North Bay Resources Inc (NBRI): Ruby Mine Progress Report
SKIPPACK, PA--(Marketwired - Feb 14, 2014) - North Bay Resources
Inc. (OTCQB: NBRI) ("North Bay" or the "Company") reports that the
first bulk material mined from the White Channel in the Ruby Mine
has now been processed.
112 tons of material mined from the White Channel has now been
run through the Ruby Mill. The material processed has consisted
mostly of waste rock and fall material from the opening and advance
into the entrance of the White Channel, and which has served as a
stress test on the mill to make sure all of the conveyors and other
vital systems functioned properly when carrying material of
considerable weight for long durations. This first round of
mining was not expected to produce meaningful gold recoveries until
we intersect a pay streak further up within the
channel. Nevertheless, while the exact weight will not be
known until the concentrate is fully processed next week, we can
estimate that approximately 1 ounce of fine gold has been
recovered. The recovery of any anomalous gold from what must
be considered background and waste material gives us reason to
believe that higher grade gravels are within reach. Past sampling
and mapping has identified a potential pay zone we are striving to
access and mine in the coming weeks as our operation moves forward
and deeper into the channel.
As this is the first time since 1998 that gold-bearing gravels
have been put through the wash plant, this first bulk sample is
also being used to assess the actual recovery rate of fine gold and
to make adjustments if it is determined that a significant amount
of fine gold is being lost in the wash process. Further
recovery tests will be run and evaluated before the next bulk
sample is processed. Going forward we expect a continuing measure
of throughput control, adjustments, and fine tuning of the mill as
we proceed with the processing of new material and work to maximize
the recovery rate.
Our underground crew is presently extracting and stockpiling a
second bulk sample and expects to see the gold recovery improve as
we reduce the waste component and drive deeper into the channel. We
have not yet encountered any of the paystreaks we believe lay
ahead, which accounts for the low grade results thus far. This
is typical of drift mining, where the gold is found in pockets near
bedrock, and it is not unusual to advance through many yards of low
grade gravels until a paystreak is revealed and the average overall
grade of gold increases as a result. We will continue mining to
process at least several more bulk samples before making a
determination whether to continue advancing in the White Channel or
move on to another mining target upstream. A second underground
crew is presently working further upstream on the construction of
the Big Bend Bypass Raise, which we hope to complete later this
spring.
It must be stressed that the White Channel is not and never has
been one of the principal mining targets previously identified by
our geological team. Rather, it became a mining target when,
during the course of the tunnel rehab it was determined that this
readily-accessible section of channel contained virgin gravels that
were not previously mined when the tunnel was originally driven,
and it was evident that we were able to begin mining it as soon as
all necessary preparations to widen the accessway and build a raise
into the channel were completed.
We will continue to extract bulk samples as work progresses and
until we can make a reliable assessment of the expected average
grade of the White Channel. We estimate that at current metal
prices it will take less than 10 ounces of gold recovery per week
to break even on the cost of mining, and less than 20 ounces to
break even on the all-in weekly cost of the project. These
numbers are quite modest and should be achievable if the
recoverable average grade of gold in the White Channel is
sufficient to meet these thresholds. This is what we are
presently working to determine. The work is expected to
continue throughout the winter, weather-permitting, and we will
provide additional updates once the results are known from the next
set of bulk samples.
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 350,000
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, 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 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 on the Ruby Mine, please visit the Ruby page on
the North Bay website at
http://www.northbayresources.com/ruby/.
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 1,755 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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