VANCOUVER, Nov. 9, 2017 /CNW/ - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC - Nasdaq Intl: NHVCF) (the "Company") announces the following update on construction activities at its 100% owned Moss Mine project located near Bullhead City, Arizona.
Kenneth Berry, President and CEO, stated "We are extremely proud of the progress our team of professionals have accomplished at the Moss Gold Mine. During peak construction, we have had up to 170 workers in a single day committed to making the Moss the next producing gold mine in the USA. I encourage Stakeholders to visit Northern Vertex website to view the transformation underway at the Moss Mine site as our Construction and Operational Team advances toward our first gold pour in Q4, 2017."
The crushing plant is mechanically complete with the installation of the 4 crushing units, three rock boxes, 14 conveyors and the agglomeration circuit. The agglomeration circuit, consisting of the cement silo and agglomeration drum, have been commissioned by WestPro Machinery Inc. of Vernon, B.C. The current focus is on the completion of the crusher electrical including the cable trays, cabling, conduit and instruments. Dry commissioning of the crushing plant is expected to commence next week, and wet commissioning will commence once the Programmable Logic Controller, programming is complete.
Work has commenced on the diesel power station for the project. Great Basin Industrial ("GBI") of Kaysville, Utah have poured the concrete pedestals for the 8 Caterpillar generators and transformers, and the first 2 generators are due onsite next week. Rebel Oil of Kingman, Arizona have supplied three 10,000-gallon fuel tanks, and Western Line Builders have nearly completed the erection of poles for overhead power distribution across the mine site. Empire CAT has supplied a temporary 2 Megawatt powerplant for commissioning.
Leach Pad and Ponds
N.A. Degerstrom continues to advance the leach pad and pond earthworks, and American Environmental Group is following with liner installations. The completed pond works include the West Event Pond, the South Event Pond, and the Pregnant Solution Pond. All of the major grading in the leach pad is complete and roughly 70% of the pad has been covered with at least one sheet of liner. Placement of inter-liner leak detection sand and piping continues in the West and Central pad areas, and placement of overliner drainrock is progressing in the Central and East pad areas.
Superstition Crushing of Mesa, Arizona has been onsite since late September, and to date they have produced 130,000 tons of the contracted 150,000 tons of clean drainrock for use as overliner in the completed portions of the leach pad. Roughly 100,000 tons of overliner has been placed to date.
GBI continue to make good progress in the Merrill Crowe and refinery areas. All the required tankage is complete along with the installation of the major equipment including the clarifier filters, precipitate filter presses, associated pumps and piping. The refinery building shell has been erected and the focus of construction is now shifting to electrical work.
Sprott Anniversary Fee
Under the terms of the senior secured credit facility agreement entered with Sprott Private Resource Lending (Collector), LP ("Sprott") dated November 4, 2016, the Company is required to pay to Sprott, on the anniversary date of the credit facility, an amount equal to 3% of the principal amount of the facility then outstanding (see press release dated November 7, 2016). Sprott has elected to receive its anniversary fee of US$450,000 in common shares of the Company. Accordingly, the Company has issued to Sprott an aggregate of 1,267,024 common shares (the "Shares") which were issued, in accordance of the terms of the Sprott credit agreement, at a 10% discount to the Company's volume weighted average prior five day trading price as traded on the TSX Venture Exchange (the "Exchange"). The Shares are subject to a four-month hold period in Canada expiring on March 7, 2018, pursuant to applicable securities legislation and the policies of the Exchange.
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. To the best of management's knowledge, Northern Vertex is the next publicly traded company to initiate gold and silver production, scheduled for calendar Q4 2017, in the 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
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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.
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. To the best of management's knowledge, Northern Vertex is the next publicly traded company to initiate gold and silver production scheduled for calendar Q4 2017 in the USA. 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.
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