VANCOUVER, July 31, 2013 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF)
(Frankfurt Xetra Exchange: NG6A) is pleased to provide an operational update to all stakeholders from
its Jerritt Canyon Operations located in Elko County, Nevada and
operated by Veris Gold USA Inc., a wholly-owned subsidiary of Veris
On July 29, 2013 Veris received the first delivery of ore from Newmont
USA Limited, a subsidiary of Newmont Mining Corp. ("Newmont") for toll
milling at its Jerritt Canyon Mill Operations. The toll-milling
agreement, announced on July 24 of this year, stipulates that Newmont
will deliver up to 45,000 short tons of ore per month to Jerritt Canyon
commencing immediately and ending December 31, 2014. For further
information on the toll-milling announcement please see news release:
Most importantly, the signing of this toll milling agreement ensures
that Veris will be in a better position to maximize the roaster mill
feed capacity at Jerritt Canyon for the next 18 months. Currently
Veris processes between 3,500 to 4,000 tons of ore per day from its
three operating underground gold mines at Smith, SSX-Steer, and
Starvation Canyon. This agreement ensures that the Company is toll
milling an additional 1,000 - 1,200 tons of ore per day.
The Company anticipates securing additional toll milling ores in the
Saval 4 Underground Gold Mine
On July 26, Veris commenced blasting the Company's fourth underground
mine, the Saval 4 Gold Mine, located at the western end of the Saval
Canyon open pit that was mined from 1994 to 1997. The Saval 4 Mine will
add an estimated additional 300 tons per day of processed ore to the
Company's Jerritt Canyon operations. Production from Saval 4 is
expected in the fourth quarter of 2013.
Starvation Canyon Mine Opening
On July 29, Veris celebrated the official opening and commissioning of
the Starvation Canyon Gold Mine with an on-site ribbon cutting
ceremony. Over 100 invited guests joined the Company in the celebration
that included local government dignitaries, industry suppliers,
representatives of local mining companies, local media and employees of
The Starvation Canyon Gold Mine, located at the southern end of the 119
square mile Jerritt Canyon property, is the Company's third operating
underground gold mine and its mined ore is being processed at the
Jerritt Canyon plant. Starvation Canyon commenced development in
November 2012 with the blasting of the portal and the sinking of the
raise, and came into production in April 2013. The project was
completed within six months and was on time and on budget.
To date, Starvation Canyon has performed better than expected with
higher than estimated gold grades of 5.1 to 6.9 to grams per ton or
0.15 to 0.20 ounces per ton. In addition, the mine has produced 29%
more ore tons relative to the plan. Total production for the quarter
was 47,390 tons containing 8,630 ounces of gold. It is estimated that
the mine will ramp up to consistently produce 600 tons per day within
the next two quarters. Mining operations at the Starvation Canyon Gold
Mine further increases the Company's wholly-owned ore production and
helps reaffirm the long mining history at Jerritt Canyon that currently
has a robust six year life-of-mine reserve base and additional
opportunities for organic growth.
Jerritt Canyon Successful Restart
Veris is pleased to announce that the Jerritt Canyon scheduled annual
maintenance shut down commencing July 15 was completed in nine days;
representing one of the most successful and shortest scheduled
maintenance shutdowns at Jerritt Canyon to date.
Veris undertakes a regular annual maintenance shutdown as a prudent
normal-course-of-action to ensure that the Jerritt Canyon roasters are
operating optimally throughout the remainder of the year and to
minimize unplanned down-time.
The Jerritt Canyon roasters are currently operating at full capacity and
have begun to process ore from its three producing underground gold
mines as well as additional toll milling ores from other companies.
Quality Control and QP
Assaying of all 2013 mine production drill hole samples from the
reported in this news release were conducted by the on-site Jerritt
Canyon assay lab using standard fire assay techniques. The company's
2013 cubex drilling program is similar to that done in 2010 to 2012.
The Quality Assurance and Quality Control protocols related to the
Jerritt Canyon assay lab are available at the Company's website: http://www.verisgold.com/i/pdf/JC_Assay_Protocols.pdf
The technical information in this news release including the updated
Mineral Resources and Reserves were reviewed and approved by the
Company's Vice President of Exploration, Todd Johnson, P.E., of Veris
Gold Corp. (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
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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