Northern Vertex Declares Commercial Production at Moss Gold Mine
-- Published: Tuesday, 18 September 2018 | Print | Disqus
PROVIDES PRODUCTION GUIDANCE FOR FISCAL YEARS 2019 & 2020
VANCOUVER, Sept. 18, 2018 /PRNewswire/ - Northern Vertex Mining Corp. (NEE.V) (OTC-Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") is pleased to declare commercial production at the Moss Gold Mine, Arizona, USA, effective September 1, 2018.
Declaration of commercial production as of September 1, 2018
Crushing team delivers record day of 13,000 tonnes ("tpd") versus the 5,000 tpd envisioned in the Feasibility Study
Fiscal 2019 Production Guidance 36,000 to 40,000 oz gold equivalent(1),(2)
Fiscal 2020 Production Guidance 59,000 to 65,000 oz gold equivalent(2)
Ken Berry, President and Chief Executive Officer of Northern Vertex announces, "Commercial production is a significant milestone for our team of approximately 100 men and women operating the Moss Gold Mine. In less than two years we were successful in obtaining financing, completing construction and achieving commercial rates of production."
Production Guidance As a result of the exceptional performance of the crushing plant, our operational team and our mining contractor N.A. Degerstrom, production is expected to be significantly higher than previously stated in the Feasibility Study. Guidance for gold and silver production at the Moss Mine for the fiscal years 2019 and 2020 as follows:
Fiscal Year 2019(1)
Fiscal Year 2020
32,000 – 36,000
52,000 – 57,000
224,000 – 248,000
451,000 – 487,000
Gold Equivalent Ounces
36,000 – 40,000
59,000 – 65,000
Company's fiscal year end is June 30th. Fiscal 2019 includes ten months of production after commercial production.
Gold equivalent ounces were calculated using a 60:1 silver to gold conversion ratio
Bill Martinich, General Manager, stated: "We've built a great operations team over the past 12 months and being able to push through commissioning to achieve commercial production is proof-positive of it. Continued performance of the team at this level will enable us to exceed the gold production forecast in the Feasibility Study over the next two years. "
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 its 100% owned Moss Mine in NW Arizona. The Company's has experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer with over 200,000 ounces of gold production annually.
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
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.
The information in this news release has been prepared as at, September 17, 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.
This news release refers to the Company's NI 43-101 compliant Technical Report, Preliminary Economic Analysis, Extended Mine Life, with an effective and SEDAR filing date of November 22, 2017 (the "PEA") prepared by MineFill Services Inc. and M3 Engineering and Technology with the assistance of other independent consultants as disclosed in the PEA. The PEA sets out the technical and economic viability of extending the Moss mine to include resources onto the Company's adjacent un-patented mining claims. The Company cautions that the PEA is preliminary in nature in that it is includes Inferred Mineral Resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company also refers to its NI 43-101 Technical Report Feasibility Study, "Mohave County Arizona" prepared by MineFill Services, Inc. and M3 Engineering and Technology Corporation, with an effective date June 8, 2015.
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