Veris Gold Corp. is pleased to announce the official opening of Starvation Canyon, the third gold producing mine to come into production at its Jerritt Canyon Operations located in Elko County, Nevada and operated by Veris Gold USA Inc., a wholly-owned subsidiary of Veris Gold Corp. (the "Company" or "Veris Gold").
The official opening of Starvation Canyon will happen on July 29, 2013 and will be attended by local dignitaries, suppliers and the dedicated staff of Veris Gold.
Situated in the southern part of the vast Jerritt Canyon property, Starvation Canyon is the first gold mine to come into production at Jerritt Canyon since 2004. Initial underground development work, portal excavation and drift development, started in November 2012 and continued to early April 2013. Starvation Canyon is operated by Small Mine Development ("SMD"). Similar underground mining methods that are being used at the other operating mines (Smith and SSX-Steer) are successfully being utilized at Starvation Canyon.
R. Llee Chapman, President and CEO of Veris Gold stated, "The SMD team, led by Joe Knaack, Starvation Canyon Mine Superintendent, has been critical to our success at Starvation Canyon and we are proud of our overall partnership with them at Jerritt Canyon. Six months from blasting the portal to production on-time and on-budget is no small feat and this mine has performed better than expected right from the start. Most importantly, Starvation Canyon now plays a key role in our production pipeline ensuring that our feed is maintained at steady levels at our Jerritt Canyon mill operations. I would like to thank all of the teams that came together to successfully bring this new gold producing mine into production."
As announced in a news release on April 8, 2013, Starvation Canyon had early production of 300 ore tons averaging 0.15 ounces per ton (opt) and has since June ramped up to 600 tons per day. Production at Starvation Canyon is an essential element to the 2013 production plan for the Jerritt Canyon Operations and, consistent with the Company's guidance, this mine is expected to contribute in excess of 25,000 ounces.
As of December 31, 2012, Starvation Canyon has a NI 43-101 Reserve (including Resources) of 24kt grading 0.238opt containing 5.8koz in the Proven category and 946kt grading 0.176opt containing 166.8koz in the Probable category.
The Starvation Canyon deposit discovery was announced on December 16, 2004. The discovery took place 18 months after a predecessor company acquired the Jerritt Canyon property from AngloGold and Meridian in 2003, and the completion of a subsequent drilling program. The discovery is attributed to the 2003-2004 Company exploration group that targeted favorable host rocks along a mineralized structural trend that had been previously untested. It took ten years to drill define, permit, engineer, and construct the Starvation Canyon underground mine which is about the average industry time it takes to advance a new gold mine into production in the United States.
The information contained in this news release has been reviewed and approved by the Company's Vice President of Exploration, Todd Johnson, M.Sc. (Qualified Person per the requirements of NI 43-101).
About Veris Gold Corp.
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 assets are the permitted and operating Jerritt Canyon mill and gold mines located 50 miles north of Elko, Nevada, USA. The Company's primary focus is on the re-development of the Jerritt Canyon mining and milling facility. The Company also holds a portfolio of precious metals properties in British Columbia and the Yukon Territory, Canada, including the former producing Ketza River mine.
On behalf of
"VERIS GOLD CORP."
R. Llee Chapman
President and CEO