Northern Vertex Mining Corp. (TSXV:NEE) has completed the sale of its 51% interest in the the Lemhi Gold-Silver Project to the Idaho State Gold Company for US$7.65 million. US$4.75 million in cash was received in full on February 12, 2013 and the deferred cash payments equivalent to 3% of all future expenditures at the Lemhi Property, are payable to the Company in quarterly installments. The Company’s main focus is now on development of the Moss Gold-Silver Mine in northwest Arizona.
As quoted in the press release:
The US$7.65 million total proceeds from the sale of the Company’s Lemhi JV interest are equal to the entirety of the capital (US$7.65 million) the Company had contributed to the Lemhi JV. ISGC, now 100% owners of the Lemhi Property in Salmon, Idaho, will immediately assume management and operating control at Lemhi.
Northern Vertex Mining Corp. President and CEO Dick Whittington said:
We are pleased with the successful closing of the Lemhi Property sale. Lemhi did not fit our core objectives as our Company’s main focus is on development of the Moss Gold-Silver Mine in NW Arizona. Now we can more effectively streamline our resources, both capital and managerial, towards its development. The rehabilitation and revitalizing of this historic mine is the crux of the Company’s business model – with obvious significance to our shareholders as well as the local communities in the vicinity of the mine.