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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Northern Vertex Mining Corp.    NEE   CA6660061012

NORTHERN VERTEX MINING CORP.

(NEE)
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Northern Vertex Mining : REPORTS RECORD PRODUCTION OF 14,673 GOLD EQUIVALENT OUNCES AND REVENUE OF $27 MILLION IN FISCAL Q1

10/08/2020 | 10:35am EST

Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the 'Company' or 'Northern Vertex') is pleased to announce record production of 14,673 gold equivalent ounces and record revenues of $27 million for the quarter ended September 30 from the Company's 100% owned Moss Gold Mine in NW Arizona.

Highlights for the quarter ending September 30th: Record revenue of $27 million

Record gold equivalent production of 14,673 ounces

Record gold production 13,083 ounces

Record one day gold production of 195 ounces

Record one day silver production of 1,500 ounces

Record of tons crushed for the month of 271,837 tons

$12.1 million cash on hand at September 30, 2020

Ken Berry, President and CEO commented, 'I am delighted to share this quarter's record production results with our shareholders. In a strong gold market, we have delivered our sixth consecutive monthly gold production record and increased quarterly production to 14,673 gold equivalent ounces, an increase of approximately 29% over the previous quarter ended June 30, 2020. While driving production up, our team has been driving costs down in three notable ways: (1) bringing our intermediate leach solution system online that drives down AISC metrics as more gold is recovered on a consistent basis; (2) replacing our diesel generators with grid power which reduces our kWh power costs by approximately 74% and (3) bringing in a new mining contractor to capture inherent cost savings in the pit.'

Mr. Berry continued, 'With production up, costs down and our federal permit in hand, our focus now is to unlock the long-term value of the Moss Mine. To do this, we are delivering on two key projects. We are: (1) executing an aggressive 60,000 foot exploration campaign that is expected to both unlock the high-grade Ruth Vein and add significant ounces that can be exploited from our current mining operations and (2) running a 45,000 ton bulk sample to assess the opportunity to dramatically expand throughput and drive down operating costs by transitioning from 1/4' crush to 3/8' crush. We will continue to update shareholders on both of these value-surfacing drivers in the near future.'

Exploration and Resource Expansion Program Results Pending

Drilling at Moss continues with the completion of 52 holes to-date, totaling 17,500 feet of a planned 60,000-foot program. The goal of the program is to: 1) identify high-grade ounces near the current pit, 2) expand the resource on strike from the Moss pit, and 3) make new discoveries that feed our hub and spoke model. The 2020 infill and exploration drill program has two rigs deployed on site, with drill results pending.

Transitioning to Larger Crush Size Facilitates Project Scalability

Metallurgical test work has been underway for 260 days in columns and since July 1, 2020 on a 45,000 ton bulk sample which is expected to be complete by October 31st. Following analysis of test work a decision will be made to switch to 3/8' or stay at the1/4' crush size. Positive test work will result in transitioning to a larger crush size and enabling our crushers have up to 30% more throughput which results in significant cost savings and scalability.

Powerline Complete

Construction of the 6.9-mile electrical grid powerline system was completed during the quarter and the Moss Mine is now linked to the Mohave Electric power grid. Northern Vertex will now enjoy a reduction of electrical costs from $0.31 per kwh to a grid system cost of $0.08 per kwh; operational and maintenance savings of $15 to $20 million over the life of mine to reflect a reduction in AISC of $50 per gold ounce and significant environmental benefits.

Safety/COVID 19

Further to the Company's most recent update regarding the COVID-19 Virus, the Company reports no known or suspected cases of infection at the Moss Mine nor at its office in Vancouver. Production at the Moss Mine continues uninterrupted and the Company will continue to meet or exceed the recommendations and guidelines of public health authorities at both state and federal levels.

About Northern Vertex Mining Corp.

Northern Vertex Mining Corp. owns and operates the Moss Mine, currently the largest primary gold and silver mine in Arizona. Focused on low cost gold and silver production, 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.

Contact:

Tel: 604-601-3656

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.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 57,0 M - -
Net income 2020 0,73 M - -
Net Debt 2020 13,2 M - -
P/E ratio 2020 106x
Yield 2020 -
Capitalization 114 M 114 M -
EV / Sales 2019 2,54x
EV / Sales 2020 1,24x
Nbr of Employees 11
Free-Float 65,6%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 0,76 $
Last Close Price 0,45 $
Spread / Highest target 66,9%
Spread / Average Target 66,9%
Spread / Lowest Target 66,9%
Managers
NameTitle
Kenneth E. Berry Chairman, President & Chief Executive Officer
David Splett Chief Financial Officer & Secretary
Joseph Bardswich Director
David P. Farrell Independent Director
James M. McDonald Non-Independent Director
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