Toronto Stock Exchange: VG
VANCOUVER, Dec. 30, 2013 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) is pleased to provide shareholders with a November toll milling and
production update for 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 November the plant processed 110,378 tons, averaging
over 3,600 tons through the roasters per operating day resulting in the
production of over 8,300 ounces of gold from Jerritt Canyon ore and
over 3,400 ounces of gold from third party ore. The operations achieved
an average recovery of 86% from Jerritt Canyon ore for the month,
continuing to demonstrate significant improvements over recoveries
achieved earlier in the year.
Mr. François Marland, President and CEO of Veris commented, "I'm very pleased with our results this month, considering that we
toll-milled third party ore for approximately 43% of the month of
November. This clearly demonstrates the continued optimization of the
Company's assets and we look forward to updating our shareholders on
further progress in the near future."
Graham Dickson, COO, stated, "November proved to be another productive and successful month for the
Company. All of the Department spending at the Jerritt Canyon
operations is currently being reviewed in order to sustain lower cash
In November the SSX-Steer Mine produced over 23,000 tons containing an
estimated 4,400 ounces of gold, averaging just over 760 tons per day.
This is an increase of approximately 15% in tons produced compared to
the 20,000 tons of production reported last month. Management is
committed to making the necessary adjustments to ensure that the mine
returns to estimated targeted production of 1,000 tons per day at
SSX-Steer. To assist with the mine's production, the Company recently
hired a Chief Mining Engineer to enhance the teams' skill set and
purchased a second underground reverse circulation drill to assist with
The Smith Mine produced over 51,000 tons containing an estimated 7,500
ounces of gold averaging over 1,700 tons per day for the month of
November (0.17 ounces per ton average for high grade ore.) Included in
this production is 14,900 tons of lower grade material averaging 0.09
ounces per ton that the Company will stockpile at the roaster facility.
At Starvation Canyon, an estimated 31,000 tons were mined in November
containing an estimated 7,600 ounces of gold (0.244 ounces per ton) for
an estimated average of over 1,000 tons per day. Starvation Canyon
continues to achieve above targeted tonnage rates and deliver beyond
the Company's expectations.
The Jerritt Canyon Mill processed a total of over 59,500 tons of Jerritt
Canyon ore in November, averaging over 3,800 tons per operating day and
operated at over 5,000 tons per day for several days. Recovery rates
averaged 86% during the month with an average processed grade of 0.16
ounces per ton.
The Company toll-milled ore for Newmont USA Limited over a 14 day period
during the latter part of November and on the first day of December. A
total of 50,800 tons of Newmont ore were processed at the Jerritt
Canyon mill during this time, thus achieving an overall average of over
3,600 tons per day. The Company continues to target additional toll
milling agreements for 2014.
December Operational Update:
Operations at the Company's Jerritt Canyon mill have been temporarily
interrupted due to an electrical fire that took place in the primary
crushing building on December 19, 2013.
The primary crushing circuit is currently being repaired and operations
are expected to be back on-line in early January. The Company informed
a number of Jerritt Canyon employees whom are not critical to the
ongoing operations of a temporary work schedule reduction on December
24, 2013; employees are expected to re-commence regular working shifts
on January 2, 2014.
Due to the temporary interruption of operations, the Company has revised
its year-end production guidance to 138,000 ounces from 145,000 ounces
Assaying of all mine production samples were conducted by the Jerritt
Canyon lab using standard fire assay techniques. The company's 2013
Quality Assurance and Quality Control protocols are documented in the
most recent NI 43-101 Technical Report available on Sedar or at the
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
On behalf of
"VERIS GOLD CORP."
President and CEO
To be added to the Veris Gold e-mail list please sign up at www.verisgold.com.
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