Veris Gold Corp. reported consolidated earnings and production results for the third quarter ended September 30, 2014. For the quarter, the company reported a net loss of $6.5 million, which represented an $11.7 million decreased loss from the $18.2 million net loss recorded in third quarter of 2013. Basic loss per share was $0.04 against $0.15 loss per share a year ago. The loss in 2014 is primarily the result of a $6.3 million reduced income from operations due primarily to a $2.4 million decreased gross margin before D&D resulting from lower gold prices despite increased gold sales, a $2.3 million increase in depreciation and depletion driven by the commissioning and improved mining of the Starvation Canyon mine and the commissioning second tailing facility in mid-2013, and a $1.6 million increase in G&A from increased professional fees and directors fees incurred since the company entered creditor protection, on June 9, 2014, under the CCAA, offset by a lower realized exchange rate on the Canadian dollar, reduced salaries and benefits as well as business development costs. The company realized gold sales of $57.3 million on the sale of approximately 45,216 ounces of gold, this compares to $57.0 million on sales of approximately 42,760 ounces of gold sold in third quarter of 2013. The primary driver of the increased revenue was a 6% increase in the number of gold ounces sold offset by a 4% decline in the market price for gold. Gold revenue was $57.3 million compared to $57.0 million in third quarter 2013, driven by a 6% increase in gold ounces sold offset by a 4% decrease in the price-per-ounce of gold sold in third quarter 2014 compared to third quarter 2013.

For the quarter, the company reported 44,319 payable ounces were produced, representing an 18% increase from the 37,544 ounces produced in the three month period ending September 30, 2013 and 45,216 ounces were sold, a 6% increase from the 42,760 ounces sold in third quarter 2013 primarily due to the improvement in mining at Starvation Canyon and improved overall mill recoveries.

The company is in a good position to achieve the 2014 production targets as it expects continued improvement in mining production which will be supplemented by mining at the Saval 4 mine upon the commencement of production later in fourth quarter of 2014.