Business
Veris Gold Corp. Announces US$7,500,000 NSR Proceeds
VANCOUVER , April 16, 2014 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, April 16, 2014 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A) announced today that the Company has entered into a Heads of Agreement\n with Eric Sprott for the creation and sale of a 0.5% Net Smelter\n Returns royalty for proceeds of US$7,500,000. Proceeds were delivered\n to Veris Gold at the date of closing, April 10, 2014.\n\n\nThe royalty applies to production of gold and silver from the Company's\n Jerritt Canyon mines and processing plant, located in Elko County,\n Nevada. Jerritt Canyon is operated by Veris Gold USA Inc. (\"Veris\n USA\"), a wholly-owned subsidiary of the Company. The Company is\n currently targeting production of 160,000 to 180,000 ounces from\n Jerritt Canyon for 2014.\n\n\nThe Company has the right, and in certain cases the obligation, to buy\n back the royalty for the purchase price plus a premium based on the\n price of gold and the sale price of another royalty to an arm's length\n third party.\n\n\nThe above royalty agreement is part of an overall package currently\n being put together to deal with the financial restructuring of Veris's\n balance sheet. The restructuring package will include arrangements with\n Deutsche Bank, Small Mine Development, Concept Capital, Monument Mining\n and 683.\n\n\nAbout Veris Gold Corp.\nVeris Gold Corp. is a growing mid-tier North American gold producer in\n the business of developing and operating gold mines in geo-politically\n stable jurisdictions. The Company's primary assets are the permitted\n and operating Jerritt Canyon processing plant and gold mines located 50\n miles north of Elko, Nevada, USA.  The Company's primary focus is on\n the re-development of the Jerritt Canyon mining and processing plant. \n The Company also holds a portfolio of precious metals properties in\n British Columbia and the Yukon Territory, Canada, including the Ketza\n River Property.\n\n\nOn behalf of\n\n\n\"VERIS GOLD CORP.\"\n\n\nFrançois Marland\nPresident and CEO\n\n\nTo be added to the Veris Gold e-mail list please sign up at www.verisgold.com.\n\n\nThe TSX has not reviewed and does not accept responsibility for the\n adequacy or accuracy of this release. All material information may be\n accessed at www.sedar.com.\n\n\nForward-Looking Statements This news release contains \"...