|By Marketwired .||
|May 30, 2014 05:53 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/30/14 -- Northern Vertex Mining Corp. (the "Company") (TSX VENTURE:NEE)(OTCQX:NHVCF) announces that the Company's unaudited interim consolidated financial results for the third quarter fiscal 2014 ended March 31, 2014 (the "Q3 Financials") have been filed on SEDAR. The full version of the Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.northernvertex.com or on SEDAR at www.sedar.com.
Highlights of the Company's Q3 Financials include:
-- Gold and silver sales (net of royalties and selling costs) from the Phase I - Pilot Plant of $5,085,427 year-to-date; -- Excluding non-cash, unrealized foreign exchange gains or losses, net loss for the quarter was $908,129, compared to a net loss of $4,153,471 for the comparative period last year. Net income for the quarter was $119,519, primarily due to a $1,027,648 non-cash, unrealized foreign exchange gain, and income per share of $0.002 compared to a net loss of $4,165,466 and loss per share of $0.079 for the same period last year; -- Net loss, on a year-to-date basis, of $2,689,968, including a $1,371,519 non-cash, unrealized foreign exchange gain, and a loss per share of $0.049 compared to a net loss of $6,541,307 and loss per share of $0.137 for the comparative period last year. Excluding non-cash, unrealized foreign exchange gains or losses, net loss was $4,061,487, compared to a net loss of $6,533,203 for the comparative period last year; and -- Working capital of $1,783,284 as of March 31, 2014 compared to $5,719,985 as of June 30, 2013.
Dick Whittington, President & CEO, states, "The Moss Mine project is now significantly de-risked following the many technical successes of our Phase I Pilot Plant project and I am delighted to see the gold recoveries of 82%, ten percent above our Preliminary Economic Assessment ("PEA") expectations. Coupled with the excellent economics outlined in the PEA, we are confident that the intrinsic value of the project will be appreciated by the market in due course. In the meantime, I would like, once again, to thank the Northern Vertex team, our community stakeholders, contractors, suppliers and shareholders for their continued support."
Gold and Silver Sales Proceeds
Proceeds received from the Pilot Plant, as of May 28, 2014, totalled US$4.2 million from the sale of 3,206 ounces of gold at an average selling price of US$1,252.71 per ounce and 11,047 ounces of silver at an average selling price of US$20.28 per ounce. Approximately US$1.5 million, using estimated gold and silver market prices of US$1,250 and US$20 per ounce, respectively, is expected over the next five months for total estimated sales proceeds from the Phase I - Pilot Plant of US$5.7 million. Gold and silver sales from the Pilot Plant as per the PEA budget were estimated at US$5.3 million, using prices for gold and silver of US$1,500 and US$30 per ounce, respectively. Given the decrease in metals prices since the date of the PEA, the increase in sales proceeds the Company anticipates over the PEA budget can be attributed to additional tonnage placed on the leach pad and the significantly higher recoveries of gold (82% versus 75%, as noted in the PEA).
-- As of May 28, 2014, the Company has operated for 583 days without a Lost Time Accident or an MSHA Reportable Accident (Mine Safety & Health Administration, US Department of Labor); -- Heap leaching continues and gold and silver are being adsorbed in the carbon columns, carbon is being chemically stripped at off-site facilities and gold and silver sales continue; -- Gold recovery rates, on the first five out of six leach cells is 82% after an average of 240 days and exceeds expectations indicated in the PEA. Silver recovery is 38.8% on the five cells. Gold and silver continue to be recovered from the heap leach operation of the Moss mine; and -- The application for an amendment to the Aquifer Protection Permit was approved by the Arizona Department of Environmental Quality in late December. The amendment permits an increase in the quantity of mineralized material that can be heap leached to a nominal 125,000 tons (approximately 112,500 tonnes) from the previously approved 100,000 tons (approximately 90,000 tonnes). The increase in allowable tonnage has enabled the Company to leach material from a larger area of the Phase I pit and to test recoveries from varying crush sizes further enhancing the contribution and the value of the pilot plant phase. Additional material has been stacked on the heap and the maximum allowable tonnage has been placed in accordance with the permit.
At the beginning of the third quarter of the 2014 fiscal year, the Company underwent a significant company-wide staff and cost reduction program in an effort to continue to exercise fiscal responsibility and to better position itself in a rapidly changing economic and financial climate, while advancing its crucial strategic priorities. The main short-term objective was to develop sustainable cash flow while reducing overhead and operating costs. The Company implemented a hardline cost reduction program which included headcount reductions of over 40%, including certain senior positions, significant reductions in office space, exploration, corporate communications, general and administrative overhead and a halting of consulting arrangements with further reductions planned once the leaching process is completed later in the calendar year. Remaining staff, both corporate and at the mine site, have taken salary and wage reductions, and salary and consulting fee suspensions have been implemented for senior management and directors. These cost reduction measures have had a significant impact on overall costs and ultimately led to increased cash preservation.
On May 26, 2014, the Company announced a non-brokered private placement offering of up to 10 million units at a purchase price of $0.25 per unit, for aggregate gross proceeds to the Company of up to $2,500,000. Each unit will consist of one common share and one-half transferable share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at an exercise price of $0.60 for a period of 24 months from the closing date of the private placement. The Company intends to use the net proceeds of the Private Placement for the advancement of the Company's Moss Mine Gold-Silver earn-in property located in Mohave County, Arizona, primarily the completion of a feasibility study and general corporate purposes. All securities issued will be subject to a four-month hold period.
About Northern Vertex:
Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the reactivation of the Moss Mine Gold-Silver Project located in NW Arizona, USA where the Company has the right to earn-in to a 70% property interest through a Joint Venture with Patriot Gold Corp. The Moss Mine Gold-Silver Project is an epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 220 meters vertically. It is a potential heap leach, open pit project being advanced under a three-phase business plan, specifically designed to ensure that technical, economic, permitting and funding requirements are met prior to each phase proceeding. The Company's management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.
The foregoing technical information contained in this news release has been approved by Mr. L.J. Bardswich, P. Eng., General Manager Moss Project, and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
ON BEHALF OF THE BOARD OF DIRECTORS
J.R.H. (Dick) Whittington, 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 About Forward Looking Information
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 may, intend, plan, expect, anticipate, believe or other similar words. 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. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
Cautionary Note to U.S. Investors:
This news release uses the terms "Measured", "Indicated", and "Inferred" resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. U.S. Investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
2014 number 08
Northern Vertex Mining Corp.
604-601-3656 or 1-855-633-8798
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Apr. 27, 2017 10:15 PM EDT Reads: 1,442
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 27, 2017 10:15 PM EDT Reads: 2,636
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Apr. 27, 2017 10:15 PM EDT Reads: 9,220
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Apr. 27, 2017 10:00 PM EDT Reads: 2,037
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Apr. 27, 2017 09:45 PM EDT Reads: 878
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Apr. 27, 2017 09:30 PM EDT Reads: 1,888
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Apr. 27, 2017 09:15 PM EDT Reads: 7,289
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 27, 2017 09:15 PM EDT Reads: 1,259
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Apr. 27, 2017 09:15 PM EDT Reads: 9,101
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls ...
Apr. 27, 2017 09:15 PM EDT Reads: 3,268
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 27, 2017 08:45 PM EDT Reads: 2,480
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Apr. 27, 2017 08:15 PM EDT Reads: 722
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 27, 2017 08:00 PM EDT Reads: 1,131
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 27, 2017 07:45 PM EDT Reads: 2,311
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 27, 2017 07:30 PM EDT Reads: 2,292