Got this off the Kitco site this am .....Richard
Veris Gold Corp. Provides Production Update on Jerritt Canyon Operations
Vancouver, BC – January 16, 2013 – Veris Gold Corp. (TSX: VG) (OTCBB: YNGFF)
(Frankfurt Xetra Exchange: NG6) is pleased to provide a production update for the fourth
quarter of 2012 for its wholly-owned Jerritt Canyon gold mine and processing facility in Elko
County, Nevada. Jerritt Canyon is operated by Queenstake Resources USA Ltd.
(“Queenstake”), a wholly-owned subsidiary of Veris Gold Corp. (“VGC” or the “Company”).
In the fourth quarter of 2012 the operation recovered 35,042 ounces of gold and shipped 31,754
ounces of gold from processing of underground and stockpile ore at Jerritt Canyon. Randy
Reichert, Co-CEO and COO, commented, “The gold production achieved in the fourth quarter,
while slightly lower than the third quarter due to challenges faced with the winter weather,
continues to demonstrate that the Jerritt Canyon operation is running well, producing close to
targeted rates and is continuing to operate at steady state levels. Looking ahead, we will
continue to ramp up to a run rate production of 16,000 ounces per month by the end of
Production for the quarter was hampered by delays in acquiring parts and equipment, primarily
a result of low working capital during the quarter, resolved through the $15m financing
announced on December 18, 2012. In addition, high amounts of snowfall negatively affected
haulage from SSX-Steer mine to the mill in the last half of December, reducing the overall grade
of the tons processed at the mill. With the purchase of additional snow clearing equipment early
in the first quarter of 2013 the Company has been able to resume regular deliveries of higher
grade ore from the SSX-Steer mine, as well as bring down the ore stockpiled in the fourth
quarter of 2012.
Development of the underground mine at Starvation Canyon commenced in the fourth quarter
with 740 feet (226 metres) of development completed to-date. Development is currently 30 feet
(10 metres) away from the ore body and development of a vent raise and a secondary
escapeway will commence in February 2013 with completion targeted for the following month.
This will allow for production to start as planned in March 2013 with full ramp up to 600 tons per
day in the second quarter of 2013.
The Company has just completed planning for 2013 and gold production from Jerritt Canyon
operations is expected to be between 175,000 and 185,000 ounces depending on the timing of
commencement of toll milling of third party ores or concentrates and the amount of stockpiled
ore the Company processes in the interim.
For toll milling opportunities in 2013 and beyond, the Company is currently testing two sources
of ore and one source of concentrate. After the testing is complete, the Company intends to
pursue final negotiations with the respective parties on a mid-to-long term contract.
The Company’s fourth quarter financial results will be released by March 15th and will be
This news release was reviewed and approved by the Company's Co-CEO and COO, Randy
Reichert, M.Sc. P.Eng., the Qualified Person under NI 43-101 for purposes of this release.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 asset is the permitted and operating Jerritt Canyon gold mine located 50 miles north of
Elko, Nevada, USA. The Company also holds a diverse portfolio of precious metals properties in
British Columbia and the Yukon Territory, Canada, including the former producing Ketza River
mine. The Company's focus has been on the re-development of the Jerritt Canyon mining and
For more information please contact:
Veris Gold Corp.
Investor Relations Manager
Tel: (604) 688-9427 ext 224
CHF Investor Relations
Director of Operations
Tel: (416) 868-1079 ext. 225
Tel: +49 711 25 35 92 40