VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 26, 2016) - Northern Vertex Mining Corp. (TSX
VENTURE:NEE) (the "Company") and Patriot Gold Corp. (OTCQB:PGOL) ("Patriot") announced today the
completion of the previously announced (May 12, 2016) agreement, whereby Northern Vertex would purchase Patriot Gold's remaining
30% working interest in the Moss Gold/Silver Mine for C$1,500,000 plus the retention by Patriot of a 3% net smelter returns
royalty. The consideration of C$1,200,000 in cash and C$300,000 in Northern Vertex common shares valued at C$0.35 (857,140
shares) has been paid and the transaction is now complete.
Northern Vertex CEO, Dick Whittington commented: "It is gratifying to have this acquisition behind us. Owning 100% of the Moss
Mine Property has favorably impacted our project financing efforts as demonstrated by the recently announced $7.5 Million
Convertible Debenture Private Placement (see May 25th News Release). The economics of the Moss Mine Project are compelling. In
addition, 200,000 M&I resource ounces are available for mine life extension studies and property wide exploration potential
is high. We are excited by the opportunities this affords us and look forward to transitioning Northern Vertex from a development
company to a production company."
Patriot Gold's President, Bob Coale said "This is an important and positive milestone for the shareholders of Patriot and
Northern Vertex, and also the people of Bullhead City. The Moss Mine is a tremendous project which is now well positioned to
proceed to commercial production, The teams at Patriot and Northern Vertex have worked very hard to bring the project this far,
and we are encouraged that there is now a clear pathway forward for the Moss Mine which aligns our interests. Patriot's royalty
in the Moss Mine helps advance our core mission of acquiring and developing precious metals deposits in Arizona and Nevada."
Qualified Persons:
The foregoing technical information contained in this news release has been approved by Mr. L.J. Bardswich, P. Eng., General
Manager Moss Project, and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Standards of Disclosure for
Mineral Projects).
About Northern Vertex:
Northern Vertex Mining Corp. is a Canadian exploration and mining company focused on the reactivation of its 100% owned Moss
Mine Gold-Silver Project located in NW Arizona, USA. The Moss Mine Gold-Silver Project is an epithermal, brecciated, low
sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill
tested to depths of 370 meters vertically. It is a potential heap leach, open pit project that has been advanced to the
Feasibility Study stage to ensure that technical, economic, permitting and funding requirements are met prior to proceeding with
the development of the mine. The Company's management comprises an experienced management team with a strong background in all
aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused
on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the
capacity of the local communities in the area.
About Patriot Gold:
Patriot Gold Corp. is a precious metals exploration and production company with the mission to discover and develop
significant gold and silver assets in Arizona and Nevada. Patriot holds interests in four projects consisting of the Moss project
in Arizona and three in Nevada (Bruner, Vernal, and Windy Peak).
J.R.H. (Dick) Whittington, President & CEO |
Bob Coale, President & Director |
Northern Vertex Mining Corp. |
Patriot Gold Corp. |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note About Forward Looking Information:
This news release contains statements about our future business and planned activities. These are "forward-looking"
because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but
are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually
include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations
reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different
because of the risks and uncertainties associated with our business or events that happen after the date of this news release.
You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking
statements except as required by securities laws and regulations.
Cautionary Note to US Investors:
Some of the Company's public filings use the terms "Measured", "Indicated", and "Inferred" resources. US investors are
advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange
Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as
to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of
feasibility or other economic studies. US investors are cautioned not to assume that all or any part of Measured or Indicated
Mineral Resources will ever be converted into Mineral Reserves. US Investors are also cautioned not to assume that all or any
part of a Mineral Resource is economically or legally mineable.