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Monday, 14 January 2013
Northern Vertex appoints 30-year exploration veteran to executive role
Northern Vertex Mining Corp. (CVE:NEE) Friday said it has appointed exploration veteran Colin McKenzie to the role of GM of exploration, effective immediately.
Shares of the company shot up 8.33 per cent on the news, trading at $1.30 as at about 11 a.m. EDT.
McKenzie has over 30 years of senior level experience on major exploration and business development projects in Canada and internationally.
"I am very pleased to be working with Colin again and excited about the exploration potential of our Moss gold-silver project in Arizona,” said president and CEO Dick Whittington.
“Colin's expertise and experience will be invaluable as we move forward with a preliminary economic assessment expected in the first quarter.”
Most recently, McKenzie was involved in a gold exploration project in Papua New Guinea as COO with PNG GOLD Corp. (CVE:PGK).
Prior to that, he held the role of president and CEO of Cornerstone Resources (CVE:CGP), an exploration company with projects in Canada and Ecuador. Additionally, McKenzie held the position of VP of exploration for Skye Resources, where he led the development of Nickel laterite projects in Guatemala.
He was also director of exploration for Inco Ltd., with responsibility for exploration and new business opportunities in Latin America, and was credited with the discovery of the Hope Brook gold deposit while working in a senior level exploration position with BPMining.
The company said the focus of its exploration plan in 2013 will be to build on the geological work done to date and to explore for additional resources.
Its flagship Moss gold-silver project contains 956,800 ounces of gold equivalent in the measured and indicated categories.
Additional resource definition drilling is expected to increase resources next to the proposed pits, with the company targeting another 250,000 gold equivalent ounces.
A three-phase mine development model is planned, the company said, adding that it believes the project is amenable to low cost, heap leach, open pit mining, with a low strip ratio in initial mining areas possible.
The application for an aquifer protection permit for a 90,000 tonne pilot, phase 1 quarry/leach pad was submitted last November, and the phase 1 pilot plant operation is expected to begin in the second quarter of this year.