SOURCE: North Bay Resources Inc.

November 01, 2013 11:32 ET

North Bay Resources Inc. (NBRI) Issues Fraser River JV Project Update

SKIPPACK, PA--(Marketwired - Nov 1, 2013) -  North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") reports that a formal evaluation documenting the recently completed Archeological Overview Assessment ("AOA") at the Company's Fraser River Project near Lytton, BC has been completed and submitted for review to the Archeology Branch of British Columbia's Ministry of Forests, Lands and Natural Resource Operations (the "Branch").

The archeological work was performed by Klahanee Heritage Research under the auspices of Michael Klassen, Ph.D., RPCA. The report was completed and submitted to the Branch on October 25, 2013. The following is the report's summary of results and recommendations:

Field Results

  • Archaeological sites regulated under the Heritage Conservation Act were identified in close proximity to the proposed mining test pit and ancillary development area, and in conflict with the existing vehicle track, including a previously registered archaeological site (EbRj-147), an additional surface lithic scatter (in two discrete clusters), and a possible cultural depression.
  • Historic placer mining features were observed within the proposed test pit and ancillary development areas, representing small-scale sluice box and rocker placer mining dating from ca. 1859 to the late 1800s. These complement the larger-scale ground sluice and hydraulic mining features represented in the adjacent fields of cobble tailings and channels.

Impact Management for Regulated Archaeological Sites

  • Avoidance of regulated archaeological sites is feasible for the proposed test pit and ancillary development areas, and no further archaeological investigations within these areas are warranted.
  • Site avoidance is not feasible if the existing vehicle track will be used to access to the proposed project. A Heritage Inspection Permit or Site Alteration Permit issued under the Heritage Conservation Act will be required if access to the proposed project is via this track.
  • If an alternate access route is proposed in order to avoid conflict with the identified archaeological sites, a preliminary field reconnaissance survey to identify potential conflicts with heritage concerns is recommended.
  • Periodic surveillance and/or monitoring is recommended for all mining and related ground-disturbing activities, due to the proximity of regulated archaeological sites to the proposed test pit, ancillary development, and access track.

Impact Management for Non-regulated Heritage Concerns

  • Although the small-scale historic mining features identified in the project area are not regulated under the Heritage Conservation Act, the historic features are a significant component of the province's mining history and representative of the involvement of Chinese and Nlaka'pamux miners in the Fraser River gold rush.
  • Excavation of the proposed test pit and utilization of the ancillary development area will result in adverse impacts to the historic placer mining features and affect the integrity of the larger placer mining historic landscape.
  • A Heritage Impact Assessment of these historic features, as per the terms of reference provided by the Heritage Branch, is recommended prior to the commencement of mining activities.

The Company is pleased that the report confirms our expectations by clearly stating that there are no archeological sites of significance within the parameters of our permitted mining area, and concludes that no further archeological assessment work is warranted at the location where we will begin mining. Whether or not the Branch requests any additional surveys on the access roads or the unregulated heritage sites in the vicinity remains a subject for further discussion with the Branch. The report is now under review by the Branch, and the Company is awaiting the results of the review to learn what recommendations the Branch may or may not adopt. The Company will issue another update once the results of the Branch review are known.

About The Fraser River Project

The Fraser River Project is located near the village of Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River. Recent assessments indicate assays up to 5.68 grams per tonne gold and 0.427 grams per tonne platinum. 

About North Bay Resources Inc.

North Bay Resources Inc. (OTCQB: NBRI) is a fully-reporting junior mining company with current operations in the US and Canada.

In the US, the Company's 100% owned and royalty-free Ruby Mine is a fully-permitted underground placer and lode mine located in the northern extension of the historic Mother Lode system in Sierra County, California. The Ruby is known to have produced over 350,000 ounces of gold since the 1850's, including some of the most spectacular gold nuggets on record. The Ruby Property covers approximately 1,755 acres, only a small portion of which has been explored to date. The Company is presently completing the rehabilitation of the Ruby Tunnel and initiating test mining operations in the sections of the mine that are now accessible.

In British Columbia, the Company holds 100% ownership of a multitude of significant mining properties. These include two gold-platinum placers, the Fraser River Project and the Monte Cristo, and lode projects such as the advanced-stage Mount Washington Project on Vancouver Island, the Brett West/Bouleau Creek Gold project near Vernon BC, the Coronation Gold project in the historic Slocan Mining district, and the Tulameen Platinum Project near Princeton, BC. In addition to its many precious metal projects, the Company also owns additional prospective projects that host strategic mineral resources such as Vanadium, Crystalline Flake Graphite, Olivine, and Rare Earth Elements (REE).

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.

Additional information on the Company's many properties and ongoing projects is available at the Company website at http://www.northbayresources.com.

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 Form 10-K which may be secured from us, or from our website at http://www.sec.gov/edgar.shtml

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