VANCOUVER, Oct. 22, 2012 /PRNewswire/ - Veris Gold Corp. (TSX: VG) (OTCBB: YNGFD) (Frankfurt Xetra Exchange: NG6) 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 facility in Elko County, Nevada. Jerritt Canyon is operated by Queenstake Resources USA Ltd. ("Queenstake"), a wholly-owned subsidiary of Veris Gold Corp. ("VGC" or the "Company").
On 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 rd 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.
Randy Reichert, 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 rd party ores under toll milling agreements. Tolling revenue generated from these agreements will be credited to offset production costs down to a targeted mid- $500 per oz. range by 2014."This news release was reviewed and approved by the Company's Co-CEO and COO, Randy Reichert, 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 Elko, Nevada, USA. The Company also holds a diverse portfolio of precious metals properties in British Columbia and the 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 facility. If you would like to receive press releases via email please contact firstname.lastname@example.org and specify "Veris Gold Corp. releases" in the subject line. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV