Northern Vertex Files Third Quarter Fiscal 2016 Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2016) - Northern Vertex Mining Corp. (the "Company") (TSX VENTURE:NEE) announces that the Company's unaudited interim consolidated financial results for the third quarter fiscal 2016 ended March 31, 2016 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 and Corporate Highlights for the Quarter Ended March 31, 2016

• For the quarter, net loss was $0.63 million (2015: $0.43 million), excluding a non-cash, unrealized foreign exchange loss of $3.14 million (2015: profit of $3.27 million);
  • Net loss for the quarter was $3.77 million ($0.04 per share) due to a $3.14 million non-cash, unrealized foreign exchange loss compared to a net profit of $2.85 million ($0.04 per share), after a $3.27 million non-cash, unrealized foreign exchange gain, for the same period last year;

• Year-to-date net loss, excluding a non-cash, unrealized foreign exchange gain, was $2.57 million compared to a net loss of $1.09 million for the comparative period last year;
  • Year-to-date net loss was $1.16 million ($0.01 per share), primarily due to a $1.42 million non-cash, unrealized foreign exchange gain compared to a net profit of $4.99 million ($0.07 per share) that included an unrealized foreign exchange gain of $6.08 million for the same period last year;

• Cash and cash equivalents was $3.52 million at March 31, 2016, compared to $3.18 million at March 31, 2015. The variance was primarily due to cash received from financing activities reduced by legal fees regarding the recent arbitration, consulting fees pertaining to the Macquarie debt financing due diligence, and exploration and evaluation spend at the Moss Mine Project;

• Total costs incurred to March 31, 2016 regarding the Moss Mine Project, including the Silver Creek Project, was $32.59 million, compared to $29.92 million for the same period in the prior year; and
• Working capital increased to $3.24 million at March 31, 2016, compared to $2.83 million for the previous year.

Dick Whittington, President & CEO, states, "The Company is entering a transformational phase in its history. Acquiring 100% of the Moss Gold Mine Property (see May 26^th News Release) is a significant milestone toward commercial production which, coupled with the recently announced $7.5 Million Convertible Debenture Private Placement (see May 25^th News Release), will enable us to advance permitting, mine construction planning and property-wide exploration activities as well as further evaluate the additional 200,000 M&I resource ounces not included in the Feasibility Study. The economics of the Moss Mine project are exceptionally robust as demonstrated by our 2015 Feasibility Study. Our focus remains on finalizing our funding requirements to maintain momentum as we look to build on recent developments and transition the company from a development company to a production company."