North Bay Resources Inc. (NBRI) Issues Status Report on Current Mining Projects
Date : 05/21/2012 @ 8:49AM
Source : MarketWire
Stock : North Bay Resources (NBRI)
Quote : 0.0671 0.0 (0.00%) @ 5:31AM
North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to issue the following shareholder update on the status of our current mining projects.
Ruby Mine
The Ruby Tunnel refurbishing project continues to move forward, and has advanced to the stage where it is now appropriate to begin inviting state and federal safety agencies to make a courtesy visit to the Ruby Mine. These preliminary courtesy inspections are intended to establish a spirit of cooperation with the safety agencies, and will assist us in the identification of any potential safety issues we are presently unaware of and that may need to be remediated. As a formal safety inspection will be required prior to the start of mining operations, identification of any potential deficiencies beforehand as a result of these courtesy visits will afford us the opportunity to correct them in a timely manner.
The Company also notes that photographs of the Ruby Tunnel rehab work are now available at the Company website at http://www.northbayresources.com/ruby/rubytunnel.html.
Fraser River & Monte Cristo JV Projects
We are pleased to report that discussions with the British Columbia Ministry of Mines and consultations with the local First Nations governments related to the approval of our mining permits have made significant progress, and the Company is very encouraged by the positive response thus far.
The Company would also like to announce that in conjunction with our JV partner, Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC"), the Company has engaged Mr. Chris Davis, B.Sc. Geology, as the project geologist to oversee both the Fraser River and Monte Cristo projects.
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 http://www.sec.gov/edgar.shtml
Contact:
Perry Leopold
CEO
North Bay Resources Inc.
215-661-1100
http://www.northbayresources.com
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