Allied Nevada Drills 165 Feet of 0.071 Gold Equivalent in the South Brimstone Area at Hycroft

RENO, NEVADA -- (MARKET WIRE) -- 05/21/08 -- Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX: ANV)(AMEX: ANV) is pleased to announce complete gold and silver assay results for twenty-six additional exploration holes. The twenty-one holes reported here contain significant gold and silver mineralization. The holes were drilled at the Company's Hycroft Heap Leach Mine ("Hycroft") located near Winnemucca, Nevada. The primary focus of the current drill program continues to be the delineation of oxide gold and silver mineralization on the Hycroft property, primarily in the Brimstone pit area in furtherance of the Company's objective of confirming and expanding existing oxide reserves. The Phase 2 drilling program has been initiated and is targeting other areas with strong oxide and sulfide potential. The Company currently targets the fourth quarter of 2008 to commence gold production at the Hycroft Mine.

Twelve of the twenty-one drill holes reported here and listed in the table below were drilled in the Fire and Brimstone Zones(1). Assay results for eight holes in the Cut 4/Cut 5 area and one hole in the Boneyard Zone oxide drilling programs are also reported.

Assay results were returned for nine Brimstone holes, six of which are reported here. All but one of the Brimstone holes was drilled to fill in gaps in the oxide resource model on the west and southwest sides of the Brimstone Pit. Drill hole H08D-3170, located 3,000 feet southwest of the south end of the Brimstone Pit, was drilled to test the north end of a strong induced polarization (IP) geophysical anomaly. This hole is one in a series designed to test a breccia pipe characterized by silicified and brecciated sulfide-bearing rock that is difficult to drill. Hole H08D-3170 encountered strong silver mineralization with gold, including 165 feet of 0.071 opt gold equivalent from 1050 feet to 1215 feet. The mineralized zone is open to the south and additional drilling is planned for this area.

Assay results are reported here for six Fire Zone holes, four of which were drilled in the north end of the Fire Zone 1,400 west-northwest of the bottom of the north end of the Brimstone Pit. Assay results show that the Fire Zone continues farther to the north than historic data originally indicated. Drilling is now underway to define additional strike length in the Fire Zone gold and silver oxide mineralization. Hole H08R-3242, drilled near the northwest end of the Fire Zone, intersected 140 feet of 0.049 gold equivalent from 445 to 585 feet depth and is one of the holes showing the Fire Zone continues northward.

Assay results are reported here for eight holes drilled to complete the oxide resource model for the Cut 4/Cut 5 area. One drill hole is reported for the Boneyard area as well. Drill hole H08R-3311, located on the west side of the Cut 4 Pit, intersected 265 feet of 0.023 gold equivalent from 170 to 435 feet depth.

Brimstone (East) Zone

From To Interval Gold Silver Gold Equivalent Drill Hole (feet) (feet) (feet) (oz/ton) (oz/ton) (oz/ton) --------------------------------------------------------------- H08R-3163 170 Feet of Mineralization --------------------------------------- 165 200 35 0.016 0.0 0.016 & 360 480 120 0.019 0.8 0.033 Including 405 415 10 0.027 3.3 0.088 & 470 475 5 0.025 3.6 0.090 & 545 560 15 0.025 0.0 0.025

H08R-3167 330 Feet of Mineralization --------------------------------------- 225 320 95 0.011 0.6 0.021 & 395 555 160 0.008 0.6 0.019 & 585 620 35 0.011 0.4 0.019 & 710 750 40 0.012 0.5 0.022

H08D-3170 399 Feet of Mineralization --------------------------------------- 637 653 16 0.017 0.4 0.025 & 789 1007 218 0.016 0.3 0.022 Including 907 917 10 0.039 0.8 0.054 & 1050 1215 165 0.009 3.3 0.071 Including 1092 1107 15 0.013 24.8 0.470

H08D-3171 329.5 Feet of Mineralization --------------------------------------- 150 400 250 0.017 0.6 0.029 Including 167 178 11 0.055 0.8 0.069 & 322 338 16 0.031 1.6 0.061 & 343 350 7 0.049 2.1 0.088 & 417.5 497 79.5 0.018 1.4 0.043 Including 460 471.5 11.5 0.033 3.0 0.089

H08R-3172 160 Feet of Mineralization --------------------------------------- 115 150 35 0.032 0.0 0.032 Including 120 130 10 0.048 0.0 0.048 & 360 405 45 0.024 0.3 0.031 & 415 455 40 0.009 0.6 0.020 & 490 530 40 0.023 1.4 0.048 Including 490 500 10 0.021 4.0 0.096

H08D-3208 128 Feet of Mineralization --------------------------------------- 272 400 128 0.012 0.6 0.024 Including 304 319 15 0.018 3.3 0.079

Fire Zone

From To Interval Gold Silver Gold Equivalent Drill Hole (feet) (feet) (feet) (oz/ton) (oz/ton) (oz/ton) --------------------------------------------------------------- H08R-3168 205 Feet of Mineralization --------------------------------------- 145 215 70 0.023 0.1 0.025 Including 175 185 10 0.057 0.1 0.059 & 265 375 110 0.018 0.5 0.027 Including 280 290 10 0.046 3.0 0.101 & 450 470 20 0.017 0.1 0.018 & 490 495 5 0.013 8.1 0.161

H08D-3174 529 Feet of Mineralization --------------------------------------- 293.5 359 65.5 0.013 0.4 0.021 & 431 894.5 463.5 0.015 0.2 0.019 Including 450 465 15 0.026 0.5 0.036 & 554 569.5 15.5 0.036 0.6 0.048

H08D-3186 163 Feet of Mineralization --------------------------------------- 305 468 163 0.012 0.5 0.021

H08R-3238 160 Feet of Mineralization --------------------------------------- 320 365 45 0.013 0.2 0.017 & 425 540 115 0.011 1.0 0.029 Including 455 465 10 0.010 5.5 0.112

H08R-3240 45 Feet of Mineralization --------------------------------------- 445 490 45 0.027 1.3 0.051 Including 460 465 5 0.025 6.0 0.135

H08R-3242 140 Feet of Mineralization --------------------------------------- 445 585 140 0.015 1.8 0.049 Including 445 470 25 0.028 3.7 0.097 & 560 575 15 0.044 6.3 0.161

Central (West) Zone From To Interval Gold Silver Gold Equivalent Drill Hole (feet) (feet) (feet) (oz/ton) (oz/ton) (oz/ton) --------------------------------------------------------------- H07D-3101 236.5 Feet of Mineralization --------------------------------------- 75 160 85 0.020 0.0 0.020 Including 135 145 10 0.088 0.0 0.088 & 845 860 15 0.022 0.7 0.036 & 915 940 25 0.023 0.3 0.029 & 980 1002 22 0.020 0.4 0.027 & 1050 1139.5 89.5 0.016 0.4 0.024

H08R-3178 60 Feet of Mineralization --------------------------------------- 600 660 60 0.010 0.1 0.012

H08R-3308 130 Feet of Mineralization --------------------------------------- 220 260 40 0.021 0.4 0.028 & 275 320 45 0.008 0.4 0.016 & 340 370 30 0.018 0.2 0.022 & 410 425 15 0.021 0.1 0.022

H08R-3311 265 Feet of Mineralization --------------------------------------- 170 435 265 0.015 0.5 0.023 Including 250 275 25 0.031 1.6 0.060

H08R-3312 165 Feet of Mineralization --------------------------------------- 180 225 45 0.006 2.0 0.043 Including 195 205 10 0.007 4.7 0.093 & 300 325 25 0.011 0.5 0.019 & 355 395 40 0.015 0.1 0.016 & 405 460 55 0.017 0.0 0.017

H08R-3347 15 Feet of Mineralization --------------------------------------- 360 375 15 0.022 0.6 0.032

H08R-3355 90 Feet of Mineralization --------------------------------------- 385 410 25 0.026 0.3 0.031 & 515 535 20 0.016 0.1 0.018 & 620 640 20 0.014 0.3 0.020 & 735 760 25 0.011 0.2 0.014

H08R-3356 60 Feet of Mineralization --------------------------------------- 350 365 15 0.003 1.0 0.022 & 450 455 5 0.018 3.1 0.075 & 515 520 5 0.493 1.5 0.520 & 635 655 20 0.015 0.1 0.017 & 725 740 15 0.012 0.3 0.018

Boneyard Zone

H08R-3304 50 Feet of Mineralization --------------------------------------- 35 85 50 0.018 0.1 0.020

"The mineralized hole into the Vortex Breccia Pipe in the South Brimstone Area is exciting," says Rick Russell, Allied Nevada's Vice President of Exploration. "We are planning to drill additional holes on 500-foot centers south of H08R-3070 along the trace of the IP anomaly to identify the extent of this mineralization."

As of May 20, 2008, 227 drill holes have been completed at Hycroft by Allied Nevada since the Company began exploration drilling in August of 2007, including 179 reverse circulation drill holes and 48 core holes for a total of 161,218 feet drilled. The drill holes were drilled to an average depth of approximately 710 feet, including 26 shallow holes in the Crofoot leach pad. Four drill rigs (3 reverse circulation rotary and 1 core rig) are currently operating at the Hycroft property. Completed footage of the Hycroft drilling program is currently averaging approximately 15,000 feet per month based on one 12-hour shift per day for the three reverse circulation rotary drills and two shifts per day for the core drill. The four drill rigs are currently drilling oxide and sulfide targets and completing the condemnation drilling for the Brimstone leach pad expansion. For complete drill hole assay information for the 26 holes drilled since the last news release, please see assay data posted on the Company's website at www.alliednevada.com. Gold equivalent grades were calculated utilizing a $650 per ounce gold price and a $12 per ounce silver price.

(1) The drill program is being conducted under the supervision of Mr. Rick Russell, Vice President of Exploration for Allied Nevada Gold Corp., who is a Qualified Person as defined by Canadian National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Hycroft Mine. A combination of vertical and angle holes have been drilled to intersect mineralization; however, due to physical constraints and the complex nature of the deposit, true thickness of the drilled intervals cannot be assumed from the measured intercepts. Sampling and assaying methods of this program are being conducted in accordance with the CIM Mineral Exploration Best Practices Guidelines.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and 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 results of exploration drilling and assay programs currently underway at Hycroft, potential for confirming, upgrading and expanding oxide gold mineralized material at Hycroft, results of evaluation of underlying sulfide mineralization at Hycroft, 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 relating to Allied Nevada's status as a newly formed independent company and its lack of operating history; risks that Allied Nevada's acquisition, exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; availability of outside contractors in connection with Hycroft and other activities; 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.

Contacts: Allied Nevada Gold Corp. Scott Caldwell (775) 358-4455

Allied Nevada Gold Corp. Hal Kirby (775) 358-4455 Website: www.alliednevada.com

2008-05-21 17:15:00 0368259 MARKETWIRE