Business
Veris Gold Corp. provides strategic outlook and corporate overview
Toronto Stock Exchange: VG VANCOUVER , May 23, 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, May 23, 2013 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A) would like to provide its shareholders with a strategic outlook and\n general corporate statement on the Company's operations.\n\n\nREVIEW OF COMPANY STRATEGY:\nThe Company is currently focused on increasing cash from operations by\n focusing on the following key strategic initiatives:\n\n\n\n\n\n1)     \n\n\nEnhancing the depth of the existing management team expertise, both at\n executive and operating\nlevels, by bringing leadership and additional knowledge to the\n operations with a focus on improving\nproductivity, efficiency, and ultimately profitability;\n\n \n \n\n2)     \n\n\nReviewing and updating existing mine plans and optimizing the roaster\n facility in order to enhance\nthroughput, and improve recoveries;\n\n \n \n\n3)     \n\n\nSource additional toll milling sources to enhance operational\n flexibility and lower unit costs through\nadditional throughput; and,\n\n \n \n\n4)     \n\n\nRestructuring existing debt facilities through a combination of (a)\n decreasing monthly commitments\nunder the existing Senior Secured Gold Forward Facility; and (b)\n pursuing options to refinance with\nextended terms, thereby lowering monthly interest charges and increasing\n cash flow by $2 to $5\nmillion per month.\n\n \n \n\n\n\n\nBUSINESS PLAN AND STRATEGY OVERVIEW:\n\n\nManagement Changes\nThe Company will continue to strengthen its management team at the\n corporate office as well as at the Jerritt Canyon Mine Site.  To date a\n new President has been hired along with a Vice President of Investor\n Relations. At Jerritt Canyon, the Company has hired a new Mine Manager\n and is also benefitting from recent strong management additions to the\n mill operations.  These resources have brought significant experience\n to the operations and have also been instrumental in attracting\n additional skilled employees to Jerritt Canyon.\n\n\nThese key management changes will continue to assist in driving many of\n the operational improvements the Company is making, and will support\n many of the strategic initiatives...