Resource News

Northern Vertex Mining Corp. (TSXV:NEE) filed its financial results for the fiscal 2013 year-end, including corporate and operating highlights. Highlights include an amended Preliminary Economic Assessment for the Moss Mine issued on June 18, 2013 and commenced implementation of Phase I — Pilot Plant, first phase in a three-phase business plan.

 Northern Vertex Mining Corp. (TSXV:NEE) filed its financial results for the fiscal 2013 year-end, including corporate and operating highlights. Highlights include an amended Preliminary Economic Assessment for the Moss Mine issued on June 18, 2013 and commenced implementation of Phase I — Pilot Plant, first phase in a three-phase business plan.

As quoted in the press release:

Fiscal 2013 Corporate Highlights:

  • Appointed Mr. Ed J. Duda to the position of Chief Financial Officer and Corporate Secretary of the Company on September 23, 2012
  • Appointed Mr. J.R.H. (Dick) Whittington, P.Eng. to the position of President and Chief Executive Officer on November 12, 2012. Mr. Whittington was also appointed to the Board of Directors on December 28, 2012
  • Completed a non-brokered private placement on November 26, 2012 of 7,319,000 units at a price of $1.25 per unit, for aggregate gross proceeds of $9,148,750
  • Appointed Mr. James McDonald, P.Geo., to the Board of Directors on December 28, 2012
  • Completed sale on February 13, 2013 of the Company’s 51% interest in the Lemhi Gold Trust, LLC on February 12, 2013 for consideration consisting of US$4.75 million cash plus US$2.90 million in deferred cash payments equal to 3% of all future expenditures at the Lemhi Property
  • Appointed Mr. Gordon D. Ulrich, B.A.Sc., MBA, P.Eng., as an independent member of the Board of Directors on June 6, 2013
  • Issued an amended Preliminary Economic Assessment for the Moss Mine on June 18, 2013
  • Completed a non-brokered private placement on September 25, 2013 consisting of 5,236,000 units at a price of $0.65 per unit for gross proceeds of $3,403,400

Fiscal 2013 Operating Highlights:

  • Opened a local office in Bullhead City, Arizona
  • Strengthened management teams at head office and at site
  • Commenced implementation of Phase I — Pilot Plant, first phase in a three-phase business plan
  • Awarded Engineering, Procurement and Construction Management (EPCM) contract for Pilot Plant – Phase I to CDM Constructors Inc., a division of CDM Smith
  • Appointed JDS Energy & Mining Inc., as owners representative on site
  • Awarded contract for Pilot Plant – Phase 1 mining operations
  • Awarded contract for Pilot Plant – Phase 1 processing operations

Subsequent to Year End:

    • Completed construction of Pilot Plant – Phase 1
    • Commenced leaching of stacked mineralized material for Pilot Plant — Phase I
    • Received revenues from initial leaching operations in Pilot Plant — Phase 1

Fiscal 2013 Financial Results:

  • Ended the year with working capital of $5.7 million at June 30, 2013 which included cash and cash equivalents of $7.8 million
  • Invested $6.8 million in the Company’s exploration and evaluation assets during the year ended June 30, 2013, virtually all of which was incurred in respect of the development of the Moss Mine

Northern Vertex Mining Corp. President and CEO, Dick Whittington, said:

Last year at this time, the Company was still in the exploration phase and focused on drilling. Since then, we’ve raised capital, implemented a business plan and affected that plan on the ground. Today we are already through to Phase I – Pilot Plant Operations. The project is really unrecognizable from one year ago and I give my compliments to our team and to the Company’s management for moving this project forward so expeditiously.

Click here to read the Northern Vertex Mining Corp. (TSXV:NEE) press release
Click here to see the Northern Vertex Mining Corp. (TSXV:NEE) profile

Featured

MARKETS

Markets
TSX20286.20+88.59
TSXV700.66-1.43
DOW31928.62+48.38
S&P 5003941.48-32.27
NASD11264.45-270.83
ASX7148.90+3.30

COMMODITIES

Commodities
Gold1866.56+12.88
Silver22.11+0.37
Copper4.31-0.03
Palladium2006.00+21.00
Platinum956.00+3.00
Oil110.26-0.03
Heating Oil3.68+0.03
Natural Gas8.84+0.09

DOWNLOAD FREE REPORTS

×