Mr. Richard Moritz reports

YUKON-NEVADA GOLD CORP. DRILLS 52.30 M GRADING 6.17 G/T FROM WEST MAHALA, JERRITT CANYON, NEVADA

Yukon-Nevada Gold Corp. has provided results from its 2011 surface drilling program at the Mahala project which is located at its wholly owned Jerritt Canyon gold operation in Nevada. Jerritt Canyon is operated by Queenstake Resources USA Ltd., a wholly owned subsidiary of Yukon-Nevada Gold.

Highlights

• MAH-459 (West Mahala) intersected 29.28 metres at 5.56 grams per tonne (g/t) gold (Au).
• MAH-475 (West Mahala) intersected 15.10 metres at 14.92 g/t Au.
• SH-1205 (East Mahala) intersected 34.16 metres at 9.98 g/t Au.

The company continues to deliver exciting results from the 2011 Mahala surface drill hole assays located proximal to the SSX-Steer and Smith underground mines. These results provide further support to the company's position that the area between the Smith and SSX-Steer mines is strongly mineralized. The Mahala project consists of East Mahala, Mahala and West Mahala that continue to exhibit outstanding exploration potential for the delineation of additional resources and reserves. West Mahala is growing into a significantly sized mineralized zone.

The additional results of the drill program received as of Jan. 31, 2012, are shown in the associated tables. Surface plan maps illustrating drill hole locations and an assay summary table can be found on the company's website.

                        SIGNIFICANT 2011 DRILL HOLE ASSAY RESULTS FROM EAST MAHALA

Hole ID                               From                     To                   Length                  Gold
(mining zone)         feet (ft) metres (m)   feet (ft) metres (m)     feet (ft) metres (m)                 grade
                
SH-1205 (zone 9)         866.0 ft 264.13 m      978.0 ft 298.29 m         112.0 ft 34.16 m   0.291 oz/t 9.98 g/t
EM-128 (zone 4)          900.0 ft 274.50 m      940.0 ft 286.70 m          40.0 ft 12.20 m   0.120 oz/t 4.11 g/t
           
Notes:   
(1) Gold grade reported in troy ounces per ton and grams per tonne (g/t).             
(2) No significant assays: EM-127.              
(3) Assays pending: SH-1204, SH-1209, EM-122.             
(4) Diamond core holes not drilled: EM-125 and EM-129.

                             SIGNIFICANT 2011 DRILL HOLE ASSAY RESULTS FROM MAHALA

Hole ID                               From                     To                   Length                  Gold
(mining zone)         feet (ft) metres (m)    feet (ft)metres (m)     feet (ft) metres (m)                 grade
   
MAH-447 (zone 8 Smith)   695.0 ft 211.97 m      700.0 ft 213.50 m            5.0 ft 1.52 m  0.301 oz/t 10.32 g/t

Notes:   
(1) Gold grade reported in troy ounces per ton and grams per tonne (g/t).              
(2) Assays pending: SH-1213.

                       SIGNIFICANT 2011 DRILL HOLE ASSAY RESULTS FROM WEST MAHALA

Hole ID                               From                     To                   Length                  Gold
(mining zone)          feet (ft) metres (m)  feet (ft) metres (m)     feet (ft) metres (m)                 grade

MAH-456 (W. Mahala)     1,041.5 ft 317.66 m   1,213.0 ft 369.96 m         171.5 ft 52.30 m   0.180 oz/t 6.17 g/t
MAH-459 (W. Mahala)     1,065.0 ft 324.82 m   1,161.0 ft 354.10 m          96.0 ft 29.28 m   0.162 oz/t 5.56 g/t 
MAH-466 (W. Mahala)     1,029.5 ft 314.00 m   1,090.0 ft 332.45 m          60.5 ft 18.45 m   0.117 oz/t 4.01 g/t
MAH-471 (W. Mahala)       958.0 ft 292.19 m   1,007.0 ft 307.13 m          49.0 ft 14.94 m   0.230 oz/t 7.89 g/t
MAH-471 (W. Mahala)     1,033.0 ft 315.06 m   1,043.0 ft 318.11 m           10.0 ft 3.05 m   0.106 oz/t 3.64 g/t
MAH-475 (W. Mahala)     1,212.0 ft 369.66 m   1,261.5 ft 384.76 m          49.5 ft 15.10 m  0.435 oz/t 14.92 g/t
  
Notes:   
(1) Gold grade reported in troy ounces per ton and grams per tonne (g/t).              
(2) No significant assays: MAH-473.

Geologic and engineering modelling is in progress to update the resources and reserves in the Mahala project area and will be included in a National Instrument 43-101 technical report scheduled to be completed in April, 2012.

In mid-January substantial snowfall occurred at higher elevations throughout the Jerritt Canyon property. This prompted suspension of surface drilling operations until the upcoming spring/summer 2012 field season. Underground diamond drilling continues at the Smith mine. The Mahala surface drill hole assay results listed in this press release are those that were not included in the previous press release dated Jan. 11, 2012. Details of the geology and mining zones for the present drill hole assay results are included in the previous press release.

Assaying of all samples from the 2011 surface drill program reported in this news release was conducted by ALS Laboratory Group in Reno, Nev., using standard fire assay techniques. Assay intercepts are reported as drilled. True widths have not yet been calculated; given the geometry of the mineralization at Jerritt Canyon, the concept of true width is not always meaningful before delineation drilling has been completed. The company's 2010 and 2011 quality assurance and quality control protocols are available at the company's website.

The information in this news release was compiled and reviewed by William Hofer, BSc, chief geologist, Jerritt Canyon mine. The information contained in this news release has been reviewed and approved by the company's vice-president of exploration, Todd Johnson, MSc (qualified person per the requirements of NI 43-101).

We seek Safe Harbor.