Veris Gold Corp Receives Approval To Increase Roaster Throughput
10/22/12 - 06:30 AM EDT
Oct. 22, 2012
Veris Gold Corp. (TSX: VG) (OTCBB: YNGFD) (Frankfurt Xetra Exchange:
is pleased to announce that, subsequent to successfully completing
further testing of its state of the art emissions control equipment,
the remaining restriction on the Company's roaster throughput has been
removed at its wholly-owned Jerritt Canyon gold mine and processing
Elko County, Nevada
. Jerritt Canyon is operated by
Ltd. ("Queenstake"), a wholly-owned subsidiary
of Veris Gold Corp. ("VGC" or the "Company").
October 18, 2012
the Company received approval to operate the roaster
circuit at 250 tons per hour, an increase of 13.6% from the 220 tons
per hour previously allowed. The increase now allows the roasting
facility to operate at the ultimate engineered capacity of 6,000 tons
per day. The plant is currently processing approximately 4,000 tons per
day and is being optimized to improve plant availability and
performance to reach total engineered capacity as ore supplies from
underground mining and 3
party sources ramp up into 2013.
This increase ultimately will allow the operation to process upwards of
5,400 tons/day (factoring in a standard plant availability rate of 90%)
and is a result of demonstrating that emissions from the plant roaster
circuit are continuing to meet stringent permit requirements and are
setting a new standard for the industry.
, Co-CEO and COO, commented, "This increase in allowable
throughput is the final step in bringing the roaster circuit up to
engineered capacity. The Company has demonstrated over the last four
years that it can overcome environmental and operational challenges and
solve them to the benefit of our shareholders. This is another key
milestone in the re-development of the plant that will allow us to
ultimately produce 200,000 ozs of gold annually from 3,000 tons per day
of Jerritt Canyon ore in 2013, as well as generating substantial
additional revenue processing up to 2,400 tons per day of 3
party ores under toll milling agreements. Tolling revenue generated
from these agreements will be credited to offset production costs down
to a targeted mid-
per oz. range by 2014."
This news release was reviewed and approved by the Company's Co-CEO and
, M.Sc. P.Eng., the Qualified Person under NI 43-101
for purposes of this release.
Veris Gold Corp. is a growing mid-tier North American gold producer in
the business of developing and operating gold mines in geo-politically
stable jurisdictions. The Company's primary asset is the permitted and
operating Jerritt Canyon gold mine located 50 miles north of
, USA. The Company also holds a diverse portfolio of precious
metals properties in
Yukon Territory, Canada
including the former producing Ketza River mine. The Company's focus
has been on the re-development of the Jerritt Canyon mining and milling
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SOURCE Veris Gold Corp.