Exhibit 99.2

Allied Nevada Announces Improved Mine Plan and Economics for Hycroft Mill

Expansion With 77% IRR and $2.7 Billion NPV

Average Annual Production of 552,000 Ounces of Gold and 25.5 Million Ounces of Silver (1.0

Million Ounces Gold Equivalent¹)

February 22, 2013 | Reno, Nevada - Allied Nevada Gold Corp. (“Allied Nevada” or the “Company”) (TSX: ANV; NYSE MKT: ANV) is pleased to provide a summary of the updated mine plan and economics for the Hycroft Mine located near Winnemucca, Nevada. The revised mine plan supports a 19-year operating life and exploits the current Proven & Probable Mineral Reserves of 11.9 million ounces of gold and 509.6 million ounces of silver (1.1 billion tons grading 0.011 opt gold and 0.46 opt silver)². The following operating metrics are presented for the 10-year horizon that spans the projected start of milling operations in 2015 to the last full year of mining in 2024.

Highlights of the revised mine plan and economic model include:

No significant changes have been made to the 130,000 tons per day mill and flotation plant. The total capital budget for the project is unchanged at $1.24 billion. To date, we have purchased or have fixed contracts in place for approximately $634.7 million, or 51% of the total capital budget and these purchases have come in approximately 5% below original estimate. As a result, the difference has been allocated to contingency which has increased to $97 million, from $65 million, representing 16% of the remaining capital to be committed of $608.3 million.

Mineral Reserve and Resource Update

The 2012 drill program at Hycroft was primarily targeted towards engineering support for the expansion project and included some infill drilling within the reserve pit. The successful infill program resulted in a reduced life of mine reserve strip ratio of 1.15:1 waste to ore tons (from 1.26:1 in the December 31, 2011 reserve). We have raised the reserve cut-off grade from 0.004 gold equivalent ounces per ton (“opt AuEq”) to 0.005 opt AuEq. The raise in cut-off grade, along with mining depletion in 2012, resulted in Proven and Probable Mineral Reserves of 11.9 million ounces of gold and 509.6 million ounces of silver as at October 31, 2012.

Measured and Indicated Mineral Resources4 (exclusive of reserve) as at October 31, 2012, totaled 12.4 million ounces of gold and 360.1 million ounces of silver. The infill program conducted in 2012 was successful in converting Inferred Resource to the Measured and Indicated categories. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Proven and Probable Mineral Reserves were calculated using an $800 per ounce gold price and $14 silver price. Measured and Indicated Mineral Resources were calculated using a $1,200 per ounce price for gold and $21 per ounce price for silver.

Conference Call Information

Allied Nevada will host a conference call to discuss the updated resource and mine plan in this press release, as well as 2012 financial results which are expected to be released on Monday, February 25, 2013 before market open.

The conference call will take place on Monday, February 25, 2013, at 9:00 am ET, which will be followed by a question and answer session.

To access the call, please dial:

Canada & US toll-free – 1-800-814-4859

Outside of Canada & US – 1-416-644-3414

Replay (available until March 11, 2013):

Access code: 4603640#

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:

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Summary of updated mine plan and economics:

The current plan reflects recently released metallurgical test work, updated mining and operating costs, a reduced mining rate to 190 million tons per year and mill start-up of January 2015. Metal selling prices used in determining the economics for the project were $1,600/ounce of gold and $28/ounce of silver in 2013 consistent with our budget, $1,400 per ounce for gold and $25 per ounce for silver in 2014 and 2015, and $1,200/ounce of gold and $21/ounce of silver thereafter.

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Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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NOTES TO THE OCTOBER 31, 2012, MINERAL RESERVE AND RESOURCE ESTIMATE

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934 (and the equivalent under Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding the results and indications of exploration drilling currently underway at Hycroft; the potential for confirming, upgrading and expanding gold and silver mineralized material at Hycroft; resource estimates and the timing of the release of updated estimates; estimates of gold and silver grades; future production estimates, cost estimates and other economic and operational estimates regarding the Hycroft mine 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. 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 Donald Harris, a Certified Professional Geologist with American Institute of Professional Geologists (A.I.P.G.), #10819, who is Manager of Hycroft Exploration for Allied Nevada Gold Corp. and Dan Moore, Vice President, Technical Services, a Registered Professional Engineer and a registered member of the Society for Mining, Metallurgy and Exploration (#2257810) who are a Qualified Persons as defined by National Instrument 43-101. For further information regarding the quality assurance program and the quality control measures applied, as well as other relevant technical information, please see the Hycroft Technical Report which will be filed within the regulatory timeframe on www.sedar.com.

Cautionary Note to U.S. Investors -The United States Securities and Exchange Commission permits U.S. mining companies, in their  filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We

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use certain terms on this website (or press release), such as “measured,” “indicated,” and “inferred” “resources,” which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K which may be secured from our website or the SEC website at http://www.sec.gov/edgar.shtml.

Non-GAAP Measures

Adjusted cash costs is a non-GAAP measure, calculated on a per ounce of gold sold basis, and includes all normal direct and indirect operating cash costs related directly 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 cost provides management and investors with a measure to assess the Company’s performance against other precious metals companies and performance of the mining operations over multiple periods. Non-GAAP 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. For further information, see our audited  financial statements filed with our annual report on Form 10-K.

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