LAS VEGAS, NV--(Marketwire - Jul 26, 2012) - Cal-Bay International, Inc. (PINKSHEETS: CBYI) today announced the company plans to expand its precious metals mining interests and operations both overseas and in the USA.
The company today further announced the newly acquired geologist report on the North Nevada Mine Option, held by Cal-Bay, revealed significant reserves of precious metals on the gradable 40 Million Ton soft terrain property in the Northern Nevada region. The property is in proximity of two operational mines along the same seam.
Overall the report shows significant deposits of Gold, Mercury, Arsenic and Antimony within the claim. The Bar Zone samples contained detectable gold with a high value of 55ppb gold, Arsenic up to 1120 ppm AS, Mercury as high as 100ppm Hg and Antimony up to 105ppm Sb. The report indicates this seam could yield as much as 1 million ounces of Gold in addition to significant amounts of the other valuable deposits.
Cal-Bay is in negotiations for partnership agreements with several accredited groups and institutions to fund the Nevada mining operations.
Wikipedia: Gold mining in Nevada, a state of the United States, is a major industry, and one of the largest sources of gold in the world. Nevada currently mines 79% of all the gold in the United States, which is equivalent to 5,640,000 troy ounces (175 t) in 2009. Total gold production from Nevada recorded from 1835 to 2008 totals 152,000,000 troy ounces (4,700 t), worth over US $228 billion at 2011 prices. Almost all the gold in Nevada comes from large open pit mining and cyanide heap leaching recovery. A number of major mining companies, such as Newmont Mining and Barrick Gold Corporation, operate gold mines in the state. Active gold mines include those at Jerritt Canyon and Carlin.
Although Nevada was known much more for silver in the 19th century, many of the early silver-mining districts also produced considerable quantities of gold. The Comstock Lode, for instance, produced 8,600,000 troy ounces (270 t) of gold through 1959, and the Eureka district produced 1,200,000 troy ounces (37 t). And the Robinson copper mine has produced well over 2,700,000 troy ounces (84 t) gold, along with over 4 billion pounds (1,500,000 tonnes) of copper.
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