Update on Moss Mine Optimization Plan
VANCOUVER, June 7, 2018 /PRNewswire/ - Northern Vertex Mining Corp. (TSXV: NEE) (OTC: NHVCF) (the "Company" or "Northern Vertex") is pleased to announce that Certified Grant Letters for Right of Way ("ROW") for the Powerline, Fiber-Optics and Access Road construction for the Moss Gold and Silver Mine located in N.W. Arizona have been received from the Bureau of Land Management (BLM). This is a significant milestone which offers measurable safety and economic benefits for all stakeholders.
- Improve safety for employees and community
- Reduction of fossil fuel emissions
- Significant economic savings for the life of the mine
Kenneth Berry, President and CEO, stated: "We appreciate the efforts and expertise of our in-house and contractor team that participated in the design of the powerline and road reconstruction, and the Environmental Assessment document. The level of support from our stakeholders, including the public, and the City, County, State and Federal staff and representatives was very encouraging. Within the FONSI (Finding Of No Significant Impact), it is stated that measures to reduce adverse impacts to cultural resources, wildlife/special-status species, and VRM (Visual Resource Management) were incorporated in the design of the Proposed Action. We acknowledge the advice and assistance from the very dedicated personnel at Mohave Electric Co-operative and the BLM Kingman Field Office to incorporate these measures into the design and the Environmental Assessment of the Projects."
Powerline to Mine Site
The installation of a powerline directly to site to deliver utility power is expected to result in significant operational savings over the lifetime of the mine. The Company's 2015 Feasibility Study had estimated five 750 kW diesel powered generators. At the 5,000 tonne per day processing rate, the diesel generators are estimated to consume roughly 90,000 gallons of diesel per month, or 3,000 gallons per day. Power costs were based on power generation and the overall power rate estimated at $0.20 per kWh assuming a diesel price of US$2.50 per gallon. The Company currently has six generators operating during the Commissioning period as it ramps up to Commercial Production.
Powerline Construction will require the posting of a reclamation bond with the BLM prior to permission to proceed being granted. The Company is proceeding with the acquisition of the bond. The switch from diesel fuel generated power to utility power not only benefits the environment by eliminating greenhouse gas emissions, but the financial savings will be very significant if fuel prices continue to escalate.
Upgrade and Maintain the Silver Creek and Access Roads
The upgrade and maintenance of the Silver Creek Road and the tertiary County Mine Access Road will have immediate and measurable results. The level of safety will be increased substantially for the estimated 100 Moss Mine employees and the many local persons and tourists using the roads for business and recreational purposes. The attendant costs of delays to personnel and truckers, and the engagement of security personnel to direct the one-way traffic control will be eliminated. The direct economic benefits to Northern Vertex also include a reduction in maintenance costs to operational vehicles and those of our suppliers and local community.
Road reconstruction is planned to start immediately to widen the access road to two twelve-foot lanes complete with five-foot shoulders and an additional fifteen-foot wide utility corridor on the west side. Changes to the vertical and horizontal alignment will improve sight distances on curves. Other upgrades include the removal of numerous protruding cobbles and boulders on Silver Creek Road and the placing of a 12 inch thick surface course of crushed mine waste-rock on both roads.
Reduction of Fossil Fuel Emissions
The Moss Mine Feasibility Study; Plan of Operations and Air Quality Permit state the electric power source proposed for all mine and process operations as on-site generators powered by Tier IV diesel engines (the most environmentally advanced engines available today). However, the installation of a direct powerline, would eliminate the need for the diesel gen-sets, resulting in improved air quality by decreasing emissions, and reducing operating costs significantly.
Copies of the FONSI can be found on-line at https://eplanning.blm.gov/epl-front-office/projects/nepa/96159/146653/180407/Signed_FONSI_AZ-C010-2017-0046-EA.pdf
The Record of Decision (ROD) is at https://eplanning.blm.gov/epl-front-office/projects/nepa/96159/146652/180406/Signed_DR_AZ-C010-2017-0046-EA.pdf
The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., General Manager - Moss Project, and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).
About Northern Vertex
Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. 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.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
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.
The information in this news release has been prepared as at June 6, 2018. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms, and include, without restriction, statements regarding the completion of the Private Placement and the proposed use of the proceeds of the financing.
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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based More particularly, this release contains statements concerning the closing of the second tranche of the Private Placement and the anticipated use of the proceeds of the financing. There can be no assurance that the second tranche of the Private Placement will complete within the anticipated timelines or complete as contemplated or at all, or that the proceeds of the financing will be used as anticipated. 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.