Northern Vertex Mining Corp. is pleased to provide the following update on construction activities at its 100% owned Moss Mine project located near Bullhead City, Arizona.
Kenneth Berry, President and CEO, stated: "Activities on site at the Moss Mine continue to accelerate with the daily arrival and assembly of equipment. Our partnerships with Greenstone Resources, Sprott Lending and CAT Financial have enabled our team to execute its development plan to become the next producing gold mine in Arizona. I encourage Stakeholders to visit our website to view the daily transformation taking place at the Moss Mine site as our Team works toward pouring gold in Q4, 2017."
To view Moss Mine Site Photos click - https://northernvertex.com/projects/photo-gallery/
Moss Mine – Construction Progress
Great Basin Industrial ("GBI") has completed the concrete pads for the primary, secondary and two tertiary crushers along with the secondary and tertiary rock boxes.
In the Merrill Crowe area, GBI has completed all of the tank pedestals, containments/sumps and has poured the floor slab for the equipment area. The cinder block walls in the Motor Control Center are nearing completion.
Leach Pad and Ponds
N.A. Degerstrom ("NAD") is now completing the final grading for the initial leach pad cell just north of the solution ponds in anticipation of the first ore stacking in early October. NAD has already completed the liner bedding in the West pad, Central pad and East pad.
American Environmental Group ("AEG") has completed the secondary liner in the West pad and is awaiting the installation of the leak detection piping. The pregnant leach solution pond is complete with a primary liner, leak detection geonet, and secondary liner. AEG will move over to completing the GCL liners for the upper sections of the West pad and Central pad this coming week. The central pad area is scheduled to be completed and ready for over-liner placement starting in mid-September.
Superstition Crushing of Mesa, Arizona was awarded the contract to produce 150,000 tons of crushed and screened pad over-liner material. Superstition commenced mobilization this past week and is scheduled to commence crushing and screening operations on September 15, 2017.
Pilot Plant Decommissioning
The decommissioning of the Pilot Plant, which successfully produced 4,000 oz gold, 20,000 oz silver and established recoveries of 82%, is now complete. Crews have removed the two ponds, equipment, liners and 125,000 tons of neutralized heap material. The entire Pilot Plant area has been regraded in preparation for Production.
Deliveries of the crushing plant from Goodfellow's Boulder City, Nevada; Eugene, Oregon, and Yankton, South Dakota, fabrication plants are nearing completion and all the primary, secondary and tertiary crusher units are now on site. The remaining deliveries, include some of the larger conveyor runs, are expected to arrive at site early next week. The radial stacker and agglomeration units have been received on site.
Mechanical assembly of the crushing plant has been awarded to GBI and this work began in earnest last week. GBI has already completed the primary crusher skid package and set the jaw crusher. The secondary and tertiary skid packages are also complete and the crushing units are due to be placed next week. The next focus will be completion of the three rock boxes for the primary, secondary and tertiary crushers.
Mine Life Optimization
The Company is preparing a Preliminary Economic Assessment of the technical and economic viability of extending the Moss mine life to include resources that can only be accessed from the adjacent un-patented lands. This scenario would include an expansion of the mine facilities onto BLM lands and would therefore require the submission and approval of a Mine Plan of Operations. The key metrics for the mine life extension would remain the same as outlined in the Company's Feasibility Technical Report filed on SEDAR; namely open pit mining, crushing, heap leaching and metals recovery in a Merrill Crowe plant. Work on the Mine Plan of Operations has not yet commenced.
Powerline and Access Road ROW Permit Applications
Work continues on the permitting processes for the Powerline to replace the on-site diesel generators, and for the permit for re-construction of the Moss Mine Access Road as part of the Moss Mine Optimization Project. Westland Resources Inc. has completed all the field mapping work required for compilation of the Biological Report and the Cultural Inventory Report, which will be supplemental to the permit applications. The permit applications enjoy broad public support as these projects will reduce diesel emissions and improve safety for the Company's personnel, contractors, suppliers and the general public.
Closing of Non-brokered Private Placement:
The Company has closed the final tranche of its non-brokered private placement (the "Private Placement") as previously announced on May 26, 2017 and July 13, 2017, raising total gross proceeds to the Company of $3,031,860, with $248,560 being closed in the final tranche.
The Company has issued an aggregate of 478,000 units (each a "Unit") at a purchase price of $0.52 per Unit. Each Unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant has a term of five years and entitles the holder to acquire one common share of the Company at an exercise price of $0.91 for a period of two years from the date of issuance of the Warrant and at a price of $1.04 for the remainder of the term of the Warrant. Cash finders' fees of 6% on a portion of the gross proceeds raised under the Private Placement, totaling $4,617, will be paid to certain finders at arm's length to the Company.
The Company intends to use the net proceeds of the Private Placement for the continued development and construction of its Moss Mine Gold/Silver Project located in Mohave County, Arizona. All of the securities issued under the initial tranche of the Private Placement are subject to a hold period under applicable Canadian securities laws expiring on January 15, 2018. The Private Placement remains subject to certain conditions including, but not limited to, regulatory approval and the acceptance of the TSX Venture Exchange.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, or a solicitation of an offer to buy, securities in the United States.
The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., President, Golden Vertex Corp., and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects). Mr. Bardswich is a director of the Company.