VANCOUVER, Nov. 21, 2013 /PRNewswire/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) is pleased to provide shareholders with an October production update illustrating the continued growth at the Company's three wholly-owned Jerritt Canyon gold mines and processing plant in Elko County, Nevada. Jerritt Canyon is operated by Veris Gold USA Inc. ("Veris USA"), a wholly-owned subsidiary of the Company.
Overall Operational Report During the month of October the plant averaged over 3,940 tons through the roasters per operating day resulting in the production of 16,407 ounces of gold from Jerritt Canyon. On average, the operations achieved recoveries from Jerritt Canyon ore of 86% for the month; demonstrating continued significant improvements on recoveries compared to 83% average recoveries reported earlier in the year. The Company expects recoveries to continue to improve, and is looking to establish recoveries over 90% by 2014.
Mr. François Marland, President and CEO of Veris commented, "Our team at Jerritt Canyon is committed to delivering results. Every month we are improving our track record and we are using every opportunity to optimize operations at Jerritt Canyon. October was another record month for us with some 89,020 tons of ore from our three underground gold mines with an overall average grade of 0.16 per ton (5.5 grams per ton). While the Smith and Starvation Canyon mines are operating at above expected levels, we are working very diligently to ensure that the SSX-Steer Mine meets production targets aided by the addition of engineers and equipment."
Mr. Marland further commented, "We had a strong performance during the third quarter, production-wise, even taking into consideration the 10-day maintenance shut-down at Jerritt Canyon. The shut-down has allowed us to ensure that our recoveries continue to improve and are consistent in the future. Combined with our toll milling, operations optimization and improvements at SSX-Steer we are anticipating a strong fourth quarter."Graham Dickson, COO, stated, "The operations team ably led by Kiedock Kim and Chris Jones continues to perform and break new ground in operational excellence. As well as increasing throughput, they strive and succeed in adding operational redundancy to enhance reliability." Mine Production In October the SSX-Steer Mine produced a total of 20,996 tons containing an estimated 2,625 ounces of gold, averaging 677 tons per day. During the month the Company experienced a 29% decrease in production and a 32% decline in ounces produced as a result of delays in development and equipment availability. The Company has subsequently hired additional senior engineering staff to enhance the teams' skill set and it has purchased a second Cubex Drill to assist with mine development. The Smith Mine has produced 37,218 tons containing 6,662 ounces of gold averaging 1,201 tons per day for the month of October. The mine also produced an additional 6,815 tons of lower grade material averaging 0.09 ounces per ton which the Company will stockpile at the roaster facility.
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 Plus 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