Ruby Gold, Inc. Acquires Carson Mine; Stakes Claim to New Discovery Channel
April 09 2014 - 8:00AM
Marketwired
Ruby Gold, Inc. Acquires Carson Mine; Stakes Claim to New Discovery
Channel
NEVADA CITY, CA--(Marketwired - Apr 9, 2014) - Ruby Gold, Inc.
("RGI", or the "Company"), a wholly-owned subsidiary of North Bay
Resources Inc. (OTCQB: NBRI) ("North Bay") is pleased to announce
that the Company has acquired the Carson Mine (the "Carson")
through the staking of new claims adjacent to the northern border
of the Ruby Mine property in Sierra County, California. The
Company has also staked additional claims near the Ruby Adit to
cover in its entirety the Discovery Channel, a new previously
unknown channel that was identified as a direct result of a recent
gravity survey and geological mapping.
The Carson Mine was formerly owned by Brush Creek Mining and
Development Company, Inc. ("BCMD"), who purchased the Carson and
the nearby City of Six Mine from Golden Lion Mining Corporation in
1990 for $2,299,000. It consists of a group of quartz and
placer claims located along the Eastern Melones Fault, the major
controlling structure of the Motherlode, and is believed to be an
extension of the same mineralized system followed by the Ruby
Mine's Cincinnati Channel placer deposit and 4900 Vein quartz vein
structure. The Carson was assessed by Keewatin Engineering for
BCMD in 1991. A total of 387 samples from 3 veins located in the
underground workings yielded assays as high as 31.903 ounces per
ton gold, with an average grade of 0.04 opt after the four highest
grade samples were removed. No further work had been done at
the Carson by the time BCMD folded due to low metal prices. The
abandoned claims encompassing the Carson subsequently lapsed, which
thus allowed the Company to acquire them by staking new claims over
the Carson.
The immediate importance of the new Carson group of claims is
seen as being the location at which the Ruby Mine's Cincinnati
Channel is believed to outcrop at the surface. The Cincinnati
Channel is one of the primary drilling targets recently announced
in a North Bay press release on March 27, 2014. The staking of this
ground therefore extends our ownership of the Cincinnati Channel to
cover what is believed to be its entire length.
The Company has also staked additional claims to entirely cover
an area where a recently completed gravity survey has indicated the
presence of a new previously unknown channel. Now known as the
Discovery Channel, this new channel is indicated to extend for over
4,000 feet near the Ruby Adit.
The Company acquired the mineral rights to the Carson and the
Discovery claims through the General Mining Law of 1872 which
allows the Company to locate and stake claims on unpatented federal
land and registering the claims with the Bureau of Land Management
("BLM"). A total of 25 new claims covering 500 acres were
acquired at a total cost of $5,362, consisting of $4,862 in BLM
registration fees and Sierra County recording fees of $500. As
a result, the overall size of the Ruby Property has now been
expanded to 2,255 contiguous acres.
About Ruby Gold, Inc.
Ruby Gold, Inc., a wholly-owned subsidiary of North Bay
Resources Inc. (OTCQB: NBRI), is the owner and operator of the Ruby
Mine (the "Ruby"), a fully-permitted underground placer and lode
mine located near Downieville in Sierra County,
California. The Ruby is known to have produced over 350,000
ounces of gold since the 1850's, and is considered to be part of
the northern extension of the historic Mother Lode system. The Ruby
property covers approximately 2,255 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 55 unpatented claims containing
approximately 1,820 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 web page at
http://www.northbayresources.com/ruby/.
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 Ruby Gold, Inc. and its parent company,
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 Ruby Gold, Inc. or any other person that the
objective and plans of Ruby Gold, 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 registration statement
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 President Ruby Gold, Inc. 215-661-1100
http://www.northbayresources.com
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