Production From New Saval 4 Underground Mine At Jerritt Canyon

VANCOUVER - Veris Gold Corp. reported an update on the progress of development at the Saval 4 Underground Mine, which is part of the Jerritt Canyon Operations located in Elko County, Nevada. Jerritt Canyon is operated by Veris Gold USA Inc., a wholly-owned subsidiary of the Company.

Saval 4 will be the fourth underground mine to come into production at Jerritt Canyon since 2010. Development at the Saval 4 mine commenced in the third quarter of 2013 and the portal was completed on May 28, 2014.

Pre-production from the main development drifts is scheduled to start in three weeks. To date the Company has already encountered 270 tons of ore grading 0.11 opt in this early development period. The scheduled mining rate is between 250 and 350 tons per day grading approximately 0.16 opt with estimated annualized production between 9,800 oz and 13,720 oz. Commercial production, based on achieving these run rate targets, is expected to commence in early August.

Graham Dickson, COO, states, "This fourth mine will add significant ounces to our current production pipeline. I would like to thank Chad Eklund, Mine Manager, his mining crew, and the Veris staff for their hard work and dedication to bring this mine into production."

Historic gold production from previous underground mining operations in other areas at Saval between 2004 and 2006 had an average grade of 0.495 oz/st from 3,500 tons, producing an estimated 1,730 contained ounces. The Saval underground gold Reserves are 18,000 tons grading 0.239 ounce per ton (opt) in the Proven category and 150,000 tons grading 0.203 opt in the Probable category. Measured and Indicated resources for Saval 4 are currently 17,000 tons grading 0.276 opt and 160,000 tons grading 0.247 opt respectively.