west drill pattern, to test grade and continuity of mineralization in that orientation. This drilling confirmed that mineralization is tabular and disseminated in nature, with no apparent bias in orientation. This north-south oriented drilling encountered grades at or above those of the current resource highlighted by 190 meters grading 1.4 g/t gold and 36.8 g/t silver (2.5 g/t gold equivalent).In addition, the Company believes it has established continuity between the Vortex and Albert Zones with hole H11-3430 highlighted by 142 meters grading 1.0 g/t gold and 52.5 g/t silver (2.0 g/t gold equivalent). Additional drilling in this area is in progress and is expected to in-fill between the two zones. Hole H11-3765, extended the Albert Zone to the north with highlighted interval of 117 meters grading 0.9 g/t gold and 23.0 g/t silver (1.3 g/t gold equivalent)."As expected, the north-south oriented drilling resulted in grades at or above the average grades of the current resource," commented Dave Flint, Vice President of Exploration. "We believe a significant amount of resource growth potential exists at Hycroft. The recent step-out drilling continues to support this belief with expansion of Vortex mineralization. Hycroft mineralization remains open to the north, south, west and at depth. We have also identified a number of drill targets outside of the current resource area which have yet to be tested."GRADEFROMTOINTERVALAuAgAuEqmetersmetersmetersg/tg/tg/tH11-3513124188640.717.81.0H11-35143024921901.436.82.5H11-34303174591421.052.52.0H11-37654155321170.923.01.3For a full list of the assay results for the 2010 drill program and a current drill map showing the locations of current and planned holes, please go to our website at http://www.alliednevada.com/properties/hycroft/exploration.aspx.Allied Nevada maintains a strict quality control program at all of its projects. Drill samples are gathered on-site and validated by Allied Nevada 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 determined using industry standard fire assay methods with an atomic absorption finish. Gold over limits and silver are determined using fire assay with a gravimetric finish.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; 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 Donald A. Harris, a Certified Professional Geologist with American Institute of Professional Geologists (A.I.P.G.), #10819, who is Manager of Exploration, Hycroft for Allied Nevada Gold Corp. and 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.FOR FURTHER INFORMATION PLEASE CONTACT: Scott CaldwellAllied Nevada GoldPresident & CEO(775) 358-4455ORTracey ThomAllied Nevada GoldVice President, Investor Relations(775) 789-0119ORAlicia GardnerAllied Nevada GoldInvestor Relations Associate(775) 789-0144www.alliednevada.com