$NBRI..Big news from a couple weeks ago and visable gold announced yesterday!>>>>North Bay Resources (NBRI) Agrees to JV on Monte Cristo Gold-Platinum Property
Date : 01/23/2012 @ 8:00AM
Source : MarketWire
Stock : North Bay Resources Inc. (NBRI)
Quote : 0.1 0.0 (0.00%) @ 7:43AM
North Bay Resources (NBRI) Agrees to JV on Monte Cristo Gold-Platinum Property
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North Bay Resources (OTCBB:NBRI)
Intraday Stock Chart
Today : Monday 23 January 2012
North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that it has agreed to a joint-venture with Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC") on the Company's 100% owned Monte Cristo Property.
As previously announced on October 25, 2011, the Company signed a Memorandum of Understanding ("MOU") with PWC to enter into a joint-venture on North Bay's Fraser River Platinum Project in British Columbia. The Company and PWC have subsequently agreed to amend the MOU to now also include the Monte Cristo as an additional project to be operated by the JV.
The Monte Cristo is located in British Columbia's Lillooet River Valley, approximately 31 kilometers northwest of Harrison Lake and 96 kilometers northeast of Vancouver, BC. The property covers approximately 4 kilometers along the Lillooet River, and includes two primary placers known as the Chilco and the namesake Monte Cristo.
As documented in BC MINFILE 092GNE013 and 092GNE019, the sands of the Monte Cristo are estimated to contain inferred resources of 22.7 million tonnes (25 million short tons) down to a depth of 30 meters. A 1.4 kilogram sample of sand, taken at least a meter below surface, is reported to have returned assays of 2.47 grams per tonne gold, 4.80 grams per tonne silver, 2.77 grams per tonne platinum, and 2.71 grams per tonne palladium. The Company cautions that these volume and grade estimates are historical in nature, and as such are not compliant with either Canada's National Instrument 43-101 or the SEC's Industry Guide 7.
Additional documentation from government records contained in BC Assessment Report 2589 states, "An estimated 25 million tons of alluvial sand underlie the property to a depth of 100 feet from the surface, and although depth of the sands is unknown at this point, indications are that this figure can be increased substantially." The report goes on to say that "precious metal values persist to a depth of 100 feet and, in fact, values increase with increasing depth." The report closes with the following statement, "...as the Lillooet River occupies a probable fault zone, potential for a deep alluvium deposit exists. Samples have been taken as deep as 130 feet elsewhere along the river without encountering bedrock. As concentrations of metals in alluvial deposits normally increase with depth reaching a maximum on or close to underlying bedrock, it becomes significant that values were obtained near surface. Deeper sampling would probably yield higher metal values."
A recent site visit and inspection of the Monte Cristo property by PWC personnel has confirmed that the property hosts a very large placer deposit that is clearly evident on both sides of the Lillooet River. Subsequently, the Company and PWC have agreed to expand scope of the joint-venture and amend the MOU to include the Monte Cristo property. Terms of the agreement with PWC will be disclosed following the signing of a definitive contract, which according to the terms of the MOU, as amended, will occur within 60 days of formal permit approval by the British Columbia Ministry of Mines and the local First Nations governments. The Company notes that a permit application for the Fraser River project was filed with the British Columbia Ministry of Mines in November 2011, and the Ministry has recently requested that an initial bond payment be posted, which has been paid. The permit application for the Monte Cristo project is expected to be prepared and filed shortly.
About Devlin's Bench Mining Ltd
Devlin's Bench Mining Ltd is based in Barkerville, BC, and operates several placer gold mines throughout the Cariboo Mining District of British Columbia, including Conklin Gulch, Antler Creek, Devlin's Bench, Grouse, and Williams Creek.
About P. Wright Contracting Ltd
P. Wright Contracting Ltd is a Barkerville BC-based mining contractor, working in the mining sector for 20 years in British Columbia and the Yukon. PWC contracts for Ministry of Mines reclamation projects in the Cariboo Mining District, in addition to work for most other related government agencies. Fully insured and with a Lowbed company in house, PWC is 100% owned by Pete Wright and is a sister company to Devlin's Bench Mining Ltd., also owned 100% owned by Wright.
