Veris Gold Corp. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $45,360,000 against $20,889,000 a year ago. Loss from operations was $5,528,000 against $5,350,000 a year ago. Loss before income taxes was $5,436,000 against $6,745,000 a year ago. Net loss for the period was $6,542,000 or $0.06 per share diluted against $7,845,000 or $0.08 per share diluted a year ago. Net cash from operating activities was $759,000 against net cash used in operating activities was $6,504,000 a year ago. Property, plant and equipment expenditures were $1,891,000 against $8,411,000 a year ago. Mineral property expenditures were $2,860,000 against $9,648,000 a year ago. The loss from operations was largely the result of increased cost of sales and lower production.

During the first quarter of 2013, the Jerritt Canyon Mill produced 30,461 payable ounces representing a 133% increase from the 13,099 ounces produced in the first quarter of the prior year. This increase was due to an extended one-month shutdown taken in first quarter of 2012 to carry out upgrades and refurbishment at the mill that did not occur in the most recent quarter. The payable ounces produced in the first quarter of 2013 was 4% less than the 31,754 ounces produced in previous quarter, primarily due to heavy snow fall restricting ore deliveries and down time required to reinforce lifters in the ore dryer. Development at Starvation Canyon continued throughout the quarter and was subsequently completed in April, 2013 with the completion of the vent raise. During the first quarter over 1,035 meters of development was completed and 1,282 tons of ore from this was delivered to the mill, containing an estimated 110 ounces.

For 2013 and forward the company is focused on achieving sustainable production of approximately 145,000 to 155,000 ounces from its three existing underground mines (including Starvation Canyon mine which was completed in April of 2013). As well, the company plans to open a third portal at the SSX-Steer mine (the Saval 4 portal) through which the company can draw additional ores at comparable grades for at least another year. To supplement the ores from the property, the company will continue to pursue third party toll milling contracts to secure delivery of between 500 and 1,500 tons per day of third party ore or 300 to 500 tons per day of concentrates which will provide significant incremental cash flows and revenues.