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Northern Vertex and Patriot Gold Complete Consolidation of Ownership of the Moss Mine
May. 26, 2016 11:00AM PST
Gold Investing
Northern Vertex Mining Corp (TSXV:NEE) announced the completion of the previously announced agreement, whereby Northern Vertex would purchase Patriot Gold’s remaining 30% working interest in the Moss Gold/Silver Mine for C$1,500,000 plus the retention by Patriot of a 3% net smelter returns royalty.
Northern Vertex Mining Corp (TSXV:NEE) announced the completion of the previously announced agreement, whereby Northern Vertex would purchase Patriot Gold’s remaining 30% working interest in the Moss Gold/Silver Mine for C$1,500,000 plus the retention by Patriot of a 3% net smelter returns royalty. The consideration of C$1,200,000 in cash and C$300,000 in Northern Vertex common shares valued at C$0.35 (857,140 shares) has been paid and the transaction is now complete.
Northern Vertex Mining CEO, Dick Whittington, stated:
It is gratifying to have this acquisition behind us. Owning 100% of the Moss Mine Property has favorably impacted our project financing efforts as demonstrated by the recently announced $7.5 Million Convertible Debenture Private Placement (see May 25th News Release). The economics of the Moss Mine Project are compelling. In addition, 200,000 M&I resource ounces are available for mine life extension studies and property wide exploration potential is high. We are excited by the opportunities this affords us and look forward to transitioning Northern Vertex from a development company to a production company.
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