North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the
"Company") is pleased to report that formal notification of
approval of its Plan of Operations for the Company's Fraser River
Project near Lytton, BC has been received from the Ministry of
Energy and Mines ("MEM") in British Columbia, and a mining permit
under Section 10 of the Mines Act has been issued.
The Company notes that one additional task remains before mining
operations begin. As is customary during the review process of any
application for a mining permit in British Columbia, various
branches of the Ministry of Forests, Lands and Natural Resource
Operations ("FLNR") were also consulted by MEM. The Company has
been informed that one such division, FLNR's Archeological Branch,
has raised some concerns about the potential for disturbance to
certain areas of the property close to the Company's proposed work
site that were theorized to have some possible but as yet unknown
archeological significance. While the issuance of our mining permit
was not contingent on the Archeological Branch's consent, the
Company has agreed to satisfy the Branch that no disturbance to any
suspected archeological site will occur during the course of our
mining operations at the Fraser River Project. Accordingly, the
Company is arranging for a professional archeologist to visit the
site as soon as possible to prepare an Archeological Overview
Assessment ("AOA") for the Branch. If no archeological sites of
significance are found, which is what the Company expects, the
Company will then proceed immediately with its mining plan.
However, if evidence of a significant archeological site is
observed close to where the Company will be mining, the Company
will then need to either move the proposed work site to a more
suitable location and file an amendment to the permit, or conduct a
more extensive Archeological Impact Assessment ("AIA"). The AOA
work should not take long to complete, depending on how soon an
archeologist can schedule a site visit. Should the evaluation
conclude that an AIA is recommended, an application for a separate
permit to conduct further archeological work will need to be filed,
which could potentially delay the project for several months. The
Company will make further announcements once the results of the AOA
survey are known.
In related news, and as set forth in the Company's Current
Report on Form 8-K filed with the United States Securities and
Exchange Commission ("SEC") on June 25, 2013, the Company has
executed a definitive agreement with Solid Holdings Ltd. ("Solid"),
a private company based in Houston, BC, to formalize the terms of
the Fraser River joint venture previously announced in a Company
press release on June 12, 2013. Solid has over 30 years of
experience as a mining contractor, and has recently expanded its
business with a custom-built processing facility in Houston, BC
that is specifically designed to process black sand concentrates.
Solid's process uses a proprietary method to maximize the amount of
precious metals recoverable from black sand concentrates, such as
those expected to be produced at the Fraser River Project.
With our permits now approved and issued, Solid will begin
mobilizing equipment for deployment at the Fraser River Project as
soon as the aforementioned archeological assessment work is
completed.
About The Fraser River Project
The Fraser River Project is located near the village of Lytton
in south-central British Columbia, Canada, and covers approximately
4.5 kilometers of placer claims along the Fraser River. Recent
assessments indicate assays up to 5.68 grams per tonne gold and
0.427 grams per tonne platinum.
About Solid Holdings Ltd.
Solid Holdings Ltd. is a private company headed by Stan
Spletzer, of Houston, British Columbia. Mr. Spletzer, president of
Solid Holdings Ltd, brings over 30 years of contracting experience
related to aggregate mining, road construction, logging, and
silviculture in northern British Columbia. Solid owns and operates
a gold processing plant specializing in black sand recovery, along
with a lab for assaying and smelting in Houston, BC. He presently
holds contracts with several local mining projects.
Solid has also partnered with High Velocity Training to set up
equipment training projects throughout British Columbia and Alberta
that bring industry and First Nations together into profitable
partnerships.
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
Contact: Perry Leopold CEO North Bay Resources Inc. 215-661-1100
http://www.northbayresources.com
North Bay Resources (PK) (USOTC:NBRI)
Historical Stock Chart
From Mar 2024 to Apr 2024
North Bay Resources (PK) (USOTC:NBRI)
Historical Stock Chart
From Apr 2023 to Apr 2024