SKIPPACK, PA--(Marketwired - May 15, 2014) - North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to issue the following update on our near-term mining projects and exploration properties in British Columbia, Canada.
With the exception of the Fraser River Project, our Canadian projects have been on hold of late as the Company has been focusing on getting the Ruby Mine in California into production. With the Ruby continuing to advance forward, and in view of the upcoming spinoff of our wholly-owned subsidiary, Ruby Gold, Inc., as a separate independent company, we are now making plans to resume work on some of our many projects in Canada, as well as to pursue several other transactional opportunities that have presented themselves recently.
Fraser River Project
A site survey conducted for the recently-announced Heritage Impact Assessment ("HIA") on our Fraser River Project near Lytton, BC was completed on April 11. The remaining HIA work consists of compiling research and interviews prior to the issuance of the final report. As detailed in the Company press release on March 18, 2014, the HIA is being conducted by Golder Associates Ltd., and is being led by Dr. Christopher Andreae, Ph.D., CAHP. A mining permit for the Fraser River Project was issued in 2013, and mining operations are expected to resume this summer pending the results from the HIA study. The Fraser River Project area 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.
The Company is preparing to move forward with our Monte Cristo placer project in the Lillooet River Valley near Harrison Lake, BC. An exploration program conducted in 2012 resulted in assays as high as 5.70 g/t gold, 3.26 g/t silver, and 0.067 g/t platinum. Drawing on our recent experience at the Fraser River Project with the current regulatory climate in BC, we are planning to commission an Archeological Overview Assessment ("AOA") at Monte Cristo prior to finalizing our mining plan and filing for our mining permits. By doing so we hope to avoid any delays during the permitting process related to any areas of archeological or historical significance that may or may not be present on the Monte Cristo property.
The Company is formulating plans to conduct processing operations on approximately 6,000 metric tons of mineralized material that was extracted in 2009 from the Domineer mine at Mt. Washington and stockpiled on the surface of our claims. In July 2010, a 168 metric ton portion of this bulk sample was assessed to yield an average grade of 51.53 grams (1.65 ounces) per tonne gold, 88.02 grams (2.83 ounces) per tonne silver, and over 1% copper. The historical resource estimate (not NI 43-101 compliant) of the Domineer gold deposit has previously been reported as 550,298 tonnes with an average grade of 6.75 g/t gold, 32.23 g/t silver and 0.57% copper (Source: BC Assessment Report 32514).
The Brett Gold deposit adjacent to and within 500 meters of our Brett West property was recently sold by Running Fox Resource Corporation to Ximen Mining Corp. for a reported $1,565,000 in cash and stock. We believe our Brett West property, which also partially surrounds Brett Gold in addition to being adjacent to it, is either a continuation of the Brett Gold deposit, or else an entirely new gold deposit altogether. As previously reported in a Company press release dated October 25, 2013, a HMC program conducted by North Bay on our Brett West property resulted in an expansion and further delineation of the alteration zone found by the Company in 2011. The 2013 field work also resulted in the discovery of a completely new and previously undiscovered target area about 400 metres west from where a 95.6 grams (3.07 ounces) per tonne gold sample (NB-60) was located during our 2011 fieldwork. The 2013 HMC project produced new assays as high as 9.75 g/t gold from the original target area, and new and very positive results downslope from the newly discovered alteration zone, with three samples yielding 8.0 g/t, 2.29 g/t, and 2.53 g/t gold respectively. These samples were all taken very close together and point to a new target area upslope. Further exploration is planned to locate the origin of this gold dispersal plume, and to determine if Brett West is indeed related to and a continuation of the Brett Gold deposit, or an entirely new gold deposit.
The property surrounding our Willa 5 claim in the Slocan district of BC was recently sold by various vendors to Discovery Ventures Inc. ("DVN") for a reported $3,600,000 in cash and 21,600,000 shares of DVN stock. With the exception of our Willa 5 claim, DVN now owns the Willa Mine. Our Willa 5 claim, which covers approximately 50 acres, is near the center of the Willa Mine property and is completely surrounded by what is now DVN's tenure. Our Willa 5 claim also partially overlies the southeast portion of the Willa Mine's underground workings. If the Willa Mine is successfully opened by DVN and any mining is undertaken to the southeast, we believe it must then proceed through our Willa 5 claim area. The Willa Mine's total mineral resource estimate (historical, and not NI43-101 compliant) within the measured, indicated, and inferred categories combined and based on a 1.5-gram gold per tonne cutoff, is reported to be 3,989,494 tonnes grading 3.23 grams gold, 7.16 grams silver, and 0.53% copper. (Source: BC Assessment Report 33570).
As time and funds permit, we will also endeavor to initiate new field work in 2014 on several other properties that have yet to be explored in depth, including Rachel Gold, near Salmo, BC, and Pine River Vanadium, near Mackenzie, BC. We will issue further updates as these projects move forward.
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 subsidiary, Ruby Gold, Inc., owns and operates the Ruby Mine in Sierra County, California. The Ruby Mine is a fully-permitted underground placer and lode mine located in the northern extension of the historic Mother Lode system. 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 2,312 acres, only a small portion of which has been explored to date.
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