Veris Gold Corp. announced the unaudited sales and operating results for the fourth quarter and year ended December 31, 2012. For the fourth quarter, gold sales were $51.8 million from 32,198 ounces of gold produced from Jerritt Canyon compared with gold sales in fourth quarter of 2011 of $27.8 million from the sale of 16,850 ounces. The increased production was driven by higher grade ores coming from the fully ramped up SSX-Steer mine (in addition to the Smith mine) as well as steady operations at the milling facility compared with a number of scheduled and unscheduled shutdowns occurring in 2011.

For the year, the company realized gold sales of $160.6 million on sales of 100,834 ounces of gold, compared with realized gold sales of $105.1 million on sales of 66,876 ounces of gold in 2011. The higher gold sales were driven from increasing production levels as the roaster facility and the SSX-Steer mine achieved steady state operations late in the second quarter of 2012.

The company reported operating results for the fourth quarter and full year ended December 31, 2012. For the quarter SSX-Steer mine delivered 1,161 tons per day, totaling 106,777 tons overall containing 18,008 ounces. Some production shortfalls were experienced in October while further development was performed, and again in late December as much higher than average snow fall impaired the mine's ability to haul ore to the plant, also affecting electrical power to the SSX-Steer site. Despite these conditions the mine performed at close to 1,200 tons per day for the quarter as a result of previous development work done, and the productivity gains achieved by using long hole stoping methodology. At the Smith mine, Small Mine Development, LLC (SMD) delivering 108,297 tons containing 66,515 ounces and 19,092 ounces respectively. The deliveries averaged 1,177 tons per day, on target with the budgeted 1,200 tons per day, including a shut down SMD took over the December holidays. 297,350 tons were processed through the roaster facility containing an estimated 41,947 ounces of gold, compared with 323,575 tons processed in the third quarter of 2012 containing an estimated 40,538 ounces of gold. In total 35,042 ounces of gold were recovered and 31,754 payable ounces were shipped by the end of the quarter. Overall tonnage processed declined by 8% due to a larger portion of harder low-grade stockpile processed in October and wetter ores in late December resulting from significantly higher snowfall. November 2012 mill performance was the best month in 2012 for throughput and averaged 4,086 tons per day.

For the full year, the company mined 281,315 tons from the SSX-Steer mine, with significant improvements in production seen in the fourth quarter of 2012 as necessary development work was completed and due to the increased use of long hole stoping. At the Smith mine, Small Mine Development, LLC (SMD) continued to increase production rates delivering 405,904 tons.

The company provided operating guidance for the second quarter of 2013. The company expects to begin taking delivery in the second quarter of 2013 of between 500 and 1,500 tons per day of ore from these companies which may provide significant incremental cash flows as well as provide substaintial credits to the largely fixed operating costs at Jerritt Canyon.