North Bay Resources Inc. (NBRI): Visible Gold Found in Soil Samples During Preliminary Phase One Exploration at Monte Cristo
North Bay Resources Inc. (OTC.BB: NBRI) (“North Bay” or the “Company”) is pleased to issue the following update on our Monte Cristo project in the Lillooet River Valley near Harrison Lake, British Columbia.
In conjunction with our JV partner, Devlin’s Bench Mining Ltd and P. Wright Contracting Ltd (“PWC”), the Company has engaged Ms. Agathe Bernard, B.Sc., as the consulting geologist supervising the Monte Cristo project. Ms. Bernard has a degree in Geology from Laval University in Quebec City, Canada, and has extensive experience in the planning, development, coordination, implementation, and supervision of geological and environmental programs, including exploration drilling, soil remediation, erosion control management and soil and water quality monitoring. Ms. Bernard has recently served as a consulting geologist for Xstrata, Eastmain Resources, and Astral Mining, amongst others.
On February 14, 2012, the Company and PWC began an exploration and sampling program on the Monte Cristo property, under the supervision of Ms. Bernard. The initial goal of the work program was to verify the presence of submicron size metals in the sand material along the Lillooet River, which was previously indicated by work conducted in 1970 by G.L. Kirwin, B.Sc., and J.M. Ashton, P.Eng., as documented in BC Assessment Report 2589. Instead, the crew unexpectedly found an abundance of visible gold, with some particles as large as one millimeter.
In her initial report from the field, Ms. Bernard stated, “The first round of soil sampling was exceptionally promising, showing visible gold flakes in 10 out of 17 samples collected. Most of the samples consisted of 60-90% fine to medium grained dark gray sand, with 10-30% sub angular light gray fine gravel. Most of the darker fraction correlated with high magnetite concentration, which is a favorable indication for gold accumulation at the site and is almost invariably present in placer gold deposits.”
The Company notes that Kirwin and Ashton never reported visible gold in their findings, and the Company therefore considers this a new discovery. This may also indicate that they missed the primary target, and the total resource may be much larger than they originally estimated. 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 Monte Cristo is expected to be well over 100 feet below the surface. To find visible gold in near-surface samples is therefore considered quite significant.
The first seventeen samples of black sand were concentrated on site using a Keen concentrator and reduced in volume by approximately 200 times to concentrate the fine part of the sample. The concentration was supervised by Ms. Bernard, and the samples were sent to ALS Labs in Vancouver for analysis. The assay results are expected back within a few weeks, at which time we will also learn if submicron size metals are also present in the samples.
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. (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 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
Perry Leopold, CEO North Bay Resources Inc. 2120 Bethel Road Lansdale, PA , 19446 Website: http://www.northbayresources.comPhone: 215-661-1100
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