North Bay Resources Inc (NBRI) Issues Fraser River Project Update
SKIPPACK, PA -- (Marketwired) -- 04/02/13 -- North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") today issued the following update on the operational status at our Fraser River Project near Lytton, British Columbia.
The Company is pleased to announce that Mr. Dan Oancea, P.Geo, has been engaged to serve as the project manager for the Fraser River Project. Over the course of the winter, Mr. Oancea has visited the work site several times to formulate an enhanced mining plan for the upcoming season. We note that the previous mining plan was focused on the excavation of a number of test pits measuring 2x2x2 metres each. The new mining plan will entail the excavation of a single pit intended to reach or approach bedrock, and from which up to 20,000 cubic metres of material will be mined and processed. The mining operation is centered on an area that was previously sampled and which consistently returned significant precious metals values, the best of which were 5.68 g/t gold and 0.427 g/t platinum. It should be noted that these assays came from the top alluvial layer only. Based on historical reports and well-established placer geology the Company expects to encounter richer ground as it gets closer to bedrock.
As this new mining plan is a departure from the plan under which our previous mining permit was issued, the Company has submitted a new Notice of Work application to the British Columbia Ministry of Mines. Work will thus resume at the Fraser River Project upon the issuance of a new mining permit, which we hope to receive within the next 60 days.
Mr. Dan Oancea, P. Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed this news release for technical accuracy.
About The Fraser River Project
The Fraser River Project is located near Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River. Recent assessments indicate assays up to 5.68 grams per tonne gold and 0.427 grams per tonne platinum.
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 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