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Northern Vertex Reports Fiscal 2017 Financial Results

 -- Published: Thursday, 26 October 2017 | Print  | Disqus 

October 26, 2017, Vancouver, B.C. - Northern Vertex Mining Corp. (TSX.V:NEE) (the “Company”) announces that the Company’s audited consolidated financial results for the fiscal year ended June 30, 2017 have been filed on SEDAR. The full version of the Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at www.northernvertex.com or on SEDAR at www.sedar.com.

Financial Highlights for the Quarter and Fiscal Year Ended June 30, 2017

  • Cash was $24.99 million at June 30, 2017, compared to $1.30 million at June 30, 2016.  The increase was due to completed equity and debt financings near year end, to be used in the construction of the Moss Mine;
  • Working capital increased to $20.82 million at June 30, 2017, compared to $0.66 million for the previous year;
  • Annual net loss was $4.49 million ($0.04 per share) compared to a net loss of $3.75 million ($0.04 per share) for the same period last year;
  • Net loss for the quarter was $1.15 million ($0.01 per share) compared to a net loss of $2.59 million ($0.03 per share) for the same period last year;
  • The Company completed the first tranche of a US$20,000,000 non-brokered private placement with Greenstone Resources L.P. for gross proceeds of US$10,786,330;
  • The Company drew a second tranche, in the amount of US$5,000,000, under its senior secured credit facility with Sprott Private Resource Lending (Collector), LP; and
  • Construction costs for the year relating to equipment purchases, site earthworks, detailed engineering and permitting were $16.03 million and development and exploration costs incurred on the Moss Mine and Silver Creek Projects during the year were $2.69 million.

Operating Highlights for the Quarter and Fiscal Year Ended June 30, 2017

  • The Moss Mine became fully permitted for construction and operations after receiving the final Aquifer Protection Permit.
  • An updated mine water study was completed which confirmed wells drilled on the Company’s patented land will meet the peak water demand for mine operations.  The ability to meet peak water demand during mining operations will allow for an accelerated production ramp up at the Moss Mine when commissioning commences during the fourth calendar quarter of 2017.
  • The site civil works for the crusher pad, run of mine pad, laydown yard, Merrill Crowe facility and ancillary roads were completed. This work was performed by N.A. Degerstrom (“NAD”).
  • The heap leach earthworks commenced in early June, and subsequent to year end, NAD completed the final grading for the initial leach pad cell just north of the solution ponds in anticipation of the first ore stacking in early November.  NAD has now also completed the liner bedding in the West pad, Central pad and East pad.
  • The off-site manufacturing of the crushing plant components continued and neared completion.  Subsequent to June 30, 2017 the Company began receiving and installing plant components.

Qualified Persons:
The foregoing technical information contained in this news release has been approved by Mr. L.J. Bardswich, P. Eng., General Manager Moss Project, and a Qualified Person (“QP”) for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Northern Vertex:
Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. To the best of management’s knowledge, Northern Vertex is the next publicly traded company to initiate gold and silver production, scheduled for Q4 2017, in the USA. The Company’s management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.

ON BEHALF OF THE BOARD OF NORTHERN VERTEX

"Kenneth Berry "                      

President & CEO

For further information, please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.

Click the following link to view:  https://northernvertex.com/projects/photo-gallery/

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release contains statements about our future business and planned activities. These are “forward-looking” because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements.  We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. To the best of management’s knowledge, Northern Vertex is the next publicly traded company to initiate gold and silver production scheduled for Q4 2017 in the USA. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.  US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.

 


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 -- Published: Thursday, 26 October 2017 | E-Mail  | Print  | Source: GoldSeek.com

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