Toronto Stock Exchange: VG
VANCOUVER, June 24, 2014 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) is pleased to provide an update on the progress of development at the
Saval 4 Underground Mine which is part of the Jerritt Canyon Operations
located in Elko County, Nevada. Jerritt Canyon is operated by Veris
Gold USA Inc. ("Veris USA"), a wholly-owned subsidiary of the Company.
Saval 4 will be the fourth underground mine to come into production at
Jerritt Canyon since 2010. Development at the Saval 4 mine commenced in
the third quarter of 2013 and the portal was completed on May 28, 2014.
Pre-production from the main development drifts is scheduled to start in
three weeks. To date the Company has already encountered 270 tons of
ore grading 0.11 opt in this early development period. The scheduled
mining rate is between 250 and 350 tons per day grading approximately
0.16 opt with estimated annualized production between 9,800 oz and
13,720 oz. Commercial production, based on achieving these run rate
targets, is expected to commence in early August.
Graham Dickson, COO, states, "This fourth mine will add significant
ounces to our current production pipeline. I would like to thank Chad
Eklund, Mine Manager, his mining crew, and the Veris staff for their
hard work and dedication to bring this mine into production."
Historic gold production from previous underground mining operations in
other areas at Saval between 2004 and 2006 had an average grade of
0.495 oz/st from 3,500 tons, producing an estimated 1,730 contained
ounces. The Saval underground gold Reserves are 18,000 tons grading
0.239 ounce per ton (opt) in the Proven category and 150,000 tons
grading 0.203 opt in the Probable category. Measured and Indicated
resources for Saval 4 are currently 17,000 tons grading 0.276 opt and
160,000 tons grading 0.247 opt respectively.
The Saval underground Reserves and Resources mentioned in this news
release were calculated as of December 31, 2012 and the NI 43-101
Technical Report can be found on SEDAR, www.sedar.com and on our website here: http://www.verisgold.com/s/TechnicalReports.asp
This news release was reviewed and approved by the Company's Vice
President of Exploration, Todd Johnson, P.E., the Qualified Person
under NI 43-101 for purposes of this release.
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 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 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.
Investor Relations Manager
T: (604) 688-9427 ext 224
NA Toll Free: 1-855-688-9427