Press release from Marketwire
Northern Vertex Amends Interim Financial Statements for Period Ending March 31, 2013
Tuesday, July 30, 2013
Northern Vertex Amends Interim Financial Statements for Period Ending March 31, 201321:00 EDT Tuesday, July 30, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2013) - Northern Vertex Mining Corp. ("Northern Vertex" or the "Company") (TSX VENTURE:NEE)(OTCQX:NHVCF) announces that the Company has filed amended third quarter interim Financial Statements and Management's Discussion and Analysis for the three and nine month period ending March 31, 2013 to reflect a reversal of US$2.9 million in contingent deferred cash payments previously booked as a long-term receivable as at March 31, 2013. The amount is part of the consideration for the sale of the Company's 51% interest in the Lemhi Property as outlined in the Company's news release dated February 13, 2013.
Given the current market environment of industry-wide reductions in property expenditures and that future spending decisions by Idaho State Gold Company, LLC ("ISGC") are not under the Company's control, the probability and timing of receiving the US$2.9 million (based on 3% of future property expenditures made by ISGC) is too uncertain for the amount to be accounted for as a receivable at this time under International Financial Reporting Standards (IFRS). The Company is therefore amending and re-filing the reviewed March 31, 2013 interim financial statements to reflect a reversal of the original treatment of the US$2.9 million as a long-term receivable and will instead disclose its entitlement to the contingent consideration in the notes. The amended March 31, 2013 interim financial statements will therefore show a reduction in total assets of US$2.9 million and an increase in the deficit for the period of US$2.9 million. This increased loss will be substantially attributable to recognizing an accounting loss on disposal of the Lemhi Property. Any cash received in the future in respect of the deferred consideration arrangement will now be treated as income in the period in which it is received. Loss per share increased by $0.056 to $0.079 per share for the three months ended March 31, 2013 and increased $0.062 to $0.137 per share for the nine months ended March 31, 2013.
About Northern Vertex:
Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the reactivation of the Moss Mine Gold-Silver Project located in NW Arizona, USA. The Moss Gold-Silver Project is an epithermal, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 200 meters vertically. It is a potential 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's management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.
ON BEHALF OF THE BOARD OF DIRECTORS
J.R.H. (Dick) Whittington, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 analysis, including the completion of a feasibility study. 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 regulation.
2013 number 16
FOR FURTHER INFORMATION PLEASE CONTACT:
Northern Vertex Mining Corp.