North Bay Resources Inc. (NBRI) Agrees to Terms on Fraser River Project Joint Venture; Provides Permit Status Update
June 12 2013 - 8:15AM
Marketwired
North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the
"Company") is pleased to announce it has entered into a
joint-venture ("JV") agreement on the Company's 100%-owned Fraser
River Project near Lytton, British Columbia, with Solid Holdings
Ltd. ("Solid"), a private company based in Houston, BC.
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.
The terms of the agreement call for Solid to provide all
equipment, personnel, and related expenditures required to initiate
and sustain mining operations at the Fraser River Project. North
Bay will be responsible for maintaining the property in good
standing and securing the permits required for mining operations to
proceed. North Bay will retain 100% ownership of the property, and
will be paid a 20% net smelter royalty ("NSR") on all metals
recovered from operations, with Solid retaining 100% of the net
profits following payment of the NSR. Solid will be deemed the
project operator, and will be responsible for the day-to-day
operations. The initial agreement has been executed as a Memorandum
of Understanding between the parties, and will be formalized into a
definitive agreement once our mining permits are issued and prior
to the start of mining operations.
The Company notes that our former contractor, P. Wright
Contracting, has agreed to remain with the project as a consultant
and subcontractor. Our project geologist and manager, Dan Oancea,
P. Geo, will also remain with the project as the Company's on-site
liaison to the JV, with supervisory responsibilities to manage the
geological integrity of the deposit, and to establish an audited
chain-of-custody for all metals produced from mining
operations.
The Company is also pleased to report that we have received
notification from the Ministry of Mining that our Emergency
Response Plan ("MERP") for the Fraser River Project has been
accepted. As well, the Company has been asked to provide an
additional $3,000 to increase the reclamation bond currently on
deposit, which has been paid. The Mining Inspector has also
informed us that our permit application and mining plan has been
forwarded to other government resource agencies and area First
Nations for comment and review. We will continue to provide updates
on our permit status as well as other operational aspects of the
project as soon as there is additional news to report.
Mr. Dan Oancea, P. Geo., is the Qualified Person as defined by
National Instrument 43-101 who has reviewed this news release for
technical accuracy.
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 The Fraser River Project
The Fraser River Project is located near 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 North Bay Resources Inc.
North Bay Resources Inc. (OTCQB: 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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