|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
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Oct. 20, 2016 03:45 PM EDT Reads: 3,455
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Oct. 20, 2016 03:45 PM EDT Reads: 870
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Oct. 20, 2016 03:45 PM EDT Reads: 2,647
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Oct. 20, 2016 03:00 PM EDT Reads: 5,853
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Oct. 20, 2016 03:00 PM EDT Reads: 3,735
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.
Oct. 20, 2016 02:15 PM EDT Reads: 829
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Oct. 20, 2016 02:15 PM EDT Reads: 2,606
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 20, 2016 02:15 PM EDT Reads: 9,553
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 20, 2016 01:45 PM EDT Reads: 10,912
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, will discuss the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docke...
Oct. 20, 2016 01:45 PM EDT Reads: 2,122
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 20, 2016 01:45 PM EDT Reads: 7,832
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Oct. 20, 2016 01:30 PM EDT Reads: 5,048
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 20, 2016 01:30 PM EDT Reads: 676
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 20, 2016 01:15 PM EDT Reads: 1,379
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 20, 2016 01:00 PM EDT Reads: 324