Toronto Stock Exchange: VG
VANCOUVER, July 24, 2013 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) is pleased to announce it has entered into a toll milling agreement
with Newmont USA Limited, a subsidiary of Newmont Mining Corp. (NYSE: NEM) to process ore at Veris' Jerritt Canyon Mill Complex located in Elko
County, Nevada. The Jerritt Canyon Mill is operated by Veris Gold USA
Inc., a wholly-owned subsidiary of Veris Gold Corp.
Under the terms of the toll milling agreement, which ends December 31,
2014, Newmont will deliver up to 45,000 short tons of ore per month
produced from Newmont Mines in Nevada to the Jerritt Canyon Mill for
processing. The ore will be batch processed and provide Veris with
additional flexibility in processing ores from its three Jerritt Canyon
underground gold mines. Newmont will pay a toll milling fee to Veris
that will be adjusted on a quarterly basis to reflect any changes to
input costs associated with processing the ore, while lowering overall
The toll milling agreement is structured so that all doré produced from
the ore will remain the property of Newmont throughout the process and
the associated toll milling fee charged to each ton will be treated as
a separate revenue stream, offsetting the processing costs. Further
terms of the toll milling agreement are confidential to both parties.
Graham Dickson, COO and Senior VP of Veris stated, "We are pleased to be working with Newmont once again. In June, Jerritt
Canyon successfully completed a test-batch of Newmont ore, achieving
recoveries of 90.3%. Now that the Jerritt Canyon Mill Complex is
running steadily at rates in excess of 4,000 tons per day, this
agreement will provide the Company with a significant, stable third
party source of ore that will significantly increase our cash flow from
operations while utilizing some of our excess capacity. We are
continuing to source additional toll milling opportunities with other
companies and expect to have additional toll milling agreements in the
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 mill 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 milling facility. The
Company also holds a portfolio of precious metals properties in British
Columbia and the Yukon Territory, Canada, including the former
producing Ketza River mine.
On behalf of
"VERIS GOLD CORP."
R. Llee Chapman
President and 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 press release contains "forward-looking statements" and "forward
looking information" within the meaning of applicable securities laws.
All statements, other than statements of historical fact, including
without limitation, statements relating to plans for or intentions with
respect to the offering of Securities and the Company's use of proceeds
from the sale of Securities are forward-looking statements. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". By their nature,
forward-looking statements and information are based on assumptions and
involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance or achievements, or industry
results, to be materially different from future results, performance or
achievements expressed or implied by such forward-looking information.
Such risks, uncertainties and other factors include among other things
the following: the Company's ability to engage underwriters, dealers or
agents on terms and conditions deemed reasonable by the Company; the
need to satisfy regulatory and legal requirements with respect to any
offerings; gold price volatility; discrepancies between actual and
estimated production and mineral reserves and resources; the
speculative nature of gold exploration; mining operational and
development risk; and regulatory risks. 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
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
Chairman T: +49 711 25 35 92 40