ENP Newswire -
Release date- 31052014 -
The full version of the Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.northernvertex.com or on SEDAR at www.sedar.com.
Highlights of the Company's Q3 Financials include:
Gold and silver sales (net of royalties and selling costs) from the Phase I - Pilot Plant of
Excluding non-cash, unrealized foreign exchange gains or losses, net loss for the quarter was
Net loss, on a year-to-date basis, of
Working capital of
Gold and Silver Sales Proceeds
Proceeds received from the Pilot Plant, as of
Gold and silver sales from the Pilot Plant as per the PEA budget were estimated at
Heap leaching continues and gold and silver are being adsorbed in the carbon columns, carbon is being chemically stripped at off-site facilities and gold and silver sales continue;
Gold recovery rates, on the first five out of six leach cells is 82% after an average of 240 days and exceeds expectations indicated in the PEA. Silver recovery is 38.8% on the five cells. Gold and silver continue to be recovered from the heap leach operation of the Moss mine and
The application for an amendment to the Aquifer Protection Permit was approved by the
The increase in allowable tonnage has enabled the Company to leach material from a larger area of the Phase I pit and to test recoveries from varying crush sizes further enhancing the contribution and the value of the pilot plant phase. Additional material has been stacked on the heap and the maximum allowable tonnage has been placed in accordance with the permit.
At the beginning of the third quarter of the 2014 fiscal year, the Company underwent a significant company-wide staff and cost reduction program in an effort to continue to exercise fiscal responsibility and to better position itself in a rapidly changing economic and financial climate, while advancing its crucial strategic priorities. The main short-term objective was to develop sustainable cash flow while reducing overhead and operating costs.
The Company implemented a hardline cost reduction program which included headcount reductions of over 40%, including certain senior positions, significant reductions in office space, exploration, corporate communications, general and administrative overhead and a halting of consulting arrangements with further reductions planned once the leaching process is completed later in the calendar year.
Remaining staff, both corporate and at the mine site, have taken salary and wage reductions, and salary and consulting fee suspensions have been implemented for senior management and directors. These cost reduction measures have had a significant impact on overall costs and ultimately led to increased cash preservation.
Each whole warrant will entitle the holder to acquire one common share at an exercise price of
About Northern Vertex
It is a potential heap leach, open pit project being advanced under a three-phase business plan, specifically designed to ensure that technical, economic, permitting and funding requirements are met prior to each phase proceeding. 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.
For further information, please visit www.northernvertex.com
Cautionary Note about Forward Looking Information
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 may, intend, plan, expect, anticipate, believe or other similar words.
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. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
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