Mining News
Northern Vertex ups quarterly sales by 28%
(Kitco News) – Northern Vertex Mining (TSXV: NEE) announced Monday revenue of $23.4 million and production of 12,401 gold equivalent ounces for the quarter ended December 31, 2020 (“Q4 2020”) from the company's 100% owned Moss gold mine in Arizona.
The company sold 13,721 gold equivalent ounces in Q4 2020, which is 28% more than in Q4 2019 (10,740 ounces).
Northern Vertex said it had repaid $8.5 million of debt and had $8.3 million cash on hand at December 31st, 2020.
President and CEO Ken Berry commented, "I am delighted to report continued robust production in a strong gold market. In the last six months, we have generated $50.2 million in revenue on the production of 27,100 gold equivalent ounces. The exemplary performance of our operating team this quarter allowed us to maintain strong production and revenue levels while executing the transition from mining the center pit to pioneering and operating the west pit. With a strong balance sheet, an aggressive exploration program and 3 drill rigs onsite, I look forward to updating our shareholders with our upcoming drill results."
Northern Vertex Mining owns and operates the Moss mine, currently the largest primary gold and silver mine in Arizona. The company intends to consolidate additional producing or value-adding gold assets within the Western US. Through mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer.
