VANCOUVER, BC, Aug. 6th, 2020 /PRNewswire/ - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") is pleased to announce record monthly production in July of 4,713 gold equivalent ounces* (4,218 gold ounces; 37,171 silver ounces) from the Company's 100% owned Moss Gold Mine in NW Arizona.
Highlights for July include:
- 4,218 gold ounces produced, the fourth consecutive monthly production increase.
- 37,171 silver ounces produced, also the fourth consecutive monthly production increase.
- Operational records in all departments; daily gold production of 180 ounces, 271kt stacked, 3000gpm solution processed.
- Powerline and mining cost saving initiatives, both expected in place by Q4 and represent an estimated $4 million in annual savings relative to Q2, 2020 unit costs.
(*Gold equivalent ratio 75:1 )
Ken Berry, President and CEO commented, "The Moss Mine has hit its stride as demonstrated by our monthly operating records. The increase in gold production into a rising gold price environment is generating record revenues, which will be deployed to retire debt, reinvest to grow production, and aggressively drill to expand the current resource".
Furthermore, "Drilling at Moss continues with the completion of 52 holes to-date, totaling 17,500 feet of a planned 60,000-foot program. The goal of the program is to: 1) identify high-grade ounces near the current pit, 2) expand the resource on strike from the Moss pit, and 3) make new discoveries that feed our hub and spoke model".
"We thank the shareholders of Northern Vertex for their support during this rapidly evolving growth phase".
Optimization Underway at Moss Mine:
Northern Vertex is pleased to announce that McCoy & Sons, Inc. has been awarded a 3-year contract for mining and blasting operations. The terms of this agreement are expected to result in a significant reduction of mining costs.
onstruction of the 6.9-mile powerline and transformer station is 60% complete, and all poles have been erected. Management expects the system to be energized by the end of September 2020, which will reduce electrical costs by an estimated $15 to $20 million over the life of mine (see Northern Vertex news release dated April 14th, 2020).
Crusher and Leach Pad Operations
Crusher and heap leach operations continue to exceed expectations with numerous daily production records. Throughput continues well above nameplate capacity and tests are well underway to shift crush size from 1/4" to 3/8", and when implemented, management expects a 30% increase in throughput and a significant reduction in operating costs.
COVID 19 Update
Production at the Moss Mine continues uninterrupted and the Company will continue to meet or exceed the recommendations and guidelines of public health authorities at both state and federal levels.
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).
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. is focused on low cost gold and silver production at its 100% owned Moss Mine in NW Arizona. The Company 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.
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.
Cautionary Note Regarding 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 several 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. 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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SOURCE Northern Vertex Mining Corp.