SOURCE: North Bay Resources Inc.

September 18, 2014 08:55 ET

North Bay Resources Inc. (NBRI) Reports Sales of Specimen Gold From Ruby Mine at Prices up to 50% Above Spot

SKIPPACK, PA--(Marketwired - Sep 18, 2014) - North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to report that an aggregate of 2.1 ounces of the initial specimen gold produced from the Ruby Mine in Sierra County, California has recently been sold at prices up to 50% above the spot price of gold on the date of sale. 

Of the 2.1 ounces, 48.9 grams of gold were sold at premiums ranging between 20% and 50% above spot prices, depending on the quality of the individual nugget, with an average premium of 30% above spot. The remaining 16.4 grams consisted of raw "inlay" gold pieces that were sold at the spot price of gold on the day of the sale. It should be noted that even selling a specimen at spot represents a premium, as specimen gold is unrefined and contains a variable percentage of impurities that would reduce its recoverable value if the specimen were to be sent to the refinery and melted down as bullion.

As mining has moved forward at the Ruby Mine it is evident from our initial results over the past few months that a significant amount of the gold produced from the Ruby will be specimen gold that we can expect to sell at premium prices over spot. We believe this makes the Ruby Mine unique, as contrary to popular belief not all gold is created equal, and demonstrates that the gold from the Ruby Mine is a cut above the "ordinary" gold produced from most of the other gold mines around the world. 

In other news, the Company reports that the mining of the Black Channel Crosscut is moving forward, and gravels are presently being stockpiled for processing. The Company also reports that the construction of the new raise to the recently-discovered South Terrace is now up almost 50 feet in elevation, and is expected to be completed by the end of the month. Once the raise is completed, we will prepare to begin bulk sampling of the South Terrace gravels. At least a week or two of preparation work to install slusher stations and other necessary equipment at the top of the raise is expected before the first bulk sample from the South Terrace will be mined and processed. As disclosed in the Company press release dated July 29, 2014, a 5 pound sample of gravels from drill hole C-2 revealed visible gold, thereby confirming that the gravels in the South Terrace are gold bearing. The upcoming bulk sampling should provide an initial estimate of what the grade of the South Terrace resource can be expected to be.

About The Ruby Gold Project

The Ruby Mine, a/k/a the Ruby Gold Project, is a fully-permitted underground placer and lode mine located near Downieville in Sierra County, California that is known to have produced over 350,000 ounces of gold since the 1850's, and which is considered to be part of the northern extension of the historic Mother Lode system. The Ruby Property covers approximately 2,312 contiguous acres, only a small portion of which has been explored to date. The property consists of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 59 unpatented claims containing approximately 1,877 acres. The equipment, fixed assets, and infrastructure in place include a 1,000 yard per day placer wash plant, 50-ton per day quartz mill, 6,000 feet of tracked haulage, and related support equipment needed for underground mining operations. The property also features an excellent system of roads, is accessible via paved highway from Reno or Sacramento, has abundant water and timber available for mining purposes, and has PG&E power available on-site. For further information on the Ruby Mine, please visit the Ruby page on the North Bay website at http://www.northbayresources.com/ruby/.

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

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