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Veris Gold Corp. Announces Filing Of Final Prospectus Supplement

VANCOUVER, Dec. 7, 2012 /PRNewswire/ - Veris Gold Corp. (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) (the "Company"). The Company is pleased to announce it has filed a final prospectus supplement in connection with its previously announced offering of units ("Units") of the Company (the "Offering"). The terms of the Offering have been amended such that the Offering will now consist of up to 7,200,000 Units at a price of C$2.10 per Unit representing aggregate gross proceeds of up to C$15,120,000. Each Unit will continue to be comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant (a "Warrant") entitles the holder to purchase one common share of the Company for a period of 48 months following closing of the Offering at an exercise price of C$2.35.

In connection with the Offering, the Company has entered into an agency agreement with a syndicate of agents co-led by Haywood Securities Inc. and Casimir Capital Ltd., and includes Global Hunter Securities LLC (collectively, the "Agents") dated December 6 , 2012 (the "Agency Agreement"), pursuant to which the Agents have been engaged to offer the Units on a best efforts agency basis. Global Hunter Securities LLC has been engaged to offer the Units only in the United States.

After reviewing the continued improvement in operations in the months of November and early December, and in light of the current unfavourable market conditions, the Company reduced the overall size of the previously proposed offering.  The Company believes that certain items that had been part of the original use of proceeds can be addressed later in 2013 with excess cash from operations. Specifically, the planned first quarter drilling of the Mahala basin to convert inferred resources and certain components of the bonding requirement can be addressed in the second quarter utilizing free cash flow from operations.  The amount of financing now proposed will be sufficient to support the Company's current targeted production rates for 2013 and significantly increase the projected free cash flow the Jerritt Canyon property can produce, as well as complete the de-risking of the asset by allowing the Company to complete all the remaining work required under the Consent Decree.

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