Northern Vertex Files Third Quarter Fiscal 2015 Financial Results - Seite 2

Total costs incurred to March 31, 2015 for the Moss Mine increased to $29.67 million, compared to $22.83 million for the same period in the prior year and $26.45 million for the previous quarter. Foreign exchange of $6.24 million, $2.18 million and $3.65 million, respectively, were included in the figures above.

Dick Whittington, President & CEO, states, "The company has made great strides over the last quarter. The Feasibility Study is nearing completion, which is the final condition of our "earn-in" agreement with Patriot Gold. We look forward to building on this transformative milestone to position ourselves as a premier, development stage, gold company. We will also continue to work towards a successful resolution of the arbitration with Patriot Gold".

Cost Management

• The Company remains committed to strict cost control and continues to respond and adapt to the challenging external environment.

Operating Results

Gold and Silver Sales Proceeds

• Receipts from refiners regarding the Pilot Plant during October 2013 to April 2015 have to date totalled US$5.5 million from 4,065 ounces of gold at an average selling price of US$1,259.31 per ounce and 19,494 ounces of silver at an average selling price of US$19.67 per ounce.

Operations

• Leaching operations began on August 11, 2013 and continued until September 18, 2014. Gold recoveries to dore, from all six cells on the heap averaged 82%. As mentioned previously, these numbers are well in excess of the levels used in the Company's Preliminary Economic Assessment ("PEA") of 75% and indicate that the Moss Mine mineralization is amenable to heap leach gold processing.
  
  
• As of the date of this MD&A, Moss Mine Pilot Plant operations have been shut down and placed on care and maintenance, with the exception of the heap and solution neutralization program, which is intended to neutralize both the heap and the solutions to achieve levels at or below Arizona Drinking Water Standards. The Company continues to maintain the facilities on site, in preparation for a future construction decision relating to Phase II - Commercial Operations.