Northern Vertex Reports Record Production of 11,530 Gold Equ
VANCOUVER, BC, July 14, 2020 /PRNewswire/ - Northern Vertex Mining Corp. (TSXV: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") is pleased to announce record production of 11,365 gold equivalent ounces and record revenues of $18.2 million for the quarter ended June 30 from the Company's 100% owned Moss Gold Mine in NW Arizona. All figures are US dollars unless otherwise noted and gold equivalent production is calculated at realized gold and silver prices for the quarter of $1,716 and $16.84 respectively.
Highlights for the quarter ending June 30:
- Record revenue $18.2 million
- Record gold equivalent production of 11,365 ounces
- Record gold production 10,530 ounces
- Record one day gold production of 167 ounces
- Record one day crusher throughput of 11,545 tonnes
- $6.8 million cash on hand as at June 30, 2020
Operating Results for the Quarter and Fiscal Year Ended June 30, 2020:
Three Months Ended June 30,
Fiscal Year Ended June 30,
Tonnes stacked per day (average)
Contained gold ounces stacked
Gold ounces sold
Silver ounces sold
Gold equivalent ounces sold*
*Note: Gold equivalent ounces calculated based on actual realized prices.
Ken Berry, President and CEO commented, "The Moss mine in now starting to show its operating capability with numerous operating records beyond those which are being reported. With a strong cash position on the back of record operating results, we will continue to implement production improvements and cost saving measures. I look forward to the rest of calendar 2020 when we will report on our exploration initiatives and key reinvestment projects at the Moss Mine that position Northern Vertex as a long-term, low-cost producer."
Further to the Company's most recent update regarding the COVID-19 Virus, the Company reports no known or suspected cases of infection at the Moss Mine nor at its office in Vancouver. 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.
Mine and Crusher Operations
Mine operations continue to strengthen with the successful pioneering of the east pit and ore now being delivered to the crusher from that area. Pioneering of the west pit started in June, with first production from the area scheduled for late 2020. The East, Center and West pits will be unified in order to optimize mining operations, and to drive down costs.
Crusher operations continue to exceed expectations with numerous daily production records. Tests are well underway to shift crush size from 1/4" to 3/8", and if implemented, there will be a reduction in operating costs and an increase in throughput.
Leach Pad Operations
The second leach pad, which was commissioned in February is operating very well and there have been numerous daily gold production records along with 20 days of greater than 125 ounces of gold produced per day in June, and an average of 112 ounces of gold produced per day for the quarter ending June 30.
The prefeasibility engineering for heap leach pad 3 has been started to allow for the timely commissioning of that pad, which will facilitate consistent and high gold production through the next few years.
The 2020 infill and exploration drill program is well underway with two rigs on site, with an initial focus on the Gold Bridge Zone between the center and west pits, and the Ruth gold vein that sits parallel to the Moss vein. Management will be providing updates over the following quarters.
Construction of the 6.9-mile electrical grid powerline system is 30% complete, and the mine has received the transformer and 60% of the poles have been erected. Management continues to expect the system to be commissioned in calendar Q3 2020 resulting in decommissioning of numerous diesel generators, and a reduction in electrical costs from approximately 0.30/Kwh down to 0.08/Kwh.
Fiscal year 2021
Management has several life of mine projects that will be advanced over the next few quarters including: in-pit and exploration drilling, west pit pioneering and development, design and construction of heap leach pad 3, and construction of the new powerline. These projects will drive the long-term competitiveness of the Moss Mine.
Management has provided an updated Investor powerpoint on its website: NEE Presentation July 14, 2020
The Company also announces stock purchase options have been granted under the Company's stock option plan to officers, directors, employees and consultants to purchase up to an aggregate of 725,000 shares at a price of $0.35 per common share for a period of five years from the grant date.
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 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.
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SOURCE Northern Vertex Mining Corp.