Business
Veris Gold Corp. provides year end 2013 production update and guidance for 2014
Toronto Stock Exchange: VG VANCOUVER , Feb. 27, 2014 /CNW/ - Veris Gold Corp. ("V...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\nToronto Stock Exchange: VG\n\n\nVANCOUVER, Feb. 27, 2014 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A) is pleased to provide shareholders with a fourth quarter and year end\n production update for the Company's three wholly-owned Jerritt Canyon\n gold mines and processing plant in Elko County, Nevada. Jerritt Canyon\n is operated by Veris Gold USA Inc. (\"Veris USA\"), a wholly-owned\n subsidiary of the Company.\n\n\n2013 Year End Operational Report\nFor the year ended December 31, 2013 the plant processed approximately\n 1,200,000 tons, averaging 3,500 tons through the roaster per operating\n day resulting in the production of an estimated 139,500 ounces of gold\n from Jerritt Canyon ore. The processed amount includes 126,730 tons of\n toll milled ore.\n\n\nThe operations realized an overall recovery of 86% from Jerritt Canyon\n ore for the year; the Company is targeting recoveries of 90% for 2014.\n\n\nMr. François Marland, President and CEO of Veris commented, \"We are pleased we were able to exceed our revised 2013 production\n targets despite the many challenges we experienced. Our dedicated team\n continues to optimize both the mines and plant.\" Mr. Marland further stated, \"We also look forward to delivering positive news soon to our\n shareholders regarding our refinancing. Our goal is to deliver the best\n possible results for all stakeholders.\"  \n\n\nMr. Graham Dickson, COO, stated, \"2013 production at Jerritt Canyon was the result of a stellar\n performance by management, employees and contractors. The plant and\n operators performed at record level.\"\n\n\nFor the year ended 2013, the SSX-Steer Mine produced 315,700 ore tons\n containing an estimated 48,900 ounces of gold, averaging 880 tons per\n operating day. This is an increase of approximately 14% compared to the\n 770 average tons of production reported in 2012.\n\n\nDuring the year, Management made some adjustments to increase the mine's\n production; the Company hired a Chief Mining Engineer to enhance the\n teams' skill set and purchased a second underground reverse circulation\n drill to assist with mine planning.\n\n\nFor the year ended 2013, the Smith Mine produced 526,200 tons containing\n an estimated 82,300 ounces of gold averaging 1,470 tons per day. A\n total of...