Northern Vertex Reaches Consensus on Strategic Program as Management Committee Meetings in Idaho Concluded. $7.7 Million Allocated For Upcoming Phase I In-fill Drill and Resource Confirmation Program on Lemhi Gold Project

Dec 21, 2011  Share:  Share on Facebook   Share on Twitter   Share on Google Plus   Share on LinkedIn

Vancouver, B.C. - Northern Vertex Capital Inc. (TSX.V:NEE) ("Northern Vertex") is pleased to report the conclusion of Management Committee meetings in Boise, Idaho, attended by a joint committee consisting of Northern Vertex Senior management, along with representation from the Idaho State Gold Company, LLC in accordance with the Lemhi Gold Trust Joint Venture.

Foremost on the meetings agenda, a consensus was unanimously agreed to by all parties to allocate a fully funded total of $7.7 million over the next 18 months to conduct a multi-phase in-fill drill and resource confirmation program on the Lemhi Gold Project, located 25 miles north of Salmon, Idaho. Northern Vertex reports drilling bids are currently being accepted, and plans are underway to launch the comprehensive drill and resource development program in early 2012.

Raj Kang, Chief Financial Officer of Northern Vertex, stated "As we continue to build and add value in the Company, this is clearly a milestone transitional development for Northern Vertex. The commitment of $7.7 million will enable us to fast-track drilling and development initiatives on the Lemhi Gold Project over an accelerated 18 month period. Concurrent with the Lemhi development, sufficient funds are in place to continue drill and development activities on our Moss Gold-Silver Project in Arizona as we move towards a production decision in the New Year.

Kenneth Berry, Northern Vertex Chief Executive Officer, stated "We are very excited to put the building blocks in place for what will be perhaps the largest and most comprehensive drill campaign conducted on the Lemhi Gold Project to date. Supported by the property's significant non-compliant historic gold resource, Lemhi is an advanced project that demonstrates earmarks to develop into a substantial gold entity. We will be applying the same proven resource growth model to Lemhi that we recently applied to our Moss Project in Arizona that resulted in proving up a substantial NI 43-101 gold-silver resource in less than 7 months."

The objective of the multi-phase drill campaign will be to begin proving up and bringing to NI 43-101 standards the extensive historical gold resource contained within the property's boundaries. The Lemhi Gold Project was recently assembled from four underlying property holders to form a newly consolidated advanced exploration opportunity. The Lemhi Gold Project includes Yamana Gold's interest in the Lemhi Gold Project and has a historical non-compliant NI 43-101 resource of 32.36 million short tons at a grade of 0.0375 ounces per short ton for 1.21 million contained ounces of gold, as reported by Pincock Allen & Holt in 1996 (the "PAH Report"). Northern Vertex cautions that a qualified person has not done sufficient work to classify the historical estimate, or has substantiated any data as it pertains to a prefeasibility study, as current mineral resources or mineral reserves, therefore, it should not be relied upon on as actual resource or reserve estimates, and should be construed only as conceptual in nature. The Company is treating the historical estimate only a guideline to determining potential future mineral resources or mineral reserves, and not as current mineral resources or mineral reserves.

Northern Vertex further reports the Company has submitted its updated filings to the OTCQX Market in the United States for a co-listing on the highest tier of the OTC's premier market. The listing on the TSX and OTCQX Market is expected to provide Northern Vertex with considerable additional exposure as the Company continues to develop its U.S. precious metals assets in Arizona and Idaho. Trading on the OTCQX is expected commence early in the New Year under symbol 'NHVCF'. Once final approvals have been received and confirmed by the OTCQX the Company will provide a further announcement.

About Northern Vertex: Northern Vertex is a gold and silver exploration and development company operating principally in the United States and Canada. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. The Company's stated mandate is to acquire, develop and advance asset-based precious metals projects that demonstrate near-term production potential and longterm sustainable growth.


"Joseph Bardswich"

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Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements