North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to issue the following progress report on work ongoing at the Ruby Mine in Sierra County, California.
Mining in the Black Channel began on schedule last week and is proceeding forward. The first carloads of gravels will be brought out to the mill shortly and queued for processing. We note that the Ruby wash plant has been offline for the past three weeks for a conveyor belt replacement and related upgrades. This work has been completed, and the plant has resumed operations.
Prior to processing the Black Channel gravels, a stockpile of recently-mined gravels from the White Channel was processed on Tuesday of this week, and 16.2 grams of coarse gold were recovered from a 69 ton bulk sample. The concentrates from this run were processed yesterday and another 12.7 grams of gold were recovered, bringing the total recovery of this bulk sample to approximately 29 grams of gold. It is instructive to note that the initial bulk samples from the White Channel processed last spring resulted in the recovery of very fine gold that would typically be expected to come from the rim of a channel. As we proceed forward into the White Channel, we are encouraged to see that the gold is increasingly larger and coarser, and thus the work will continue in an attempt to locate its source. A picture of the recent gold recovery can be viewed at http://www.northbayresources.com/ruby/1stnuggets.html.
The Company also reports that the construction of the new raise to the recently-discovered South Terrace has progressed over 30 feet, and is now more than halfway up to its destination approximately 60 feet above the Ruby Adit. An additional shift has been added this week to accelerate its completion. Once the raise is completed, we expect to begin bulk sampling of the South Terrace gravels. As disclosed in the Company press release dated July 29, 2014, a 5 pound sample of gravels from drill hole C-2 revealed visible gold, thereby confirming that the gravels in the South Terrace are gold bearing.
In other news, the Company has received the assay results from 19 samples sent to ALS Chemex in Reno, NV for analysis. As previously reported in a Company press release dated July 8, 2014, selected samples from rotary drill holes several hundred feet further upstream from the South Terrace location were sent to ALS in late July. These samples were to test for the possible intersection with several quartz veins that were previously unknown. The lab results show that while 14 of the 19 samples contained trace gold ranging between .005 and .012 grams per ton, these results are not considered significant, though further investigation and exploration for as-yet undiscovered quartz veins is warranted in the surrounding areas.
Mr. C. Gary Clifton, P.Geo., is the Company's independent consulting geologist for the Ruby Gold Project. Mr. Clifton is a Qualified Person as defined by National Instrument 43-101, and has reviewed this press release for technical accuracy.
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 1850s, and which is considered to be part of the northern extension of the historic Mother Lode system. The Ruby Property covers approximately 2,312 contiguous 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 59 unpatented claims containing approximately 1,877 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 1850s, 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
North Bay Resources Inc.
SOURCE: North Bay Resources Inc.