Northern Vertex Prevails in Arbitration with Patriot Gold
Vancouver, BC - Northern Vertex Mining Corp. (the "Company") (TSX.V: NEE) announces receipt of the arbitrator's award arising out of the December 2015 arbitration with Patriot Gold Corp., the details of which have been previously disclosed. Northern Vertex prevailed on both the disputed matters. The arbitration award confirmed that Northern Vertex's Feasibility Study delivered to Patriot on July 20th, 2015, meets the requirements of the 2011 Exploration and Option to enter Joint Venture Agreement. Northern Vertex has now earned a vested 70% interest in the Moss Mine Gold Silver Project. The arbitrator also dismissed Patriot Gold's claims to be paid US$5.5 million for the gold and silver proceeds from the 2013 pilot plant program.
Dick Whittington, President & CEO, commented, "We are pleased to see the Company's position upheld in all respects and to complete our earn-in to the Moss Mine Project. We can now plan to accelerate our efforts towards bringing this exciting project to fruition in the near term. We have one of the best development projects in the market today. We look forward to working with our partner and to putting the necessary framework in place to build a mine in the near future".
About Northern Vertex
Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the reactivation of the Moss Mine Gold-Silver Project located in NW Arizona, USA where the Company has earned a 70% property interest and will form an LLC joint venture with Patriot Gold Corp. 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 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.
Qualified Persons:
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 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.
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.
Cautionary Note to US Investors:
The Company's disclosure documents use the terms "Measured", "Indicated", and "Inferred" resources. US 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. US investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. US Investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
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