Veris Gold Corp. announces start up at Jerritt Canyon and Management Cease Trade Order
Veris Gold Corp. advised shareholders today that the Company’s Jerritt Canyon processing plant located in Elko County, Nevada has successfully undertaken its annual maintenance shut down which commenced March 11, 2014. Jerritt Canyon is operated by Veris Gold USA Inc. (“Veris USA”), a wholly-owned subsidiary of the Company.
The Jerritt Canyon annual maintenance shut down was conducted in concert with training and the installation of new monitoring points for its Class I Operating Permit, which was received on March 31, 2014.
Veris undertakes a regular annual maintenance shutdown as a prudent normal-course-of-action to ensure that the Jerritt Canyon roasters are operating optimally throughout the remainder of the year and to minimize unplanned down-time. During the shutdown, the Company continued to mine from all three of its operating gold mines; it is anticipated that processing of stockpiled mined ores will commence immediately.
Veris Gold Corp. Granted Management Cease Trade Order
Veris Gold Corp. has announced that, because of delays in completing its audited financial statements to December 31, 2013, the Company has applied for, and has been granted, a Management Cease Trade Order by the British Columbia Securities Commission. Because of the delays, the Company will file its annual audited financial statements, management’s discussion and analysis, annual information form and CEO and CFO certificates (collectively, the “2013 Annual Audited Financial Statements”) after the filing deadline of March 31, 2014 as prescribed by National Instrument 51-102 –Continuous Disclosure Obligations (“NI 51-102”). The audit is now nearing completion and the Company anticipates the filing of the 2013 Annual Audited Financial Statements on or before April 10, 2014. The Company confirms that there are no insolvency proceedings against it as at the date of this news release. The Company further confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as at the date hereof.
Until the Company completes the filing of the 2013 Annual Audited Financial Statements, Veris will comply with the alternative information guidelines set out in National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require Veris to issue bi-weekly default status reports by way of a news release so long as the 2013 Annual Audited Financial Statements have not been filed.
During the currency of the management cease trade order, the general investing public will continue to be able to trade in the Company’s listed common shares, however, the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade Veris shares.
