North Bay Issues South Terrace Status Report
SKIPPACK, PA--(Marketwired - Oct 3, 2014) - North Bay Resources Inc. (OTC Pink: NBRI) ("North Bay" or the "Company") today issued the following statement on the status of the South Terrace at the Ruby Mine in Sierra County, California.
At the start of the shift on Monday morning, September 22, 2014, the raise being constructed at drillhole C2 was discovered to have encountered fast raveling serpentine below the targeted South Terrace gravels. Following the usual four-foot raise round that had been set off at the end of the previous shift, this serpentine caved up to the gravel layer above, filling the raise ore chute with broken rock and spilling over into the manway. Prior to that date it was estimated that another 15 feet of bedrock remained between the raise and the terrace, which we expected would take one more week of blasting and timbering to hole through. We believe that the last shot of explosives at the top of the raise had loosened the remaining bedrock of weathered serpentinite and caused all 15 feet of bedrock, approximately 60 cubic yards, to fall into the raise's ore chute and manway overnight. During the cleanup the following day, it was noticed that a small amount of terrace gravel was mixed with some of the bedrock. Approximately 1.7 tons of this mixed material was run through the mill and approximately 1.8 grams of coarse gold was recovered, which can be viewed at http://www.northbayresources.com/ruby/9-23-14-1.8.JPG.
In the days since, the crew has mucked out the fallen rock, and our mining engineer has been able to reach the top of the raise to inspect the ground conditions. It was observed that the bedrock between the raise and the terrace was unstable, and additional rock is likely to fall on its own from a void above the raise. It was also observed that timbering and rock bolting, the usual methods of controlling the ground, would be insufficient, as the highly weathered and fractured serpentine bedrock was prone to sudden shifting and further fracturing. We have therefore barricaded the manway to prevent access.
A new raise is now being built 100 feet downstream from the C2 raise at drill hole C0 where the ground is much more stable. The raise will be built in such a way that we will be able to access the South Terrace from above rather than below. Construction of the C0 raise began this week, and will continue until it is completed and the terrace can be safely accessed for mining. Once the C0 Raise is completed, we expect that we will still be able to use the ore chute at the C2 Raise for production purposes once mining in the South Terrace begins.
About The Ruby Gold Project
The Ruby Mine, a/k/a the Ruby Gold Project, is a fully-permitted underground placer and lode mine located near Downieville in Sierra County, California that is known to have produced over 350,000 ounces of gold since the 1850's, and which is considered to be part of the northern extension of the historic Mother Lode system. The Ruby Property covers approximately 2,312 contiguous acres, only a small portion of which has been explored to date. The property consists of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 59 unpatented claims containing approximately 1,877 acres. The equipment, fixed assets, and infrastructure in place include a 1,000 yard per day placer wash plant, 50-ton per day quartz mill, 6,000 feet of tracked haulage, and related support equipment needed for underground mining operations. The property also features an excellent system of roads, is accessible via paved highway from Reno or Sacramento, has abundant water and timber available for mining purposes, and has PG&E power available on-site. For further information on the Ruby Mine, please visit the Ruby page on the North Bay website at http://www.northbayresources.com/ruby/.
About North Bay Resources Inc.
North Bay Resources Inc. (OTC Pink: NBRI) is a fully-reporting junior mining company with current operations in the US and Canada.
In the US, the Company's subsidiary, Ruby Gold Inc., owns and operates the Ruby Mine in Sierra County, California. The Ruby Mine is a fully-permitted underground placer and lode mine located in the northern extension of the historic Mother Lode system. The Ruby is known to have produced over 350,000 ounces of gold since the 1850's, including some of the most spectacular gold nuggets on record. The Ruby Property covers approximately 2,312 acres, only a small portion of which has been explored to date.
In British Columbia, the Company holds 100% ownership of a multitude of significant mining properties. These include two gold-platinum placers, the Fraser River Project and the Monte Cristo, and lode projects such as the advanced-stage Mount Washington Project on Vancouver Island, the Brett West/Bouleau Creek Gold project near Vernon BC, the Coronation Gold project in the historic Slocan Mining district, and the Tulameen Platinum Project near Princeton, BC. In addition to its many precious metal projects, the Company also owns additional prospective projects that host strategic mineral resources such as Vanadium, Crystalline Flake Graphite, Olivine, and Rare Earth Elements (REE).
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.
Additional information on the Company's many properties and ongoing projects is available at the Company website at http://www.northbayresources.com.
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 Form 10-K which may be secured from us, or from our website at http://www.sec.gov/edgar.shtml