VANCOUVER, Oct. 28, 2019 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (the "Company") is pleased to announce its audited financial results for the fiscal year ended June 30, 2019 including revenue of $24.9 million, operating income from mining operations before depreciation and depletion of $3.7 million, and a positive working capital position of $0.9 million which improved by approximately $9.3 million compared to the previous year. Increase in working capital was largely due to increased heap leach pad and finished product inventory as the Moss Mine ramped up operations during the year. As of today's date working capital has increased by approximately $8.5 million as the Company extended the maturity dates of $8.5 million of convertible debentures to December 1, 2020 as announced on October 3, 2019. All amounts are stated in United States dollars unless otherwise noted. The Company intends to provide a comprehensive update on the Moss Mine during the first week of November.
The Company's audited consolidated financial results have been filed on SEDAR. The information in this news release should be read in conjunction with the Company's Audited Consolidated Financial Statements and Management's Discussion & Analysis available on the Company's website at www.northernvertex.com or under the Company's profile on SEDAR at www.sedar.com.
Financial and Operating Highlights for the Quarter and Fiscal Year Ended June 30, 2019
Operating Statistics for the Quarter and Year Ended June 30, 2019
Three Months Ended
June 30, 2019 1,2
Tonnes stacked per day (average)
Contained gold ounces stacked
Contained silver ounces stacked
Merrill Crowe recovery – gold
Merrill Crowe recover – silver
Gold ounces produced 4
Silver ounces produced 4
Gold ounces sold 5
Silver ounces sold 5
The Moss Mine commenced commercial production effective September 1, 2018. In relation to this, only financial operating results from this date are recognized in the Company's Consolidated Statements of Loss and Comprehensive Loss for the year ended June 30, 2019. Financial operating results from the Moss Mine prior to September 1, 2018 were capitalized to property, plant and equipment.
The operating statistics for the year ended June 30, 2019 include pre-commercial production results.
Crushing statistics have been adjusted from previously released statistics due to a change in the Company's estimate of tonnes and contained ounces stacked during the three months and fiscal year.
The year ended June 30, 2019 includes 3,672 gold ounces and 12,009 silver ounces that were produced pre-commercial production being the two months ended August 31, 2018.
The year ended June 30, 2019 includes 4,924 gold ounces and 16,376 silver ounces that were produced during pre-commercial production and sold during commercial production being the ten months ended June 30, 2019.
In addition to the above, the Company reports it had $5.86 million of cash on hand as of September 30, 2019 and on October 3, 2019 extended the maturity date of $8.50 million of convertible debt to December 1, 2020, increasing working capital by the same amount.
About Northern Vertex
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 with over 200,000 ounces of gold production annually.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
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.
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.
SOURCE Northern Vertex Mining Corp.
View original content: http://www.newswire.ca/en/releases/archive/October2019/28/c2512.html