"Expected Life of Mine Savings of
$15 to $20
Million"
VANCOUVER, April 14, 2020 /CNW/ - Northern Vertex
Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.:
NHVCF) (the "Company" or "Northern Vertex")
is pleased to announce that the Company has commenced construction
of a $2.1 million, 6.9 mile
electrical transmission system, and has completed a definitive,
non-dilutive term loan financing agreement, which will secure the
long term low cost power supply to the Moss Mine. System
design is complete, long lead time items have been purchased, and
construction of the system is expected to be completed in Q3
2020. Northern Vertex is partnering with Mohave Electric
Corp. for both the finance and construction of this long-term,
sustainable grid power supply. All currency figures in this
news release are in US dollars.
Highlights of the Powerline:
- Reduction in electrical costs from a historical $0.31 per kwh to a grid-supplied cost
$0.09 per kwh;
- Operational and maintenance savings of ~ $15 to $20 million
over the life of mine;
- Reduction in AISC of ~$50 per
gold ounce;
- Attractive 15-year financing at a rate of less than 2% per
annum.
- Significant environmental benefits by switching from diesel
power generators to grid power.
Kenneth Berry, President and
CEO, states: "Access to sustainable grid power is a positive
milestone for all stakeholders and supports our vision of a
multi-year mine-life at our Moss Mine in Northwest Arizona.
On March 19, 2020 we announced
receipt of our Federal Permit to extend Moss Mine operations from
our patented claims onto the surrounding federal lands. This
Federal Permit, along with the grid power to be facilitated by
Mohave Electric, provides the Company with a clear path to lower
costs and the ability to extend the mine life for many years to
come. We thank our partners Maverix Metals and Mohave Electric for
the commitment they have shown to this project and the community of
Mohave County. In addition, we are very proud of our more than 150
strong team of men and women for persistence in achieving two
significant milestones during the recent quarter."
COVID- 19 Update
Northern Vertex wishes to provide an update regarding the
COVID-19 situation. To date, the Company reports no known or
suspected cases of COVID-19 infection at the Moss Mine or its
office in Vancouver. As a result, production at the Moss Mine
will continue to operate while Northern Vertex follows the
recommendations and guidelines of public health authorities at both
levels of state and federal government. In conclusion, the
Company has implemented several initiatives to deal with potential
interruptions and will continue to closely monitor the rapidly
changing situation in order to adjust its plans if necessary.
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. is focused on low cost gold and
silver production at its 100% owned Moss Mine in NW Arizona. The Company has experience across
all areas of operations, mine development, exploration,
acquisitions and financing of mining projects. With operations at
the flagship Moss Mine achieving commercial production the Company
intends to consolidate additional producing or near-term production
gold assets within the Western US. Through mergers and acquisitions
Northern Vertex's corporate goal is to become a mid-tier gold
producer with over 200,000 ounces of gold production annually.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry"
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 Regarding 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 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 o forward-looking statements, which speak only as of the
date made. 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. .
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SOURCE Northern Vertex Mining Corp.
