Northern Vertex poised for first gold pour at Arizona mine

Northern Vertex’s Moss Mine located 80 miles southeast of La Vegas in Mohave County, western Arizona. Source: Northern Vertex Mining Corp.

Share this article

Northern Vertex Mining Corp. [NEE-TSXV; NHVCF-OTC] on Friday said it has entered the final stage of commissioning at the 100%-owned Moss Mine in western Arizona.

The Moss gold-silver mine located 80 miles southeast of Las Vegas in the Oatman District of Mohave County, Arizona. Source: Northern Vertex Mining Corp.

The company said it has commenced leaching ore on the pad in preparation for its first gold pore in first quarter of 2018. The final US $3 million working capital draw is underway as we transition from development to production at the Moss Mine, the company said in a press release.

“We are extremely pleased to see the progress at the Moss Mine,” said Northern Vertex President and CEO Kenneth Berry. “The crushing and loading of ore onto the heap leach pad continues to exceed expectations. The rate of mineralized (pregnant) solution percolating through the heap this early is also encouraging,” he said.

“Our processing team is making preparations to circulate pregnant solution through the Merrill Crowe extraction facility in anticipation of our first gold pour.”

Northern Vertex is a development stage company that is poised to become a fully-fledged gold producer. The company recently put its flagship Moss gold-silver project on the fast track towards a planned production start in the fourth quarter of 2017.

By deploying low-cost heap leaching recovery methods, Northern Vertex is expecting the Moss project to produce 45,000 ounces of gold equivalent during the first five years of production. Annual cash flow is projected at US $24 million and will be used to fund expansion and acquisitions.

With a forecast IRR (after tax) of 48%, the project benefits from robust economics. A projected all-in sustaining cash cost of US $603/oz should make the Moss project highly profitable at a gold price of US $1,267.68/oz (December 21, 2017), a scenario that offers investors protection in the event of a fall in the price of gold.

The company is led by CEO Ken Berry, an experienced financier who has outlined a strategy that aims to leverage the company’s strong balance sheet, production, cash flow, and financial partnerships to elevate Northern Vertex to mid-tier gold producer status.

He plans to achieve that goal via a process of consolidation using the Moss mine as a springboard.

Aside from an experienced management team, Northern Vertex has forged strong strategic partnerships with key financial backers, including United Kingdom-based Greenstone Resources LP, and Sprott Resource Lending, a division of the Toronto investment and fund management firm Sprott Inc.

The company recently drew down the fourth and final US $5 million tranche from Sprott Resource Lending LP and signed a flexible US $6 million working capital facility with Greenstone Resources II L.P. that is available in up to four tranches.

Northern Vertex shares rose 1.92% or $0.01 to 53 cents on the TSX Venture Exchange in late morning trading, Friday.

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't miss the


Exclusive editorial

Breaking News

Quality Company Coverage

Expert Writers

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Resource World Magazine will use the information you provide on this form to be in touch with you and to provide updates and marketing.