VANCOUVER, May 1, 2012 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (OTCQX:NHVCF) is pleased to announce the Company has added a second diamond drill rig to its current 30,000 foot (10,000 metre) in-fill drill and resource confirmation program on its Lemhi Gold Project, located 25 miles north of Salmon, Idaho.
States Northern Vertex Chief Executive Officer Kenneth Berry, "We are pleased to report the Company is stepping up drilling activities on the Lemhi Gold Project through the addition of a second core rig. The second rig will allow us to double our current drill production at Lemhi, as we continue our Phase I program designed to validate and expand upon historic drill results from previous work conducted on the property."
To date, Northern Vertex reports the Company has completed a total of 7 holes of its Phase I in-fill drill and resource confirmation program on the Lemhi Gold Project. Drill core from the initial phase of drilling has been sent in for assaying and the first results from the program are expected in the near future.
Lemhi Gold Project
Under a joint-venture agreement between Northern Vertex and Idaho State Gold Company, LLC ("ISGC", a private Idaho investment company) Northern Vertex currently holds a 51% interest in the Lemhi Gold Project and has the right to increase its J/V Interest to 75.5%. (See news dated September 26, 2011) Northern Vertex is the operator at the Lemhi Gold Project.
The objective of the current $7.7 million, Phase I in-fill drill and resource confirmation program is to prove up and bring to National Instrument 43-101 standards the historical gold resource previously identified on the Lemhi property. The Lemhi Gold Project includes Yamana's interest in the Humbug Gold Deposit and has a historical non-compliant 43-101 resource of 32.36 million short tons at a grade of 0.0375 ounces per short ton for 1.21 million contained ounces of gold, as reported by Pincock Allen & Holt in 1996 (the "PAH Report"). *Northern Vertex cautions that a qualified person has not done sufficient work to classify the historical estimate, or has substantiated any data as it pertains to a pre-feasibility study, as current mineral resources or mineral reserves, therefore, it should not be relied upon on as actual resource or reserve estimates, and should be construed only as conceptual in nature. The Company is treating the historical estimate only a guideline to determining potential future mineral resources or mineral reserves, and not as current mineral resources or mineral reserves.
The geological disclosure in this press release has been reviewed and verified by Northern Vertex's Chief Geologist, Dr. Bob Thompson, PhD P.Eng (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
About Northern Vertex: Northern Vertex is a gold exploration and development company operating principally in the United States and Canada. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. The Company's stated mandate is to acquire, develop and advance gold projects that demonstrate near term production potential and long-term sustainable growth.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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For further information, please contact Investor Relations at: 604-601-3656 / 1-855-633-8798 or visit www.northernvertex.com