Business
Veris Gold Corp. Reports Unaudited Results for the First Quarter of 2013
VANCOUVER, May 14, 2013 /CNW/ - Veris Gold Corp. (TSX: VG) (OCTQB: YNGFF) (Frankfurt Xetra E...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 14, 2013 /CNW/ - Veris Gold Corp. (TSX: VG) (OCTQB: YNGFF) (Frankfurt Xetra Exchange:\n NG6A) (the \"Company\") announced its unaudited interim financial and\n operational results for the first quarter ended March 31, 2013 on May\n 13, 2013. This information should be read in conjunction with the\n Company's condensed consolidated interim financial statements,\n including the notes thereto, and the related Management's Discussion\n and Analysis.\n\n\nA conference call to discuss the financial and operational highlights\n has been scheduled for Thursday, May 16, 2013 at 8:00 am Pacific\n Daylight Time (11:00 am Eastern Daylight Time).  Details of the call\n may be found on the Veris Gold website.\n\n\nAll material information can be found on the Company's website at www.verisgold.com or on www.sedar.com.\n\n\nAll dollar amounts are expressed in United States Dollars unless\n otherwise specified.\n\n\nHighlights for the three-month period ended March 31, 2013 (\"Q1-2013\")\n include:\n\n\n\nInitial development of Starvation Canyon substantially completed and the\n mine is in production, continuing to ramp-up to a targeted 600 tons per\n day with expected average grades of 7.5 g/t Au—on time and on budget;\n\n\nStrategic roaster asset delivers toll milling agreements, accretive to\n cash flow;\n\n\nGold sales increased 117% compared to the first quarter of 2012\n (\"Q1-2012\");\n\n\nG&A reduced by $0.8M compared to Q1-2012;\n\n\n$0.4M gross margin lower than the three-month period ended December 31,\n 2012 (\"Q4-2012\") but an improvement over Q1 2012 due to increased mine\n production and mill throughput; \n\n\nSaval 4 Portal development commencing mid-year adding another 300 tpd\n with average grades of 5.5g/t Au;\n\n\nContinued steady state production and positive operating cash flow\n (first achieved in June 2012);\n\n\nCommissioning of TSF2 continues in Q2 with expected in-service date\n mid-year; \n\n\nExploration continues to support updated NI 43-101 Technical Report.\n\n\n\n\"While the first quarter of 2013 was challenging due to problems at the\n SSX-Steer mine and technical equipment complications resulting in\n increased cash-costs per ounce and lower than forecasted quarterly\n production, we remain on course for a successful year,\" stated Shaun Heinrichs, CFO and interim-CEO...