The Conversation (0)
Northern Vertex Mining Corp. (TSXV:NEE) has agreed to sell its 51% interest in the Lemhi Gold Trust, LLC to Idaho State Gold Company, LLC for US$7.65 million: US$4.75 million cash plus US$2.90 million in deferred cash payments. Prior to the sale, ISGC was the Northern Vertex 49% partner at the Lemhi JV.
As quoted in the press release:
Closing of the US$4.75 million cash payment is expected this week and the deferred cash payments, equal to 3% of all future expenditures at the Lemhi Property, are payable to the Company in quarterly installments and capped at US$2.90 million. The US$7.65 million total proceeds from the sale of the Company’s Lemhi JV interest are equal to the entirety of the capital (US$7.65 million) the Company had contributed to the Lemhi JV.
Northern Vertex Mining Corp. CEO Dick Whittington said:
We are focused on developing our flagship property, the Moss Gold-Silver Mine in NW Arizona, into production through an effective and efficient parallel-track phased development plan. We are looking forward to rehabilitating and revitalizing this historic mine. The sale of our interest in the Lemhi Property is an excellent source of financing that minimizes shareholder dilution and frees up management and capital resources, allowing us to stay focused on the development of the Moss Mine.
Click here to read the Northern Vertex Mining Corp. (TSXV:NEE) press release
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