SOURCE: North Bay Resources Inc.

December 07, 2009 08:31 ET

North Bay Resources Inc. (NBRI) Acquires Zippa Mountain Wollastonite Property

Contains the Potential Equivalent of More Than 3 Million Ounces of Gold

SKIPPACK, PA--(Marketwire - December 7, 2009) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that it has acquired a 100% undivided interest in the Zippa Mountain Wollastonite Property in northwestern British Columbia, Canada.

The Zippa Mountain Wollastonite Property (a/k/a ISK Wollastonite, MINFILE 104B 384) covers 2,456 hectares (6,066 acres) approximately 240 km northwest of the town of Smithers, BC and about 70 km northeast of Wrangell, Alaska.

According to BC Assessment Report 25449, six wollastonite deposits have been discovered and evaluated in the vicinity of Zippa Mountain. These are the Bril, Cliff, Bartnick, Glacier, Brys, and Slimjaw deposits. The geological resource estimate for all six wollastonite showings is 50 million tonnes.

The North Bay claims contain four of these deposits; the Cliff, Bartnick, Brys, and Slimjaw. Of these, the Cliff (so named because it represents a 100 metre plus cliff of high-grade wollastonite) is considered the best, and is estimated to contain 2 million tonnes of open pittable, high aspect ratio ore grading 80% wollastonite. As well, a pre-feasibility study contained in Assessment Report 24540 states that samples from all of the deposits show high-grade wollastonite, but it ranked the Cliff and Bartnick deposits as the best targets, as both are amenable to low-cost surface mining. The pre-feasibility study, which was completed prior to the adoption of NI 43-101 standards and is therefore considered a historical assessment, concluded that:

--  samples from one deposit -- the Cliff -- at ISK wollastonite indicates
    the existence of 75 to 80% pure wollastonite
--  beneficiation trials show this can be concentrated and recovered by
    standard magnetic separation and flotation to give 96% wollastonite with a
    brightness of at least 87% IS0
--  grinding trials have yielded acicular material of which 50% has an
    aspect ratio greater than 15:1
--  there is an inferred two million raw tonnes of wollastonite above
    ground in the Cliff Deposit; two much larger deposits have been identified
    which also indicate high grade raw material
--  a production concept of simple bench mining, slurry pipeline transport
    of the crushed raw wollastonite to the tidal Stikine River and then barging
    to a suitable port is proposed
--  ISK wollastonite is insoluble in water, does not contain leachable
    metallics and incapable of causing acid rock drainage; the immediate
    environment does not indicate sensitivities
--  the above factors all combine to indicate ISK Wollastonite can meet
    all market specifications and offer the opportunity for a profitable
    commercial operation and be confirmed in due course to be a world class
--  detailed work is now justified to establish the environmental and
    infrastructure baselines and continuity of wollastonite quality in the
    deposits in anticipation of a bulk sampling programme as a prelude to
    application for a mining lease

Wollastonite is an industrial commodity, and is the only naturally occurring, non-metallic, white acicular mineral. Because of its unique cleavage properties, wollastonite breaks down during crushing and grinding into needle-shaped particles of varying acicularity. This particle morphology imparts high-strength and is of considerable importance in many markets and applications, ranging from plastics and ceramic tile to vehicle brake pads, thermal insulation board, paints, and protective industrial coating. It is also used as a replacement for short-fibre milled fiberglass and short-fibre asbestos. The combination of high brightness and low gas release when heated creates a major demand in the ceramics industry, and the brilliant whiteness is of major importance to its use in the coatings industry and filler markets.

Market prices for domestically produced acicular wollastonite range from $205 to $1,984 per metric ton (Source: U.S. Geological Survey, 2008 Minerals Yearbook: Wollastonite, September 2009). The key variable is the grade, with the highest grade wollastonite used in the plastics and ceramics industries commanding the highest prices. To put this in perspective, the intrinsic value of the Company's Cliff deposit alone, which by itself is estimated to contain 2 million tonnes of raw high-grade wollastonite, is the virtual equivalent of between 300,000 and 3,000,000 ounces of gold at current market prices.

The reference to gold by inference is not without basis. It should be noted that the northern slope as well as the southwestern portions of the Zippa Mountain Property near the Bartnick deposit have previously been intermittently explored for gold before the wollastonite deposits were discovered in 1993. This is an area where glaciers have been continually receding and exposing new outcrops each year, creating the potential for new discoveries as more outcrops become exposed. Zippa Mountain is approximately 7 miles due west of Barrick's Snip gold mine (MINFILE 104B 250), which produced over 1 million ounces of gold and 4 million ounces of silver between 1991 and 1999. Less than one mile east of the Snip Mine is the current Bronson Slope project (MINFILE 104B 077). In 2008 Skyline Gold released a NI 43-101 compliant report with resource estimates of 225.1 million tonnes containing 2.6 million ounces of gold, 16 million ounces of silver, 38 million pounds of molybdenum, and 695 million pounds of copper. Given the close proximity of the Zippa Mountain property to these gold producing areas, a new discovery of gold around Zippa Mountain is a realistic possibility once wollastonite extraction operations commence and further exploration programs are expanded.

About North Bay Resources Inc.

North Bay Resources Inc. (PINKSHEETS: NBRI) is a junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada. The Company's mission is to build a portfolio of viable mining prospects throughout the world and develop them through subsidiaries and JV partners to their full economic potential. North Bay's business plan is based on the Generative Business Model, which is designed to leverage its properties into near-term revenue streams even during the earliest stages of exploration and development. This provides shareholders with multiple opportunities to profit from discoveries while preserving capital and minimizing the risk involved in exploration and development.


This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although North Bay Resources Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by North Bay Resources Inc. or any other person that the objective and plans of North Bay Resources Inc. will be achieved.

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