SOURCE: North Bay Resources Inc.

August 13, 2013 08:00 ET

North Bay Resources Inc. (NBRI) Releases NI 43-101 Technical Report on Mount Washington Project and Initial Results of 2013 Fieldwork

SKIPPACK, PA--(Marketwired - Aug 13, 2013) - North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to announce that a NI 43-101 Technical Report on the Company's 100% owned Mount Washington Project on Vancouver Island, British Columbia, has been released on the Company website. The report is authored by Mr. Jacques Houle, P.Eng.

The Mount Washington Project (formerly known as the Mt. Washington/Connie Hill Property) is located on east-central Vancouver Island, approximately 15 kilometres northwest of Courtenay BC, and extends for 10 kilometres from Constitution Hill and Wolf Lake west to Mount Washington. The property presently covers 2,796 contiguous hectares (6,907 acres). Access to the property is by a network of well-maintained paved and gravel mining and logging roads. Electric power and ample water for drilling is available nearby. Port facilities and year-round accommodations, construction supplies, services and labor are also readily available in the Campbell River-Courtenay area. An overview of the historical assessment work from the various mineralized zones on the property is available at the Company website as well as a recent Company press release dated July 22, 2013.

Fieldwork thus far in 2013 includes select outcrop grab sampling with highlights achieved at the following locations:

  • Oyster Breccia Area - 3 samples taken from three separate known mineralized sites documented in ARIS report 17193 yielded up to 1.39 g/t gold.

  • Wolf Lake Area - 2 samples taken from three separate known mineralized sites documented in ARIS reports 27430 and 28405 yielded up to 16.4 g/t gold and 1.18% copper in 2 different samples.

  • Murex Breccia Area - 4 samples taken from four separate known mineralized sites documented in ARIS report 18391 and 7 select outcrop grab samples taken from areas of recently exposed or previously undocumented mineralized sites yielded up to 3.55 g/t gold, 0.749% copper and 0.026% molybdenum in 2 different samples.

The new NI 43-101 Technical Report released today features an extensive compendium of the known historical drilling, sampling, and assessment work from 1940 to the present, with compelling evidence of the rich mineralization contained from a multitude of locations at the Mount Washington property. Highlights from the conclusions of the NI 43-101 report include:

  • The Mount Washington Property is worthy of further exploration, building on past successful work, new mineral exploration and processing technology, and excellent local infrastructure. The potential exists both on and near the property to establish economically viable mineral resources of gold, silver, copper, molybdenum and/or tellurium that could be permitted, mined and processed.

  • At least 24 distinct mineral occurrences containing varying combinations of gold, silver, copper, molybdenum and/or tellurium in clusters over an area of 10 km. by 4 km have been identified. Hundreds of ore‐grade intercepts at current metal prices were achieved in natural and trenched outcrop samples or diamond drill holes by numerous operators on most of the 24 mineral occurrences on or adjacent to the Property.

  • The Subvolcanic Cu‐Au‐Ag (As‐Sb) ‐ (L01) mineral deposit profile category created by the BC Geological Survey in 1995 to capture the Equity Silver Past Producer (MINFILE 093L001) in central B.C. appropriately describes all the metallic mineral occurrences in the Mount Washington Property area. This target exploration model was not published or well known at the time most of the exploration work was done in the area, and so is a new model to test. The older and more common Epithermal and Porphyry mineral deposit profiles and their sub‐types can be genetically and spatially related to sub‐volcanic types within a district, and are also appropriate and have been successfully used in the Mount Washington Property area.

  • With current metal prices, the Mount Washington Property warrants modern data compilation, and systematic multi‐year exploration programs.

  • Using today's and projected future estimates of metal prices for gold, silver, copper, molybdenum and tellurium, reasonable exploration target models should be established for the Mount Washington Property. An investigation should be made of current mining and processing techniques and costs at operations exploiting similar deposits worldwide, including both open pit and underground operations. In the author's opinion, the following combined exploration target models could be used as a starting point:

    • Underground, flat‐dipping, discontinuous but clustered narrow vein deposits totaling 1 million tonnes @ 10 g/t gold, 100 g/t silver, 0.50% copper, 10 g/t tellurium and 5% arsenic, requiring complex processing for optimal recovery of gold, silver, copper and tellurium while suppressing arsenic.

    • Underground, steeply‐dipping, bulk mineable, clustered, breccia deposits totaling 100 million tonnes @ 1 g/t gold, 5 g/t silver, 0.50% copper, 0.01% molybdenum, 5 g/t tellurium and 0.5% arsenic, with similar processing requirements as above plus molybdenum recovery.

  • A phased, systematic exploration program is warranted on the property to achieve the following primary exploration objectives, in the author's opinion:

    • Discover new economic mineral deposits of any type on the property through systematic, phased exploration probably commencing with airborne geophysics

    • Establish new, bulk-mineable indicated resources of sufficient grades to be mined by underground methods in one or more of the breccia zones by diamond drilling

    • Establish measured resources in the Lakeview-Domineer Zone by re-opening the portal, re-mapping the adit, definition drilling and detailed interpretation

    • Further evaluate the metal resources in and metallurgical characteristics of the existing tailings pond from the historic mining operations at Mt. Washington

The Company notes that there are two known areas on the property with the potential of producing revenue in the near-term, including:

  • a portion of the Lakeview-Domineer Zone which has been partially developed with an adit for which the entire zone has been estimated to contain 550,298 tonnes @ 6.75 g/t gold, 32.23 g/t silver and 0.57% copper (not NI 43-101 compliant - by C.C. Rennie, P.Eng. for Better Resources Ltd., 1989), and which is adjacent to a 168 tonne bulk sample on the property taken in 2009 that assayed 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 (by F. Bakker, P.Geo. for Clibetre Explorations Ltd.).

  • a large tailings pond from the historic Mt. Washington Copper operation in the 1960's that has been estimated to contain 325,400 tonnes @ 0.124 g/t gold, 5.83 g/t silver, 0.102% copper, and 8.54 g/t tellurium (not NI 43-101 compliant - by J. Houle, P.Eng. for Clibetre Explorations Ltd, 2011)

The Company also notes that notwithstanding the near-term revenue potential from the two targets described herein, the Company's primary long-term focus is the development of the Murex Breccia prospect.

A link to the new NI 43-101 Technical Report is available on the Mount Washington page at our website, at http://www.northbayresources.com/mw.html.

Mr. Jacques Houle, P.Eng., 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. (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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