North Bay Resources Inc. (NBRI) Agrees to JV on Fraser River Platinum Project
October 17 2011 - 8:15AM
Marketwired
North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the
"Company") is pleased to announce that it has signed a Memorandum
of Understanding ("MOU") with Devlin's Bench Mining Ltd and P.
Wright Contracting Ltd ("PWC") to enter into a joint-venture on
North Bay's Fraser River Platinum Project in British Columbia.
The Fraser River Platinum Property is located near Lytton in
south-central British Columbia, Canada, and covers approximately
4.5 kilometers of placer claims along the Fraser River. The
property includes the Van Winkle Bar, from which BC MINFLE
092ISW078 and BC Open File 1986-7 have documented historical assays
of 5681 grams (182.67 ounces) per tonne platinum from black sand
concentrate.
On February 19, 2009, the Company announced that gold had been
discovered during the first phase of test excavations 400 metres
northwest of the Van Winkle Bar along an old river channel situated
75 metres higher than the existing Fraser River channel. Prior to
this there were no substantive indications of gold mineralization
in the Fraser River deposit.
Initial reports from the site indicated that the first two test
pits revealed visible gold in the black sands within two feet of
the surface. The general matrix of the bench placer is described as
having fine gold and platinum disbursed throughout the deposit, but
at low concentrations. However, pay streaks within the general
deposit are distributed in bands throughout the orebody, and are
much more concentrated, especially closer to the original erosion
channel. The orebody has been termed a "low velocity deposit," and
a textbook example for carrying pay streaks at several depths and
not just near the erosion channel.
Further exploration work conducted by North Bay in 2009
confirmed the initial findings and resulted in average assays of
520 grams (16.72 ounces) per tonne gold, 5.38 grams per tonne
platinum, and .04 grams per tonne palladium from black sand
concentrate.
The Company and PWC intend to resume development work and apply
for the appropriate mining permits that will allow for production
to begin as soon as the permits are approved.
North Bay CEO Perry Leopold commented, "We are very excited to
see work resuming at the Fraser River Project, and we are very
pleased that Pete Wright and his team have agreed to join us in
moving the project forward. Pete's wealth of experience and
well-established relationships in the region makes him the ideal
partner for our placer mining projects in British Columbia, and we
are looking forward to working closely with him to bring the Fraser
River Project into production as soon as possible."
Terms of the agreement will be disclosed following the signing
of a definitive contract.
About Devlin's Bench Mining Ltd
Devlin's Bench Mining Ltd is based in Barkerville, BC, and
operates several placer gold mines throughout the Cariboo Mining
District of British Columbia, including Conklin Gulch, Antler
Creek, Devlin's Bench, Grouse, and Williams Creek.
About P. Wright Contracting Ltd
P. Wright Contracting Ltd is a Barkerville BC-based mining
contractor, working in the mining sector for 20 years in British
Columbia and the Yukon. PWC contracts for Ministry of Mines
reclamation projects in the Cariboo Mining District, in addition to
work for most other related government agencies. Fully insured and
with a Lowbed company in house, PWC is 100% owned by Pete Wright
and is a sister company to Devlin's Bench Mining Ltd., also 100%
owned by Wright..
About North Bay Resources Inc.
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting
junior mining company with over 150 mineral and placer claims
encompassing approximately 60,000 acres throughout British
Columbia, Canada.
In the US, the Company owns the Ruby Gold Mine in Sierra County,
California, and is presently planning to acquire additional
operating mines in the western US.
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.
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 subsequent Form 10-K which may be secured from us, or
from our website at http://www.sec.gov/edgar.shtml
Contact: Perry Leopold CEO North Bay Resources Inc. 215-661-1100
http://www.northbayresources.com
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