SOURCE: North Bay Resources Inc.

September 23, 2014 08:00 ET

North Bay Resources Inc. (NBRI) Releases Updated NI 43-101 Technical Report on Mount Washington Project; Potential 200+ Million Tonne Gold-Silver-Copper Resource in Focus

SKIPPACK, PA--(Marketwired - Sep 23, 2014) - North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to announce that an updated NI 43-101 Technical Report on the Company's 100% owned Mount Washington Project on Vancouver Island, British Columbia, has been filed in Canada with the BC Mineral Titles Branch and released on the Company website. The report is authored by Mr. Jacques Houle, P.Eng. 

The updated 288 page report includes a new NI 43-101 and CIM compliant resource estimate on the Mt. Washington Copper Tailings area that is adjacent to the Murex Zones and 100% owned by the Company. This tailings resource estimate as specified by NI 43-101 consists of 241,625 tonnes at 0.119 g/t gold, 5.68 g/t silver, 0.098% copper, and 8.26 g/t tellurium indicated mineral resources, and 83,775 tonnes at 0.119 g/t gold, 5.68 g/t silver, 0.098% copper, and 8.26 g/t tellurium inferred mineral resources. The total tailings in the dam is calculated as 325,400 tonnes based on production records published by the BC government.

The report also now includes an extended discussion of a 168 tonne bulk sample extracted from a surface vein outside the Domineer adit 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. This bulk sample was taken in 2009 from an area wholly contained within the Company's property, and which partially covers the Lakeview-Domineer Zone that is 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). Approximately 6,000 tonnes of additional material mined from the Domineer adit in 1988 is presently stockpiled on the surface near the bulk sample site.

Aside from the potential near-term revenue streams from the processing and metal recovery of the Mt. Washington Tailings and the Domineer surface stockpile, the principal focus of the Company is the Murex and Oyster breccia deposits. In the report the author states his opinion that "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" represents a reasonable exploration target model that can be used as a starting point. From this the Company believes that the Murex and Oyster breccia deposits combined represent a potential in-situ resource of at least 200 million tonnes @ 1 g/t gold, 5 g/t silver, 0.50% copper, 0.01% molybdenum, and 5 g/t tellurium, especially when other similar breccia deposits known to be hosted on the property are factored in.

In his summary Mr. Houle concludes that, "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. An initial $1 million program is designed to target primarily bulk mineable mineral resources at the Murex Breccia, other known occurrences, and new discoveries, while establishing environmental and socio-economic programs necessary for long term success."

The updated NI 43-101 Technical Report released today also 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. 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 Mount Washington Project 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 2,421 contiguous hectares (5,980 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. The current NI 43-101 report as well as an overview of the historical assessment work from the various mineralized zones on the property is available at the Company 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 and approved 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 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 the SEC website at http://www.sec.gov/edgar.shtml

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