VANCOUVER, BC, Sept. 16, 2020 /CNW/ - Northern Vertex Mining
Corp. (TSXV: NEE) (OTC: NHVCF) (the "Company") is
pleased to announce the early completion of its 6.9-mile electrical
powerline project, with the system being energized on September 9 and the diesel generator bank shut
down on September 10. The Moss mine
is now linked to the Mojave Electric power grid, and the Company is
now beginning to realize numerous benefits, which include:
- Reduction of electrical costs from approximately
$0.31 per kwh to a grid system cost
$0.08 per kwh;
- Operational and maintenance savings of $15 to $20 million
over the life of mine;
- Reduction in AISC of ~$50 per
gold ounce; and
- Significant environmental benefits by switching from diesel
generators to grid power.
Kenneth Berry, President
and CEO, stated: "I am extremely proud of our
team's achievements in building the Moss Mine into Arizona's largest pure gold and silver
producer. The completion of the powerline and successful
connection to the electrical grid further reduces our operating
costs, improves reliability, and is a demonstration of Northern
Vertex's commitment to sustainability by reducing our carbon
footprint. Furthermore, the Company will continue with several cost
savings initiatives which include: the successful transition to
McCoy and Sons as our dedicated mining contractor; the completion
of the Intermediate Leach System to accelerate gold recoveries; and
our on-going exploration success of recent drilling
to establish the Moss Mine as a highly profitable, long-life
operation."
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.
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 on 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.
