FEASIBILITY DESIGN EXPECTATIONS BEING MET AS GOLD SALES AND SUCCESSFUL RAMP-UP CONTINUES
VANCOUVER, May 3, 2018 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE.V - News) (the "Company") is pleased to announce that we have completed five gold shipments and we continue to meet the design expectations of our NI 43-101 Feasibility Report (published in 2015) at its Moss Mine in NW Arizona.
Kenneth Berry, President and CEO, stated: "Commissioning at the Moss Mine continues towards commercial production. I am delighted with the progress made by our operations team, led by Bill Martinich, to check off punch-list items and provide insightful equipment upgrades to improve operational efficiencies. We anticipate further optimizations during this ramp up period as we continue to pour gold at the Moss Mine."
"Highlights"
- Grade and tonnage reconciliation inline with reserve model
- Recoveries meeting feasibility numbers
- Crushing plant throughput better than feasibility
Commissioning Achievements:
Mining
- 241,000 metric tonnes of ore grade material mined to date
- Blast hole ore grades on Hill #1 and Hill #2 are consistent with our geological model
- NA Degerstrom ('NAD') mining contract has been approved; larger mining fleet to arrive in the coming weeks to increase throughput as a natural extension of our ramp-up
- Initial block model reconciliation shows ore tonnage at reserve modeled grades are in-line with feasibility study expectations
Crushing Plant
- 20% increase over feasibility study in through put with average hourly operating rate of 386 metric tonnes
- 33% longer life than feasibility study on life of cone crusher liners with replacement of first set at 100,000 tonnes
Heap Leach Pad
- 184,000 metric tonnes crushed, agglomerated and stacked on the pad for processing through April 25, 2018
- 5,094 gold contained ounces (4,177 recoverable ounces) and 41,960 silver contained ounces (27,274recoverable ounces) have been stacked on the pad as of April 28th
Process Plant
- Leach solution started being pumped to pad on February 3, 2018
- Pregnant solution reporting off of pad on February 11, 2018
- Pregnant solution initially pumped through Merrill Crowe plant on February 17, 2018
- First gold pour on March 7, 2018
- 5 shipments of Dore for external refining to date totaling 374oz gold and 1,089oz silver
- Initial gold recovery is meeting the expected rates from the feasibility model
Clean Electrical Power
- The Bureau of Land Management ("BLM") announced on May 1, 2018 that the Environmental Assessment for the proposed rights-of-way for the electric distribution line, fiber optic line and road expansion proposed on public lands east of Bullhead City to the Moss Mine were available for review and comment. The 15-day public comment period opens on May 3, 2018 and closes May 18, 2018.
- Replacing existing generators with utility power is expected to reduce emissions from burning 5,300 gallons of diesel fuel per day when the mine is operating at intended capacity
Human Resources
- The NEE Operational team currently consists of 55 NEE staff and 22 NA Degerstrom contract miners at the Moss Mine Site.
- Exploration team lead by NEE Advisors Bud Hillemeyer and Perry During are conducting regional and close proximity satellite exploration programs within the Oatman District.
Qualified Person
The foregoing technical information contained in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards for Disclosure for Minerals Projects) and reviewed on behalf of the Company by Joseph Bardswich, P. Eng. A Director of Northern Vertex, a Qualified Person.
About Northern Vertex
Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. The Company's management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry"
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.
Forward-Looking Statements:
The information in this news release has been prepared as at April 26, 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.
