North Bay Resources Inc. (NBRI) Provides Update on Canadian Mining
Projects
SKIPPACK, PA--(Marketwired - May 15, 2014) - North Bay Resources
Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to
issue the following update on our near-term mining projects and
exploration properties in British Columbia, Canada.
With the exception of the Fraser River Project, our Canadian
projects have been on hold of late as the Company has been focusing
on getting the Ruby Mine in California into production. With
the Ruby continuing to advance forward, and in view of the upcoming
spinoff of our wholly-owned subsidiary, Ruby Gold, Inc., as a
separate independent company, we are now making plans to resume
work on some of our many projects in Canada, as well as to pursue
several other transactional opportunities that have presented
themselves recently.
Fraser River Project
A site survey conducted for the recently-announced Heritage
Impact Assessment ("HIA") on our Fraser River Project near Lytton,
BC was completed on April 11. The remaining HIA work consists
of compiling research and interviews prior to the issuance of the
final report. As detailed in the Company press release on
March 18, 2014, the HIA is being conducted by Golder Associates
Ltd., and is being led by Dr. Christopher Andreae, Ph.D.,
CAHP. A mining permit for the Fraser River Project was issued
in 2013, and mining operations are expected to resume this summer
pending the results from the HIA study. The Fraser River
Project area 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.
Monte Cristo
The Company is preparing to move forward with our Monte Cristo
placer project in the Lillooet River Valley near Harrison Lake,
BC. An exploration program conducted in 2012 resulted in
assays as high as 5.70 g/t gold, 3.26 g/t silver, and 0.067 g/t
platinum. Drawing on our recent experience at the Fraser River
Project with the current regulatory climate in BC, we are planning
to commission an Archeological Overview Assessment ("AOA") at Monte
Cristo prior to finalizing our mining plan and filing for our
mining permits. By doing so we hope to avoid any delays during
the permitting process related to any areas of archeological or
historical significance that may or may not be present on the Monte
Cristo property.
Mount Washington
The Company is formulating plans to conduct processing
operations on approximately 6,000 metric tons of mineralized
material that was extracted in 2009 from the Domineer mine at Mt.
Washington and stockpiled on the surface of our claims. In
July 2010, a 168 metric ton portion of this bulk sample was
assessed to yield 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. The historical resource estimate (not NI 43-101
compliant) of the Domineer gold deposit has previously been
reported as 550,298 tonnes with an average grade of 6.75 g/t gold,
32.23 g/t silver and 0.57% copper (Source: BC Assessment Report
32514).
Brett West
The Brett Gold deposit adjacent to and within 500 meters of our
Brett West property was recently sold by Running Fox Resource
Corporation to Ximen Mining Corp. for a reported $1,565,000 in cash
and stock. We believe our Brett West property, which also
partially surrounds Brett Gold in addition to being adjacent to it,
is either a continuation of the Brett Gold deposit, or else an
entirely new gold deposit altogether. As previously reported in a
Company press release dated October 25, 2013, a HMC program
conducted by North Bay on our Brett West property resulted in an
expansion and further delineation of the alteration zone found by
the Company in 2011. The 2013 field work also resulted in the
discovery of a completely new and previously undiscovered target
area about 400 metres west from where a 95.6 grams (3.07 ounces)
per tonne gold sample (NB-60) was located during our 2011
fieldwork. The 2013 HMC project produced new assays as high as 9.75
g/t gold from the original target area, and new and very positive
results downslope from the newly discovered alteration zone, with
three samples yielding 8.0 g/t, 2.29 g/t, and 2.53 g/t gold
respectively. These samples were all taken very close together and
point to a new target area upslope. Further exploration is
planned to locate the origin of this gold dispersal plume, and to
determine if Brett West is indeed related to and a continuation of
the Brett Gold deposit, or an entirely new gold deposit.
Willa
The property surrounding our Willa 5 claim in the Slocan
district of BC was recently sold by various vendors to Discovery
Ventures Inc. ("DVN") for a reported $3,600,000 in cash and
21,600,000 shares of DVN stock. With the exception of our
Willa 5 claim, DVN now owns the Willa Mine. Our Willa 5 claim,
which covers approximately 50 acres, is near the center of the
Willa Mine property and is completely surrounded by what is now
DVN's tenure. Our Willa 5 claim also partially overlies the
southeast portion of the Willa Mine's underground workings. If
the Willa Mine is successfully opened by DVN and any mining is
undertaken to the southeast, we believe it must then proceed
through our Willa 5 claim area. The Willa Mine's total mineral
resource estimate (historical, and not NI43-101 compliant) within
the measured, indicated, and inferred categories combined and based
on a 1.5-gram gold per tonne cutoff, is reported to be 3,989,494
tonnes grading 3.23 grams gold, 7.16 grams silver, and 0.53%
copper. (Source: BC Assessment Report 33570).
As time and funds permit, we will also endeavor to initiate new
field work in 2014 on several other properties that have yet to be
explored in depth, including Rachel Gold, near Salmo, BC, and Pine
River Vanadium, near Mackenzie, BC. We will issue further
updates as these projects move forward.
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
Contact: Perry Leopold CEO North Bay Resources Inc. 215-661-1100
http://www.northbayresources.com
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