North Bay Resources Inc. (NBRI) Reports Assays of 5.68 g/t Gold and 0.427 g/t Platinum From Fraser River JV Project
SKIPPACK, PA -- (Marketwire) -- 05/24/12 -- North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce results of a recent sampling program at our Fraser River JV project, with assays up to 5.68 grams per tonne gold and 0.427 grams per tonne platinum.
The Fraser River Property is located near Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River.
During the first week of March 2012, our JV partner, Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC") conducted an exploration and soil sampling program on the Fraser River property under the supervision of Ms. Agathe Bernard, B.Sc. to further block out and assess the deposit area. The sampling occurred at the margins along a boulder area that runs north to south, with each sample consisting of 0.3 cubic yards of material. The samples were collected and shipped to ALS Labs in Vancouver for analysis, and the assay results just received from the first 7 samples analyzed are as follows:
SAMPLE Au Pt
DESCRIPTION g/t g/t
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PS12-VW1-120312 2.36 0.008
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PS12-VW2-120312 0.11 0.025
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PS12-VW3-120312 0.493 nil
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PS12-VW4-120312 1.625 0.005
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PS12-VW5-120312 3.26 nil
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PS12-VW6-120312 5.68 0.206
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PS12-VW7-120312 2.59 0.427
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AVERAGE 2.303 0.096
The Company notes that these samples were all unconcentrated, consisting only of raw in-place bank material. As such, these raw samples represent what would be expected from one bank cubic yard of gravel. 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 Fraser is expected to be approximately 75 meters below the surface. On a per yard basis, these results are significantly higher than the assays achieved by the Company in 2009 from an area further north of the current work area, and confirms our belief that the Fraser River project is an economical resource that can be mined profitably for many years.
Subsequent to the March work program, a follow up site visit by PWC to further survey and map the deposit resulted in the discovery of additional target zones in the northern section of the property that were previously not considered to be mineable, and which appear to be of significant size. PWC President Pete Wright commented on this new discovery, "We are very excited to find after in-depth study and surveys that the north end of the property has a significant amount of yardage along the river, and which is now a crucial economic part of the off-reserve holdings of North Bay in the area. We estimate that it comprises at least several hundred thousand more yards of pay material that is the same bench, same gravel, and same elevation on the river as our other targets in the area."
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. (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