North Bay Issues Operational Update
SKIPPACK, PA -- (Marketwire) -- 08/21/12 -- North Bay Resources Inc. (OTCBB: NBRI) (OTCQB: NBRI) ("North Bay" or the "Company") today issued the following update on our operations in the US and Canada.
Ruby Mine
As previously announced in a Company press release dated July 23, 2012, safety inspections at the Ruby Mine on July 17, 2012 conducted by the federal Mine Safety and Health Administration ("MSHA") resulted in a stop work order until various plans required by MSHA had been submitted and approved. Last week the Company was notified that MSHA has formally approved our mine safety training plans. We are now waiting for our other plans to be approved. We will make an announcement when MSHA has terminated the stop work order and allows us to resume operations.
Fraser River
Pursuant to the MOU agreement signed with our JV partner and project operator, P. Wright Contracting Ltd ("PWC"), as amended on January 19, 2012, North Bay and PWC ("the Parties") were to sign a definitive agreement within 60 days of receiving the applicable permits from the Ministry of Energy, Mines, and Petroleum Resources ("MEMPR") in British Columbia. The statutory issue date of the operating permits for our Fraser River property was June 25, 2012. As of this date, the definitive agreement referred to in the MOU is still being drafted. The Company has determined that it is not in our best interest to begin operations until there is a definitive agreement in place that clearly defines the responsibilities of the Parties in greater detail than provided for in the MOU. The Parties have agreed to extend the 60 day period until a definitive agreement amenable to both Parties has been reached and executed. The Company will make an announcement when a definitive agreement has been signed, and when operations will begin.
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 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
Contact:
Perry Leopold
CEO
North Bay Resources Inc.
215-661-1100
http://www.northbayresources.com
