Production Ramps Up At Starvation Canyon

VANCOUVER, BC - "While the first quarter of 2013 was challenging due to problems at the SSX-Steer mine and technical equipment complications resulting in increased cash-costs per ounce and lower than forecasted quarterly production, we remain on course for a successful year," said Shaun Heinrichs, CFO and interim-CEO of Veris Gold Corp. "We expect to have a strong second and third quarter this year, where we have traditionally been able to ramp up mine production and mill throughput, and achieve positive cash flows later in the year. Production at our new Starvation Canyon Mine continues to ramp up to a targeted 600 tons per day and we will commence development of the Saval 4 portal mid-year, providing the additional sources of production to meet our expected production targets in the coming quarters."

Highlights include: Initial development of Starvation Canyon substantially completed and the mine is in production, continuing to ramp-up to a targeted 600 tons per day with expected average grades of 7.5 g/t Au---on time and on budget; Strategic roaster asset delivers toll milling agreements, accretive to cash flow; Gold sales increased 117% compared to the first quarter of 2012 ("Q1-2012"); G&A reduced by $0.8M compared to Q1-2012; $0.4M gross margin lower than the three-month period ended December 31, 2012 ("Q4-2012") but an improvement over Q1 2012 due to increased mine production and mill throughput; Saval 4 Portal development commencing mid-year adding another 300 tpd with average grades of 5.5g/t Au; Continued steady state production and positive operating cash flow (first achieved in June 2012); Commissioning of TSF2 continues in Q2 with expected in-service date mid-year; Exploration continues to support updated NI 43-101 Technical Report.

Heinrichs continued, "We are also anticipating that our recent toll milling contracts, along with additional contracts we are currently contemplating, will be accretive to our revenue stream and this will make a substantial improvement to Jerritt Canyon over the next few quarters."