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Friday, 23 August 2013
Northern Vertex's Moss Mine reactivation gets official nod from Arizona governor
Northern Vertex Mining (CVE:NEE) can officially reactivate its Moss Mine project in northwestern Arizona after the state governor held a ribbon-cutton ceremony in nearby Bullhead City.
The ceremony, held last week, was accompanied by news that the Vancouver-based miner has reached development milestones on the Phase 1 pilot plant.
Northern Vertex has finished construction of "all major items" and operations have begun, with the preliminary economic assessment targeting 90,000 tonnes.
The company said leaching of the stacked mineralized material is also underway and will continue for the next nine to 12 months.
The stock is surging 8% on the news.
Moss Mine is an open mine gold and silver project in a well-known mining district. Northern Vertex has the right to earn a 70% interest from Patriot Gold Corp. (OTCMKTS:PGOL).
The company has about $12 million in working capital and an experienced team in place. President and chief executive Dick Whittington took Farallon Mining's G-9 Mine from discovery to full commercial production in less than four years.
In July, Northern Vertex unveiled metallurgical test results from a low-grade bulk sample at Moss Mine. It said the gold recovery rate was faster for the lower-grade material versus the higher grade used in the preliminary economics report.