SKIPPACK, PA -- (
Marketwire - Dec 13, 2011) -
North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") announced today that the tunnel rehab project ongoing at the Ruby Mine in Sierra County, California, has been extended, and will continue through the end of the year.
Work has been progressing at a steady pace since the tunnel rehab project began over six weeks ago. At the recommendation of the project manager, we are replacing more timber in the tunnel than originally anticipated. Accordingly, the rehab work will take longer than expected in order to fully reinforce the structural integrity of the tunnel for the long-term, and to provide the optimal conditions for safe operations once production begins. Current plans are to continue working at least through the end of the year, weather-permitting, and then break camp for the duration of the winter. Work will resume next spring to complete the tunnel rehab work.
The Company is also pleased to announce that it has accepted a bid from Blackhawk Geophysics, a division of Zapata Incorporated, to conduct a seismic reflection survey for the purpose of delineating additional subsurface channels. As stated in a Company press release dated October 3, 2011, our geologists believe that there is a high likelihood of multiple layers of overlapping channels that might not be apparent from the 3-D mapping survey currently underway within the existing underworkings, and the seismic survey is expected to confirm and augment the channel definition. The seismic survey will commence in the spring, concurrent with the resumption and completion of the Ruby Tunnel rehab work.
North Bay CEO Perry Leopold commented, "One year ago, we set a goal of starting production at the Ruby in 2011. We have made a great deal of progress towards that goal, but the calendar is quickly running out on this year. Our highest priority is to prepare the mine properly for the start of production, and we must not rush things or skip any steps that might compromise the safety of our crew once production begins. To reiterate what I said in our October update, we are on the verge of reopening one of the jewels of the Motherlode, and we are determined to do it in a careful, deliberate, and cost-effective manner."
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 250,000 ounces of gold since the 1850s, 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, consisting 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 about the Ruby Mine, please visit the Ruby page on the North Bay website at
www.northbayresources.com/ruby/.
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 has acquired 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 disclosure in our Form S-1 and subsequent Form 10-K which may be secured from us, or from our website at www.sec.gov/edgar.shtml
Contact:
Perry Leopold
CEO
North Bay Resources Inc.
215-661-1100
www.northbayresources.com
