Northern Vertex Files Second Quarter Fiscal 2014 Financial Results - First Full Quarter of Pilot Plant Operations
VANCOUVER, Feb. 28, 2014 /CNW/ - Northern Vertex Mining Corp. (the "Company") (TSX.V: NEE), (OTCQX: NHVCF) announces that the Company's unaudited interim consolidated financial statements for the fiscal 2014 second quarter ended December 31, 2013 (the "Q2 Financial Statements") have been filed on SEDAR. The full versions of the Q2 Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.northernvertex.com or on SEDAR at www.sedar.com.
The Company's Q2 Financial Statements include:
- gold and silver sales (net of royalties and selling costs) from the Phase I - Pilot Plant of $2,811,821 year-to-date;
- a net loss for the quarter of $607,380 and a loss per share of $0.011 compared to a net loss of $2,246,703 and loss per share of $0.047 for the same period last year.
- a net loss on a year-to-date basis of $2,809,487 and a loss per share of $0.051 compared to a net loss of $2,520,531 and loss per share of $0.055 for the comparative period last year.
In the six months ended December 31, 2013, the Company produced 2,134 ounces of gold and 5,903 ounces of silver with an average selling price for gold and silver of US$1,219 and US$19.80 per ounce, respectively. The Company believes that higher-trending gold and silver prices will continue to be subject to volatility in the short term.
The Company is continuing to exercise fiscal responsibility. Subsequent to the end of the second quarter, the Company implemented a cost reduction program, corporately and at the mine site, in order to preserve cash in the current market environment.
Dick Whittington, President & CEO, states, "We are delighted with the previously announced metallurgical results and proof-of-concept demonstrated at Phase 1 - Pilot Plant of the Moss Mine Gold-Silver Project. Gold recoveries, which are significantly advanced from expectations in our PEA, are expected to continue into calendar Q3 2014. The Company is actively monitoring the changing external environment while advancing its strategic priorities and expects the cost-cutting measures to have a positive impact on cash preservation through to calendar 2015. I would like to personally thank the Northern Vertex team, our community stakeholders, contractors, suppliers and shareholders for their continued support."
About Northern Vertex:
Northern Vertex Mining Corp. is a Canadian-based exploration and mining company focused on the reactivation of the Moss Mine Gold-Silver Project located in NW Arizona, USA where the Company has the right to earn-in to a 70% property interest through a joint venture with Patriot Gold Corp. The Moss Mine Gold-Silver Project is an epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 220 meters vertically. It is a potential heap leach, open pit project being advanced under a three-phase business plan, specifically designed to ensure that technical, economic, permitting and funding requirements are met prior to each phase proceeding. The Company's management comprises an experienced 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.
The foregoing technical information contained in this news release has been approved by Mr. Joe Bardswich, P. Eng. General Manager - Moss Project, and a Qualified Person ("QP") for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
ON BEHALF OF THE BOARD OF DIRECTORS
J.R.H. (Dick) Whittington, 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 About Forward Looking Information
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 may, intend, plan, expect, anticipate, believe or other similar words. 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. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
Cautionary Note to U.S. Investors:
This news release uses the terms "Measured", "Indicated", and "Inferred" resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. U.S. investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
SOURCE Northern Vertex Mining Corp.For further information:
please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or 1-855-633-8798