Once these surveys are completed, the Company will file an amendment to its Plan of Operations with the Ministry of Mines to update the mining permit, which will then also include the newly acquired claims. This survey will serve a dual purpose, as it will then allow the Company to also file an application with the Ministry to convert its claims to a mining lease, as the principal element of a lease application is the submission of a formal survey to precisely delineate all claim boundaries. The advantage of conversion from a group of claims to a formal lease is to eliminate any statutory limitations to the amount of material North Bay can mine and process annually. Under BC mining regulations governing the current permit, placer mining claims are limited to the processing of up to 20,000 cubic meters per year per cell claim. Upon conversion of the claims to a lease, there is no longer any statutory restriction or annual limitation as to the amount of material the Company can mine and process. Accordingly, the Company believes it is beneficial to begin the survey work now rather than deferring it to a future date.
About The Fraser River Project
The Fraser River Project is located near Lytton in south-central British Columbia, Canada, and covers 1,020 acres of placer claims extending approximately 4.5 kilometers along the Fraser River. Recent assessments indicate assays up to 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.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with more than150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.
In the U.S., 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
North Bay Resources Inc.
E & E Communications
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