Northern Vertex Files Third Quarter Fiscal 2015 Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2015) - Northern Vertex Mining Corp. (the "Company") (TSX VENTURE:NEE)(OTCQX:NHVCF) announces that the Company's unaudited interim consolidated financial results for the third quarter fiscal 2015 ended March 31, 2015 have been filed on SEDAR. The full version of the Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.northernvertex.com or on SEDAR at www.sedar.com.

Financial Highlights for the Quarter Ended March 31, 2015

• For the quarter, net loss was $0.43 million (2014: $0.91 million), excluding a non-cash, unrealized foreign exchange gain of $3.27 million (2014: $1.03 million);
  
  
  • Net gain for the quarter was $2.85 million ($0.039 per share) due to a $3.27 million non-cash, unrealized foreign exchange gain compared to a net gain of $0.12 million ($0.002 per share) for the same period last year;
    
    
• Year-to-date net loss, excluding non-cash, unrealized foreign exchange gain of $6.08 million, was $1.09 million compared to a net loss of $4.06 million for the comparative period last year;
  
  
  • Year-to-date net gain was $4.99 million ($0.069 per share), due to a $6.08 million non-cash, unrealized foreign exchange gain compared to a net loss of $2.69 million ($0.049 per share) for the same period last year;
    
    
• Cash and cash equivalents was $3.18 million at March 31, 2015, compared to $2.68 million at March 31, 2014. The variance was due to a reduction of trade payables of $1.25 million from the previous year, offset by cash from financing activities and gold and silver sales proceeds;
  
  
• Working capital increased to $2.83 million at March 31, 2015, compared to $1.78 million the previous year, an increase of $1.05 million, however, working capital dropped by $0.97 million from the previous quarter;
  
  
• Total gold and silver sales (net of royalties and selling costs) to March 31, 2015 from the Phase I - Pilot Plant of $6.71 million, an increase of $1.63 million ($0.85 million relates to foreign exchange) from the comparative period last year and an increase of $0.60 million (includes foreign exchange of $0.56 million) from the previous quarter; and