Name: Jerritt Canyon mine.

Location: The Jerritt Canyon mill and mine complex, encompassing 308 km2, is located in Elko County, Nevada, in the US, about 80 km north of Elko in the Independence mountains.

Controlling Company: The Jerritt Canyon mine is owned and operated by Veris Gold USA (VUSA), a wholly owned subsidiary of Veris Gold Corp.

Brief History: Veris ownership of the Jerritt Canyon property began in June 2007 when Queenstake Resources merged with YGC Resources to form Yukon Nevada Gold Corp (YNG). As part of this merger, YNG acquired the wholly owned subsidiary of Queenstake Resources USA, which owned and operated the Jerritt Canyon mine. As of October 5, 2012, YNG changed its name to Veris Gold Corp. In January 2013, Queenstake Resources USA changed its name to VUSA.

Brief Description: The Jerritt Canyon mine has been in operation since 1980 and has produced more than eight-million ounces of gold. Ore is currently sourced from the Smith, and SSX-Steer and Starvation underground gold mines. The Saval 4 underground mine is currently under development, with production expected to start in later this year.

Mining Method: Underground, using long-hole stoping and modified drift and fill.

Products: Gold.

Major Infrastructure and Equipment: The mines produce feed for a process plant located at the site, which includes two roasters and a carbon-in-leach (CIL) circuit.

Underground mining uses low-profile six-cubic-yard load/haul/ dump tractors loading 35 t and 40 t trucks for ore removal. Ground support typically uses rock bolts and welded wire mesh, and shotcrete where necessary, with cemented back-fill in mined-out areas.

All underground ore is stacked near the mine portals for grade sampling and transported in 150 t haul trucks to the mill. Since the Jerritt Canyon ores are refractory in the mill, feed is dried and roasted and gold is recovered using conventional CIL processing. High-quality gold doré bars are then shipped for commercial refining and sale.

The Jerritt Canyon mine includes three nonoperating underground mining areas – Murray, MCE, and West Generator; rock disposal areas; related haul roads; maintenance facilities and ancillary structures; and a gold processing circuit, including a mill and refinery, heap-leaching (inactive) and tailings and support facilities, including an on-site assay lab and oxygen plant.

Geology/Mineralisation: Within the Jerritt Canyon area, gold can locally occur within all sedimentary formations, but is preferentially hosted by the Roberts mountains and Hanson Creek formations of the eastern facies in the lower plate of the Roberts mountains thrust. The Roberts Mountains formation consists of calcareous to dolomitic siltstones and silty limestones.

The Hanson Creek Formation is divided into five members, numbered I to V, from the top of the formation to the bottom. Hanson Creek I is a thinly bedded sequence of gray, medium-grained limestones and continuous blocky chert beds; it is typically brecciated. Hanson Creek II is a dark to light gray, irregularly bedded to massive, vuggy, dolomitic limestone. Hanson Creek III consists of intercalated carbon-aceous micrites and laminated argillaceous limestones. Hanson Creek IV is a thickly bedded, medium- to coarse-grained, carbonaceous limestone with discontinuous black chert nodules. Hanson Creek V consists of laminated, carbonaceous siltstone with chert lenses.

The contact between the Roberts mountains formation and the overlying Snow Canyon formation is a regional thrust fault, which transported the Snow Canyon eastward over the Roberts mountains formation. The contact between the Roberts mountains formation and the underlying Hanson Creek formation is a discontinuity locally known as the Saval discontinuity. The discontinuity may be an angular unconformity of local extent or a thrust fault. Gold mineralisation is typically enriched along this discontinuity. The base of the Hanson Creek is gradational into the Eureka Quartzite. Locally, the stratigraphic section has been repeated by thrust faulting.

Reserves: Total proven and probable reserves as at December 31, 2012, were 7.29-million tonnes grading 0.157 oz/t.

Resources: Total measured and indicated resources, including reserves, as at December 31, 2012, were 12.44-million tonnes grading 0.181 oz/t. Inferred resources were 3.85-million tonnes grading 0.17 oz/t.

Prospects: Achieving sustained ore mining and processing rates of 1.5-million tonnes a year is critical to the success of the Jerritt Canyon mine operation. Additional defined ore sources, including the Saval 4 underground mine will soon be developed to enhance production and replace the depleted stockpile ore source, as they are becoming depleted. Reopening of the Murray underground mine and some of the historical openpits will be examined to help maintain processing rates at the desired level over the existing six-year reserve life.

Contact Person: VP investor relations Joanne C Jobin.

Contact Details:
Veris Gold Corp, tel +1 604 688 9427, fax +1 604 688 9426, email jjobin@verisgold.com, and
website http://www.verisgold.com.