logo-loader

Northern Vertex ends fiscal 2013 with $6mln in working capital, phase 1 progresses

Published: 14:04 29 Oct 2013 EDT

no_picture_pai

Northern Vertex Mining Corp. (CVE:NEE) provided investors late Monday with an overview of its fiscal 2013 year, along with financial statements and an update on phase 1 of its project development plan for the reactivation of the Moss gold-silver mine in Arizona.

The company said it ended the year until June 30 with working capital of $5.7 million, including cash and equivalents of $7.8 million.

"Last year at this time, the company was still in the exploration phase and focused on drilling. Since then, we've raised capital, implemented a business plan and affected that plan on the ground," said president and CEO Dick Whittington.

"Today we are already through to Phase I - Pilot Plant Operations. The project is really unrecognizable from one year ago and I give my compliments to our team and to the company's management for moving this project forward so expeditiously."

The company said that during fiscal 2013, it invested $6.8 million in its exploration and evaluation assets, virtually all of which was incurred for the development of the Moss mine.

In August, Northern Vertex announced it could officially reactivate the mine after the state governor held a ribbon-cutton ceremony in nearby Bullhead City. The ceremony was accompanied by news that the Vancouver-based miner had reached development milestones on the Phase 1 pilot plant, part of its three-stage development process at the property. So far, it has awarded contracts for mining and processing operations at the pilot plant, and has begun the leaching of stacked mineralized material. 

The Moss Mine is an open mine gold and silver project in a well-known mining district. Northern Vertex, which has the right to earn a 70 per cent interest in the project from Patriot Gold Corp. (OTCMKTS:PGOL), has an experienced team in place, with CEO Whittington having taken Farallon Mining's G-9 Mine from discovery to full commercial production in less than four years.

Phase II of the Moss project is estimated to show an IRR of almost 118 per cent pre-tax and before royalties, and a net present value of US$110 million, at a 5 per cent discount rate. The phase II, or full operation, economics were calculated using gold prices of US$1,500 an ounce and $30 per ounce of silver. The payback period was seen at 15 months, with capex costs estimated at US$26.6 million. Cash costs were projected at just US$490 an ounce. 

Xeris Biopharma Surpasses 2023 Expectations with Strategic Moves Poised for...

Xeris Biopharma CEO Paul Edick joined Steve Darling from Proactive to share news the company had a successful 2023, with a final tally of 164 million USD, which is at the upper end of their forecast. The company concluded the year with 72 million USD in cash, surpassing their initial projections...

7 hours, 24 minutes ago