May 29, 2019,Vancouver, B.C. - Northern Vertex Mining Corp. (TSX.V: NEE)(OTC Nasdaq Intl.: NHVCF)(the "Company" or "Northern Vertex") announces that the Company's interim consolidated financial results for the third fiscal quarter 2019 ended March 31, 2019 have been filed on SEDAR. The full version of the Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.northernvertex.com or under the Company's profile on SEDAR at www.sedar.com. Amounts are expressed in United States dollars unless otherwise noted.
Ken Berry, President and Chief Executive Officer of Northern Vertex Mining, stated, "During the quarter, earnings from operations, excluding depreciation and depletion of $2.4 million represents a significant improvement from the previous quarter. The production of 2,135 gold ounces and 9,702 silver ounces in March set a new monthly record and new gold production highs are expected to continue during the months ahead as operational improvements are implemented and take hold. This was evident in April's production results at the Moss Mine as the number of gold and silver ounces increased to 2,247 and 12,885, respectively."
Financial Results for the Three Months Ended, March 31, 2019
- Earnings from mine operations, excluding depreciation and depletion, was $2.40 million for the quarter ended March 31, 2019.
- Gold and silver sales for the quarter were $8.58 million through the sale of 6,457 gold ounces and 16,678 silver ounces with average realized prices per ounce of $1,293 and $15.44 respectively.
- Cash was $6.30 million at March 31, 2019, compared to $5.72 million at June 30, 2018. The increase was primarily due to cash received from financings and operating income, offset by repayment of debt and interest payments.
- Loss for the quarter was $1.33 million ($0.01 per share) compared to a loss of $1.38 million ($0.01 per share) for the same period last year.
- The Company closed a non-brokered private placement, issuing an aggregate of 14,624,074 units (each a "Unit") at a purchase price of C$0.24 per Unit for gross proceeds of $2.67 million. Each Unit consists of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of C$0.40 per share for a period of two years from the date of issuance of the warrant.
New General Manager
- Subsequent to the end of the quarter, Joel Murphy was appointed as the Company's new General Manager at Moss. Mr. Murphy is a proven leader, who cultivates a collaborative team approach while implementing measurable goals.
Operating Results for the Quarter and Nine Months Ended March 31, 2019 and One Month Ended April 2019:
One Month Ended
Three Months Ended
Nine Months Ended
Ore mined (tonnes)
Waste mined (tonnes)
Total mined (tonnes)
Strip ratio (waste/ore)
Tonnes stacked per day (average)
Tonnes stacked per operating day
Tonnes stacked per operating hour
Contained gold ounces stacked
Contained silver ounces stacked
Gold grade (g/t)
Merrill Crowe recovery – gold (%)
Merrill Crowe recovery – silver (%)
Gold ounces produced
Silver ounces produced
Gold ounces sold
Silver ounces sold
The Company also announces that under the terms of the convertible debentures issued under the convertible debenture indenture dated July 14, 2016 (the "Indenture") between the Company and Computershare Trust Company of Canada, it has elected to satisfy its obligation to pay an aggregate of $167,500 in interest accrued on the convertible debentures by issuing to such debenture holders on the interest payment date of May 30, 2019 an aggregate of 985,291 common shares. The Company will pay to each such debenture holder approximately 9.26 common shares per $100 principal amount of debentures held as at the applicable interest payment record date. Under the terms of the Indenture, no fractional common shares will be delivered upon payment of the interest obligation and the Company is not required to pay the cash equivalent of any amount less than $5.00. The issuance of common shares in payment of interest remains subject to Exchange approval.
The Company reports stock options have been granted to employees, officers, directors and consultants of the Company to purchase up to an aggregate of 1,200,000 shares at a price of C$0.24 per share for a period of five years. These options have been issued to new employees of the Company who have replaced employees who have recently departed.
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 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.
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.
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 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. 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.