VANCOUVER, BC, Jan. 18 , 2021 /PRNewswire/ – Northern Vertex Mining Corp. (TSXV: NEE) (OTC Nasdaq Intl.: NHVCF) (the “Firm” or “Northern Vertex”) is happy to announce income of $23.4 million and manufacturing of 12,401 gold equal ounces for the quarter ended December 31, 2020 from the Firm’s 100% owned Moss Gold Mine in NW Arizona.  Gold equal manufacturing is calculated at realized gold and silver costs for the quarter of $1,888 and $24.66 respectively. All figures are US {dollars} until in any other case famous.

Highlights for the quarter ending December 31, 2020:

• Income of $23.4 million
• Gold equal manufacturing of 12,401 ounces
• Gold manufacturing 11,124 ounces
• Silver manufacturing of 95,804 ounces
• Compensation of $8.5 million of debt
• $8.3 million money available at December thirty first, 2020

Ken Berry, President and CEO commented, “I’m delighted to report continued strong manufacturing in a robust gold market.  Within the final six months, we’ve got generated $50.2 million in income on the manufacturing of 27.1 gold equal ounces. The exemplary efficiency of our working staff this quarter allowed us to keep up sturdy manufacturing and income ranges whereas executing the transition from mining the middle pit to pioneering and working the west pit. With a robust steadiness sheet, an aggressive exploration program and three drill rigs onsite, I look ahead to updating our shareholders with our upcoming drill outcomes.”

Working Outcomes for the Quarter Ended December 31, 2020:

Mine Plan Sequencing from middle pit to west pit
Throughout the quarter, mining operations transitioned from the centre pit into the west pit, the place bulk disseminated stockworks dominate.  This transition enabled increased tonnage mining charges and extra beneficial strip ratios which are anticipated to result in decrease prices and decrease cut-off grades as in comparison with the narrow-vein mining beforehand carried out within the centre-pit.

Money Place
The Firm’s money place of $8.3 million at December 31, 2020 is anticipated to be augmented by the C$22.6 million financing introduced by Northern Vertex and Eclipse Gold in reference to the merger of Northern Vertex and Eclipse Gold (see press launch dated January 14, 2021).  Topic to the satisfaction of sure situations, the merger between Northern Vertex and Eclipse Gold is anticipated to shut on February 12, 2021.

Debenture Cost
The Firm additionally publicizes that underneath the phrases of the convertible debentures issued underneath the convertible debenture indenture dated July 31, 2020 (the “Indenture”) between the Firm and Computershare Belief Firm of Canada, it has elected to fulfill its obligation to pay an combination of C$140,250 in curiosity accrued on the C$6.71 million convertible debentures by issuing to such debenture holders on the curiosity fee date of December 31, 2020 an combination of 269,712 widespread shares.

The Firm pays to every such debenture holder roughly 4.02 widespread shares per $100 principal quantity of debentures held as on the relevant curiosity fee file date. Underneath the phrases of the Indenture, no fractional widespread shares will probably be delivered upon fee of the curiosity obligation and the Firm shouldn’t be required to pay the money equal of any quantity lower than $5.00. The issuance of widespread shares in fee of curiosity stays topic to Alternate approval.

Security/COVID-19
The Firm’s insurance policies have been lately modified, with new procedures put in place throughout the second fiscal quarter on account of an onset of plenty of COVID-19 instances amongst our staff members.  Regardless of well being considerations, our staff was ready overcome localized challenges and keep full gold manufacturing on the Moss Mine. As at December 31, 2020, we’ve got seen the advantages of our upgraded procedures and the Moss Mine had no identified instances of COVID-19.

About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. owns and operates the Moss Mine, at the moment the biggest major gold and silver mine in Arizona.  Targeted on low value gold and silver manufacturing, the Firm has expertise throughout all areas of operations, mine growth, exploration, acquisitions, and financing of mining tasks. The Firm intends to consolidate extra producing or value-adding gold belongings throughout the Western US.  Via mergers and acquisitions Northern Vertex’s company aim is to change into a mid-tier gold producer.

ON BEHALF OF THE BOARD OF NORTHERN VERTEX
“Kenneth Berry”
President & CEO

Neither TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.

Cautionary Notice Relating to Ahead-Wanting Statements:
This information launch accommodates statements about our future enterprise and deliberate actions. These are “forward-looking” as a result of we’ve got used what we all know and count on at the moment to make an announcement concerning the future. Ahead-looking statements together with however usually are not restricted to feedback concerning the timing and content material of upcoming work and analyses. Ahead-looking statements normally embody phrases comparable to scheduled, could, intend, plan, count on, anticipate, imagine or different related phrases. Ahead-looking statements are essentially based mostly upon plenty of elements and assumptions that, whereas thought of cheap by the Firm as of the date of such statements, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies.  Many elements, identified and unknown, might trigger precise outcomes to be materially completely different from these expressed or implied by such forward-looking statements.  We imagine the expectations mirrored in these forward-looking statements are cheap. Nonetheless, precise occasions and outcomes may very well be considerably completely different due to the dangers and uncertainties related to our enterprise or occasions that occur after the date of this information launch. Readers are cautioned to not place undue reliance on forward-looking statements, which communicate solely as of the date made. As a common coverage, we don’t replace forward-looking statements besides as required by securities legal guidelines and rules.  US buyers needs to be conscious that mining terminology used for Canadian mineral mission reporting functions differs considerably from US terminology.         

SOURCE Northern Vertex Mining Corp.

Associated Hyperlinks

www.northernvertex.com