Veris Gold lifts Nevada mine’s compliant reserves

TSX-listed miner Veris Gold has lifted the National Instrument 43-101-compliant proven and probable mineral reserves at its fully owned Jerritt Canyon gold mine, in Elko County, Nevada, with 211 900 oz to 1.14-million ounces.

The updated reserves were within a newly estimated resource consisting of a measured resource of 4.51-million tonnes grading 6.79 g/t of gold, totalling 891 700 oz, and an indicated resource of 7.93-million tonnes averaging 5.86 g/t totalling 1.35-million ounces.

The inferred resource at Jerritt Canyon comprised 653 200 oz of gold more from 3.84-million tonnes grading 5.83 g/t.

The reserves were calculated using a three-year trailing average gold price of $1 490/oz, and the resources were calculated using a two-year trailing average gold price of US$1 620/oz.

“The mine team has done a great job utilising the existing infrastructure to define the additional reserves. The 2012 reserve additions are directly attributable to a dedicated staff, higher gold prices, and recent drilling success at Starvation Canyon; Zones 2, 4 and 5 at Smith mine; Zones 1 and 9 at SSX-Steer; and Burns basin,” chief mine geologist William Hofer said.

Veris Gold VP for exploration Todd Johnson added that the year-end 2012 Jerritt Canyon reserves now supported a six-year life-of-mine plan.

“This reserve, addition in combination with the recent opening of the new Starvation Canyon mine and upcoming new underground development at Saval in Q3 2013, will keep Jerritt Canyon on track for sustainable gold production,” Johnson said.


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