VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2016) - Northern Vertex Mining Corp. (TSX VENTURE:NEE) (the "Company") announces that effective immediately, Ken Berry, B.Comm, has been re-appointed as the Company's President and Chief Executive Officer, replacing incumbent President and CEO Dick Whittington, who has resigned from the Company. Mr. Berry is co-founder as well as Chairman of the Company and has played an instrumental role in acquiring the Moss project as well as helping to raise in excess of $47 million to advance the Company's now 100% owned Moss Mine Gold-Silver project in Western Arizona from the exploration stage to final feasibility. Mr. Berry will also assume the role of President at the Company's wholly owned Arizona subsidiary, Golden Vertex Corp.
Chairman and CEO Ken Berry states; "On behalf of our entire Board, I would like to thank Dick for his leadership during his tenure as CEO of the Company. Dick has played a key role in getting the Company positioned for the next step in its exciting growth. In particular, he led the Company's feasibility study team in last year's highly economic feasibility study, the arbitration with Patriot and, earlier this year, the subsequent purchase of the remaining 30% of the Moss project from Patriot. The Company now owns 100% of a development ready, near term production project which we are looking forward to expediting to production. We wish him all the best and continued success in the future.
"As President and CEO, I will continue to work closely with the Northern Vertex / Golden Vertex team in what I consider to be one of the best gold production opportunities in Arizona," Mr. Berry continued. "This includes liasoning with our Golden Vertex General Manager Joe Bardswich, who played a vital role in the success of our Phase I pilot production program and our Moss Mine Project Manager David Stone who will be a pivotal force in further streamlining our approach to upcoming construction and mine development operations."
Construction Team Remains Focused
As Northern Vertex's President and CEO, Mr. Berry brings over 20 years of senior level experience in capital markets and mine exploration and development. Among his accomplishments, as a co-founder and current Chairman of Kootenay Silver Inc., over the past two years Mr. Berry has helped guide Kootenay through a major transitional period that included the strategic acquisition of Canadian based Northair Silver Corp. and a carried interest to production option agreement with Pan American Silver Corp.
Mr. Berry will be working with Northern Vertex's recently appointed construction Project Manager, Dr. David Stone to oversee the design, procurement and construction activities of EPCM contractor M3 Engineering, our heap leach facilities consultant, our mine contractor and other site based contractors through to production. Dr. Stone has authored numerous prefeasibility and feasibility studies. He has extensive experience in the design and construction of heap leach mines dating back to the 1980's including Beal Mountain and Basin Creek in Montana, Yellow Aster in California, Manhattan in Nevada and Brewery Creek in the Yukon.
Joe Bardswich, P.E. (Arizona), the Golden Vertex General Manager will lead permitting activities, heavy construction mobilization and initial crew activation at the Moss mine site. Mr. Bardswich has extensive experience in all facets of mining from contract miner, through to production supervision, mining engineering, heavy civil engineering and mine management in underground, open pit and alluvial operations in Canada, the U.S., Europe and Africa. Mr. Bardswich is a Professional Engineer in the Province of Ontario and a life member of the Canadian Institute of Mining and Metallurgy (CIM) and is a "Qualified Person" as defined in NI 43-101 Standards for Mineral Disclosure. Mr. Bardswich is a graduate of the University of Windsor (B.A.Sc.,Civil Engineering) and received his Masters Degree (M.Eng. Mining) from McGill University.
Bob Cuffney, Consulting Geologist will continue to play a significant role as the company advances to commercial production at the Moss Mine. Mr. Cuffney will also be responsible to assist in the design and implementation of an anticipated systematic multi-phase drill and resource expansion program at the Moss project that is expected to run concurrently with the mine construction and production schedule. In addition to its existing gold-silver resource, over 95% of the Moss property remains largely unexplored. There is up to 3.0 kilometers of untested strike extent on the structure hosting the Moss resource itself. The Moss is a mineral rich property package that hosts over 200 historic mining disturbances. Geological mapping and airborne magnetics indicates a potential for up to ~ 21 km of untested strike in several structures. Surface sampling and mapping to date has identified several priority targets which will be the focus of the upcoming multi-phase exploration / drilling program.
Northern Vertex has contracted M3 Engineering & Technology Corp. of Tucson, Arizona, as the Engineering, Procurement and Construction Management ("EPCM") provider for the Company's Moss Mine Project. M3 will be responsible for the detailed design, procurement of the necessary equipment and supplies and managing the construction of all processing and auxiliary surface facilities required to support the planned 5,000 tonnes per day, open pit, heap leach, gold and silver mine as outlined in the Company's Feasibility Study released last year (see news release dated June 8th, 2015).
Additionally, the Company announces that it has obtained TSX Venture Exchange approval to extend the closing date on its non-brokered convertible debenture private placement (the "Private Placement") up to October 31, 2016 from October 2, 2016. Please see the Company's news release dated May 25, 2016 and August 25, 2016 for further information on the Private Placement. The Company closed $7,225,000 of the Private Placement as announced on July 15, 2016, with the second tranche expected to close by October 31, 2016. The proceeds from the Debenture issuance will be used for the advancement of the Company's Moss Mine Gold-Silver property located in Mohave County, NW Arizona, USA and general corporate purposes.
The Private Placement remains subject to certain conditions including, but not limited to, regulatory approval and the acceptance of the TSX Venture Exchange.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, or a solicitation of an offer to buy, securities in the United States.
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 Moss Mine Gold-Silver Project is an epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 370 meters vertically. It is a potential heap leach, open pit project that has been advanced to the Feasibility Study stage to ensure that technical, economic, permitting and funding requirements are met prior to proceeding with the development of the mine. 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.
The foregoing technical information contained in this news release has been approved by Mr. L.J. Bardswich, P.Eng., General Manager Moss Project, and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
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.
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 may, intend, plan, expect, anticipate, believe or other similar words, and include, without restriction, statements regarding the planned completion of the further tranches of the Private Placement, and the planned listing of the Debentures on the TSX Venture Exchange. 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.
2016 number 19