VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/21/13 -- Northern Vertex Mining Corp. (the "Company") (TSX VENTURE: NEE) is pleased to provide a corporate update on its phased project development plans, now being parallel tracked, for the Moss Gold-Silver Project located in Mohave County, Arizona, USA with highlights as follows:
-- Preliminary Economic Assessment (PEA) expected in Q1 2013-- Phased Development Plan on schedule-- Mine Exploration Program resource definition drilling to continue-- Metallurgical test-work underway-- Engineering, Procurement and Construction Management (EPCM) for Phase I Pilot Plant now underway-- Construction commencement for Phase I Pilot Plant targeted Q1/Q2 2013-- Permitting for Phase I Pilot Plant anticipated Q1 2013-- Moss Project Advisory Council established-- Local office in Bullhead City, Arizona, USA opened-- Board of Directors strengthened-- Consultant Advisory Services strengthened
Dick Whittington, President and CEO, Northern Vertex Mining Corp. states, "We have undertaken the target of putting the Moss Project into commercial production in an expedient but well executed manner by early 2014 and the "parallel track approach" is now being utilized to progress the Company towards this target in a streamlined fashion. The Preliminary Economic Assessment and the commencement of construction for the Phase I Pilot Plant by Q2 2013 are on track. We are also excited by the participation of local stakeholders at such an early stage and look forward to fruitful collaboration with them as we seek to create both shareholder value and community capacity in Mohave County."
Preliminary Economic Assessment:
CDM Smith Engineering of Arizona, Project Engineers for the Moss Project, is on target to complete the Preliminary Economic Assessment (PEA) by the end of March 2013. This economic assessment, focused on Phase I and Phase II, will address expected cash flows, operating costs and capital costs as well as mine and processing designs and other related aspects of mine design and operation. Pending the outcome of the PEA, the Company will initiate a feasibility study focusing on Phase II, with a target production rate of 5,000 tpd.
3 Phase Mine Development Plan Update:
The 3 Phase mine development plan, designed to move the project forward from conceptual design and laboratory test work to on-site pilot plant testing (Phase I) and then commercial operations (Phase II) is moving forward according to schedule. As outlined in the News Release dated Nov 29, 2012, this phased development approach with commercial production commencing at 5,000 tpd in an open pit, heap leach operation in Phase II, allows for a low initial Capex and shorter lead times in reaching these production levels. The natural attributes of the Moss Deposit can be capitalized upon, hereby reducing development risk and capital risk. As a feasibility study has yet to be completed, there is no certainty the proposed operation will be economically viable.
To view the proposed 3 Phase Development Schedule, please visit the following link: http://media3.marketwire.com/docs/121nee_sch.pdf
Mine Exploration and Resources:
Running concurrently to the Phased Mine Development Plan are two Explorations Programs: the Mine Exploration Program and the Property Exploration Program. As part of the Mine Exploration Program, extensive resource definition drilling is planned to continue in the area surrounding the Phase I and Phase II open pit, where the gold stock-work vein system outcrops at surface. Several targets adjacent to the initial open pit will also be explored as part of this program.