North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the
"Company") announced today that the Company has filed its annual
report for Fiscal Year 2011 on Form 10-K with the United States
Securities and Exchange Commission ("SEC"). The Company is also
pleased to issue the following shareholder update on the status of
current operations, and a brief review of our accomplishments over
the past year.
Ruby Mine
The Ruby Tunnel rehab project continues to make steady progress,
with only a short interruption at the end of February from the
first significant snowfall of the year. The weather has remained
favorable, and we plan to continue operations as long as the
weather continues to cooperate.
As previously announced on December 22, 2011, our revised Ruby
Mine Reclamation Plan has been formally approved by Sierra County,
and the California Department of Conservation Office of Mining
Reclamation ("OMR"). The revised plan includes an expansion of the
tailings area which is expected to provide enough capacity to
support mining operations for at least another 5 to 7 years before
another expansion will need to be considered. The revised
Reclamation Plan is effective through April 16, 2018. The Company
notes that the United States Forest Service ("USFS") previously
approved the updated Plan of Operations for the Ruby Mine on
February 16, 2011, and has authorized its renewal through December
31, 2018. In addition, the mine has an order of Waste Discharge
Requirements in place with the State Water Resources Control Board.
These three permits combined are the primary regulatory
authorizations that will allow the Ruby Mine to begin commercial
production once we have completed the rehabilitation work in the
Ruby Tunnel.
EB-5
Our EB-5 funding for the Ruby Mine project, which was formally
approved by the United States Citizenship and Immigration Services
("USCIS") in July 2011, continues to move forward, and we expect to
announce a successful conclusion in the very near future. Local
requirements overseas to have documents translated into the native
languages of the various host countries where prospective investors
currently reside caused a delay for several months. That was
followed by the need to have all of the documents reviewed by local
attorneys overseas to make sure that they complied with all local
laws and regulations, which often vary from jurisdiction to
jurisdiction. Combined with other local customs that needed to be
complied with, this has all taken much longer than we originally
anticipated, but these administrative processes have all been
completed, and we are now in the final stage of vetting
investors.
Taber Mine
Due diligence on the Taber Mine is moving forward. The Company
has received data from previous operations, which will be reviewed
in depth this spring. The status of all relevant and existing
permits, including what may be required to renew them, will also be
reviewed. No decision will be made on whether to exercise the Taber
option until our due diligence process is completed.
Canadian Projects
As previously announced in a Company press release dated January
31, 2012, the recently completed geochemical survey on our Bouleau
Creek Gold property near Vernon, BC was highly successful, with
assay results as high as 95.6 grams per tonne gold reported.
Our Fraser River Platinum Project JV continues to move forward.
An application for a work permit was submitted to the British
Columbia Ministry of Mines in November 2011, and an initial bond
deposit was posted in January 2012 upon request by the Ministry. A
draft reclamation plan is being submitted this week to the Ministry
as well as to local First Nations governments. We expect to receive
a decision on permit approval sometime during Q2 2012 upon
acceptance of our plan by the Ministry and the First Nations. In
the meantime, a work program at the Fraser was conducted during the
week of March 7, 2012 to further block out and assess the deposit
area. Upon the recommendation of the crew, the Company has staked
an additional 60 hectares (148 acres) of ground adjacent to the
property that was evaluated as a continuation of the deposit area.
Samples have been sent to ALS Labs in Vancouver for assay. We will
announce the results as soon as we receive them.
Our Monte Cristo JV is also making great progress. Assay results
from the February work program previously announced in a Company
press release dated February 22, 2012, are still pending, and
should be received shortly. After spending a week taking samples
and mapping the Fraser River project, the crew has now returned to
the Monte Cristo to assess the west bank of the Lillooet River, an
area where no previous exploration work has been recorded. Initial
indications are that the mineralization on the west bank of the
river is virtually identical to the east bank, which gives rise to
the potential that the total size of the deposit may be
significantly larger than what was previously estimated.
North Bay CEO Perry Leopold commented, "With today's filing of
our annual report with the SEC, it seems appropriate to take a step
back and review everything that we have accomplished over the past
year. It was just a little more than one year ago that we completed
our long-awaited uplisting to the OTCBB. With all of the other
important milestones reached in 2011, that memorable event now
seems so long ago, but it was probably the singular event that has
put the company on firm footing for the first time in our corporate
history and made everything that followed possible. Combined with
completing the Ruby Mine acquisition, receiving approval from the
US Citizenship and Immigration Service for EB-5 funding of our Ruby
Mine project, and commencing operations at the Ruby as one of only
a handful of gold mines in California to be fully permitted, we
have achieved a great deal in a short amount of time. As we now
work towards putting our first mine into full production and
completing the transition from an exploration company to a gold
producer, it is our firm intent to continue doing everything
possible to grow the company and increase shareholder value as we
move forward. Our vision remains clear. Our future is golden."
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 250,000
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 1,755 acres, consisting of the
subsurface mineral rights of two patented claims totaling
approximately 435 acres and 30 unpatented claims containing
approximately 1,320 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 about the
Ruby Mine, please visit the Ruby page on the North Bay website at
http://www.northbayresources.com/ruby/.
About The EB-5 Program
The EB-5 Program was authorized by the US Congress under the
Immigration and Nationality Act of 1990, as amended, with the
intent to help stimulate the US economy by creating new jobs for
U.S. persons. The term "EB-5" is an acronym for "the fifth
employment based visa preference category". As it implies, the
source of the investment capital comes from foreign investors who
wish to legally immigrate to the US by investing $500,000 through a
regional center in a commercial enterprise located within a
Targeted Employment Area that will benefit the US economy and
create at least 10 full- time direct and/or indirect jobs for US
persons. The program is administered by USCIS, as provided under
Section 610 of Public Law 102-395. Since its inception in 1990, the
EB-5 Program has been the conduit through which over $1 billion has
been invested by foreign nationals in US enterprises to create jobs
throughout the US economy.
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 has acquired the Ruby Gold Mine in Sierra
County, California, and is presently looking 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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