SKIPPACK, PA -- (
Marketwire - Mar 27, 2012) -
North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that it has staked claims to the Raven Gold property in the prolific Golden Triangle region of northwestern British Columbia.
The Raven Gold property is located near Mt. Raven in the Iskut River Valley, approximately 110 km northwest of Stewart, BC, and covers 3,787 contiguous hectares (9,354 acres). The western border of the property is adjacent to the Company's 100% owned Zippa Mountain Wollastonite property. The eastern border is adjacent to Skyline Gold's Bronson Slope project, and the northern border is adjacent to Pacific North West Capital Corp's Rock and Roll project.
According to BC Assessment report 18513, several types of mineralization have been outlined on the property due east of Mt. Raven, with assays up to 6.1 g/t gold and 141.28 g/t (4.54 ounces) silver. To the west of Mt. Raven and in the vicinity of Zippa Creek, BC Assessment report 18545 documents assays of 0.62 g/t gold and 398.54 g/t (12.81 ounces) silver. The main lithologies on the property are volcanic flows, volcaniclastics, and marine sediments of Permian and Mesozoic age that have been described as similar to Barrick's Snip Mine, a past producer which yielded over 1 million ounces of gold, and the Bronson Slope deposit, an advanced prospect under development by Skyline Gold with a current PEA of 2.2 million ounces of gold. Both Snip and Bronson Slope are adjacent to the eastern border of the Raven Gold property.
The Company notes that lack of infrastructure has inhibited commercial development of the Golden Triangle region for many years, but that is now changing. BC Hydro, in conjunction with the provincial and federal governments in Canada, is currently constructing the 344 kilometer, 287 kilovolt Northwest Transmission Line ("NTL") into the heart of the Golden Triangle, at a cost of $404 million. Construction is expected to be completed in 2014. As well, the US Government and the Province of British Columbia are planning to cooperate in the building of the Iskut River Road connecting Wrangell, Alaska with Hwy 37 along BC's Iskut River Valley. When completed, this will provide paved road access to Pacific Ocean ports 70 km southwest of the Raven Gold property.
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 www.sec.gov/edgar.shtml
Contact:
Perry Leopold
CEO
North Bay Resources Inc.
215-661-1100
www.northbayresources.com
