SKIPPACK, PA–(01/10/12)- North Bay Resources Inc. (OTC.BB: NBRI.OB) is pleased to issue the following shareholder update on the status of current operations at the Ruby Gold Project.
The Ruby Tunnel rehab project continues to make steady progress. The weather has remained favorable, and we are prepared to keep working as long as the weather continues to cooperate. We expect that the Ruby will be a year-round operation once we are in full production and generating revenue. Until we reach that point however, snow removal operations are considered non-productive, and once significant snowfalls come to the high Sierras, we expect to break camp for the duration of the winter. Fortunately, that has not occurred yet, and so we have been taking advantage of the mild winter thus far to continue working. Given the current forecasts, we expect the work will proceed unabated for at least another week or two.
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 250,000 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 1,755 acres, consisting 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 about 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. (OTC.BB: NBRI.OB – News) 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 has acquired the Ruby Gold Mine in Sierra County, California, and is presently looking 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
StockGuru’s Profile for North Bay Resources Inc.
This is the condensed version – Full StockGuru Profile Found Here:
About North Bay Resources:
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.
- Transitioning from an exploration company to a gold producer in 2011
- Low O/S, low float, majority owned by insiders
- Acquiring the historic Ruby Gold Mine in the Motherlode District of Northern California
- Total resource is estimated to contain up to 500,000 ounces of gold
- Fully-permitted and ready to resume production this year
- The Ruby Mine is famous for its jewelers-grade gold nuggets, the largest of which (so far) weighs 201 ounces
- Annual revenue from on-going Joint-Ventures in Canada.
- $3M in work commitments from JV partners in Canada
- $5M equity credit line in place
- Non-dilutive EB-5 funding of $7.5 million in the pipeline
- Planning to acquire additional operating mines in the western United States region
North Bay Business Plan
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.
Long-term commodity uptrend supports NBRI’s multiple assets being placed into production in order to achieve substantial profitability for shareholders. Organic growth through the accumulation of performing assets, is expected to generate revenue from gold mining operations once the Ruby Mine and other assets are in production.
Ruby Gold Mine in Sierra County, California
Initial production is anticipated to begin in mid-2011.
Currently, with a $5 million equity line of credit in place additional funding of up to $7.5 million is expected to be provided through the federal EB-5 program, and the exact date production will commence is contingent on when our Regional Center application is approved by the USCIS. Upon approval by USCIS for the planned Northern California Regional Center and acceptance of the Ruby Project for funding under the EB-5 program, we expect to hire a qualified mining engineer as the Ruby Mine Manager, and to provide a suitable budget to begin hiring up to 60 employees from the local area to commence mining operations.
Escrow Opens June 1, 2011, and Closes On or Before July 1, 2011
The purchase will be initiated with the opening of escrow on June 1, 2011, and will be completed with the closing of escrow on or before July 1, 2011. Upon completion of the Ruby Mine purchase, the Company will have also acquired all of the outstanding shares of Ruby Gold, Inc. which will then become a wholly-owned subsidiary of North Bay Resources Inc.
Target Output Roughly 375 Tons Per Day
The target output is expected to be 250 cubic yards per day (approximately 375 tons) at an average grade of 0.164 ounces per bank cubic yard (BCY), for a monthly output of approximately 1,000 ounces of gold recovered. Production capacity and output is expected to increase by the second year of operations. Continued exploration and development of additional unmined channels as well as an undeveloped quartz vein believed to be the source of all the placer gold in the channel gravels are expected to increase resources and the life of the mine.
Mining Possible to Start Immediately Based on Infrastructure and Permitting
The existing infrastructure and permitting status make it possible to start up mining activity almost immediately. Four placer channels have been selected for initial mining, and they will be mined simultaneously as two separate projects; the Lawry Shaft Project and the Deep Rock Creek Project.
The Lawry Shaft Project targets two channels; the Mount Vernon Channel and the Pilot Channel. The Deep Rock Creek Project also targets two channels; the Deep Rock Creek Channel and the downstream extension of the Black Channel.
Once progress in the Lawry Shaft and Deep Rock Creek Projects is well established, a simultaneous program of exploration and development (E&D) is expected to be initiated. This is intended to be an ongoing program to prepare additional placer channel targets to provide continuous future production from the Ruby Mine placer channels.
Quartz Veins Provide Additional Exploration Target
The Ruby Mine’s quartz veins provide an additional exploration target. Exploration and development of the Ruby Mine’s quartz gold potential opens the possibility for additional gold production that will augment placer production and potentially extend total gold production far beyond the 10 plus years anticipated from the Ruby’s placer gold channels.
The Company exercised its option to purchase the Ruby Mine in Sierra County, California, in April 2011.
Two Contiguous Claim Groups
The Ruby property comprises two contiguous claim groups, the Ruby and the Golden Bear (aka Carson Camp), both of which include lode and placer claims. The Ruby claims combine three former producing gold mines; the Ruby, the Bald Mountain Extension, and the Wisconsin. The Golden Bear claims comprise several former producing mines as well, including the Golden Bear, the Ireland, and the Cincinnati. Collectively, the claims have produced in excess of 250,000 ounces of gold in a mining history dating from the 1850’s.
The property covers one and one-half miles of strike length along the Eastern Melones Fault, the major structure along which many of the gold deposits of the Mother Lode are localized. The property also encompasses an estimated 4 miles of partially mined and unmined auriferous Tertiary channels. The Ruby is located on the northern extension of the historic Mother Lode system, as evidenced in the map below that shows the location of the Alleghany-Downieville mining district in relation to the overall Mother Lode.
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 250,000 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, consisting of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 30 unpatented claims containing approximately 1,320 acres.
During the 2010 summer program, 35 samples were collected by Mr. Clifton from the Lawry Shaft workings and sent to American Assay Laboratories Inc. in Sparks, NV for fire assay analysis. The samples, each weighing approximately 1 kilogram, were collected at 10-foot intervals at the gravel-bedrock interface at 5 locations (A through E) within tunnels and crosscuts. At location C, samples C9 through C12 returned several high values, including 45.5 grams (1.45 ounces) and 15.05 grams (0.48 ounces) per metric ton (tonne) gold, as per the table below. This represents a 30-foot wide zone of placer gold-enriched sediments in which 3 of the 4 samples are highly anomalous.
This zone is considered mining width. Having delineated a 30-foot wide zone with a limited 35-sample set, we believe this indicates that gold-rich gravels are relatively abundant, easily identified, and present in existing workings ready to be exploited.
Plant, Equipment, Permits, and Site Infrastructure
The equipment, fixed assets, and infrastructure in place have been valued at an estimated $3.5 million, and 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.
Site inspections conducted during June and July, 2010 by C. Gary Clifton, a certified professional geologist (P.Geo.) retained by the Company as an independent consulting geologist to inspect and assess the Ruby Mine, and by management in September, 2010, confirmed that the Ruby is in excellent condition, and has been well maintained despite having not been operation since 1998. The equipment currently on-site at the Ruby was mostly purchased in the period between 1990 and 1995 when the mine was last in production, and is therefore between 15 and 20 years old. The equipment, including the wash plant and mill facilities, has been confirmed to be in good working order, though some minor upgrades are expected to be needed once operations resume. Upon the exercise of our option to purchase, management believes the mine can be placed back into operation in a very short period of time.
Equipment, Fixed Assets and Infrastructure Value Estimated $3.5 M
This is the condensed version – Full StockGuru Profile Found Here:
Contact North Bay Resources Inc.
Perry Leopold, CEO
North Bay Resources Inc.
2120 Bethel Road
Lansdale, PA , 19446
NBRI Disclosure: Pentony Enterprises LLC entered into an investor relations consulting and market awareness contract with NBRI. We hold not shares and will not be receiving any shares. To avoid all potential conflicts of interest, we never sell shares into the open market during an active market awareness or investor relations program. This means that as we release new information about a particular client company either on our site or otherwise authored by us, you can be confident we are not selling shares at the same time. Pentony Enterprises is not a registered investment adviser or a broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. The Company will compensate us a total of eight thousand dollars for coverage. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. Pentony Enterprises LLC – 1601 Berwick Drive – McKinney, Texas 75070 – (469) 252-3031.