-- Published: Friday, 7 July 2017 | Print | Disqus
By Resource Review
By Resource Review
By Resource Review
Vancouver- Northern Vertex Mining Corp reports a new updated mine optimization plan is slated to further improve the economics and the environmental footprint of its soon to be operational Moss Mine Gold-Silver project in NW Arizona.
Highlights of the updated Mine Optimization Plan, designed to further enhance the project’s already robust economic model and to reduce emissions at the Moss Mine, includes the upcoming construction of a power line to the mine site as well as the contracted sale and distribution of aggregates derived from mine waste rock.
The plan 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 an additional $16 million in operational savings over a five year period.
Scheduled to enter commercial gold production in Q4 of this year, the new open-pit, heap leach operation is expected to generate over 40,000 ounces in annual gold equivalent production, with a three-phase mine life. The Moss mine is projected to be a high margin, low-cost producer, with 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).
The updated mine optimization plan follows a series of key events that have allowed Northern Vertex to fast track the mine’s commercial development.
Among the milestones, the company recently received its final State mining Permits, which led to the ramp-up of the construction and earthworks phase that is now in progress for the new open-pit, heap leach operation.
Late last month, Northern Vertex announced a further $20m equity financing, which will allow the company to meet all its capital requirements, estimated at US$33m to fund the Moss mine to commercial production. The financing also includes a new U.S. gold consolidation strategy aimed at further spurring future gold growth.
In other developments, the company recently secured the sale of the mine’s main crushing plant and released positive details of a water study conducted by the U.S. firm Golder Associates that confirms there will be more than adequate groundwater resources to support upcoming mining operations.
Supported by low all-in sustaining costs and a mine payback in 2.4 years, the Moss Mine is expected to emerge as one of region’s lowest cost producers. Once in production, the mine is expected to have a positive economic impact on the local area, employing over 100 workers from the surrounding Mohave County region.
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-- Published: Friday, 7 July 2017 | E-Mail | Print | Source: GoldSeek.com