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VANCOUVER, March 2 /CNW/ - Yukon-Nevada Gold Corp. (the "Company") (TSX: YNG) (Frankfurt Xetra Exchange: NG6) is pleased to announce that, further to its news release of February
22, 2011, the Company has closed its private placement for gross
proceeds of $7.1 million, from the issuance of an aggregate of
8,334,882 flow-through shares (the "FT Shares") at $0.85 per FT Share.


All securities issued pursuant to the private placement are subject to a
four month hold period, commencing on the closing date.


The proceeds from the private placement will be used on the continued
exploration of the Company's Ketza River Property, Yukon Territory.


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.


If you would like to receive press releases via email please contact nicole@yngc.ca and specify "Yukon-Nevada Gold Corp. releases" in the subject line.


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.




For further information:

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.chfir.com

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