“Production Highlights for July Include 2,067 Oz of Gold and 5,977 Oz of Silver”
August 14th, 2018, Vancouver, B.C. - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC-Nasdaq Intl.: NHVCF) (the “Company” or “Northern Vertex”) is pleased to announce that gold and silver production has shown a considerable increase for the month of July in comparison to May and June production rates at its 100% owned Moss Mine, located in NW Arizona.
Kenneth Berry, President and CEO, stated: “We are pleased to see gold and silver production increase month over month during commissioning at the Moss Mine. This success is directly related to the depth of experience of our construction team, operating team and financial partnerships assembled over the last 6 years of development. We intend to leverage this platform for US growth as we pursue our strategic goals.”
Bill Martinich, General Manager, stated: “Daily crushing throughput is becoming normalized with gold and silver production increasing faster than expected as we approach commercial production. The efforts of our entire operations team over the past few months has brought us to this level of production by working through commissioning challenges while maintaining an exceptional safety and environmental record.”
Operating Results for May, June and July 2018 are as follows:
|May 2018||June 2018||July 2018|
|Ore mined (tonnes)||97,755||122,287||158,227|
|Waste mined (tonnes)||74,720||128,708||230,215|
|Crushing Plant and Leach Pad|
|Tonnes stacked per day (average)||3,100||4,208||4,308|
|Tonnes stacked per hour (average)||444||478||508|
|Contained gold ounces stacked||3,416||3,137||4,225|
|Contained silver ounces stacked||36,361||21,204||41,980|
|Gold grade (g/t)||1.11||0.77||0.98|
|Silver grade (g/t)||11.77||5.22||9.78|
|Gold produced (ounces)||1,276||1,374||2,067|
|Silver produced (ounces)||3,556||4,875||5,977|
- July production of 2,067 ounces of gold and 5,977 ounces of silver, a 50% increase in gold production and a 23% increase in silver production month over month.
- All operational metrics are continually improving as the Moss Mine approaches commercial production with additional significant month over month increases across ore mined (+29%) and contained gold ounces stacked (+35%). Crushing crews recorded another "best shift" in the month of July with 6,324 tonnes and "best day" of 11,500 tonnes of ore crushed and stacked, improving on June crushing of 6,279 tonnes (best shift) and 11,367 tonnes (best day). These operational numbers surpass 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.
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 nearing 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.
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
For further information, please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798
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, August 12, 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.
2018 number 15