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Northern Vertex Mining Corp Agrees To Sell Lemhi Property Joint Venture Interest For Total Proceeds Of $7.65 Million


Monday, 11 Feb 2013 09:21am EST 

Northern Vertex Mining Corp announced that it has agreed to sell its 51% interest in the Lemhi Gold Trust LLC (the Lemhi JV) to Idaho State Gold Company LLC (ISGC) for $7.65 million, consisting of US$4.75 million cash plus $2.90 million in deferred cash payments. Closing of the $4.75 million cash payment is expected this week and the deferred cash payments, equal to 3% of all future expenditures at the Lemhi Property, are payable to the Company in quarterly installments and capped at $2.90 million. The $7.65 million total proceeds from the sale of the Company's Lemhi JV interest are equal to the entirety of the capital ($7.65 million) the Company had contributed to the Lemhi JV. Prior to the sale, ISGC was the Company's 49% partner at the Lemhi JV. ISGC now owns 100% of the Lemhi Property in Salmon, Idaho and will immediately assume management and operating control at Lemhi, allowing the Northern Vertex team to focus exclusively on its Moss Gold-Silver Mine in NW Arizona. 

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19 Sep 2014