Business
Veris Gold Corp. announces toll milling agreement
Toronto Stock Exchange: VG VANCOUVER , July 24, 2013 /CNW/ - Veris Gold Corp. (...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\nToronto Stock Exchange: VG\n\n\nVANCOUVER, July 24, 2013 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A) is pleased to announce it has entered into a toll milling agreement\n with Newmont USA Limited, a subsidiary of Newmont Mining Corp. (NYSE: NEM) to process ore at Veris' Jerritt Canyon Mill Complex located in Elko\n County, Nevada. The Jerritt Canyon Mill is operated by Veris Gold USA\n Inc., a wholly-owned subsidiary of Veris Gold Corp.\n\n\nUnder the terms of the toll milling agreement, which ends December 31,\n 2014, Newmont will deliver up to 45,000 short tons of ore per month\n produced from Newmont Mines in Nevada to the Jerritt Canyon Mill for\n processing. The ore will be batch processed and provide Veris with\n additional flexibility in processing ores from its three Jerritt Canyon\n underground gold mines.  Newmont will pay a toll milling fee to Veris\n that will be adjusted on a quarterly basis to reflect any changes to\n input costs associated with processing the ore, while lowering overall\n cash costs.\n\n\nThe toll milling agreement is structured so that all doré produced from\n the ore will remain the property of Newmont throughout the process and\n the associated toll milling fee charged to each ton will be treated as\n a separate revenue stream, offsetting the processing costs. Further\n terms of the toll milling agreement are confidential to both parties.\n\n\nGraham Dickson, COO and Senior VP of Veris stated, \"We are pleased to be working with Newmont once again.  In June, Jerritt\n Canyon successfully completed a test-batch of Newmont ore, achieving\n recoveries of 90.3%.  Now that the Jerritt Canyon Mill Complex is\n running steadily at rates in excess of 4,000 tons per day, this\n agreement will provide the Company with a significant, stable third\n party source of ore that will significantly increase our cash flow from\n operations while utilizing some of our excess capacity.  We are\n continuing to source additional toll milling opportunities with other\n companies and expect to have additional toll milling agreements in the\n future.\"  \n\n\nAbout Veris Gold Corp.Veris Gold Corp. is a growing mid-tier North American gold producer in\n the business of developing and operating gold mines in geo-pol...