VANCOUVER, BC, Sept. 16, 2020 /PRNewswire/ - Northern Vertex Mining Corp. (TSXV: NEE) (OTC: NHVCF) (the "Company") is pleased to announce the early completion of its 6.9-mile electrical powerline project, with the system being energized on September 9 and the diesel generator bank shut down on September 10. The Moss mine is now linked to the Mojave Electric power grid, and the Company is now beginning to realize numerous benefits, which include:
- Reduction of electrical costs from approximately $0.31 per kwh to a grid system cost $0.08 per kwh;
- Operational and maintenance savings of $15 to $20 million over the life of mine;
- Reduction in AISC of ~$50 per gold ounce; and
- Significant environmental benefits by switching from diesel generators to grid power.
Kenneth Berry, President and CEO, stated: "I am extremely proud of our team's achievements in building the Moss Mine into Arizona's largest pure gold and silver producer. The completion of the powerline and successful connection to the electrical grid further reduces our operating costs, improves reliability, and is a demonstration of Northern Vertex's commitment to sustainability by reducing our carbon footprint. Furthermore, the Company will continue with several cost savings initiatives which include: the successful transition to McCoy and Sons as our dedicated mining contractor; the completion of the Intermediate Leach System to accelerate gold recoveries; and our on-going exploration success of recent drilling to establish the Moss Mine as a highly profitable, long-life operation."
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. 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.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
President & CEO
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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.
SOURCE Northern Vertex Mining Corp.