Northern Vertex Mining Corp. (NHVCF: OTC Link) | Northern Vertex Clarifies Technical Disclosure

Northern Vertex Clarifies Technical Disclosure

Sep 21, 2012

OTC Disclosure News Service

Vancouver, BC, Canada –

September 21, 2012

 

NorthernVertex Clarifies Technical Disclosure

 

Vancouver,B.C. – Northern Vertex Mining Corp. (the “Company”) (TSX.V: NEE) (OTCQX: NHVCF).As aresult of a review by the British Columbia Securities Commission (“BCSC”), the Companyis issuing the following News Release to clarify the Company’s technicaldisclosure.

 

Disclosureof Mineral Resources and Historical Estimates

Moss Property, Arizona. No clarification oradditional disclosure was requested by the BCSC in connection with theCompany’s current National Instrument (“NI”) 43-101 compliant measured andindicated resource estimate of 956,800 ounces of gold equivalent (“AuEq”)contained in 30,879,000 tonnes having an average grade of 0.96 AuEq g/t and an inferredresource estimate of 199,100 AuEq ounces contained in 7,096,000 tonnes havingan average grade of 0.87 g/t (ref. Company News Release dated September 10,2012) (the “Updated Resource Estimate”). However, prior to the Updated ResourceEstimate, the Company’s previous NI 43-101 resource estimate (which has beensuperseded by the Updated Resource Estimate), detailed in the Company’s News Releasedated October 20th, 2011 (the “2011 Resource Estimate”), consistedof 483,792 ounces in the indicatedcategory and 106,628 in the inferredcategory. Inadvertently, these numbers were combined (590,420 ounces AuEq) inthe header of the News Release and in the corporate presentations; thisoversight has been immediately addressed in the Company’s corporatepresentation and investor relations materials. NI 43-101 requires the Companyto disclose the effective date of each estimate on mineral resources and toreference the report directly; this has been accomplished. The parameters ofthe 2011 Resource Estimate are detailed in the NI 43-101 resource estimateprepared by Scott E. Wilson Consultants Inc. (“SEWC”) with an effective date ofOctober 20, 2011 and filed on SEDAR on December 5, 2011. The information willbe reiterated in the updated NI 43-101 resource estimate (being the UpdatedResource Estimate) prepared by SEWC (effective date of September 10th,2012) to be filed on SEDAR on or before October 25th, 2012. 

 

Lemhi Property, Idaho.  The Company’s website and corporatepresentation refer to a “Positive Pre-Feasibility Report” prepared by Kappes,Cassiday Associates (“KCA”) in 1996 for the Humbug deposit,contained within the Lemhi Property. The Company should have indicated that theaforementioned report is historical in nature and does not meet or adhere to NI43-101 disclosure requirements. The Company has addressed this oversight andadvises readers that any reference to Pre-feasibilityshould not be relied upon as it may continue to be found in the public domain.

 

Inits corporate presentation completed after November 11th, 2011concerning the Lemhi Property, the Company referenced estimates of a historical non-compliant NI 43-101 resourceof 1.21 million ounces contained gold as reported by Pincock, Allen and Holt(“PAH”) in 1996. The Company inadvertently neglected to provide a more detailedanalysis of this number in its corporate presentation.  This more detailed analysis was reported inthe Company’s News Release dated November 11th, 2011 and the resourceestimate was described in that originating press release as: …[consisting] of 32.36 million short tons at a grade of0.0375 ounces per short ton for 1.21 million contained ounces of gold, asreported by PAH. The Company also stated that: In 1996, KCA conducted a non-compliant Pre-Feasibility Study on theHumbug deposit based on 15,675,000 tons of ore, and an approximate 6-year minelife using 1996 economic parameters. Furthermore, the Company alerted thereader to the nature of these historical estimates with the disclaimer: NorthernVertex cautions that a qualified person has not done sufficient work toclassify the historical estimate, or has substantiated any data as it pertainsto a pre-feasibility study, as current mineral resources or mineral reserves,therefore, it should not be relied upon on as actual resource or reserveestimates, and should be construed only as conceptual in nature. The Company istreating the historical estimate only as a guideline in determining potentialfuture mineral resources or mineral reserves and not as current mineralresources or mineral reserves.  

 

TheBCSC raised a concern that disclosure related to the Lemhi Property and inparticular the Humbug deposit portrays a “best case” historical estimate (the1.21 million ounces historical estimate was reported by American Gold Resourcesand was prepared by PAH in 1996).  TheCompany’s NI 43-101 Technical Report dated November 16, 2011 and filed on SEDARon December 6, 2011 referred to the PAH estimate and a subsequent historical estimateprepared by Independent Mining Consultants in 1996, which reported 15 million shorttons at a grade of 0.036 ounces per short ton, containing 542,600 ounces ofgold. The Company addressed this issue in its November 11th, 2011News Release by referencing the 1996 KCA (historical and non-compliant)Pre-feasibility Study which defined a depositbased on 15,675,000 tons of ore, and an approximate 6-year mine life (equatingto approximately 550,000 mineable ounces using 1996 economic parameters).

 

Inthose instances where the Company has revised, retracted, clarified or updatedprevious disclosure, the Company is advising readers not to rely on such dated statementsas they may continue to be found in the public domain.

 

Failureto Name the Qualified Person

TheCompany inadvertently omitted the name of a qualified person for the purpose ofNI 43-101, Standards of Disclosure for Mineral Projects on its website,corporate presentation and investor relations material. This oversight has beenaddressed as follows and includes this News Release: The geological disclosure hasbeen reviewed and verified by the Company’s Chief Geologist, Dr. RobertThompson, PhD, P.Eng (a qualified person for the purpose of NI 43-101,Standards of Disclosure for Mineral Projects).

 

About Northern Vertex: Northern Vertex is a gold exploration anddevelopment company operating principally in the United States and Canada. TheCompany comprises an experienced management group with a strong background inall aspects of acquisitions, exploration, development, financing and operationof precious metal mining projects. The Company’s stated mandate is to acquire,develop and advance gold projects that demonstrate near term productionpotential and long-term sustainable growth.

 

ON BEHALF OF THE BOARD OF NORTHERNVERTEX MINING CORP.

“Joseph Bardswich”

Forfurther information, please contact Investor Relations at: 604-601-3656 /1-855-633-8798 or visit www.northernvertex.com

The TSX Venture Exchange has notreviewed and does not accept responsibility for the adequacy or the accuracy ofthis release.

Cautionary Note to US Investors: This news release may containinformation about adjacent properties on which we have no right to explore ormine. We advise US investors that the SEC’s mining guidelines strictly prohibitinformation of this type in documents filed with the SEC. US investors arecautioned that mineral deposits on adjacent properties are not indicative ofmineral deposits on our properties. This news release may containforward-looking statements including but not limited to comments regarding thetiming and content of upcoming work programs, geological interpretations,receipt of property titles, potential mineral recovery processes, etc.Forward-looking statements address future events and conditions and thereforeinvolve inherent risks and uncertainties. Actual results may differ materiallyfrom those currently anticipated in such statements.

This press release uses the terms “Measured”,”Indicated”, and “Inferred” resources. United Statesinvestors are advised that while such terms are recognized and required byCanadian regulations, the United States Securities and Exchange Commission doesnot recognize them. “Inferred Mineral Resources” have a great amountof uncertainty as to their existence, and as to their economic and legalfeasibility. It cannot be assumed that all or any part of an Inferred MineralResource will ever be upgraded to a higher category. Under Canadian rules,estimates of Inferred Mineral Resources may not form the basis of feasibilityor other economic studies. United States investors are cautioned not to assumethat all or any part of Measured or Indicated Mineral Resources will ever beconverted into Mineral Reserves. United States investors are also cautioned notto assume that all or any part of a Mineral Resource is economically or legallymineable.   

2012 number 16

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/NHVCF/news?id=52821

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