Toronto Stock Exchange: VG
VANCOUVER, July 8, 2013 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) is pleased to provide an additional mid-quarter update regarding
production improvements at its wholly-owned Jerritt Canyon gold mine
and processing facility in Elko County, Nevada. Jerritt Canyon is
operated by Veris Gold USA Ltd., ("Veris USA"), a wholly-owned
subsidiary of the Company.
Overall Operational Report
For the month of June the plant averaged over 3,777 tons per day
producing 14,922 ounces (including approximately 1,195 ounces from
Newmont Mining toll milling), with an average recovery of 87%, a
significant improvement over the recoveries achieved earlier in the
R. Llee Chapman, President and CEO of Veris Gold commented, "Our team at Jerritt Canyon delivered an excellent month in June: We
had no accidents, we mined over 91,000 tons from our three underground
mines; a new record for the property, and we also had a great tonnage
run from our high-grade mine, Starvation Canyon, where over 28,000 tons
were delivered to the mill. In the plant we processed over 113,000
tons during the month and achieved approximately 87% recovery which is
our 2013 goal. All of this resulted in 14,922 ounces of gold
production for June of which an estimated 1,195 gold ounces
are attributed to toll milling for Newmont."
Mr. Chapman further commented, "I want our investors and shareholders to understand that while our
share price has faced significant headwinds in this difficult gold
market, the first step in the ongoing process of turning our company
around is to ensure that the Jerritt Canyon assets are productive and
efficient. Our team is one of the very best in the business and you
can see by these recent results the Jerritt Canyon property continues
to improve because of their sustained efforts. We look forward to
delivering and reporting on more of this tremendous 'can-do'
attitude to our shareholders in the near term."
Francois Marland, Executive Chairman, stated, "These results provide confirmation that the team the Board has put in
place and the changes made to senior management are proving effective.
The operations at Jerritt Canyon have a renewed vigour and this has
spread throughout the Company from top to bottom, with the
corresponding improvement in all statistics a direct result of these
During the second quarter the SSX Mine produced a total of 95,811 tons
containing 14,174 ounces averaging 1,041 tons per day. The Smith Mine
produced record tonnage during the quarter totaling 135,904 tons
containing 19,066 ounces averaging 1,477 tons per day for the quarter.
A slight reduction in grade was seen during part of the quarter as
development work was completed. Ramp up at Starvation Canyon exceeded
expectations with total production during the quarter of 45,869 tons
containing 8,217 ounces averaging 498 tons per day with grades of 0.18
ounces per ton.
Total ore processed at Jerritt Canyon in June includes 4,763 tons from
Newmont. The Company also took delivery of an additional 2,700 tons of
Atna Resources Pinson ore in late June.
The plant continues to operate at an average of 3,500 to 4,000 tonnes
per day with an average of 1,000 tons of excess ore per day capacity,
currently being used for processing lower grade Jerritt Canyon
stockpile. The Company continues the process of negotiating additional
toll milling contracts with several companies and anticipates
announcing new toll milling agreements in the near future.
The Company continues to be focused on achieving the targeted production
of 145,000 to 155,000 ounces for the year from its three existing
underground mines. The results from this quarter, particularly May and
June, show that this target is achievable and sustainable going
forward. The Company is continuing to utilize internal resources to
open the Saval 4 Portal located north of the SSX-Steer mine within the
next two months. This will allow the Company to draw additional ores
at comparable grades for at least another year from this source.
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., Chief Geologist, 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 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 & 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
T: +49 711 25 35 92 40