Northern Vertex Reports New PEA to Extend Moss Mine Life to 10 Years
-- Published: Thursday, 19 October 2017 | Print | Disqus
Vancouver, B.C. – Lately the news just keeps getting better for Canadian miner Northern Vertex Mining Corp. (TSX-V: NEE) (OTC Nasdaq Intl.:NHVCF) and its Moss Mine Gold-Silver project located near Bullhead City, Arizona.
On October 10, 2017, Northern Vertex announced that it has completed a Preliminary Economic Assessment (“PEA”) on non-patented claims adjoining its Moss Mine project, that once permitted, will double the size of its gold deposit, allowing the new low-cost producer to extend its mine life to 10 years of profitable operations.
These advancements, combined with a previously announced $25m equity financing to meet its capital requirements to fund the Moss Mine to fruition, has put Northern Vertex in position to reach its milestone goal of achieving its first gold pour in 2017.
The new open-pit, heap leach operation is slated to produce an average of 48,000 ounces of gold equivalent production annually in the first 4 years, and features a Phase III mine expansion program that is expected to support profitable production through 2027.
Supported by robust economics, the Moss Mine PEA results has a capital cost estimated at US$61.6m, with attractive all-in sustaining costs of US$603/oz gold and an after-tax IRR of 63%, (based on $1,250/oz gold and $20/oz silver).
In other developments, Northern Vertex also recently announced an agreement with the noted U.S. exploration firm La Cuesta International to create a $10 million exploration program designed to further exploit additional gold and silver resources contained within the company’s property holdings in the Oatman Mining district. The campaign will be funded from cash flow from upcoming mine operations and will target the 95 per cent of the Moss project that remains underdeveloped with a focus on further boosting Moss’s contained gold resources and future mine life.
NEE’s Moss Mine is scheduled to be the next producing gold mine in the USA.
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