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Northern Vertex Announces Moss Mine Continues To Exceed Feasibility Expectations During Ramp Up To Commercial Production

 -- Published: Tuesday, 19 June 2018 | Print  | Disqus 

VANCOUVER , June 19, 2018 /CNW/ - Northern Vertex Mining Corp. (NEE.V) (OTC-Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") is pleased to announce the Company continues to meet or exceed the design expectations of the NI 43-101 Technical Report - Feasibility Study issued on July 13, 2015 for Northern Vertex's Moss Mine, located in NW Arizona. 

Kenneth Berry , President and CEO, stated: "I am pleased to provide this positive update on the performance of the Moss Mine during our commissioning phase. Our operational crews continue to implement numerous optimization measures which have improved production and performance of the mine. The mine is operating to feasibility expectations and often exceeds our forecasts. I look forward to providing additional updates as we transition to Commercial Production over the coming months."

Operating Results for May 2018 and Year to Date as of May 31, 2018


May

2018

Year to

Date

Mine

Ore mined (tonnes)

97,755

335,177

Waste mined (tonnes)

74,720

498,973

Crushing Plant and Leach Pad

Tonnes stacked

96,103

286,241

Tonnes stacked per day (average)

3,100

2,346

Tonnes stacked per hour (average)

444

407

Contained gold ounces stacked

3,416

8,383

Contained silver ounces stacked

36,361

77,676

Gold grade (g/t)

1.11

0.91

Silver grade (g/t)

11.77

8.44

Processing Plant

Gold produced (ounces)

1,276

1,655

Silver produced (ounces)

3,556

4,667


Highlights

  • Gold production in May 2018 of 1,276 ounces of gold and 3,556 ounces of silver, a considerable increase month over month as the ramp up to commercial production continues to exceed feasibility expectations.
  • Mining is expected to continue to ramp up as N.A. Degerstrom brings in 70-ton haul trucks to replace the 40-ton articulated trucks currently on site.
  • Crushing Crew recorded a "best shift" of 5,297 tonnes and "best day" of 8,261 tonnes of ore crushed and stacked. This compares to the Feasibility Study projections of reaching 3,500 tonnes per day ("tpd") in month seven from start-up of the mine followed by a tonnage increase to 5,000 tpd in month thirteen through the end of the mine life. The Company cautions that "best day" is not the average, however, it is indicative of the high quality of the plant, the personnel and management involved and the teamwork that made it all come together well ahead of schedule. Furthermore, since startup of the Moss Mine the Company's crushing crew has consistently improved the through put as measured by tonnes crushed per shift as well as tonnes crushed per operating hour.
  • Ounces processed are being recovered at a faster rate than the 100-day leaching cycle time period as set out in the Company's feasibility study.

About Northern Vertex Mining Corp.

Northern Vertex Mining Corp., the newest gold producer in the US, is focused on low cost gold and silver production at it's 100% owned Moss Mine in NW Arizona . The Moss Mine is an open pit, heap leach, gold-silver mine which is expected to produce an average of over 50,000 gold equivalent ounces annually over the first 4 years of a10-year mine life. Based on the Company's 2017 PEA, economics of the Moss Mine is robust with all-in sustaining costs of US$603 per gold equivalent ounce and an IRR of 73% (based on US$1,250 /oz gold and US$20 /oz silver), positioning the mine to generate significant cash flow. Northern Vertex also plans to acquire further low-cost gold assets in the US, utilizing cash flow from operations as well as capital from strong supporters such as Greenstone Resources LP, a private equity fund with over 80 years of experience in the mining sector and principal lender Sprott Private Resource Lending Corp. which has agreed to commit up to US$100 million for acquisitions and development. The Company's management is comprised of a seasoned team with strong experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects and shares the intention to build a mid-tier gold producer.

Qualified Person

The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich , P.Eng., a director of the Company and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).

ON BEHALF OF THE BOARD OF NORTHERN VERTEX

"Kenneth Berry"
President & CEO

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:

The information in this news release has been prepared as at June 172, 2018. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms, and include, without restriction, statements regarding the completion of the Private Placement and the proposed use of the proceeds of the financing.

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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based More particularly, this release contains statements concerning the closing of the second tranche of the Private Placement and the anticipated use of the proceeds of the financing. There can be no assurance that the second tranche of the Private Placement will complete within the anticipated timelines or complete as contemplated or at all, or that the proceeds of the financing will be used as anticipated. 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: Tuesday, 19 June 2018 | E-Mail  | Print  | Source: GoldSeek.com

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