SOURCE: North Bay Resources Inc.

February 15, 2011 08:47 ET

North Bay Resources Inc. (NBRI) Expands Tulameen Platinum Project; New Claims Include Recent Discovery of Vanadium and Rare Earths (REE)

SKIPPACK, PA--(Marketwire - February 15, 2011) - North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that the Company has staked additional claims totaling 2,797 acres adjacent to and nearby its 100% owned Tulameen Platinum Project in southeastern British Columbia. In addition to significant precious metal values, 2,127 acres of the new claim area include recently-discovered indications of vanadium and rare earth elements (REE).

The Tulameen Platinum Project is located below Grasshopper Mountain along a 5 km stretch of the Tulameen River and Britton Creek, near the village of Tulameen and approximately 21 km west-southwest of Princeton, BC. During the late 1800's, the Tulameen District was the most important producer of platinum in North America.

Assays of drill core and chip samples in this area are documented to have returned consistently significant platinum values. BC Assessment Report 27009 filed with British Columbia in 2002 describes a channel sample that returned an assay of 7.78 grams per tonne platinum over 3.5 metres, including 10.17 grams per tonne platinum across 2.0 metres in chromitiferous dunite. Assay results for chromium were reported to be very high, ranging from 8.67% to 24.97% chromium. In two other zones, the best samples ran 15 grams per tonne platinum in one zone, while results from diamond drill core analysis in the second zone returned platinum values of 30.89 grams per tonne over 3.05 metres. In addition, sampling of two historic quarries obtained values ranging from 8 to 64 grams (2.06 ounces) per tonne platinum (BC Assessment Report 27009, pages 19-25). 

The new claim areas include:

  • A 569 acre extension to the northern border of the property, virtually doubling the size of the principal project area, and consolidating several known platinum-bearing zones with the inclusion of the Ridge Zone (MINFILE 092HNE207). The Ridge Zone is a platinum-chromite showing that outcrops along a northwest-trending ridge on the southern slopes of Grasshopper Mountain. According to BC Assessment Report 17170, the Ridge Zone has assayed up to 1.45 grams per tonne platinum over a strike length of 150 metres and a width of 50 metres, with an average assay of 551 ppb. The new ground consolidates the main project area by connecting the Ridge Zone with two adjacent platinum-chromite occurrences known as the Creek Zone and the South Zone. The South Zone has assayed approximately 1.4 grams per tonne platinum on opposite ends of the zone, with a strike length of approximately one kilometre. In between the Ridge Zone and the South Zone, the Creek Zone has assayed up to 4.4 grams per tonne platinum along a strike length measuring 600 metres (0.37 miles) long and a width of 60 metres.

  • Three kilometres due east of the main zones and adjacent to the eastern border of the property the Company has staked 51 additional acres that cover the H&H showing on Hines Creek, 1.1 kilometres southeast of the creek's confluence with the Tulameen River and 7.5 kilometres west-southwest of Tulameen BC. According to MINFILE 092HNE205, a grab sample from the H&H analyzed 3.6% copper, 0.066 grams per tonne gold, 17.1 grams per tonne silver, 0.247 grams per tonne platinum, and 0.730 grams per tonne palladium (Assessment Report 17280, page 9, sample W461). A quartz vein, up to 10 centimetres wide, outcrops 50 metres to the south. A grab sample of this vein assayed 0.810 grams per tonne gold and 0.025 grams per tonne platinum (BC Assessment Report 17280, page 9, sample W637).

  • Ten kilometres southeast of the Tulameen River, the Company has also staked 2,127 contiguous acres along Newton Creek, covering the Newton Creek Platinum showing, and directly adjacent to the Company's Granite Creek Platinum property. According to MINFILE 092HSE159, the Newton Creek Platinum showing features a greenstone dyke, approximately 18 metres wide, and mineralized with copper sulphide veins over 0.3 metres. A sample of the sulphide assayed 8.6 grams of platinum per tonne (Geological Survey of Canada Economic Geology Report No. 13, page 93). Included in the new claim area is a 50 acre placer claim covering the Newton Creek Gold-Platinum Placer (MINFILE 092HSE232)

In addition to the precious metals indicated, prospecting work on the Newton Creek Platinum claims in 2007 and documented in BC Assessment Report 29903 revealed anomalous indications of vanadium and rare earth elements (REE). The report contains lab assays from 7 samples that show vanadium grades of up to 2,540 ppm vanadium (0.45% V2O5), 53.3 ppm cerium, 35.3 ppm neodymium, 28.5 ppm lanthanum, and 46.9 ppm yttrium. The table below shows the best composite results of all REE's and related minerals from the 7 samples.

Name Symbol PPM
Lanthanum La 28.50
Cerium  Ce  53.30
Praseodymium Pr 7.38
Neodymium Nd 35.30
Samarium Sm 7.66
Europium Eu 2.18
Gadolinium Gd 8.26
Terbium  Tb 1.30
Dysprosium Dy 8.10
Holmium  Ho 1.60
Erbium  Er 4.94
Thulium  Tm 0.64
Ytterbium Yb 4.45
Lutetium Lu 0.56
Yttrium  46.90
     
Vanadium V 2540.00
Strontium Sr 1545.00
Titanium Ti 29500.00
Gallium Ga 23.00
Cesium Cs 3.84
Rubidium Rb 145.00
Beryllium Be 0.70
Lithium Li 10.10

The Company notes that the objective of the 2007 work program was to prospect for precious metals, and the unexpected grades of vanadium and REE's in the assay results is considered a new discovery in an area where REE's had not previously been detected. 

Links to all of the reports referenced in this announcement are available at the Company website at http://www.northbayresources.com.

In an unrelated matter, the Company also wishes to announce that it has agreed to sell a number of its mineral claims in the Slocan Mining District of British Columbia, Canada, to Yardley Mountain Gold Corp, for the aggregate sum of $93,000 USD. The transaction includes all of the claims comprising the Company's Silver Leaf and North Star Silver properties. Full details of the transaction are set forth in the Company's Current Report on Form 8-K filed with the United States Securities and Exchange Commission ("SEC") on February 14, 2011.

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 holds an option to acquire the Ruby Gold Mine in Sierra County, California, and is presently looking 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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