World Class

Jerritt Canyon Project

Back In Sustainable
Production

December 2010 www.yukon-nevadagold.com

 Cautionary Statement
This presentation contains “forward-looking statements” within the meaning of applicable Canadian securities regulations and Section 21E of the United States Securities Exchange
Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact herein including, without limitation,
statements regarding potential resources and reserves, exploration results, production rates and future plans and objectives, are forward-looking statements that involve various
risks and uncertainties. Such forward-looking statements include, without limitation, (i) estimates and projections of future gold production and cash operating costs, (ii) estimates of
savings or cost reductions, (iii) estimates related to financial performance, including cash flow and capital expenditures, (iv) estimates and projections of reserves and resources, (v)
estimates and opinions regarding geologic and mineralization interpretation and (vi) estimates of exploration investment and scope of exploration programs. There can be no
assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements, in particular the
estimates do not include input cost increases or gold price variations that could occur in future. Important factors that could cause actual results to differ materially from the
companies’ expectations are disclosed in documents filed from time to time with Canadian regulatory authorities on SEDAR and in the case of Queenstake, with the U.S. Securities
and Exchange Commission (SEC). Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and the companies do
not undertake any obligation to update forward-looking statements should conditions or management’s estimates or opinions change. Forward-looking statements are subject to
risks, uncertainties and other factors, including gold and other commodity price volatility, political and operational risks, which are described in the companies’ 2005 Annual
Information Form filed on SEDAR (www.sedar.com) and in the case of Queenstake, the 2005 Annual Report on Form 40-F on file with the SEC (www.sec.gov) as well as the companies’
other regulatory filings.

Cautionary Notes to U.S. Investors Concerning Reserve and Resource Estimates:

Proven and Probable Reserves. The estimates of proven and probable mineral reserves shown in this presentation have been prepared in accordance with National Instrument 43-
101 of the Canadian Securities Administrators (NI 43-101). The definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in Industry Guide 7 of
the U.S. Securities and Exchange Commission (SEC). Accordingly, the Company’s disclosure of mineral reserves in this Annual Report may not be comparable to information from U.S.
companies subject to the SEC’s reporting and disclosure requirements.

Measured and Indicated, and Inferred Resources. This presentation uses the terms “measured and indicated resources and inferred resources”. The Company advises U.S. investors
that while these terms are recognized and required by Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted into reserves. Mineral resources that are not “mineral reserves” do not have demonstrated economic viability. Disclosure
of “contained ounces” is permitted under Canadian regulations; however, the SEC normally only permits the reporting of non-reserve mineralization as in-place tonnage and grade.
“Inferred resources” have a great amount of uncertainty as to their existence. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or
prefeasibility studies, except in rare cases. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally mineable.

Todd Johnson (M.S.), VP Exploration with Yukon-Nevada Gold Corp. and a qualified person as defined by NI 43-101, has reviewed and verified the technical information contained in
this article as applicable. Much of the technical information in this article is taken from the two previously released NI-43-101 Technical Reports for the Jerritt Canyon Property
(dated April 16, 2008) and the Ketza River Project (dated April 14, 2008) which may be uploaded from the Yukon-Nevada Gold Corp. “Company Profile” link at http://www.sedar.com.

CURRENCY: All monetary amounts refer to United States dollars unless otherwise specified.

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 Corporate History
 Jerritt Canyon historical production of approximately 8 million oz of gold since
1981.
 Production was suspended in 2008/2009 due to operational losses,
environmental and other issues.
• The Company was severely undercapitalized,
• No sustaining capital had been spent for many years,
• Environmental obligations had not been met by some predecessors.
 In May 2009 Robert Baldock, with 30 years of restructuring experience, was
appointed as President & CEO to turn the company around.
 With new management and the expertise of our newly-formed technical and
operational teams, the company has come to an agreement with the Nevada
Division of Environmental Protection (NDEP) in October 2009 that allowed
restart of the milling facility.

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 Jerritt Canyon Property Location
Major gold deposits in Northern Nevada 10 miles

15 miles
Nevada

Property size: 313 sq km or 119 sq mi

Major Gold Belt (deposit trend) Major Gold Deposit (Operating or previously mined)

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 Roasting Facility is a Valuable Strategic Asset
 Currently and in the foreseeable future, Yukon Nevada Gold has the only permitted
and operational spare roaster capacity in the region.
 One of only 3 roasters in Nevada and surrounding region (the other two are owned by
Newmont and Barrick and both are running at full capacity).
 Jerritt Canyon roaster replacement value in excess of $750 million.
 Permitting of new roaster capacity in Nevada and region is extremely difficult and time
consuming due to environmental concerns. No new roasters have been permitted in
the past 12 years and none are currently proposed or in feasibility stage.
 Roasting is currently the only economic means for processing carbonaceous,
refractory, sulfide ore which is prolific in the region.
 A valuable strategic asset in a strong geopolitical mining region with an abundance of
low cost refractory ore that has little production future using conventional processing
methods.
 completed
to be completed

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 Corporate Goals

Grow Investor Value:

 Increasing cash flow
 Expanding resources and reserves
 Rising gold production
 Extending mine/mill life

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 The 4 Phase Business Plan
Phase 1

 Re-capitalize, Refurbish and Re-start production.

Phase 2

 Re-start underground mining and achieve positive cash flow.

Phase 3

 Ore supply deal with a major producer to achieve full production

capacity and enhance positive cash flow.

Phase 4

 Increase mid/long term production profile and extend mill/mine life

through acquisition of junior companies, projects through outright
ownership of ore deposits, and through onsite exploration.

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Phase 1 : Re-capitalize, Refurbish and Re-start production
 $70 million in capital injected by a group of individual
private European investors and Sprott Asset
Management.
 New turnaround management team installed, headed
by Robert Baldock as CEO.
 Refurbishment of primary milling operations
undertaken and near completion.
 Negotiation of Consent Decree with NDEP, Nevada
Division of Environmental Protection, in October 2009
allowing restart of production facility.
 Environmental compliance achieved through
development and installation of new calomel mercury
scrubbing system. Currently emitting only 6% of
permitted mercury emission levels – industry leading
performance.

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…Phase 1 : Re-capitalize, Refurbish and Re-start production

 Restart of gold production at the milling facility in

October 2009.
 Announced steady state production of 150,000
ounces of gold per year in August 2010.
 Positive cash operating margin achieved
Q3/2010.
 Planned ramp-up of mill throughput to produce
up to 250,000 ounces per year within 12 – 18
months and 400,000 ounces per year within 24 –
36 months.

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Phase 2 : Re-start Underground Mining
 Re-commenced underground mining operation at
Smith Mine in February 2010.
 Targeted mining rate of 1,000 tpd grading 0.223
oz/ton achieved in Sept. 2010.
 SSX/Steer underground on track for re-start Q1/2011.
SSX Portal  1,200 – 1,400 tpd targeted; underground rolling
stock currently being sourced.
 Starvation Canyon currently in the permitting stage
with production expected early 2012.
 Targeted for 500 tons/day.
 Onsite underground ore contribution planned to be a
sustainable 2,900 tpd when all mines are operating
(~1 million tons/year), which is approximately 50% of
the capacity of our roaster mill.

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Phase 3: Ore supply deal with a major producer

Fill the remaining 50% capacity of roaster to:

 Enhance cash flow;
 Gain economies of scale by operating at full capacity
and spread operating/fixed costs across a larger
number of gold production ounces, thereby lowering
per ounce cash costs.
Background
Major gold producers in Nevada and region have
substantial mined stockpiles (in excess of 100 million
tons) of refractory sulfide ore that cannot be
processed due to lack of roaster capacity…

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 …Phase 3 : Ore supply deal with a major producer

 Q2/Q3 2010 Negotiated with major producers to obtain outside ore supply.

 November 2010 announced ore purchase agreement with Newmont.

 Initial 90 day trial run to determine performance, recoveries etc. on

various types of ore before extending the deal and determining the
ultimate source of the ore over the longer term.

 Currently Newmont is responsible for mining and delivery of ore to Jerritt

Canyon and YNG is responsible for processing and sale of gold.

 After trial run and when longer term agreement is signed,

details/economics of the deal will be finalized.

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Phase 4: Build Production/Extend Mine Life Through Acquisition

 Acquire 8 - 10 million ounces of gold to increase mid/long term production profile and
extend mill/mine life through acquisition of :
 Individual projects from majors or juniors in Nevada region
 Junior exploration and development companies in Nevada region
 Stockpiled refractory sulfide ore through 100% direct purchase.
 More than 12 regional targets identified totaling over 200 million tons of refractory
sulfide ore …due diligence underway.
 High probability of acquisition success because YNG is the only potential buyer of
refractory ore in the region.
 “Orphaned” refractory ounces are valued cheaply ($50 - $80 per ounce) because
there is little chance of production without roasting capacity.

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Phase 4: Build Production/Extend Mine Life Through Acquisition

Acquisition Criteria
 2 – 4 million ounce gold resource
 Oxide shell with a sulphide core
 Prospective geology for resource growth
 Must be metallurgically suitable to produce
a minimum concentrate of 0.5 oz/ton –
1oz/ton gold

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 …Phase 4: Growth Through Acquisition
 Build concentrator plants at acquired properties:
 Dramatically increase production profile with higher grade ore feed.
 Expands economic hauling radius.
 Expands acquisition target list.
 Financing proposal from European shareholder group:
 Fund acquisitions.
 Fund cap-ex for mining and concentrator facilities.
 No equity dilution and no debt to YNG.

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 Targeted Production Ounces
1,000,000
900,000
800,000
700,000
Concentrated ore
600,000
500,000 Outsourced ore
400,000
Jerritt Canyon
300,000
200,000
100,000
0
2011 2012 2013 2014 2015

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New Management Team
 Robert F. Baldock, CA(M), FCPA, FCMC
President, CEO and Director
• 30 years experience in distressed mining asset
restructuring and refurbishment
• Executive Chairman of Golconda Minerals
• President of Nevada Goldfields Corporation
• Managing Director of Duketon Exploration Limited
• Oversaw design, construction, commission and
operation of eight mineral processing plants and
gold producing projects including Kingston and
Aurora mines in Nevada
• Currently also President & CEO of Monument
Mining, a gold producing company in Malaysia

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 New Management Team Continued
 Graham C. Dickson, B.Sc. A.R.C.S.
Chief Operating Officer
• 26 years mining industry experience
• General Manager of construction at the Snip Mill for Cominco, Golden Patricia
Mill for Bond Gold and Seabee Mill for Claude Resources
• Served in various capacities with BYG Natural Resources Ltd.
• Completed surface facilities for Bema Gold's Julietta mine in Russia
• President & CEO of YGC Resources, predecessor of Yukon-Nevada Gold
• Built 18 fixed price turn key milling facilities during career

 Adam Knight, P.E.

Mine Manager
• Extensive mining engineering experience at Jerritt Canyon with AngloGold and
Independence Mining Company
• Mine General Manager with Premier Chemicals, Gabbs Operations, Nevada

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 New Management Team Continued
 Todd W. Johnson, M.Sc Geo, M.Sc Geo Eng, P.E.
Vice President Exploration
• 20 years mining industry experience
• 10 years at Noranda‐Hemlo Gold Mines group, involved with the New World Au
(Cu‐Ag) discovery in Cooke City, Montana
• Significantly contributed to the multi‐million ounce resource expansion at the
Phoenix Au (Cu‐Ag) mine in Battle Mountain, Nevada, currently in production by
Newmont

 John Barta, B.Sc Geo, B.Sc Eng

Environmental Manager
• 25 years mining industry experience
• Manager of Environment and Permitting for Golden Predator Mines Inc., Florida
Canyon Mine for Apollo Gold and the Standard Mine for Jipangu International, all in
Nevada
• Environmental Manager for 9 years at the Getchell Mine in Nevada for Placer Dome

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 Board of Directors

John Greenslade, M.Eng., P.Eng., LLB Pierre Besuchet

Chairman and Director Director

Robert F. Baldock, CA(M), FCPA, FCMC Gerald Ruth

President, CEO and Director Director

Graham C. Dickson, B.Sc. A.R.C.S Jay Schnyder, B.A.

COO and Director Director

Francois Marland Simon Solomonidis, B.Sc., E.Eng., M.Sc. S.Eng.

Vice-Chairman of Strategic Planning Director
Committee and Director
Jean-Edgar de Trentinian
Director

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 Review of Milestones Achieved
 Newly strengthened management team
in place.
 Expanded Board of Directors with
increased technical mining industry
experience.
 New Emission Control System installed -
mill now environmentally compliant.
 Consent Decree issued and in place
with Nevada Division of Environmental
Protection.
 Restarted gold production at Jerritt
Canyon.
 Finalized construction of Evaporation
Pond and Seepage Pond reclamation.
 All major creditors repaid.
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 Resumed production at Smith Mine
targeting 1,000 tpd at an average grade
of 0.23 opt at the ROM pad.
 Positive progress toward settlement on
two existing lawsuits re: 2008/09
operations shutdowns.
 Refurbished instrumentation, CIL tanks,
thickener, conveyors, crusher, quench
tank and inspected roasters internally.
 Closed $9.0 M Flow-through financing
to fund exploration in the Yukon.
 Closed $25.0M secured note financing
with Sprott Asset Management.
 Other debt (BNPP) possible – but no
further equity.
21
 Milestones: Next 12 Months

 Close up to $40M debt Financing for  Negotiate ore purchase contracts to

mill and mine re-opening capital acquire additional mill feed
expenditures  Digital Control System (DCS) upgrade
 Maintain steady state rate of annual  Parts inventory restocking
production of 150,000 ounces of gold
 Process and electrical improvements
 Smith Mine average production 1,000
 Various environmental upgrade
ton/day
obligations as stated in the Consent
 Resume production at SSX/Steer, Decree
targeting 1,400 tons/day
 New cooling tower completion
 Ongoing strengthening of
 Jerritt Canyon exploration program
management & succession planning in
process

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 Milestones: Long Term
 Complete all NDEP agreed
environmental projects under the
Consent Decree within the next 12-15
months.
 Lift present dry mill production
capacity from permitted 4,320 tpd to
the engineered 6,000 tpd mill
capacity with lower emissions .
 Develop new mines from successful
acquisition and exploration.
 Construct and commission a new
50.0M ton tailings facility.
 Complete and open the new
Starvation Canyon mine development
project presently under permitting to
increase YNG ore to 2,900 tpd.
 Target re-opening wet mill (6,000 tpd
milling capacity) through successful
sourcing/exploration for oxide feed
(total plant has an engineered
capacity of 11,000 tpd).
 Achieve total annual production of up
to 250,000 oz Au per annum in next
12 to 18 months & 400,000 oz in 24 –
36 months.
 Lift total annual production to
1,000,000 million oz Au by 2015.

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 Catalysts to Drive Market Value
 Experienced New Management Team
& expanded Board of Directors.
 Operations now in full environmental
compliance.
 Gold production and underground
mining recommenced – not reflected
in current valuation.
 Re-opening SSX/Steer underground
mining complex Q1, 2011
 Steady state rate of production
estimated at 150,000 gold
ounces/year to July 31, 2011.
 Reserve and resource update Q2,
2011.
 Prime location – Nevada top mining
friendly jurisdiction and top gold
producing state.
 Strategic asset with facility which is
the only spare roasting capacity in the
region.
 Significant operational assets in good
condition having replacement value of
approximately US$750 million.
 Undervalued to peer group.
 Ore purchase from Newmont
 Accretive acquisition(s) of
undervalued refractory project/junior
 Recommencing underground and
surface exploration.

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Appendix

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 Jerritt Canyon Property
Jerritt Canyon has historically been a prolific gold producing district.

Murray Mine UG Marlboro Canyon OP SSX Mine UG

Mill Site
>1 Moz mined
1.2 Moz mined North Generator OP

Smith Mine

Burns Basin OP
0.4 Moz mined

26
 Jerritt Canyon Reserves & Resources
The December 2007 year-end reserve estimate
Jerritt Canyon Reserves (2008) was calculated using a gold price of $580 per
ounce, reflecting a three-year average gold
PROVEN PROBABLE price.

K tons oz/st K oz K tons oz/st K oz Resources and reserves were calculated by

Messrs. Donald Colli and Robert (Chip) Todd,
653.4 0.229 149.9 2,501 0.227 567.4
who at the time were Manager of Mine Geology
and Manager of Technical Services, respectively,
Jerritt Canyon Resources (2008) under the supervision at that time by Yukon-
Nevada Gold's Executive Vice President -
MEASURED INDICATED INFERRED Exploration, Dorian L. (Dusty) Nicol. These
individuals are qualified persons as defined by NI
K tons oz/st K oz K tons oz/st K oz K tons oz/st K oz 43-101. The work was reviewed and approved by
Leah Mach and Landy Stinnett of SRK Consulting
2,620 0.269 706.0 5,571 0.225 1,255 2,320 0.224 520
(US), Inc.. Landy Stinnett is listed as the qualified
person for the December 2007 reserves listed
above.
SRK Consulting (US), Inc. prepared a NI 43-101
Technical Report, which includes these results,
on April 16, 2008.

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 Jerritt Canyon Reserves & Resources
 Current stockpile contains 750,000 tons at an average grade of 0.075 ounces
gold/ton for a total of 64,500 ounces – stockpile now being milled along with ore
being produced from Smith Mine.
 Upgrading Reserve using more current gold price calculation which could
enhance total Reserves significantly (historic Reserve based on $580 gold price).
 Compiling historic drilling data to provide an overall view of how the various ore
bodies on the property are related, with the goal of enhancing Reserve and
Resource calculation through this broader overview (update and clean up drill
hole database).
 Aggressive exploration campaign planned with numerous defined targets, many
with historic positive drill intersections from over 25 years of data.
 Examine the potential of reactivating gold production from mines that were
decommissioned at much lower gold prices (open pits & underground).

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 Jerritt Canyon Exploration Opportunities
 Resources have historically converted to Reserves at an average rate of 105%.
 Underground exploration and surface exploration planned at both the Smith and
SSX/Steer mines and district wide to expand Resource and Reserves from existing
mine network .
 Near mine targets including Mahala Basin validate belief that new resources will be
found nearby existing mines, thereby economically using existing development and
infrastructure.
 One of the best intercepts of 141ft. at 0.51oz/t Au, including 68.9ft. at 0.70oz/t Au.
 Other intercepts include 66ft. at 0.7oz/t Au and 35ft. at 0.74oz/t Au.
 Good exploration opportunities at depths below 600ft.
 Recent 2010 intercepts in drill hole number SMI-LX-750 from 537.0 to 552.0 feet
totaling 15.0 feet averaging 0.214 opt Au, and from 576.0 to 599.0 feet totaling
23.0 feet averaging 0.324 opt Au.

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 Gold Explortion Targets
Cross-Section Through SSX deposit looking northeast showing stacked fault sheets
repeating favorable host rocks.

1000 feet
SCALE

Gold Exploration
Targets

2.5 feet @ 0.27 oz/t Au

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SSX/Steer and Smith Mine Works

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Ketza River Project, Yukon Territory

 All weather road

access 82 km from
Ross River Kaska
Nation’s Territory.

British Columbia
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 Ketza River Project, Yukon Territory
 $9M Flow-through financing completed May
2010 to fund expanded exploration program.
 Targeted production from Ketza River, Yukon
estimated to be 60,000 oz/year.
 Former producer with much infrastructure in
place.
 Fully equipped camp and facilities.
 A previous producer of 100,030 ounces (July
1988 to November 1990) from an average
Camp & Mill grade at the mill of 11.6 grams/ton gold.

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 Ketza River Resources
A cut-off grade of 1.0 gpt has been used for
Ketza River Resource (2008) shapes that are believed to be amenable to
eventual open-pit mining (see note) while a cut-
MEASURED INDICATED off of 3.0 gpt has been applied to resource shapes
that would have to be mined from underground.
In addition, most gold mineralization has been
K tons g/t K oz K tons g/t K oz tightly constrained geologically using structural
and stratigraphic features established by mining
712.2 6.4 146.5 3,369 4.61 499.9
records and 3-dimensional geologic analysis; the
nature of these geologic constraints, has to a
great extent, been the result of work carried out
on the property during 2007.

This resource estimate was prepared by Yukon-Nevada Gold geologic staff and Russ White of SRK under the
supervision at the time by the Company's Executive Vice President -- Exploration, Dorian L. (Dusty) Nicol, who is a
qualified person under NI 43-101. This estimate has been reviewed and approved by Russ White of SRK who is the
qualified person. SRK prepared a NI 43-101 Technical Report incorporating these results completed on
April 14, 2008.

Note: In order to establish potential surface mineability, pit shells were created using a Lerchs-Grossmann
algorithm at $1,000 USD per ounce gold price and basic cost and recovery criteria as recommended by SRK
Consulting (US), Inc. which include $12/tonne process costs, $2.82/tonne mining costs, 85% metallurgical
recovery, and 45 degree pit slopes.

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 Capital Structure
Share Structure (in 000’s - as of Nov 8, 2010)

Shares 690,302

Warrants – Total 258,291

Options – Total 53,082

Fully Diluted Share Total 1,001,675

Market Cap: CAD $ 650,917. M

52-Week High/Low: CAD $0.95/ $0.175

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 Contact Information
Yukon-Nevada Gold Corp. Richard Moritz
Suite 900 – 688 West Hastings St. Senior Director,
Vancouver, BC V6B 1P1 Institutional Investor Relations
Canada Email: rmoritz@yngc.ca
Tel: +1 (604) 688 9427
Fax: +1 (604) 688 9426 Nicole Sanches
www.yukon-nevadagold.com Investor Relations Manager
Email: nicole@yngc.ca

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