Veris Gold Corp. provides strategic outlook and corporate overview

About this update from Volcanic Gold Mines Inc.

Toronto Stock Exchange: VG VANCOUVER, May 23, 2013 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) would like to provide its shareholders with a strategic outlook and general corporate statement on the Company's operations. REVIEW OF COMPANY STRATEGY: The Company is currently focused on increasing cash from operations by focusing on the following key strategic initiatives: 1)      Enhancing the depth of the existing management team expertise, both at executive and operating levels, by bringing leadership and additional knowledge to the operations with a focus on improving productivity, efficiency, and ultimately profitability;     2)      Reviewing and updating existing mine plans and optimizing the roaster facility in order to enhance throughput, and improve recoveries;     3)      Source additional toll milling sources to enhance operational flexibility and lower unit costs through additional throughput; and,     4)      Restructuring existing debt facilities through a combination of (a) decreasing monthly commitments under the existing Senior Secured Gold Forward Facility; and (b) pursuing options to refinance with extended terms, thereby lowering monthly interest charges and increasing cash flow by $2 to $5 million per month.     BUSINESS PLAN AND STRATEGY OVERVIEW: Management Changes The Company will continue to strengthen its management team at the corporate office as well as at the Jerritt Canyon Mine Site.  To date a new President has been hired along with a Vice President of Investor Relations. At Jerritt Canyon, the Company has hired a new Mine Manager and is also benefitting from recent strong management additions to the mill operations.  These resources have brought significant experience to the operations and have also been instrumental in attracting additional skilled employees to Jerritt Canyon. These key management changes will continue to assist in driving many of the operational improvements the Company is making, and will support many of the strategic initiatives being undertaken. The management team at Jerritt Canyon is also committed to revising the 2013 operating and capital budgets, and implementing a number of operating cos...

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