North Bay Resources Inc. (NBRI) Issues Shareholder Update
Marketwired North Bay Resources Inc.
SKIPPACK, PA--(Marketwired - Oct 16, 2014) - North Bay Resources Inc. (OTC Pink: NBRI) ("North Bay" or the "Company") today issued the following shareholder update.
As previously announced this week, operations at the Ruby Mine are winding down for the season, and are expected to resume in late April, 2015, weather permitting. Surface work being done in the interim will prepare the property for the winter season. This work is expected to be completed by Oct 31, 2014 in advance of the first winter snows.
When work resumes next spring, the priority projects will be completion of the South Terrace raise, the Big Bend raise, and the reopening of the Lawry Shaft system. The Lawry shaft system hosts the Pilot and Mt. Vernon channels, which are important exploration and mining targets for next year.
Prior to curtailing operations, we can report that approximately 90 tons of gravel stockpiled from the Black Channel Pillar project was processed, resulting in the recovery of approximately 30 grams of gold. When operations resume in the spring, the pillar work will be discontinued to focus on the aforementioned priority projects.
The Company is also considering farming out development of the recently-acquired Carson Mine adjacent to the Ruby as a means to provide additional operating capital as well as debt relief. The sale of one or more of our properties in British Columbia is also on the agenda as a means to build our cash position and reduce debt.
The Company also reports that the planned spinoff of Ruby Gold, Inc. ("RGI") is moving forward, and RGI is expected to file an amended registration statement on Form S-1 with the SEC shortly.
In Canada, the Company can now report that discussions between the provincial government and various stakeholders pertaining to the Fraser River Project have concluded, and we have been informed that the outstanding issues have been resolved. The government has requested that the pending Heritage Impact Assessment ("HIA") report now be completed, which we now expect to be delivered before the end of the year.
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