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Tuesday, 15 January 2013
Northern Vertex Mining rallies after new management appointment
Northern Vertex Mining Corp. (CVE:NEE) shares moved almost 12% higher Monday after announcing before the weekend that it has appointed exploration veteran Colin McKenzie to the role of GM of exploration.
Monday afternoon, shares of the company were up 14 cents to $1.35.
McKenzie has over 30 years of senior level experience on major exploration and business development projects in Canada and internationally. Most recently, he was involved in a gold exploration project in Papua New Guinea as COO withPNG GOLD Corp. (CVE:PGK).
“Colin's expertise and experience will be invaluable as we move forward with a preliminary economic assessment expected in the first quarter," said president and CEO Dick Whittington on Friday.
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.
Northern Vertex closed a non-brokered private placement financing at the end of last year, with the offering being oversubscribed, raising total proceeds of $9.15 million.
Another private placement financing is anticipated in the first quarter, to supplement funding for phase 1 of the business plan, and to fund the detailed design studies for phase 2, the company said.