Veris Gold Corp. Reports Record Net Income of US $9.0 Million and Positive Cash Flow of US $3.8 Million for the Third Quarter 2012

About this update from Volcanic Gold Mines Inc.

[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Nov. 12, 2012 /CNW/ - Veris Gold Corp. (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange:\n NG6A) (the \"Company\") today announced its financial and operational results\n for the third quarter ended September 30, 2012. This information should\n be read in conjunction with the Company's condensed consolidated\n interim financial statements, including the notes thereto, and\n Management's Discussion and Analysis. All dollar amounts are expressed\n in United States Dollars unless otherwise specified.\n\n\n(in thousands of U.S. dollars)1\n\n\nThree months ended September 30\n\n\n2012\n\n\n2011\n\n\nPayable gold ounces produced\n\n\n35,524 Oz\n\n\n21,296 Oz\n\n\nCash cost per ounce\n\n\n$ 1,038\n\n\n$ 2,874\n\n\nRevenue\n\n\n$ 51,487\n\n\n$ 30,116\n\n\nNet income (loss)\n\n\n$ 9,027\n\n\n$ (17,973)\n\n\nEarnings (loss) per share - basic\n\n\n$ 0.09\n\n\n$ (0.019)\n\n\nCash generated by  (used in) operating activities2\n\n$ 3,832\n\n\n$ (10,534)\n\n\n1. \n\n\nOther than number of ounces, cash cost per ounce, and per share amounts\n\n\n2. \n\n\nExcluding proceeds from deferred revenue\n\n\n\n\n\nHighlights for the three-month period ended September 30, 2012 include:\n\n\nThe Company recorded net income of $9.0 million in the third quarter of\n 2012 compared to a loss of $18.0 million in the third quarter of 2011. \n The record net income in the quarter is primarily attributable to $51.5\n million in revenue achieved through the increased gold production and a\n continued focus on controlling costs.  The Company also achieved\n positive cash-flow from operations of $3.8 million during the quarter,\n the first positive operating cash-flow achieved since the third quarter\n of 2007.\n\nDuring the quarter the Jerritt Canyon Mill produced 35,524 payable\n ounces at a total cash cost of $1,038 per payable ounce produced, a\n level of gold production from the Jerritt Canyon mines not achieved\n since 2006, and a significant increase from the comparative 21,296\n ounces of produced in the third quarter of 2011 which included high\n grade purchased ore from Newmont.  The record level of production this\n quarter is attributable to the steady state production achieved in June\n and maintained throughout the quarter, with the Company having overcome\n all the equipment commissioning issues experienced ...

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