Northern Vertex Reports Q4 Production on Schedule and on Budget at Moss Mine
-- Published: Friday, 23 June 2017 | Print | Disqus
By Resource Review
Vancouver, B.C. – 2017 is shaping up to be a milestone year for Northern Vertex and its Moss Mine Gold/Silver project located near Bullhead City, Arizona. The Company announced that it has executed a series of key construction contracts that will allow it to meet its objective of proceeding to commercial gold production by Q4 2017.
After receiving its final State mine permits in April 2017, Northern Vertex ramped up the development of the project, which included the completion of the site civil works for the main facility, crusher pad and ancillary roads. The new construction contracts will include the delivery and installation of the mine’s main crushing plant, diesel power station, heap leach pond liners and completion of refinery facilities.
These advancements, combined with a recently announced $20m equity financing to meet its capital requirements to fund the Moss Mine to fruition, has put Northern Vertex on-track to reach its ultimate goal of pouring gold in 2017.
The new open-pit, heap leach operation is slated to produce 42,000 ounces of gold equivalent production annually, and features a Phase III mine expansion program that is expected to support profitable production through 2022 and beyond.
The Moss Mine project has a capital cost estimated at US$33m, and is supported by robust economics, with an all-in sustaining costs of US$662/oz gold and an after-tax IRR of 48% (based on $1,250/oz gold and $20/oz silver).
Northern Vertex also recently announced an updated mine optimization plan for Moss, which will result in improved infrastructure and profits from the sale of waste rock. It is also expected to boost the mine’s after-tax IRR from its current 48%, while providing over $16 million in operational savings over a five year period.
Once in production, the Moss mine is expected employ a workforce of over 100 people from the local surrounding Mohave County region in NW Arizona.
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