SKIPPACK, PA -- (Marketwired) -- 06/12/13 -- 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.
Solid has over 30 years of experience as a mining contractor, and has recently expanded its business with a custom-built processing facility in Houston, BC that is specifically designed to process black sand concentrates. Solid's process uses a proprietary method to maximize the amount of precious metals recoverable from black sand concentrates, such as those expected to be produced at the Fraser River Project.
The terms of the agreement call for Solid to provide all equipment, personnel, and related expenditures required to initiate and sustain mining operations at the Fraser River Project. North Bay will be responsible for maintaining the property in good standing and securing the permits required for mining operations to proceed. North Bay will retain 100% ownership of the property, and will be paid a 20% net smelter royalty ("NSR") on all metals recovered from operations, with Solid retaining 100% of the net profits following payment of the NSR. Solid will be deemed the project operator, and will be responsible for the day-to-day operations. The initial agreement has been executed as a Memorandum of Understanding between the parties, and will be formalized into a definitive agreement once our mining permits are issued and prior to the start of mining operations.
The Company notes that our former contractor, P. Wright Contracting, has agreed to remain with the project as a consultant and subcontractor. Our project geologist and manager, Dan Oancea, P. Geo, will also remain with the project as the Company's on-site liaison to the JV, with supervisory responsibilities to manage the geological integrity of the deposit, and to establish an audited chain-of-custody for all metals produced from mining operations.
The Company is also pleased to report that we have received notification from the Ministry of Mining that our Emergency Response Plan ("MERP") for the Fraser River Project has been accepted. As well, the Company has been asked to provide an additional $3,000 to increase the reclamation bond currently on deposit, which has been paid. The Mining Inspector has also informed us that our permit application and mining plan has been forwarded to other government resource agencies and area First Nations for comment and review. We will continue to provide updates on our permit status as well as other operational aspects of the project as soon as there is additional news to report.
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.
About Solid Holdings Ltd.
Solid Holdings Ltd. is a private company headed by Stan Spletzer, of Houston, British Columbia. Mr. Spletzer, president of Solid Holdings Ltd, brings over 30 years of contracting experience related to aggregate mining, road construction, logging, and silviculture in northern British Columbia. Solid owns and operates a gold processing plant specializing in black sand recovery, along with a lab for assaying and smelting in Houston, BC. He presently holds contracts with several local mining projects.
Solid has also partnered with High Velocity Training to set up equipment training projects throughout British Columbia and Alberta that bring industry and First Nations together into profitable partnerships.
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.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCQB: 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
North Bay Resources Inc.
Most Popular Stories
- Alabama House Speaker Arrested on Felony Ethics Charges
- Microsoft's Cloud Platform Shines
- 'Fury' Blows 'Gone Girl' Out of the Box Office
- Turkey to Help Kurds Reach Fight in Kobani
- ISIS Seeks to Expand Terror War
- German Intelligence Blames Ukraine Rebels for MH17
- Perez Leads Push for Obama's Job Proposals
- 2016 Camaro Shrinks, Moves to Caddy Platform
- Prius Drivers Battle Stereotypes
- New Effort to Ban Child Labor From Tobacco Farms