VANCOUVER, BC, Dec. 29, 2020 /PRNewswire/ - Northern Vertex Mining Corp. (TSXV: NEE) (OTC: NHVCF) (Nasdaq: NHVCF) (Intl.: NHVCF) (the "Company" or "Northern Vertex") reports that the Company has settled a contract with the prior open pit mining contractor at the Moss mine.
Golden Vertex Corp., the Company's wholly-owned subsidiary, has entered into an agreement and mutual release on December 23, 2020 with M.C. Donegan, LLC ("MCD"), a contractor that provided drilling and blasting services to Golden Vertex. In exchange for a full release, Golden Vertex will pay MCD US$250,000; and issue 365,100 common shares in the capital of the Company (the "Settlement Shares") at a deemed price of $0.53 per Settlement Share for a total consideration of $US 400,000. The issuance of the Settlement Shares is subject to the approval of The TSX Venture Exchange. The Settlement Shares will be subject to a statutory hold period expiring on the date that is four months and one day after the date of issuance.
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 "Kenneth Berry" 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 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.