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Message: Veris Gold Corp. Announces Toll Milling Agreement
VANCOUVER, Aug. 21, 2014 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (OTCQB: YNGFF) is pleased to announce it has entered into a toll milling agreement with Anova Metals USA LLC ("Anova"), a subsidiary of Anova Metals Ltd. (ASX:AWV), to process refractory ore at the Company's Jerritt Canyon Mill Complex located in Elko County, Nevada. The Jerritt Canyon Mill is operated by Veris Gold USA Inc., a wholly-owned subsidiary of Veris Gold Corp.
Under the terms of the agreement Anova will deliver approximately 1,000 short tons per day of gold bearing ore from its Big Springs Project located 42km from the Jerritt Canyon processing plant for one year. The ore will be batch processed in lots of approximately 25,000 tons and provide Veris with additional flexibility in processing ores from its four Jerritt Canyon underground gold mines.
The toll milling agreement is structured so that all doré produced from the ore will remain the property of Anova throughout the process and the associated toll milling fee charged to each ton will be treated as a separate revenue stream, offsetting the primarily fixed processing costs. Further terms of the toll milling agreement are confidential to both parties.
Graham Dickson, COO, commented, "This new toll milling agreement with our northern neighbours will utilize some of the excess capacity at the Jerritt Canyon processing plant and further offset our operating costs. We look forward to working with the Anova team to further develop the Big Springs Project."
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 processing plant 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 processing plant. The Company also holds a portfolio of precious metals properties in British Columbia and the Yukon Territory, Canada, including the Ketza River Property.
On behalf of
"VERIS GOLD CORP."
President and CEO
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