SOURCE: North Bay Resources Inc.
SKIPPACK, PA--(Marketwire - Jul 9, 2012) - North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that formal notification of approval of its Plan of Operations has been received from the Ministry of Energy and Mines in British Columbia, and a mining permit under Section 10 of the Mines Act has been issued to allow mechanized excavation and reclamation work to begin at the Fraser River JV project, effective immediately. As required by BC regulations, a reclamation bond has also been posted.
The Fraser River Property is located near Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River.
As previously announced in a Company press release on May 24, 2012, a recent exploration sampling program conducted by our JV partner, Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC"), resulted in assays as high as 5.68 grams per tonne gold and 0.427 grams per tonne platinum, with average assays of 2.303 g/t gold and 0.096 g/t platinum from 7 samples. These samples were all unconcentrated, consisting only of raw in-place bank material collected within 0.3 meters from the surface. As such, these raw samples represent what will be expected to be recovered from one bank cubic yard of gravel. In addition, the Company notes that metal values in placer deposits often increase substantially with increase in depth towards bedrock, which in the case of the Fraser is estimated to be approximately 75 meters below the surface. On a per yard basis, these results are significantly higher than the assays achieved by the Company in 2009 from an area further north of the current work area, and confirms our belief that the Fraser River project is an economical resource that can be mined profitably for many years.
With our permits now approved and issued, PWC has begun mobilizing heavy excavation equipment and a portable custom-built gold recovery plant for deployment at the Fraser River project. The equipment is expected to be in position within the next few weeks, and operations will begin shortly thereafter.
About Devlin's Bench Mining Ltd
Devlin's Bench Mining Ltd is based in Barkerville, BC, and operates several placer gold mines throughout the Cariboo Mining District of British Columbia, including Conklin Gulch, Antler Creek, Devlin's Bench, Grouse, and Williams Creek.
About P. Wright Contracting Ltd
P. Wright Contracting Ltd is a Barkerville BC-based mining contractor, working in the mining sector for 20 years in British Columbia and the Yukon. PWC contracts for Ministry of Mines reclamation projects in the Cariboo Mining District, in addition to work for most other related government agencies. Fully insured and with a Lowbed company in house, PWC is 100% owned by Pete Wright and is a sister company to Devlin's Bench Mining Ltd, also owned 100% owned by Wright.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCBB: 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 U.S., the Company owns the Ruby Gold Mine in Sierra County, California, and is presently planning to acquire additional operating mines in the western U.S.
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