Yukon-Nevada Gold Corp. considers operational and financial alternatives at Jerritt...

Yukon-Nevada Gold Corp. considers operational and financial alternatives at
Jerritt Canyon, Nevada

VANCOUVER, Aug. 15 /PRNewswire-FirstCall/ - Yukon-Nevada Gold Corp. (Toronto
Stock Exchange: YNG; Frankfurt Xetra Exchange: NG6) today announces the
consideration of various plans to maximize the short term and long term value
of its investment in the Jerritt Canyon Mine, Nevada in light of current
economic difficulties.
The ongoing negative cash flow situation at Jerritt Canyon required immediate
action and the decision was made to suspend underground mining on August 8th,
2008 (see press release) and the mining crew has now been laid off. The
Company has made efforts to ensure that most of the employees have been placed
into jobs at other mining companies around the area. A considerable cost
reduction plan and renegotiation of toll milling contracts are in progress.
The plan also includes the possible segregation of part of the milling
facility as a cash realizing transaction.
Jerritt Canyon's recently refurbished mill was in operation until this past
weekend, but the malfunction of a critical part in the drying circuit caused
the mill to be shut down for repairs. It will reopen as soon as possible. In
the meantime Small Mine Developers, SMD, the ore subcontractors, has
demobilized its equipment and personnel.
The Company is working hard to fulfill its statutory obligations to its
employees, such as continuing health coverage and the payment of all
suppliers. To address the liquidity problem at the Jerritt Canyon operation,
the Company is now focused on refinancing to ensure obligations are met and to
move forward to regain positive cash flow. There can be no assurance that the
financing or cash generating alternative chosen by the Company will be
available on acceptable terms, or at all. The failure to obtain this cash
generation will likely have a material adverse effect on the Company's
operations and financial condition.
The pre-feasibility study at the Company's Ketza River Project in the Yukon
Territory is continuing on schedule.
Management has also accepted the resignation of Christopher Oxner, Chief
Financial Officer effective immediately.

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The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.

WARNING: The Company relies upon litigation protection for
"forward-looking" statements.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available.

SOURCE Yukon-Nevada Gold Corp.

Yukon-Nevada Gold Corp., Nicole Sanches, Investor Relations Manager, Tel:
(604) 688-9427, Email: nicole@yngc.ca, www.yukon-nevadagold.com; CHF Investor
Relations, Jacqueline Wagenaar, Account Manager, Tel: (416) 868-1079 ext. 289,
Email: jacqueline@chfir.com, www.chfir.com