News Column

Canada : Veris Gold Corp. Reports First Quarter Results for 2014

May 17, 2014



Veris Gold Corp. announced its unaudited interim financial and operational results for the first quarter ended on March 31, 2014 on May 15, 2014. This earnings news release should be read in conjunction with the Company's MD&A, Financial Statements and Notes to the Financial Statements which were filed on SEDAR on May 15, 2014 and are available on the Company's website at www.verisgold.com.

All dollar amounts are expressed in United States Dollars unless otherwise specified.

Highlights for Q1-2014 include: 26,434 payable ounces were produced in the first quarter of 2014 ("Q1-14"), representing a 13% decrease from the 30,461 ounces produced in the three month period ending March 31, 2013 ("Q1-13") due to the impact of two shutdown periods during the quarter as described below. For Q1-14 the Company focused on producing solely from Jerritt Canyon mined ore and did not process any third party ore; 27,597 ounces were sold in Q1-14, a 7% decrease from the 29,776 ounces sold in Q1-13 primarily resulting from the decreased production during the quarter; Gold sales revenue in Q1-14 was $35.6 million compared to $45.4 million in Q1-13, driven by a 21% (over $330) decrease in the price-per-ounce of gold sold and a 7% decline in the number of ounces sold in Q1-14 compared to Q1-13; Total mine production increased 12% from the 205,166 tons mined in Q1-13 to 230,052 tons in Q1-14, with contained gold ounces of 36,854, a 13% increase compared with 32,636 ounces mined in Q1-13 primarily as a result of production from Starvation Canyon mine which commenced operations mid-2013.

The Company received its Class I Operating Permit on March 31, 2014 after a three week public comment period during which the Company shut down mill operations to undertake annual maintenance and install and implement new required monitoring points and procedures for the new permit. During the shutdown the Company continued full mining activities to build up the available Run-of-Mine (RoM) stockpile inventory at the mill, exiting March with a significant high grade stock pile of 146,152 tons containing approximately 26,599 ounces;

As a result of the two shutdown periods, first the continuation to January 14, 2014 of the December shutdown resulting from the arc flash incident and then the 21 day mill maintenance shutdown in March, the average daily tonnage throughput from the Jerritt Canyon roaster facility was 1,946 tons per day ("TPD"), 30% less than the 2,778 TPD achieved in Q1-13. Adjusting for these two shutdown periods, the Q1-14 average TPD processed per operating day through the mill was 3,127 tons, still below target primarily due to the slow restart of operations in January.


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Source: TendersInfo (India)


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