SKIPPACK, April 23, 2024 - North Bay Resources Inc. (the "Company" or "North Bay") (OTC: NBRI) is pleased to announce it has completed initial powerup and testing of mill equipment at the Bishop Gold Mill (the "Mill"). Equipment tested included jaw crusher, ball mill, shaker table, and flotation tanks, as well as related conveyors and ancillary equipment. All equipment powered up successfully and is in good working order. The bushings on the ball mill will be replaced shortly to assure continuous operation. Although permitted since 2019, the mill has not operated and all equipment has very low hours and remains in as new working condition, including wiring, plumbing and associated fixtures including the mill building and tailings pond.
Mill Feedstock
The Company is in discussion and negotiations for feedstock for the Mill. The Company has targeted an initial acquisition of 10,000 tons grading one ounce per ton, approximately three months of feedstock. This equates to a total of 8,500 ounces at a projected recovery rate of 85% or $20M in gold at current spot price ($2,350 oz. Au).
Bishop Gold Mill
North Bay has entered into a share purchase agreement to acquire 55.5% of the Bishop Gold Mill, located in Inyo County, California (see press release dated April 8, 2024). The mill has a flotation circuit designed to process up to 96 tons per day / 3.000 tons per month. The mill is currently permitted for operation subject to various conditions and minor infrastructure completions.
Figure 1. Ball Mill - Bishop Gold Mill, Inyo County, CA.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4b0dafd4-be4e-43c4-81ab-b15c99c7edc7
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