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********** latest company news ************
(click on the highlighted headline to view the actual press release )
SKIPPACK, PA--(Marketwired - Jun 12, 2013) - North Bay Resources Inc. ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to announce it has entered into a joint-venture ("JV") agreement on the Company's 100%-owned Fraser River Project near Lytton, British Columbia, with Solid Holdings Ltd. ("Solid"), a private company based in Houston, BC. [cont.]
SKIPPACK, PA--(Marketwired - Jun 6, 2013) - North Bay Resources Inc. ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to announce that it has signed an agreement for an advance sale of up to 2,120 ounces of specimen gold production from the Ruby Mine. ...
North Bay Resources Inc. (NBRI): Operations Resume at Ruby Mine
SKIPPACK, PA--(Marketwired - Apr 30, 2013
) - North Bay Resources Inc. ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to confirm that operations at the Ruby Mine have resumed on schedule on April 29, 2013.
The Company also announced today that our wholly-owned subsidiary, Ruby Gold, Inc. ("RGI"), has leased new and expanded office space in Grass Valley, CA, which will serve as the Ruby Mine's year-round mine planning and coordination headquarters.
The Company will continue to issue progress reports as the Ruby Tunnel Rehab Project moves forward towards completion and the expected start of mining operations this summer. We will announce a target date for the start of mining operations once the tunnel rehab work has restored natural airflow to the full extent of the mine, from the Ruby Portal to secondary exit at the Lawry Shaft.
SKIPPACK, PA--(Marketwired - Apr 15, 2013) - North Bay Resources Inc. ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to announce that operations at the Ruby Mine are scheduled to resume on April 29, 2013. As previously announced in a Company press release ... [cont]
SKIPPACK, PA--(Marketwired - Apr 4, 2013)
- North Bay Resources Inc. ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to announce that an initial National Instrument 43-101 Technical Report and Resource Estimate on the Ruby Mine has been released, and is now available at the Company website.
As previously announced in a Company press release dated March 25, 2013, Mr. Randy Henkle, P.Geo, of Henkle & Associates, was engaged over the winter to update the underground resource maps at the Ruby Mine. In the course of his evaluation, sufficient data has been compiled to provide a resource estimate that includes a quantification of indicated (probable) and inferred resources within the context of a NI 43-101 Technical Report. [cont...]
...Readers are invited to visit the Ruby Mine page at the North Bay website to view the report in its entirety. A direct link to the report is at http://www.northbayresources.com/ruby/rubymine43101.pdf.
North Bay Resources Inc (NBRI) Issues Fraser River Project Update
SKIPPACK, PA--(Marketwired - Apr 2, 2013
) - North Bay Resources Inc. 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.... ... 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. [cont]
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.
North Bay Resources Inc. (NBRI) to Provide Toll Milling Services at Ruby Mine
SKIPPACK, PA--(Marketwire - Mar 27, 2013) - North Bay Resources Inc. is pleased to announce that it has signed a letter of intent to enter into a toll milling agreement with Lazarus Mining, LLC ("Lazarus"), whereby the excess capacity at North Bay's Ruby Mine Mill complex will be made available to process material from Lazarus' Telegraph Mine (the "Telegraph")....[cont]
Lazarus will pay the Company the greater of $10 per ton of Telegraph material processed at the Ruby Mill, or 10% of the net sales of all gold produced and recovered from the Telegraph material as a result of processing at the Ruby Mill, plus expenses. The parties will endeavor to sign a formal Toll Milling Agreement within 90 days. [cont.]
SKIPPACK, PA--(Marketwire - Mar 25, 2013) - North Bay Resources Inc. has issued the following brief update on the status of operations at the Ruby Gold Project. About The Ruby Gold Project
The Company is currently targeting the end of April as the timeframe in which operations are expected to resume at the Ruby Mine.
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 350,000 ounces of gold since the 1850's, 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 http://www.northbayresources.com/ruby/.
North Bay Resources Inc. (NBRI): Ruby Gold Progress Report
(Marketwire - Feb 6, 2013) - North Bay Resources Inc. ( OTCBB : NBRI ) ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to announce that it has executed an amendment (the "Amendment") to the terms of the Company's existing equity line of credit with Tangiers Investors, LP ("Tangiers") which renews the term by another 3 years and doubles the commitment amount from $5 million to $10 million. [cont...]
(Marketwire - Jan 3, 2013) - North Bay Resources Inc. ( OTCQB : NBRI ) ("North Bay" or the "Company") has issued the following shareholder update on the status of current operations at the Ruby Gold Project. In reviewing the past year, we have made tremendous progress in preparing the Ruby Mine for the start of production. [cont]
North Bay Issues Fraser River Project Update; Announces Project Expansion
(Marketwire - Nov 30, 2012) - North Bay Resources Inc. today updated investors on operations at its Fraser River Project near Lytton, British Columbia.
The update included expanding the size and scope of the property by more than 65%.
"The excavation of test pits at the Fraser River Project began on schedule earlier this month, and a series of test pits has now been completed. Reports from the field describe the results as excellent," said Perry Leopold, CEO.
"The relative ease of separation indicates that gold recovery should be at least 75%, which with optimization and fine-tuning of the mill is expected to approach if not exceed 90%.
Each yard of material is yielding a consistent amount of visible gold in each location.
The presence of platinum group metals such as platinum and palladium, in addition to recent indications of iridium and rhodium, is expected to increase the value of the precious metals concentrate."
The Company is also pleased to announce a significant expansion in the size and scope of the Fraser River Project with the acquisition of four additional claims covering more than 400 acres, an expansion of the project land area exceeding 65%.
(Marketwire - Oct 29, 2012) - North Bay Resources Inc. is pleased to announce that it has entered into a mineral property option agreement (the "Agreement") with Caribou King Resources Ltd. ("Caribou")
(Marketwire - Nov 19, 2012) - North Bay Resources Inc. is pleased to announce that formal approval has been received from the TSX Venture Exchange regarding the terms of the Company's mineral property option agreement with Caribou King Resources Ltd. ("Caribou") pursuant to which Caribou may earn up to a 100% interest in North Bay's "Willa 5" and "Silver Jen" mineral claims (the "Willa Claims") in southeastern British Columbia. As a result, the agreement is now effective, and the transaction has been consummated. cont...
pursuant to which Caribou may earn up to a 100% interest in North Bay's "Willa 5" and "Silver Jen" mineral claims (the "Willa Claims") in southeastern British Columbia.
North Bay Resources Inc (NBRI): Mining Operations Begin at Fraser River Project
SKIPPACK, PA--(Marketwire - Oct 23, 2012) - North Bay Resources Inc. (OTCQB: NBRI) ("North Bay" or the "Company") is pleased to announce that mining operations are now commencing at our Fraser River Project in British Columbia.
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 average assays of 2.303 grams per tonne gold and 0.096 grams per tonne platinum, with assays as high as high as 5.68 grams per tonne gold and 0.427 grams per tonne platinum. A mining permit has been issued, and a reclamation bond is in place.
Heavy equipment, including excavators and loaders that had been prepositioned over the summer above Lytton, BC, is now being deployed on-site. The custom mill and pump systems are expected to arrive on-site and be assembled early next week.
The initial work will consist of excavating a series of test pits to depth, and then processing the material through the mill to measure and optimize the gold recovery rate.
The mill in use is a gold recovery plant with a processing capacity of 10 to 20 yards per hour, and which can be expanded to up 100 yards per hour once the decision is made to begin full production. The production decision will be based on the results of the metallurgical testing that will measure and determine the recovery rate of the resource... cont: http://www.marketwire.com/press-release/north-bay-resources-inc-nbri-mining-operations-begin-at-fraser-river-project-otcqb-nbri-1716823.htm
PORTLAND, OR--(Marketwire - Oct 5, 2012) - Beacon Rock Research is initiating research coverage on North Bay Resources Inc. ( OTCBB : NBRI ) ( OTCQB : NBRI ).
As detailed in the Introductory Report, North Bay is close to commencing gold production at its Ruby Mine, near Downieville, California, in a northern extension of the historic California Mother Lode.
The Ruby Mine is an underground placer and lode mine, including past producing mines on the project, with total production of over 250,000 ounces of gold since the 1850s. The Ruby may be the (Marketwire - Oct 4, 2012)
largest producing channel mine in modern times, producing coarse and jewelers-grade gold and nuggets.
The Introductory Report (to view click http://www.beaconrockresearch.com/nbri.intro.pdf)
- North Bay Resources Inc. ( OTCBB : NBRI ) ( OTCQB : NBRI ) is pleased to announce that it has agreed to a $750,000 bridge loan (the "Note") with Tangiers Investors, LP ("Tangiers"). cont... The proceeds from this Note will be used for the Company's mining projects and general working capital, and is intended as a bridge loan to insure that the
Ruby Tunnel rehab work continues while the Company waits for the eventual receipt of $7.5M in funding for the Ruby Project through the federal EB-5 Program.
cont... (Marketwire - Oct 1, 2012)
- North Bay Resources Inc. ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to report that the federal EB-5 Pilot Program,
the funding vehicle the Company is utilizing for the Ruby Gold Project, was formally extended for another three years on Friday, September 28, 2012, when President Obama
signed into law S. 3245, thereby assuring that the program will continue intact through September 30, 2015.
North Bay Resources Inc. (NBRI): Operations Resume at Ruby Gold Project (Marketwire - Sep 18, 2012)
- North Bay Resources Inc. (OTCQB: NBRI
) is pleased to report that the federal Mine Safety and Health Administration ("MSHA") has notified our wholly-owned subsidiary, Ruby Gold, Inc.,
that worker safety training under our MSHA-approved safety training plan has been completed, certified, and formally verified by an authorized representative of the Secretary of Labor. Accordingly, all previous stop work orders have been lifted,
and operations at the Ruby Mine to complete rehabilitation work on the Ruby Tunnel have resumed.
(Marketwire - Sep 4, 2012) - North Bay Resources Inc. ( OTCBB : NBRI ) ( OTCQB : NBRI ) is pleased to report that samples from our 100% owned Coronation Gold Property in the Slocan Silver Camp of British Columbia have returned assay values as high as 25.9 grams (0.83 ounces) and 17.45 grams (0.56 ounces) per tonne gold, and 2,590 grams (83.27 ounces) and 479 grams (15.4 ounces) per tonne silver....
[cont] ... The Company considers these results to be entirely consistent with previous assessments as well as the historical ore grades from the 6 past-producing mines on the property, all of which are in close proximity. Accordingly, we believe Coronation Gold to be a property of merit that justifies further follow up work during the upcoming season.
(Marketwire - Aug 30, 2012) - North Bay Resources Inc. ( OTCBB : NBRI ) ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to announce that the federal Mine Safety and Health Administration ("MSHA") has notified our wholly-owned subsidiary, Ruby Gold, Inc., that it has approved the Ruby Mine's Alternative Mine Rescue Plan. Combined with the recent approval of our Mine Safety Training plans announced in a Company press release dated August 21, 2012, this action abates the conditions on which MSHA issued stop work orders on July 17, 2012. The crew will now undergo refresher safety training under our MSHA-approved plans over the next week, after which we expect MSHA to formally terminate all stop work orders to allow us to resume operations at the Ruby Mine. [Cont.]
(Marketwire - Aug 22, 2012) - North Bay Resources Inc. ( OTCBB : NBRI ) ( OTCQB : NBRI ) ("North Bay" or the "Company") is pleased to announce that a work program at the Company's Coronation Gold Property in the Slocan Silver Camp of British Columbia has recently been completed.
Coronation Gold is located near Memphis Creek, 6 kilometres northeast of Slocan in southeastern British Columbia. The property covers 604 hectares (1,493 acres) over several reverted crown grants and includes five other past-producing mines; the Colorado (MINFILE 082FNW161), the V&M (MINFILE 082FNW191), the Senator (MINFILE 082FNW164), the Sapphire (082FNW190), and the Homestake (MINFILE 082FNW213), in addition to the Coronation (MINFILE 082FNW162).
... The work program was conducted under the supervision of Mr. Dan Oancea, P.Geo. In his preliminary report after returning
from the field, Mr. Oancea observed that, "Geological potential exists in identifying a new larger mineralized zone (vein system),
and/or in extending the known mineralization along strike and dip. A new mineralized zone large enough to support a small
mining operation could be identified by employing a multisensor airborne geophysical survey followed by groundtruthing
(mapping & sampling of the anomalies), followed by a drilling program." Samples have been sent to ALS Labs in Vancouver for analysis. We expect to receive the assay report in a few weeks, at which point we will announce the results.
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.
(Marketwire - Aug 21, 2012)
- North Bay Resources Inc. ( OTCBB : NBRI ) ( OTCQB : NBRI ) ("North Bay" or the "Company") today issued the following update on our operations in the US and Canada.
As previously announced in a Company press release dated July 23, 2012, safety inspections at the Ruby Mine on July 17, 2012 conducted by the federal Mine Safety and Health Administration ("MSHA") resulted in a stop work order until various plans required by MSHA had been submitted and approved. Last week the Company was notified that MSHA has formally approved our mine safety training plans. We are now waiting for our other plans to be approved. We will make an announcement when MSHA has terminated the stop work order and allows us to resume operations.
Pursuant to the MOU agreement signed with our JV partner and project operator, P. Wright Contracting Ltd ("PWC"), as amended on January 19, 2012, North Bay and PWC ("the Parties") were to sign a definitive agreement within 60 days of receiving the applicable permits from the Ministry of Energy, Mines, and Petroleum Resources ("MEMPR") in British Columbia. The statutory issue date of the operating permits for our Fraser River property was June 25, 2012. As of this date, the definitive agreement referred to in the MOU is still being drafted. The Company has determined that it is not in our best interest to begin operations until there is a definitive agreement in place that clearly defines the responsibilities of the Parties in greater detail than provided for in the MOU.The Parties have agreed to extend the 60 day period until a definitive agreement amenable to both Parties has been reached and executed. The Company will make an announcement when a definitive agreement has been signed, and when operations will begin.
(Marketwire - Jul 30, 2012) - North Bay Resources Inc. ( OTCBB : NBRI ) ("North Bay" or the "Company") announced today that as the Company proceeds forward to the start of gold production at our near-term mining projects, the Board of Directors has authorized the cancellation and elimination of our Series G Convertible Preferred Stock (the "Preferred," or the "Series G Preferred"), thereby removing it entirely as a class of stock and releasing any common shares or gold inventory that had previously been reserved in the event any Preferred shares were deemed immediately convertible.
... In its place, and as a way to link our common shares more directly to the price of gold, the Company intends to declare a cash dividend to holdersof our common stock once our net revenue from gold production exceeds a threshold level that would make any such dividend meaningful. In this way, our common stock will more directly reflect movements in the price of gold, which we firmly believe will continue to rise. Simply put, and all else being equal, as the price of gold rises our net revenue from gold production should similarly increase,thereby increasing the potential size of any future dividend. The Company believes this is a much fairer and simpler way for shareholdersto directly benefit from any increase in the price of gold going forward, and without any of the complications that the Series G Preferred might have presented in the future.
To this last point, North Bay CEO Perry Leopold commented, "Companies often speak about increasing shareholder value. I see no better way of actually doing this than by providing a way for shareholders to directly benefit from their ownership of our success beyondwhatever arbitrary price the market may assign to our shares on any particular day." Mr. Leopold continued, "We are excited to be on the vergeof making the transition from an exploration company to a gold producer. We have accomplished a great deal recently in a relatively short period of time,and while more patience is still required before the fruits of our labor will be clearly evident to all, we are getting closer every day to achieving our primary goals."
(Marketwire - Jul 16, 2012) - North Bay Resources Inc. is pleased to announce that it has signed an amendment to the Taber Mine Option Agreement (the "Option"), dated November 1, 2011,
(Marketwire - Jul 23, 2012) - North Bay Resources Inc. (OTCBB: NBRI
) ("North Bay" or the "Company") has issued the following shareholder update on the status of current operations at the Ruby Gold Project. As a result of safety inspections at the Ruby Mine on July 17, 2012 conducted by the federal Mine Safety and Health Administration (MSHA), the Company was found to be in non-compliance of several regulations that caused MSHA to issue a stop work order. These orders relate to the requirement to have an MSHA-approved mine rescue team on standby within a reasonable distance from the mine, insufficient documentation of MSHA-approved safety training of some of the miners, and the lack of an MSHA-approved personnel transportation rail car designated specifically for that purpose.
As a result, work at the Ruby Tunnel project has been temporarily halted to allow time for the Company to comply with these issues and bring the Ruby project into full compliance with current MSHA regulations. Prior to the work stoppage, the Ruby Tunnel rehab project continued to make steady progress, cont...
whereby the term ofthe Option giving the Company the exclusive right to lease or acquire the Taber Mine has been extended for one additional year.
... A 100 ton-per-day mill is in place on the Taber property, which at an average historical grade of 0.45 ounces per ton can accommodate production of more than 1,000 ounces of gold per month.
The property is fully-permitted, and can be placed into production once the Taber tunnel has been rehabilitated and the permits have been renewed.
| 8-K || Jul 13, 2012 || Jul 11, 2012 || 54.1 KB || PDF |
(Marketwire - Jul 9, 2012) - North Bay Resources Inc. ( OTCBB : NBRI ) ("North Bay" or the "Company") is pleased to announce that formal notification of approval of its Plan of Operations has been received from the Ministry of Energy and Mines in British Columbia, and
a mining permit under Section 10 of the Mines Act has been issued to allow mechanized excavation and reclamation work to begin at the Fraser River JV project, effective immediately.
North Bay Resources Inc. (NBRI) Expands Connie Hill Property With Additional Gold-Silver-Copper Deposits ( Apr 18, 2012)
May 24, 2012) ("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. ... 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.
North Bay Resources Inc. (NBRI): Ruby Mine Progress Report
(May 21, 2012) - North Bay Resources Inc. is pleased to issue the following shareholder update on the status of our current mining projects.
( Apr 30, 2012) - North Bay Resources Inc. is pleased to issue the following shareholder update on the
status of current operations at the Ruby Mine.
- North Bay Resources is pleased to report that it has acquired additional claims that significantly expand its 100%-owned Connie Hill Property on Vancouver Island, British Columbia.
The new claims cover several large gold-silver-copper deposits...
...The size of the Murex deposit in terms of sheer volume appears to be very large. Two zones, Zone A and Zone D, are each described as 750 metres in length, and 175 metres deep. Combined with the dimensions of the Oyster deposit and the other 3 Murex zones, it is possible that the resource could exceed 100 million tonnes.
While the Company is very much encouraged by these new developments and the important prospects they portend going forward, investors are cautioned
not to rely on these numbers, as further drilling will be required to determine the actual volume and average grade before a reliable resource estimate
compliant with National Instrument 43-101 and SEC Industry Guide 7 can be established.
North Bay Resources Inc. (NBRI) Acquires Raven Gold Property in Golden Triangle Region of British Columbia
( Mar 27, 2012) - North Bay Resources Inc. 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 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.
... 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.
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.
Security Details - http://www.northbayresources.com/investors.html
| Authorized Shares: || 250,000,000 || |
| || || |
| Date: || Float: || Shares Outstanding: |
| April 29, 2011 || 61,431,104 || 91,643,660 |
| March 30, 2012 || 67,472,999 || 98,724,621 |
| September 12, 2012 || 70,596,422 || 100,371,971 |
| November 28, 2012 || 74,965,504 || 101,489,664 |
| March 25, 2013 || 80,914,928 || 107,367,088 |
| April 11, 2013 || 82,212,351 || 108,664,311 |
| April 25, 2013 || 86,324,942 || 112,776,902 |
| June 14, 2013 || 87,030,070 || 113,482,030 |
| July 22, 2013 || 87,030,070 || 113,482,030 |
| August 27, 2013 || 87,830,070 || 114,282,030 |
| October 15, 2013 || 91,831,061 || 118,283,021 |
| November 25, 2013 || 99,730,708 || 126,334,374 |
| || || |
Financial Reports- OTC Disclosure & SEC Filings - www.otcmarkets.com/stock/NBRI/financials
North Bay Resources Inc.
PO Box 162
Skippack, PA 19474 USA
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company, transitioning from an exploration company to a gold producer in 2011.
Low O/S, low float, majority owned by insiders.
Acquiring the historic Ruby Gold Mine in the Motherlode District of Northern California.
Total resource is estimated to contain up to 500,000 ounces of gold.
Fully-permitted and ready to resume production this year. The Ruby Mine is famous for its jewelers-grade gold nuggets, the largest of which (so far) weighs 201 ounces.
Owns over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.
Properties contain deposits of precious metals, including gold, silver, platinum, and palladium, as well as base metals, including copper, zinc, lead, molybdenum, vanadium, and rare earth elements (REE).
Business plan based on the Generative Business Model, designed to leverage properties into near-term revenue streams even during the earliest stages of exploration and development.
$5 million equity credit line in place; $7.5 million in non-dilutive EB-5 funding in the pipeline. http://eb5northerncalifornia.com/index.php?page=eb-5-investment-information
. Gold nuggets from the Ruby Mine
Perry Leopold - President & CEO, Chairman
Perry Leopold, the Company's President, CEO, and Chairman of the Board, has led a number of successful enterprises over the past 25 years in a diverse number of fields, ranging from the arts and technology to finance and natural resources. In February 2006, Mr. Leopold was engaged as CEO to engineer the company's total corporate restructuring and lead its re-emergence as the natural resources company formerly known as Enterayon, Inc. Mr. Leopold subsequently designed the company's generative business model and incorporated state-of-the-art technology to assist in cost-efficient acquisition targeting, which has resulted in over 50 acquisitions of high-quality mining properties throughout British Columbia. Educated at the University of Pennsylvania, Mr. Leopold is also the founder and President of Speebo Inc., a privately-owned exploration and development company. In addition, he is currently serving as President of Circular Logic, Inc, a registered Commodity Trading Advisor (CTA) and Commodity Pool Operator (CPO) firm specializing in commodity trading system development.
Fred Michini - Director
Mr. Michini is a tax, financial, management accounting and litigation support specialist, and has extensive previous experience serving as the Chief Financial Officer of a variety of public and private companies, including Speebo Inc., a private exploration and development company currently controlled by North Bay's CEO. Mr. Michini is also a Certified Public Accountant, has been Partner and Managing Partner of two regional accounting firms, has served as an auditor for the U.S. General Accounting Office, and is a former Board Member of the Central Montgomery County Chamber of Commerce. Mr. Michini earned his B.S. from LaSalle University and his MBA from Temple University.
C. Gary Clifton, P.Geo
Mr. Clifton holds degrees in Geology and Geochemistry from Macquarie University in Sydney, Australia, with post-graduate studies in Geochemistry at UC Berkeley and Oregon State University. As a Registered Professional Geologist, Mr. Clifton has almost 40 years of experience with several major mining and petroleum companies, and as an independent consultant in mining exploration and exploration management, mineral property evaluation, and mining geology. He has conducted and managed exploration and evaluation programs for a wide variety of mineral commodities in the United States, Australia, and the Middle East. Mr. Clifton is currently President of Western Resource Group LLC, and is a Qualified Person as defined by National Instrument 43-101.
Theodore A. DeMatties, P.Geo
Mr. DeMatties holds B.S. and M.A. degrees in Geology from the State University of New York in Oneonta, and has also done graduate work in Geology at Oregon State University. As a Registered Professional Geologist, Mr. DeMatties is a seasoned exploration geologist with over 34 years of experience in the US and Canada, and is a Qualified Person as defined by National Instrument 43-101. Recent projects include managing an advanced multimillion dollar copper-nickel-PGM project in northeastern Minnesota, consulting on several gold, iron-oxide-copper-gold (IOCG) properties in Nevada, and on volcanogenic massive sulfide (VMS) properties in North America. Prior to these engagements, he was a consultant to WMC Exploration and Falconbridge U.S. on copper-nickel-PGM exploration programs in the upper Midwest, and INCO for an iron oxide-copper-gold (IOCG) project in the western U.S.
The Ruby Mine, Sierra County, California
The Ruby Mine is an underground placer and lode mine located between Downieville and Forest City, in Sierra County, California. It is in the Alleghany-Downieville mining district, a northern extension of the historic Mother Lode system, and situated in the Sierra Nevada foothills south of the Yuba River, approximately 100 miles north of Sacramento and 90 miles west of Reno, NV.
The property covers approximately 1,755 acres consisting of the subsurface mineral rights to 2 patented claims comprising 435 acres, and 30 unpatented claims comprising approximately 1,320 acres.
The Ruby is one of California's best-known placer drift mines, and is considered by many to be one of the largest producing channel mines of modern times. It features a system of gold-bearing Tertiary channels that have already produced over 250,000 ounces of gold. The Ruby is also renowned for its production of coarse and jewelers-grade gold, with the largest gold nugget weighing 201 ounces.
Initial production is anticipated to begin in mid-2011. Funding of up to $7.5 million is expected to be provided through the federal EB-5 program, and the exact date production will commence is contingent on when our Regional Center application is approved by the USCIS. Upon approval by USCIS for the planned Northern California Regional Center and acceptance of the Ruby Project for funding under the EB-5 program, we expect to hire a qualified mining engineer as the Ruby Mine Manager, and to provide a suitable budget to begin hiring up to 30 employees from the local area to commence mining operations.
The target output is expected to be 250 cubic yards per day (approximately 375 tons) at an average grade of 0.164 ounces per bank cubic yard (BCY), for a monthly output of approximately 1,000 ounces of gold recovered. Production capacity and output is expected to increase by the second year of operations. Continued exploration and development of additional unmined channels as well as an undeveloped quartz vein believed to be the source of all the placer gold in the channel gravels are expected to increase resources and the life of the mine.
The existing infrastructure and permitting status make it possible to start up mining activity almost immediately. Four placer channels have been selected for initial mining, and they will be mined simultaneously as two separate projects; the Lawry Shaft Project and the Deep Rock Creek Project.
The Lawry Shaft Project targets two channels; the Mount Vernon Channel and the Pilot Channel. The Deep Rock Creek Project also targets two channels; the Deep Rock Creek Channel and the downstream extension of the Black Channel. Once progress in the Lawry Shaft and Deep Rock Creek Projects is well established, a simultaneous program of exploration and development (E&D) is expected to be initiated. This is intended to be an ongoing program to prepare additional placer channel targets to provide continuous future production from the Ruby Mine placer channels.
The Ruby Mine's quartz veins provide an additional exploration target. Exploration and development of the Ruby Mine's quartz gold potential opens the possibility for additional gold production that will augment placer production and potentially extend total gold production far beyond the 10 plus years anticipated from the Ruby's placer gold channels.
Further information - www.northbayresources.com/ruby/