North Bay Resources Inc. (NBRI) Releases Initial NI 43-101 Technical Report and Resource Estimate on Ruby Mine
SKIPPACK, PA -- (Marketwired) -- 04/04/13 -- North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to announce that an initial National Instrument 43-101 Technical Report and Resource Estimate on the Ruby Mine has been released, and is now available at the Company website.
As previously announced in a Company press release dated March 25, 2013, Mr. Randy Henkle, P.Geo, of Henkle & Associates, was engaged over the winter to update the underground resource maps at the Ruby Mine. In the course of his evaluation, sufficient data has been compiled to provide a resource estimate that includes a quantification of indicated (probable) and inferred resources within the context of a NI 43-101 Technical Report.
In his report, Mr. Henkle characterizes the Ruby Mine property as having a "bountiful mineral endowment... that presents a target rich environment to both the developer and the explorationist." The following are a number of notable facts and excerpts from the report that are worth highlighting:
- The estimate of ounces of gold produced at the Ruby Mine was previously understated as 250,000 ounces. Historical records now indicate that from 340,500 to 390,500 ounces of gold were produced from the Tertiary channels on and in the near vicinity of the Ruby property.
- The Alleghany-Downieville Mining District is renowned for its very high grade, buried paleoplacer channel gold deposits. The Ruby Mine is the only paleoplacer underground drift mine which is permitted and being operated at present in the district.
- There are eight known auriferous Tertiary Channels which are known to be buried beneath volcanic cover on the Ruby property.
- There are at least five known lode (quartz) vein systems that are of potential economic interest found in the workings of the Ruby Mine. Gold quartz veins in the Alleghany-Downieville District are known to persist with depth to at least 2,000 ft. down the dip. This has profound implications with respect to the economic potential of both the district and the Ruby Mine property.
- At the Wolf Vein, the average grade of the ore was 0.35 oz/ton, and about half of the gold produced was specimen gold. The Company notes that specimen gold often commands prices considerably higher than the market spot price of gold.
- The Bald Mountain Extension Channel has not yet been relocated upstream of where it was cut out by the Black Channel. If the upstream extension of the Bald Mountain Extension Channel could be found, the reserve situation at the Ruby Mine would be radically altered. Additional exploration targeting the upstream extension is definitely warranted.
- Within the Big Bend area of the Black Channel there are five large blocks of gravel left due to the mine's closure in 1942 that should be bulk sampled and mined if the grades warrant.
- 750 ft. of channel mapped as the North Wisconsin Channel and located north of the Ruby Portal presents an interesting potential open pit exploration target.
Mr. Henkle's summary, which verifies the analysis done in 2010 by Mr. Gary Clifton, P.Geo, states, "there is a total of 7.34 miles of buried paleoplacer channels on the Ruby ground. Of this total, 3.03 miles are unmined and 0.95 are only partially mined (particularly in the Black Channel). Numerous exploration targets are presented by both the veins and channels that are known to exist. The Ruby ground is a target rich environment for future discoveries and eventual mining."
Mr. Henkle concludes his report by stating, "It is the writer's conclusion that the Ruby Mine prospect in which North Bay Resources has a 100% royalty free interest is currently a property of merit under the terms of the National Instrument 43-101."
Readers are invited to visit the Ruby Mine page at the North Bay website to view the report in its entirety. A direct link to the report is at http://www.northbayresources.com/ruby/rubymine43101.pdf.
Mr. Randy Henkle, P. Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed this news 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 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, 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 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 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 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 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 disclosures 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
Contact:
Perry Leopold
CEO
North Bay Resources Inc.
215-661-1100
http://www.northbayresources.com
