VANCOUVER, Nov. 29, 2018 /CNW/ - Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") announces that the Company's interim consolidated financial results for the first fiscal quarter 2019 ended September 30, 2018 have been filed on SEDAR. The full version of the Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.northernvertex.com or under the Company's profile on SEDAR at www.sedar.com. Amounts are expressed in Canadian dollars unless otherwise noted.
Financial Highlights for the First Fiscal Quarter Ended September 30, 2018
- Cash was $2.14 million at September 30, 2018, compared to $7.53 million at June 30, 2018. The decrease was due to funding the final stages of commissioning and the early stages of commercial production, offset by cash received from pre-commercial production and commercial production gold and silver sales.
- Loss for the quarter was $1.46 million ($0.01 per share) compared to a loss of $2.55 million ($0.02 per share) for the same period last year.
- Earnings from mine operations, excluding depreciation and depletion, was $0.27 million for the month of September.
- Subsequent to the first fiscal quarter of 2019 the Company secured a flexible working capital facility of US$10 million to support the early stages of commercial production and manage working capital.
Operating Results for the Quarter Ended September 30, 2018
Commercial Production | Three Months Ended | |||
Ore mined | t | 144,356 | 481,215 | |
Waste mined | t | 254,785 | 724,882 | |
Total mined | t | 399,141 | 1,206,097 | |
Strip ratio | waste/ore | 1.76 | 1.51 | |
Mining rate | tpd | 19,957 | 18,555 | |
Tonnes stacked | t | 139,269 | 472,915 | |
Tonnes stacked per day | tpd | 6,963 | 7,276 | |
Tonnes stacked per hour | tph | 424 | 475 | |
Contained gold ounces stacked | oz. | 3,253 | 11,875 | |
Contained silver ounces stacked | oz. | 36,405 | 120,784 | |
Gold grade | g/t | 0.73 | 0.78 | |
Silver grade | g/t | 8.13 | 7.94 | |
Gold ounces produced | oz. | 1,882 | 5,554 | |
Silver ounces produced | oz. | 8,527 | 20,536 | |
Gold ounces sold | oz. | 1,507 | 5,404 | |
Silver ounces sold | oz. | 6,296 | 19,037 |
Operating Highlights
- Commissioning and ramp up of the crushing plant, Merrill Crowe plant and refinery were completed and the Company declared commercial production at the Moss Mine on September 1, 2018.
- During the quarter the Company stacked 11,875 contained gold ounces and produced 5,554 gold ounces.
- The crushing plant processed 472,915 tonnes of ore with an average gold grade of 0.78 g/t and an average silver grade of 7.94 g/t.
- Gold and silver sales for the quarter were 5,404 gold ounces and 19,037 silver ounces.
- As a result of declaring commercial production on September 1, 2018 the Company recognized revenue of $1.56 million relating to 950 gold ounces and 4,440 silver ounces which were produced and sold for the one month ending September 30, 2018.
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp., the newest gold producer in the US, is focused on low cost gold and silver production at its 100% owned Moss Mine in NW Arizona. 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 with over 200,000 ounces of gold production annually.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry"
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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SOURCE Northern Vertex Mining Corp.
View original content: http://www.newswire.ca/en/releases/archive/November2018/29/c5669.html
