VANCOUVER, Nov. 21, 2013 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) is pleased to provide shareholders with an October production update
illustrating the continued growth at the Company's three wholly-owned
Jerritt Canyon gold mines and processing plant in Elko County, Nevada.
Jerritt Canyon is operated by Veris Gold USA Inc. ("Veris USA"), a
wholly-owned subsidiary of the Company.
Overall Operational Report
During the month of October the plant averaged over 3,940 tons through
the roasters per operating day resulting in the production of 16,407
ounces of gold from Jerritt Canyon. On average, the operations achieved
recoveries from Jerritt Canyon ore of 86% for the month; demonstrating
continued significant improvements on recoveries compared to 83%
average recoveries reported earlier in the year. The Company expects
recoveries to continue to improve, and is looking to establish
recoveries over 90% by 2014.
Mr. François Marland, President and CEO of Veris commented, "Our team at Jerritt Canyon is committed to delivering results. Every
month we are improving our track record and we are using every
opportunity to optimize operations at Jerritt Canyon. October was
another record month for us with some 89,020 tons of ore from our three
underground gold mines with an overall average grade of 0.16 per ton
(5.5 grams per ton). While the Smith and Starvation Canyon mines are
operating at above expected levels, we are working very diligently to
ensure that the SSX-Steer Mine meets production targets aided by the
addition of engineers and equipment."
Mr. Marland further commented, "We had a strong performance during the third quarter, production-wise,
even taking into consideration the 10-day maintenance shut-down at
Jerritt Canyon. The shut-down has allowed us to ensure that our
recoveries continue to improve and are consistent in the future.
Combined with our toll milling, operations optimization and
improvements at SSX-Steer we are anticipating a strong fourth quarter."
Graham Dickson, COO, stated, "The operations team ably led by Kiedock Kim and Chris Jones continues
to perform and break new ground in operational excellence. As well as
increasing throughput, they strive and succeed in adding operational
redundancy to enhance reliability."
In October the SSX-Steer Mine produced a total of 20,996 tons containing
an estimated 2,625 ounces of gold, averaging 677 tons per day. During
the month the Company experienced a 29% decrease in production and a
32% decline in ounces produced as a result of delays in development and
equipment availability. The Company has subsequently hired additional
senior engineering staff to enhance the teams' skill set and it has
purchased a second Cubex Drill to assist with mine development.
The Smith Mine has produced 37,218 tons containing 6,662 ounces of gold
averaging 1,201 tons per day for the month of October. The mine also
produced an additional 6,815 tons of lower grade material averaging
0.09 ounces per ton which the Company will stockpile at the roaster
At Starvation Canyon a total of 23,991 tons were mined in October
containing an estimated 4,030 ounces of gold for an average of over 774
tons per day. Starvation Canyon has been achieving above target tonnage
rates for the last three months and is continuing to deliver beyond the
As the Company had a sufficient amount of its own ore on its mill
stockpile to run the full month it ran these tons in preference to toll
milling for others. For the month of November Jerritt Canyon plans to
process Jerritt ore for twenty days of the month and toll mill ore from
Newmont USA Limited for ten days of the month. This will reduce the
Veris ounces produced for November. The Company also plans to process
Newmont ore for a further ten days in December to fulfil its obligation
to its client. The Company is also evaluating a few other sources of
third party concentrate during this time.
The plant processed a total of 122,111 tons in October, averaging over
3,940 tons per operating day and operated at over 5,000 tons per day
for several days. Recovery rates averaged 86% during the month and, as
noted previously, ore grades continue to improve with the average grade
processed at 0.16 ounces per ton.
Assaying of all mine production samples were conducted by the Jerritt
Canyon lab using standard fire assay techniques. The company's 2012 and
2013 Quality Assurance and Quality Control protocols are similar to
those done in 2010 and 2011 and are available at the Company's
The information in this news release was compiled and reviewed by
William Hofer, B.Sc., General Manager, Jerritt Canyon Mine. The
information contained in this news release has been reviewed and
approved by the Company's Vice President of Exploration, Todd Johnson,
M.Sc. (Qualified Person per the requirements of NI 43-101).
About Veris Gold Corp.
Veris Gold Corp. is a growing mid-tier North American gold producer in
the business of developing and operating gold mines in geo-politically
stable jurisdictions. The Company's primary assets are the permitted
and operating Jerritt Canyon processing plant and gold mines located 50
miles north of Elko, Nevada, USA. The Company's primary focus is on the
re-development of the Jerritt Canyon mining and processing plant. The
Company also holds a portfolio of precious metals properties in British
Columbia and the Yukon Territory, Canada, including the Ketza River
On behalf of
"VERIS GOLD CORP."
President & CEO
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The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. All material information may be
accessed at www.sedar.com.
Forward-Looking Statements This news release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities regulations in Canada and the United States (collectively,
"forward-looking information"). Forward-looking information includes,
but is not limited to, statements with respect to estimated mineral
resources, anticipated effect of the completed drill results on the
operations at Jerritt Canyon, the interpretation of those results, and
timing and expectations of future work programs. Often, but not always,
forward-looking information can be identified by the use of words such
as "plans", "expects, "is expected", "budget", "scheduled",
"estimates", forecasts", "intends", "anticipates", or "believes", "has
the potential" or the negatives thereof or variations of such words and
phrases or statements that certain actions, events or results "may",
"could", "would", "might", or "will" be taken, occur or be achieved.
The forward-looking information contained in this news release is based
on certain assumptions that the Company believes are reasonable,
including, with respect to mineral resource estimates, the key
assumptions and parameters on which such estimates are based, as set
out in this news release and the technical report for the property,
that the current price of and demand for gold will be sustained or will
improve, the supply of gold will remain stable, that the general
business and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed on
reasonable terms and that the Company will not experience any material
accident, labor dispute, or failure of plant or equipment.
However, forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information. Such factors include, among
others, conclusions of economic evaluations, the risk that actual
results of exploration activities will be different than anticipated,
that cost of labour, equipment or materials will increase more than
expected, that the future price of gold will decline, that mineral
resources and reserves are not as estimated, that actual costs or
actual results of reclamation activities are greater than expected;
that changes in operations may result in increased costs, unexpected
variations in mineral resources and reserves, grade or recovery rates,
failure of plant, equipment or processes to operate as anticipated,
accidents, labour disputes and other risks generally associated with
mining. See our Annual Information Form for additional information on
risks, uncertainties and other related factors. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The Company does not undertake to update
any forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
SOURCE: Veris Gold Corp.
For further information:
Veris Gold Corp.
Joanne C. Jobin
VP, Investor Relations
T: (647) 964-0292
NA Toll Free: 1-855-688-9427
Veris Gold Corp.
Investor Relations Manager
T: (604) 688-9427 ext 224
NA Toll Free: 1-855-688-9427
T: +49 711 25 35 92 40