🕐13.02.13 - 16:27 Uhr
NORTHERN VERTEX CLOSES SALE OF LEMHI PROPERTY JOINT VENTURE INTEREST FOR TOTA
L PROCEEDS OF US$7.65 MILLION
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Re: News Release - Wednesday, February 13, 2013
Northern Vertex Closes Sale of Lemhi Property Joint Venture
Interest for Total Proceeds of US$7.65 Million
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Vancouver, BC - Northern Vertex Mining Corp.
(the "Company") (TSX.V:
NEE) is pleased to announce that it has closed the sale, and subsequent
share transfer, of its 51% interest in the Lemhi Gold Trust, LLC (the
"Lemhi JV") to Idaho State Gold Company, LLC ("ISGC") for US$7.65
million, consisting of US$4.75 million cash plus US$2.90 million in
deferred cash payments.
The US$4.75 million cash payment was received
in full on February 12, 2013 and the deferred cash payments, equal to
3% of all future expenditures at the Lemhi Property, are payable to the
Company in quarterly installments and capped at US$2.90 million.
The
US$7.65 million total proceeds from the sale of the Companys Lemhi JV
interest are equal to the entirety of the capital (US$7.65 million) the
Company had contributed to the Lemhi JV.
ISGC, now 100% owners of the
Lemhi Property in Salmon, Idaho, will immediately assume management and
operating control at Lemhi.
"We are pleased with the successful closing of the Lemhi Property
sale", advises Dick Whittington, President and CEO, Northern Vertex
Mining Corp.
"Lemhi did not fit our core objectives as our Companys
main focus is on development of the Moss Gold-Silver Mine in NW
Arizona.
Now we can more effectively streamline our resources, both
capital and managerial, towards its development.
The rehabilitation and
revitalizing of this historic mine is the crux of the Companys
business model -- with obvious significance to our shareholders as well
as the local communities in the vicinity of the mine."
About Northern Vertex:
Northern Vertex Mining Corp.
is a Canadian based exploration and mining
company focused on the development of the Moss Gold-Silver Mine located
in NW Arizona, USA.
The Company comprises an experienced management
team with a strong background in all aspects of acquisition,
exploration, development, operations and financing of mining projects
worldwide.
The Moss Gold-Silver Mine contains 956,800 oz of AuEq in the
Measured and Indicated categories and 266,340 AuEq oz in the Inferred
category.
It is a low strip ratio, 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 is focused on
working effectively and respectfully with our stakeholders in the
vicinity of the Moss Mine and enhancing the capacity of the local
communities in the area.
For further details of the mineral resource estimate above, please
click on the following link:
http://www.northernvertex.com/s/NewsReleases.asp?ReportID=555304&_Type
=News-Releases&_Title=Northern-Vertex-Files-NI-43-101-Technical-Report
-Updates-Gold-Eqv-Resource
The mineral resource is reported in accordance with Canadian Securities
Administration (CSA) NI 43-101 and has been classified in accordance
with standards as defined by the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) CIM Definition Standards for Mineral
Resources and Mineral Reserves.
The mineral resource estimate was
prepared by Scott E.
Wilson Consultants of Denver, an independent QP
under NI 43-101.
The foregoing geological disclosure has also been
reviewed by Northern Vertexs General Manager of Exploration, Mr.
Colin
McKenzie, a Qualified Person ("QP") for the purpose of National
Instrument 43-101, Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
J.R.H.
(Dick) Whittington, President & CEO
For further information, please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or 1-855-633-8798
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 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
Cautionary Note to U.S.
Investors: This news release may contain
information about adjacent properties on which we have no right to
explore or mine.
We advise U.S.
investors that the SECs mining
guidelines strictly prohibit information of this type in documents
filed with the SEC.
U.S.
investors are cautioned that mineral deposits
on adjacent properties are not indicative of mineral deposits on our
properties.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and content
of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties.
Actual results may
differ materially from those currently anticipated in such Statements.
This news release uses the terms "Measured", "Indicated", and
"Inferred" resources.
U.S.
investors are advised that while such terms
are recognized and required by Canadian regulations, the United States
Securities and Exchange Commission does not recognize them.
"Inferred
Mineral Resources" have a great amount of uncertainty as to their
existence, and as to their economic and legal feasibility.
It cannot be
assumed that all or any part of an Inferred Mineral Resource will ever
be upgraded to a higher category.
Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
other economic studies.
U.S.
investors are cautioned not to assume that
all or any part of Measured or Indicated Mineral Resources will ever be
converted into Mineral Reserves.
U.S.
Investors are also cautioned not
to assume that all or any part of a Mineral Resource is economically or
legally mineable.
2013 number 04
View news release in PDF Format:
Associated File:
http://www.northernvertex.com/i/pdf/NR/NR-2013-02-13.pdf
373 KB in size, approx.
1 minute, 11 seconds to download at 56.6Kbps
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Copyright (c) 2013 NORTHERN VERTEX MINING CORP.
(NEE) All rights
reserved.
For more information visit our website at
http://www.northernvertex.com or send mailto:
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