Exhibit 99.1

Allied Nevada Achieves Net Income of $13.4 Million or $0.15 Per Share in Q3 2012

Q3 2012 Revenue 93% Higher Than Q2 2012

November 5, 2012 | Reno, Nevada—Allied Nevada Gold Corp. (“Allied Nevada”, “we’, “us”, “our” or the “Company”) (TSX: ANV; NYSE MKT:ANV) is pleased to provide financial and operating results for the three and nine months ended September 30, 2012. The results presented in this press release should be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed on SEDAR and EDGAR and posted on Allied Nevada’s website at www.alliednevada.com. The financial results are based on United States GAAP (with the exception of the non-GAAP financial measure adjusted cash costs¹¹) and are expressed in U.S. dollars.

Q3 2012 Results:

Challenges and Remediation:

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Highlights

Hycroft Operations Update

Key operating statistics for the Hycroft Mine for the three and nine months ended September 30, 2012, compared with the same periods in 2011, were as follows:

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During the third quarter of 2012, a record number of tons were mined at Hycroft, totaling 19.2 million tons, an increase of approximately 24% from the second quarter of 2012 due to the utilization of the larger mining equipment. Third quarter 2012 mining was composed of 7.8 million ore tons, 0.7 million of which was stockpiled, 5.6 million waste tons, and 5.8 million capital project and pre-strip tons. The first production ore tons from the Bay pit were also mined in the third quarter, which marks the third producing pit at Hycroft. Although a record number of tons were mined in the third quarter of 2012, substantial capital mining activities for the crusher, mill, and Bay pre-strip reduced production mining capacity. The excavation for the gyratory crusher was completed in August 2012 and management anticipates being able to focus primarily on production mining activities using the larger equipment fleet during the remainder of 2012. During October 2012, the Company mined 4.8 million ore tons exceeding the previous monthly high of 3.8 million ore tons mined in September 2012. Mining equipment in operation at Hycroft during the third quarter of 2012 consisted of three Hitachi EX5500 shovels, sixteen Komatsu 320-ton trucks, and six Komatsu 200-ton trucks. The Company also received two CAT 795 345-ton trucks during the third quarter that are being built and expected to be operational in the fourth quarter.

During the three and nine months ended September 30, 2012, gold ounces sold increased by 29% and 6%, respectively, and silver ounces sold increased by 58% and 87%, respectively, compared to the same periods of 2011. During the third quarter, the Company sold a significant portion of the accumulated unprocessed carbon containing 14,403 ounces of gold and 34,321 ounces of silver. We incurred $2.3 million of shipping and processing costs solely related to the carbon sales, which increased our third quarter and first nine months of 2012 adjusted cash costs¹ per ounce by approximately $66 and $32, respectively. The silver ounces to gold ounces ratio for the unprocessed carbon sold was approximately 2.4:1, which is significantly lower than the current year to date ratio of 7.2:1 for metal sold that was processed using the Merrill-Crowe plant, thereby increasing the third quarter and first nine months of 2012 adjusted cash costs¹ per ounce by approximately $61 and $29 per ounce, respectively, when using the three-month average realized prices for silver sold in 2012. Going forward, we expect that the loaded carbon will be processed much more efficiently using the recently installed carbon strip circuit, which was put into operation in October 2012.

Hycroft produced 30,179 ounces of gold during the three months ended September 30, 2012, before adjustment. During the third quarter of 2012, the Company completed a metallurgical balancing study for the in-process carbon that was sold, which resulted in a negative adjustment of 4,697 gold ounces to current period production and is reflected in the 25,482 gold ounces produced amounts shown in the above operations table. The ore grade of the tons mined during the three and nine months ended September 30, 2012, was 0.011 and 0.013, respectively, which was in-line with expectations as the Company continues to progress through lower grade ore phases outlined in the mine plan. Solution stacking continued during the third quarter of 2012 to increase the solution grade while maximizing the efficiency of the Merrill-Crowe plant’s processing capacity. During the remainder of 2012, the Company’s production mining focus and previous solution stacking efforts are expected to result in increased gold and silver production.

Adjusted cash costs¹ were $690 per ounce in the third quarter of 2012. These costs were significantly higher than prior quarters due to the high selling costs and lower silver to gold ratio of the unprocessed carbon, as detailed above. Additionally, we placed fewer ore tons on the heap leach pads during the quarter than we anticipated due to the gyratory pit ore being lower than forecast, a longer pre-strip of Bay and the stockpiling of mill ore.

Hycroft Expansion Projects

Ongoing expansion projects at Hycroft include 1) increasing the mining rate through larger capacity haul trucks, shovels, and production drills, 2) expanding leach pad operations through increased pad size, additional solution processing capacity, and the addition of a gyratory crusher to enhance the exposure of ore to the leach process, 3) constructing a mill to process transitional and sulfide mineralization, and 4) upgrading infrastructure items to handle the milling demands, including power transmission and distribution and the construction of a railroad spur.

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Construction, engineering and design, and equipment deliveries remain on time and as budgeted. We strengthened the project team, which is fully integrated with the Fluor engineering team and will manage the contractors being used throughout the project. Construction of the gyratory crusher continued following the August 2012 completion of the excavation mining. The foundation for both the reclaim tunnels was poured and wall embeds were set on reclaim tunnel #2. Management continues to expect the gyratory crusher will be operational in the second half of 2013. The mill excavation began during the third quarter of 2012, along with construction on the North leach pad, which includes additional process ponds and an additional Merrill-Crowe processing plant. The carbon strip circuit was installed in October and is fully operational. The processing capacity of the carbon strip circuit is in excess of production and is expected to meet our future carbon processing needs. In the remainder of 2012, the Company expects to also begin work on the South leach pad, the Merrill-Crowe expansion, and utility projects.

The capital cost estimate for the expansion project is expected to be $1.24 billion. As of September 30, 2012, Allied Nevada had spent or committed $550.2 million, which is in-line with the feasibility estimate and represents approximately 44% of the total capital estimate. Of the $500.2 million, the Company had purchase obligations totaling $363.3 million, a portion of which is expected to be financed through capital leases. The Company estimates that 2012 capital expenditures at Hycroft will total approximately $221.4 million, of which $89.3 million had been made as of September 30, 2012.

Exploration Activities

Drilling activities at Hycroft in the third quarter of 2012 totaled 39,770 feet in 72 holes and were directed towards facility condemnation, in-pit resource conversion, and obtaining additional material for ongoing metallurgical testing. The infill drilling program for 2012 has been completed and a resource update is expected in the first quarter of 2013.

Drilling at our advanced exploration properties ramped up during the third quarter of 2012. At the Hasbrouck and Three Hills properties, third quarter 2012 drilling totaled approximately 18,700 feet in 37 holes and was directed towards growing the mineralized material bases and further defining high grade zones. A total of 26,000 feet in 36 holes was drilled at Wildcat during the third quarter of 2012 as the initial first pass program commenced. We plan to update resource block models for each property in the fourth quarter of 2012.

The Company plans to complete the 2012 exploration programs and provide an updated resource for each of Hasbrouck/Three Hills and Wildcat in the first quarter of 2013.

Outlook

The Company mined a record number of tons in the third quarter of 2012. The excavation for the gyratory crusher was completed in August 2012 and mining will focus on ore tons being delivered to the heap leach pads for the remainder of 2012. During the fourth quarter, we expect a decrease in the stripping ratio and increases in both the ore grade and ore tonnage placed on the pad. Additionally, increased ore placed on the leach pads over the last six months along with the larger area under leach expect to continue to benefit production during the fourth quarter and beyond. The Company expects production for 2012 to be approximately 150,000 ounces of gold and sales for 2012 of approximately 130,000 ounces of gold.

The expected improvements in production are anticipated to result in lower per ounce production costs during the fourth quarter of 2012 and beyond. The effects of the abnormally high expensed stripping during the year will continue to impact costs in the fourth quarter of 2012, resulting in adjusted cash costs¹ of approximately $585 per ounce in the fourth quarter, for full year adjusted cash costs¹ of just below $600 per ounce. We expect to work through the abnormally high stripping costs by the end of the year.

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Conference Call Information

Allied Nevada will host a conference call to discuss third quarter results on November 5, 2012, at 8:00 am PT (11:00 am ET) followed by a question and answer session.

To access the call, please dial:

Canada & US toll-free—1-800-814-4860

Outside of Canada & US—1-416-644-3416

Replay (available until November 19, 2012):

Access code: 4573036#

Canada & US toll-free—1-877-289-8525

Outside of Canada & US—1-416-640-1917

An audio recording of the call will be archived on our website at www.alliednevada.com.

For further information on Allied Nevada, please contact:

or visit the Allied Nevada website at www.alliednevada.com.

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934 (and the equivalent under Canadian securities laws) and the Private Securities Litigation Reform Act, that are intended to be covered by the safe harbor created by such sections. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “will,” “would,” “could,” “should,” “seeks,” or “scheduled to,” or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. Such forward-looking statements include, without limitation, statements regarding the results and indications of exploration drilling currently underway at Hycroft; delays in processing gold and silver, the potential for confirming, upgrading and expanding gold and silver mineralized material at Hycroft; reserve and resource estimates and the timing of the release of updated estimates; estimates of gold and silver grades; anticipated costs, project economics, the realization of expansion and construction activities and the timing thereof 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 that Allied Nevada’s exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold and silver; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; uncertainties relating to obtaining approvals and permits from governmental regulatory authorities; and availability and timing of capital for financing the Company’s exploration and development activities, including the uncertainty of being able to raise capital on favorable terms or at all; 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 (which may be secured from us, either directly or from our website at www.alliednevada.com or at the SEC website www.sec.gov). 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.

The technical contents of this news release have been prepared under the supervision of David C. Flint, a Certified Professional Geologist with American Institute of Professional Geologists (A.I.P.G.), #10360, who is Vice President, Exploration for Allied Nevada Gold Corp. and is a Qualified Person as defined by National Instrument 43-101. For further information regarding technical information in relation to the Hycroft property, please see the Technical Report titled “Technical Report, Allied Nevada Gold Corp. Hycroft Mine, Winnemucca, Nevada, USA” dated April 9, 2012, available on www.sedar.com or on the Company’s website. For further information regarding technical information in relation to

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the Hasbrouck and Three Hills properties, please see the Technical Report titled “Technical Report, Allied Nevada Gold Corp. Hasbrouck Property, Tonopah, Nevada, USA” dated April 11, 2012, available on www.sedar.com. For further information regarding technical information in relation to the Wildcat property, please see the Technical Report titled “Updated Technical Review, Wildcat Project, Pershing County, Nevada” dated August 14, 2006, available on www.sedar.com.

Non-GAAP Financial Measures

Adjusted cash costs is a non-GAAP financial measure, calculated on a per ounce of gold sold basis, and includes all direct and indirect operating cash costs related to the physical activities of producing gold, including mining, processing, third party refining expenses, on-site administrative and support costs, royalties, and mining production taxes, net of by-product revenue earned from silver sales. Adjusted cash costs provides management and investors with a further measure, in addition to conventional measures prepared in accordance with GAAP, to assess the Company’s performance of the mining operations and ability to generate cash flows over multiple periods. Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. Accordingly, the above measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The table below presents a reconciliation between non-GAAP adjusted cash costs to cost of sales (GAAP) for the three and nine months ended September 30, 2012 and 2011 (in thousands, except ounces sold):

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ALLIED NEVADA GOLD CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(US dollars in thousands, except shares)

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ALLIED NEVADA GOLD CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)

(US dollars in thousands, except per share amounts)

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ALLIED NEVADA GOLD CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(US dollars in thousands)

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