VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 19, 2013) - Northern Vertex Mining Corp. (the "Company") (TSX VENTURE:NEE) announces that a material calculation error has been discovered in the NI 43-101 Mineral Resource Estimate disclosed in the Independent Technical Report authored by Scott E. Wilson Consulting, Inc. and entitled, "Technical Report Northern Vertex Mining Corp. Moss Gold-Silver Project, Mohave County, Arizona, USA", dated October 25, 2012, effective date September 10, 2012 ("Technical Report"). The modeling methodology which was used led to an error which will result in an approximately 50% reduction in the quantity of the previously stated NI 43-101 Mineral Resource Estimates.
The Company is unable to disclose new compliant estimates at this time, and the following currently non-compliant quantities are disclosed solely to advise readers of expected quantity reductions. Preliminary indications are that new estimates will be approximately 16.2 million tonnes of Measured and Indicated Resources and approximately 6.1 million tonnes of Inferred Resources. The resource grade estimates are expected to be in line with previously reported estimates. The original resource estimates in the Technical Report must not be relied upon and the Company retracts them. The Technical Report will be superseded by a restated one to be filed on SEDAR.com as soon as possible.
Scott E. Wilson Consulting, Inc. (now Metals Mining Consultants Inc.) of Colorado is currently recalculating the resource estimates. The Company has retained international consulting engineers CDM Smith to confirm the restated resource estimate. The Company will disclose compliant information about the adjusted estimate, including grade and tonnage of each resource class, upon delivery. The Preliminary Economic Assessment ("PEA") currently in progress is expected to be released on schedule in mid-March, 2013.
Scott E. Wilson commented, "We sincerely regret this error. It needs to be emphasized however that the data used in the model is sound and has been checked and verified and the grade estimation is also accurate. The distribution of mineralization is good and the geological interpretation is sound. We have verified that the resources that are going to be used in the upcoming PEA pits are correct. All relevant analyses are being done to good industry standards."
Northern Vertex CEO Dick Whittington commented, "We are of course disappointed by this unexpected event, however, the current business plan for Phase 1 and Phase 2 of the PEA will proceed as planned. We know it is crucial to go forward with reliable and correct data and we are taking appropriate measures to ensure this is done. We continue to be excited by the upside potential of the Moss project."
About Northern Vertex:
Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the development of the Moss Gold-Silver Project 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 Project 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 Project and enhancing the capacity of the local communities in the area.
The foregoing geological disclosure has also been reviewed by Mr. James McDonald, a director of Northern Vertex 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
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 U.S. Investors:
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 05