VANCOUVER, March 1, 2017 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (the "Company") announces that the Company's unaudited interim consolidated financial results for the second fiscal quarter 2017 ended December 31, 2016 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 on SEDAR at www.sedar.com.
Financial Highlights for the Quarter and Six Months Ended December 31, 2016
- Cash was $10.67 million at December 31, 2016, compared to $1.30 million at June 30, 2016. The increase was due to the receipt of cash proceeds from the convertible debenture financings, the first tranche of the senior secured credit facility and a private placement which closed during the period;
- Working capital increased to $9.50 million at December 31, 2016, compared to $0.66 million June 30, 2016;
- Net loss for the quarter was $0.89 million ($0.01 per share) compared to net income of $0.46 million ($0.01 per share) for the same period last year;
- Net loss for the six months was $1.81 million ($0.02 per share) compared to net income of $2.61 million ($0.03 per share) for the same period last year; and
- Construction in progress costs for the six months related to detailed engineering and permitting were $1.80 million and development and exploration costs incurred on the Moss Mine and Silver Creek Projects during the six months were $0.42 million.
Corporate and Operating Highlights for the Quarter Ended December 31, 2016
- Golder Associates Inc. ("Golder") of Tucson, Arizona, was appointed as the heap leach pad Detailed Design and Construction Quality Assurance Engineer for the Company's Moss Mine Project. Golder will work closely with M3 Engineering & Technology Corp. ("M3"), also of Tucson, Arizona who was appointed in August 2016 the Engineering, Procurement and Construction Manager for the Moss Mine Project. Golder is responsible for the detailed design and construction quality assurance of the heap leach pad while M3 is responsible for the procurement of the necessary materials, equipment and supplies and will manage its construction.
- The Company signed a senior secured credit facility with Sprott Private Resource Lending (Collector), LP ("Sprott"), an affiliate of Sprott Resource Lending Corp., pursuant to which Sprott may advance up to US$20,000,000 to fund development and construction of the Company's Moss Mine Project. The facility is available to be drawn in up to four tranches, and the first tranche of US$5,000,000 was advanced to the Company.
- On December 5, 2016 the Company closed a non-brokered private placement issuing an aggregate of 3,386,250 units at a purchase price of $0.40 per unit, for an aggregate of gross proceeds to the Company of $1,354,500. Each unit consists of one common share of the Company and one half transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.65 expiring on December 3, 2018.
- N.A. Degerstrom, Inc. ("NAD") of Spokane, WA was awarded the contract to complete the site civil works for the Moss Mine Project. The contract scope includes all site earthworks and grading related to site roads, remediation of historic mine openings, laydown and storage areas, power station, the security/parking area and areas required for anticipated future crusher and ancillary installations. NAD initiated their mobilization during December 2016.
- The Company placed a purchase order with Goodfellow Crushers of Boulder City, NV for the design, fabrication and delivery of a three-stage crushing plant. The plant will consist of a primary jaw crusher, a secondary cone crusher, and two tertiary cone crushers.
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
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.
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 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.
SOURCE Northern Vertex Mining Corp.
For further information: please visit www.northernvertex.com or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.