Mr. Randy Buffington reports

ALLIED NEVADA REPORTS 2013 FINANCIAL AND OPERATING RESULTS

Allied Nevada Gold Corp. is providing its financial and operating results for the year ended Dec. 31, 2013. All dollar amounts are expressed in U.S. dollars.

The company's 2013 highlights include:

• Record gold and silver sales in 2013, up 59 per cent and 23 per cent, respectively, from the previous year;
• Fourth quarter of 2013 sales represented 33 per cent of total 2013 gold sales and 41 per cent of total 2013 silver sales, benefiting from the heap leach expansion;
• Adjusted cash costs per ounce (before writedown) of $802 for the full year 2013, was at the lower end of guidance range;
• Lowered mining costs by approximately 45 cents per ton during 2013;
• Operating full complement of shovel and haul fleet to achieve an average of over 250,000 tons per day;
• Increased square footage under leach by 72 per cent;
• Increased Merrill Crowe processing capacity with completion of the new 21,500-gallon-per-minute plant, along with the existing 5,000-gallon-per-minute plant, which the company expects will allow it to eliminate carbon columns in 2014;
• Amended revolving credit agreement to remove covenants restricting the company from using the facility and it now has $40-million in available borrowing capacity;
• Adjusted net income of $17.2-million (17 cents per share);
• Advanced the on-site oxidation process testing through two phases with positive results, leading to the decision to move forward with a pilot plant study to process sulphides.

Summary for 2013

Operating results

The company sold an annual record of 181,941 ounces of gold and 858,073 ounces of silver, of which 60,460 (or 33 per cent) gold ounces and 352,922 (or 41 per cent) silver ounces were sold during the fourth quarter, benefiting from the company's expanded heap leach operations.

The company achieved its target annual mining rate, and placed 45.6 million ore tons on the leach pads containing approximately 256,384 recoverable ounces of gold and approximately 1.5 million recoverable ounces of silver. During the second half of the year the company maintained the nominal mining rate of over 250,000 tons per day while decreasing its per-ton mining and processing costs from the first half of the year, all while operating in a leaner more cost-efficient structure as a result of its mine-site and corporate work force reductions mid-year.

Adjusted cash costs per ounce

Adjusted cash costs per ounce for 2013 were $802, excluding a writedown at year-end of previously incurred cash production costs of $9.7-million (or $53 per ounce), which increased the reported adjusted cash costs per ounce to $855.

Heap leach expansion projects

The company's heap leach expansion projects were successfully completed in 2013. During the year the company increased its mining rate, and commissioned the North leach pad, two 73-cubic-yard electric rope shovels and a 21,500-gallon-per-minute Merrill-Crowe plant. The crushing system was mechanically completed in 2013 and the company expects to commission it during the first quarter of 2014.

Adjusted net income

Adjusted net income in 2013 was $17.2-million (or 17 cents per share). Despite selling record gold and silver ounces in 2013, net income of $1.4-million (or one cent per share) was negatively impacted by a lower metal price environment, increased production costs, and significant charges for assets classified as held for sale ($11.7-million), mineral property dispositions ($1.4-million), separation and severance costs ($5.9-million), and a writedown of production inventories ($12.6-million).

Liquidity

The company finished 2013 with $81.5-million of cash and cash equivalents. Capital spending in 2013 was less than anticipated due to the deferral of approximately $30-million of payments into 2014. Had these payments been made as expected, the company would have ended the year near its previously stated cash position of approximately $50-million.

In the second quarter of 2013, the company pro-actively improved its financial position and liquidity through the completion of a public offering of its common stock for net proceeds of $142.2-million. During the fourth quarter the company amended its revolving credit agreement, eliminating certain financial ratio covenants which precluded it from being able to utilize the facility. This provides the company with $40-million of borrowing capacity. The company is working on expanding the facility in 2014 through an accordion feature that allows it to increase the lending limit to $75-million.

Hycroft mill expansion

In August, 2013, the company announced that it would defer construction of the mill to allow further investigation of encouraging preliminary oxidation results that would allow it to oxidize and process sulphide concentrate on site at Hycroft. Since then, testwork has progressed significantly and the results have provided the confidence to proceed with a pilot plant study of the ambient alkaline oxidation process, which began in February, 2014. The pilot plant is expected to be completed by the end of the first quarter of 2014. M3 Engineering & Technology will use the results of the oxidation testwork, capital and operating cost review, and pilot plant program to develop an updated prefeasibility study.

Hycroft operations update

The company remained committed to its core values, health and safety, and operated in an environmentally responsible manner. Regrettably, there was one lost-time accident at its Hycroft mine during the third quarter of 2013, however, the company has taken measures to strengthen the overall health and safety culture at its Hycroft mine through increased training, more frequent safety meetings and increased communications.

In 2013, the company increased its mining rate and processing capabilities, which resulted in the production and sale of a record number of gold and silver ounces. Its total tons mined during 2013 increased approximately 41 per cent from 2012 as a result of its expanded mobile mine equipment fleet and the addition of the two electric rope shovels. Efficiencies gained with the company's mobile equipment dispatch system helped it achieve its 2013 target mining rate, all while operating with an approximate 24-per-cent reduction to its mine-site work force following the July reductions. During 2013 the company commissioned the North leach pad and a 21,500-gallon-per-minute Merrill-Crowe plant, and added solution processing capacity from its carbon columns early in the year.

As of Dec. 31, 2013, the company had approximately 12.2 million square feet under leach, an increase of approximately 5.1 million square feet (or 72 per cent) from Dec. 31, 2012. The North leach pad has been performing well since being put into operation in early 2013 as the company's overall metal recoveries and timing of such metal recoveries remain consistent with its expectations.

During the second half of 2013 the company continued its remediation efforts of the Lewis leach pad and received permits which allowed it to begin introducing solution into wells that have been drilled into dry areas of the pad, and the company has begun to see positive results from its efforts. The timing of the metal recoveries is dependent on the advance rate of the solution into the wells on the pad, and the company's overall management of solution flows to the Lewis leach pad and the wells themselves. The company expect metal recoveries from its remediation efforts to occur over the next two years.

Production costs were high during the first half 2013 as additional drilling, lime and cyanide costs associated with the Lewis leach pad remediation increased maintenance costs of older loading equipment, and inefficient utilization of the mobile fleet resulted in a significant increase to the average cost per ounce placed on the leach pads. During the second half of 2013, the company's average mining cost per ton and average processing cost per ore ton decreased by 22 per cent and 12 per cent, respectively, from the first half 2013's per-ton costs. The company expects such efficiencies in mining and processing costs to continue into 2014, which it believes will positively impact its future production costs and adjusted cash costs per ounce.

During 2013, the company's adjusted cash costs per ounce increased by $217 (or 34 per cent) from 2012. Although the company's second half of 2013 mining and processing costs improved from previous periods, its adjusted cash costs per ounce for 2013 were negatively impacted by increased production costs incurred during the first half of 2013, external refining costs for carbon in-process inventories sold during the year and $9.7-million (or $53 per ounce) in previously incurred cash production costs that were written off. Further, during 2013 the company's average realized price per ounce of silver sold decreased by approximately $8 (or 26 per cent) compared with 2012, thereby decreasing the benefit received from each ounce of silver sold and increasing the company's adjusted cash costs per ounce by approximately $38.

Outlook

Gold and silver sales in 2014 are expected to reach new record levels of approximately 230,000 to 250,000 ounces of gold and 1.7 million to two million ounces of silver. The company expects to mine 34.4 million tons of ore at average grades of 0.014 ounce per ton gold and 0.35 ounce per ton silver. Approximately 10.6 million tons of the higher-grade ore are expected to be crushed before being placed on the leach pads. In addition, the company plans on mining 52.8 million tons of waste and 4.8 million tons of mill ore, which will be placed in its stockpiles. Adjusted cash costs per ounce for 2014 are expected to be in the range of $825 to $850 (with silver as a byproduct credit).

Depreciation and amortization are expected to increase significantly to approximately $80-million to $85-million (or $335 to $355 per ounce). The significant increase in depreciation and amortization is the result of an increase of plant and equipment, including the 80-million-ton-capacity North leach pad, which was placed into service in 2013, which increases the amount of non-cash expense the company recognizes per gold ounce sold.

Capital expenditures in 2014 are expected to decrease significantly. Non-expansion (sustaining) capital expenditures are expected be less than $15-million in 2014. The company believes it has plenty of leach pad space to support production requirements for 2014 and as such has not planned a leach pad expansion this year. The company expects final payments related to its oxide expansion to be approximately $40-million in 2014 and expects to pay an additional $32-million related to its deferred mill expansion in 2014.

The company expects its 2014 corporate general and administrative costs to approximate $17-million to $19-million based upon its projected work force levels and related benefit costs, and estimates of other costs such as legal and accounting fees, insurance, and consulting and service provider costs.

The company expects its 2014 interest expense, net of amounts capitalized to its capital expenditures, to approximate $40-million to $45-million, increasing from 2013 as the company has minimal planned capital expenditures. Its projected interest expense may vary significantly if the timing and/or amount of its sustaining or expansion capital expenditures are adjusted.

The company expects its 2014 exploration, development and landholding costs to approximate $2-million to $3-million, consisting of landholding costs and minimal reserve drilling at Hycroft. Consistent with its strategy and goal to preserve liquidity by managing discretionary spending, the company has planned no exploration activities at any of its other properties and it no longer employs a statewide exploration work force.

The results presented in this press release should be read in conjunction with the company's annual report on Form 10-K for the year ended Dec. 31, 2013, filed on SEDAR and EDGAR, and posted on Allied Nevada's website. The financial results are based on United States generally accepted accounting principles (with the exception of the non-GAAP financial measures of adjusted cash costs per ounce and adjusted net income).

Conference call information

Allied Nevada will host a conference call to discuss these results on Tuesday, Feb. 25, 2014, at 8 a.m. (PT) (11:00 a.m. (ET)), which will be followed by a question-and-answer session.

To access the call, please dial 1-866-782-8903 (toll-free from Canada and the U.S.) or 1-647-426-1845 (outside of Canada and the U.S.).

To listen to the audio webcast, visit the company's website.

An audio recording of the call will be archived on the company's website following the meeting.

      CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME         
       (in thousands of U.S. dollars, except per-share amounts)            
                                                                            
                                                   Year ended Dec. 31,      
                                            2013       2012       2011    

Revenue                                $ 267,901  $ 214,559  $ 152,029 
Operating expenses                                                         
Production costs                         165,478     94,898     56,045 
Depreciation and amortization             31,092     14,594      6,984 
Writedown of production inventories       12,586          -          - 
                                       ---------  ---------  ---------
Total cost of sales                      209,156    109,492     63,029 
                                       ---------  ---------  ---------
Exploration, development and 
landholding                                3,586      7,367     28,174 
Accretion                                    659        564        450 
Corporate general and administrative      18,893     16,269     18,593 
Separation and severance                   5,933          -          - 
Loss (gain) on disposition or sale of                                     
mineral properties                         1,394          -     (1,097)
Loss on assets classified as held for                                     
sale                                      11,727          -          - 
                                       ---------  ---------  ---------
Income from operations                    16,553     80,867     42,880 
                                       ---------  ---------  ---------
Other income (expense)                                                     
Interest income                              346        899        473 
Interest (expense)                       (22,560)   (17,908)      (712)
Other, net                                (1,002)       292        417 
                                       ---------  ---------  ---------
(Loss) income before income taxes         (6,663)    64,150     43,058 
Income tax benefit (expense)               8,068    (16,423)    (6,349)
                                       ---------  ---------  ---------
Net income                             $   1,405     47,727     36,709 
                                       ---------  ---------  ---------
Other comprehensive income (loss), 
net of tax                                                                        
Change in fair value of effective                                         
portion of cash flow hedge                                               
instruments, net of tax                    7,188     (5,940)         - 
Settlements of cash flow hedges, 
net of tax                               (16,594)     2,297          - 
Reclassifications into earnings,
net of tax                                16,496     (1,773)         - 
                                       ---------  ---------  ---------
Other comprehensive income (loss),
net of tax                                 7,090     (5,416)         - 
                                       ---------  ---------  ---------
Comprehensive income                   $   8,495  $  42,311  $  36,709 
                                       ---------  ---------  ---------
Income per share                                                           
Basic                                  $    0.01  $    0.53  $    0.41 
Diluted                                $    0.01  $    0.52  $    0.40 

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