Business
Northern Vertex and Patriot Gold Complete Consolidation of Ownership of the Moss Mine
Northern Vertex and Patriot Gold Complete Consolidation of Ownership of the Moss Mine.
About this update from Patriot Gold Corp.
[{"type":"text","content":"\n\n\n\n\nMarketwire\n\n\n\n\nNorthern Vertex and Patriot Gold Complete Consolidation of Ownership of the Moss Mine\n\n\n\n\n\n\n\n\n\n VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 26, 2016) - Northern Vertex Mining Corp. (TSX VENTURE:NEE) (the \"Company\") and Patriot Gold Corp. (OTCQB:PGOL) (\"Patriot\") announced today the completion of the previously announced (May 12, 2016) agreement, whereby Northern Vertex would purchase Patriot Gold's remaining 30% working interest in the Moss Gold/Silver Mine for C$1,500,000 plus the retention by Patriot of a 3% net smelter returns royalty. The consideration of C$1,200,000 in cash and C$300,000 in Northern Vertex common shares valued at C$0.35 (857,140 shares) has been paid and the transaction is now complete.\n Northern Vertex CEO, Dick Whittington commented: \"It is gratifying to have this acquisition behind us. Owning 100% of the Moss Mine Property has favorably impacted our project financing efforts as demonstrated by the recently announced $7.5 Million Convertible Debenture Private Placement (see May 25th News Release). The economics of the Moss Mine Project are compelling. In addition, 200,000 M&I resource ounces are available for mine life extension studies and property wide exploration potential is high. We are excited by the opportunities this affords us and look forward to transitioning Northern Vertex from a development company to a production company.\" \n Patriot Gold's President, Bob Coale said \"This is an important and positive milestone for the shareholders of Patriot and Northern Vertex, and also the people of Bullhead City. The Moss Mine is a tremendous project which is now well positioned to proceed to commercial production, The teams at Patriot and Northern Vertex have worked very hard to bring the project this far, and we are encouraged that there is now a clear pathway forward for the Moss Mine which aligns our interests. Patriot's royalty in the Moss Mine helps advance our core mission of acquiring and developing precious metals deposits in Arizona and Nevada.\" \n Qualified Persons: \n The foregoing technical information contained in this news release has been approved by Mr. L.J. Bardswich, P. Eng., General Manager Moss Project, and a Qualified Person (\"QP\") for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Pr...