SOURCE: North Bay Resources Inc.

August 08, 2013 08:00 ET

North Bay Resources Inc. (NBRI) Receives Mining Permit Approval for Fraser River JV Project

SKIPPACK, PA--(Marketwired - Aug 8, 2013) - North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to report that formal notification of approval of its Plan of Operations for the Company's Fraser River Project near Lytton, BC has been received from the Ministry of Energy and Mines ("MEM") in British Columbia, and a mining permit under Section 10 of the Mines Act has been issued.

The Company notes that one additional task remains before mining operations begin. As is customary during the review process of any application for a mining permit in British Columbia, various branches of the Ministry of Forests, Lands and Natural Resource Operations ("FLNR") were also consulted by MEM. The Company has been informed that one such division, FLNR's Archeological Branch, has raised some concerns about the potential for disturbance to certain areas of the property close to the Company's proposed work site that were theorized to have some possible but as yet unknown archeological significance. While the issuance of our mining permit was not contingent on the Archeological Branch's consent, the Company has agreed to satisfy the Branch that no disturbance to any suspected archeological site will occur during the course of our mining operations at the Fraser River Project. Accordingly, the Company is arranging for a professional archeologist to visit the site as soon as possible to prepare an Archeological Overview Assessment ("AOA") for the Branch. If no archeological sites of significance are found, which is what the Company expects, the Company will then proceed immediately with its mining plan. However, if evidence of a significant archeological site is observed close to where the Company will be mining, the Company will then need to either move the proposed work site to a more suitable location and file an amendment to the permit, or conduct a more extensive Archeological Impact Assessment ("AIA"). The AOA work should not take long to complete, depending on how soon an archeologist can schedule a site visit. Should the evaluation conclude that an AIA is recommended, an application for a separate permit to conduct further archeological work will need to be filed, which could potentially delay the project for several months. The Company will make further announcements once the results of the AOA survey are known.

In related news, and as set forth in the Company's Current Report on Form 8-K filed with the United States Securities and Exchange Commission ("SEC") on June 25, 2013, the Company has executed a definitive agreement with Solid Holdings Ltd. ("Solid"), a private company based in Houston, BC, to formalize the terms of the Fraser River joint venture previously announced in a Company press release on June 12, 2013. Solid has over 30 years of experience as a mining contractor, and has recently expanded its business with a custom-built processing facility in Houston, BC that is specifically designed to process black sand concentrates. Solid's process uses a proprietary method to maximize the amount of precious metals recoverable from black sand concentrates, such as those expected to be produced at the Fraser River Project.

With our permits now approved and issued, Solid will begin mobilizing equipment for deployment at the Fraser River Project as soon as the aforementioned archeological assessment work is completed.

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 Solid Holdings Ltd.

Solid Holdings Ltd. is a private company headed by Stan Spletzer, of Houston, British Columbia. Mr. Spletzer, president of Solid Holdings Ltd, brings over 30 years of contracting experience related to aggregate mining, road construction, logging, and silviculture in northern British Columbia. Solid owns and operates a gold processing plant specializing in black sand recovery, along with a lab for assaying and smelting in Houston, BC. He presently holds contracts with several local mining projects.

Solid has also partnered with High Velocity Training to set up equipment training projects throughout British Columbia and Alberta that bring industry and First Nations together into profitable partnerships.

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 rehabilitating the Ruby Tunnel, and expects to begin mining operations upon its completion.

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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