March 18, 2009 / 12:03 PM / 9 years ago

UPDATE 1-Allied Nevada to ramp-up operations in 2009

(All figures in U.S. dollars, unless noted)

TORONTO, March 18 (Reuters) - Allied Nevada Gold Corp ANV.A ANV.TO said on Wednesday it plans to ramp up operations at its recently commissioned Hycroft mine in Nevada and produce about 90,000 ounces of gold in 2009.

During the six month start-up phase, the mine, which began operations in December, is expected to produce about 20,000 ounces of gold at a cost of $600 to $620 per ounce.

The precious metals miner expects to produce about 90,000 ounces of gold in 2009 at a cost of $460 to $480 per ounce.

The company said it ended 2008 with cash and cash equivalents of $16.5 million, with all its cash equivalents invested in high quality short-term money market instruments.

Allied Nevada also reported a full-year 2008 loss of $79.6 million, or $1.49 a share, compared with a year-ago loss of $11.3 million, or 42 cents a share.

The company, which holds numerous prospective exploration claims in the state of Nevada, said the increased loss was due to mineral property impairments, mine start-up costs and higher exploration costs. ($1= $1.27 Canadian) (Reporting by Euan Rocha; Editing by Steve Orlofsky)

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