Yukon-Nevada Gold Corp. Special General Meeting Results

VANCOUVER, March 10 /CNW/ --
VANCOUVER, March 10 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) Robert F. Baldock, President and CEO of Yukon-Nevada Gold Corp. (the
'Company'), announces that further to the Company's news release of
February 4, 2011, at a Special General Meeting held on March 8, 2011,
the Company's shareholders overwhelmingly approved a resolution to
reduce, for a limited time, the exercise prices of the Company's
unlisted share purchase warrants. The resolution at the Meeting was
approved by approximately 86% of the votes of the disinterested
shareholders. Shareholders of the Company who hold warrants were not
permitted to vote on the resolution.

In order to raise additional working capital in the short term, all
eligible warrant-holders will now be entitled, for a period of 30 days,
to exercise their warrants at an 18% discount to the original exercise
price (the 'Transaction') as set out in the information circular dated
January 25, 2011. The 30 day period will commence on March 14, 2011 and
end on April 13, 2011. If the Warrants are not exercised during such 30
day period, the exercise price will revert to the original exercise
price.  If all of the warrants are exercised at their reduced prices,
the Company will have raised approximately $59M. The Company will
provide written notice to all warrant-holders advising them of the
reduction of the exercise prices. 

The discount to the exercise price will compensate warrant holders for
loss of leverage in their investment, cost of financing the transaction
and/or opportunity cost if other investments are liquidated to fund the
Transaction as well as any resulting tax consequences.

The purpose of providing this incentive is to provide the Company with
required working capital to fund its current business plan. Primary use
of proceeds will be towards (but not limited to):

    --  Construction of new lined tailings storage facility as well as
        a secondary water storage facility to be completed before
        winter 2011/12,
    --  Upgrade to Digital Control Facility Monitoring System to
        improve plant operating efficiencies by replacing the current
        pneumatic system,
    --  Installation of additional quench tank and related items during
        the 2-week scheduled annual maintenance shutdown in May 2011,
    --  Complete winterization of the plant including construction and
        installation of new ore drying equipment that should be
        protected from climatic extremes,
    --  Completion of remaining environmental obligations as outlined
        in the Consent Decree with the Nevada Division of Environmental
        Protection to keep our current compliance in good standing,
    --  Obtain underground equipment necessary to commence operations
        at the SSX/Steer underground gold mine and continue development
        of the Starvation Canyon mine.

The TSX has conditionally accepted notice of the Transaction.

Yukon-Nevada Gold Corp. is a North American gold producer in the
business of discovering, developing and operating gold deposits. The
Company holds a diverse portfolio of gold, silver, zinc and copper
properties in the Yukon Territory and British Columbia in Canada and in
Nevada in the United States. The Company's focus has been on the
acquisition and development of late stage development and operating
properties with gold as the primary target. Continued growth will occur
by increasing or initiating production from the Company's existing
properties.

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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.

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Yukon-Nevada Gold Corp.
Richard Moritz 
Senior Director, Institutional Investor Relations
Tel: (604) 688-9427
Email: rmoritz@yngc.ca

Nicole Sanches
Investor Relations Manager
Tel: (604) 688-9427 ext 224
Email: nicole@yngc.ca
www.yukon-nevadagold.com

CHF Investor Relations
Jeanny So
Director of Operations
Tel: (416) 868-1079 ext. 225
Email: jeanny@chfir.com
www.chfir.com

Axino AG
Wolfgang Seybold
President and CEO Tel: 49 711 25 35 92 40
Email: wolfgang.seybold@axino.de
www.axino.de/