SOURCE: North Bay Resources Inc.

August 22, 2012 08:05 ET

North Bay Resources Inc. (NBRI) Completes Preliminary Assessment of Coronation Gold Property

SKIPPACK, PA--(Marketwire - Aug 22, 2012) - North Bay Resources Inc. (OTCBB: NBRI) (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to announce that a work program at the Company's Coronation Gold Property in the Slocan Silver Camp of British Columbia has recently been completed.

Coronation Gold is located near Memphis Creek, 6 kilometres northeast of Slocan in southeastern British Columbia. The property covers 604 hectares (1,493 acres) over several reverted crown grants and includes five other past-producing mines; the Colorado (MINFILE 082FNW161), the V&M (MINFILE 082FNW191), the Senator (MINFILE 082FNW164), the Sapphire (082FNW190), and the Homestake (MINFILE 082FNW213), in addition to the Coronation (MINFILE 082FNW162). Primary mineralization is gold, silver, lead, and zinc. The highest combined historical assays for ore shipped to the mill are 27.7 grams (0.89 ounces) per tonne gold, 13,000 grams (418 ounces) per tonne silver, and 20% lead.

According to MINFILE 082FNW162, the Coronation was reported to have produced ore grading as much as 13,000 grams (418 ounces) per tonne silver and 20% lead. The BC Assessment Report 18603 report notes that a sample of tetrahedrite-bearing ore from the portal assayed 2.1 grams per tonne gold and 6,000 grams (192 ounces) per tonne silver, and a sample from the Coronation dump assayed 0.4 gram per tonne gold, 2,414 grams (77.6 ounces) per tonne silver, 1.2% lead and 10.9% zinc. The same report documents samples from the Senator adit that assayed 6.1 grams per tonne gold and 1,080 grams (34.7 ounces) per tonne silver over 0.3 metres on a quartz-pyrite vein. MINFILE 082FNW164 documents that ore shipped from the Senator mine assayed 14.38 grams per tonne gold (0.46 ounces) and 1,390 grams per tonne silver (44.38 ounces). It was also reported (MINFILE 082FNW191) that one of the V&M mine adits shipped ore that assayed an average of 11.27 grams per tonne gold and 1,959 grams per tonne silver (63 ounces). Past-production at the Homestake mine (MINFILE 082FNW213) averaged 22.3 grams (0.72 ounces) per tonne gold, 2,610 grams (83.93 ounces) per tonne silver, 0.13% lead and 0.15% zinc. Recorded production at the Sapphire mine averaged 27.73 grams per tonne gold (0.89 ounces) and 1,413 grams per tonne silver (45.4 ounces).

The work program was conducted under the supervision of Mr. Dan Oancea, P.Geo. In his preliminary report after returning from the field, Mr. Oancea observed that, "Geological potential exists in identifying a new larger mineralized zone (vein system), and/or in extending the known mineralization along strike and dip. A new mineralized zone large enough to support a small mining operation could be identified by employing a multisensor airborne geophysical survey followed by groundtruthing (mapping & sampling of the anomalies), followed by a drilling program."

Samples have been sent to ALS Labs in Vancouver for analysis. We expect to receive the assay report in a few weeks, at which point we will announce the results.

Mr. Dan Oancea, P. Geo. is the Qualified Person as defined by National Instrument 43-101 who has reviewed this news release for technical accuracy.

About North Bay Resources Inc.

North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.

In the US, the Company owns the Ruby Gold Mine in Sierra County, California, and is presently planning to acquire additional operating mines in the western US. 

The Company's mission is to build a portfolio of viable mining prospects throughout the world and developing 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.

SAFE HARBOR FOR FORWARD LOOKING STATEMENTS

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.

Cautionary Note to U.S. Investors -The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on our website (or press releases), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form S-1 and subsequent Form 10-K which may be secured from us, or from our website at http://www.sec.gov/edgar.shtml

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