North Bay Resources Inc. (NBRI) (“North Bay” or the “Company”) has issued the following shareholder update on the status of current operations at the Ruby Gold Project.
As a result of safety inspections at the Ruby Mine on July 17, 2012 conducted by the federal Mine Safety and Health Administration (MSHA), the Company was found to be in non-compliance of several regulations that caused MSHA to issue a stop work order. These orders relate to the requirement to have an MSHA-approved mine rescue team on standby within a reasonable distance from the mine, insufficient documentation of MSHA-approved safety training of some of the miners, and the lack of an MSHA-approved personnel transportation rail car designated specifically for that purpose. As a result, work at the Ruby Tunnel project has been temporarily halted to allow time for the Company to comply with these issues and bring the Ruby project into full compliance with current MSHA regulations.
Prior to the work stoppage, the Ruby Tunnel rehab project continued to make steady progress, and the crew was advancing towards the 4900 Vein and the entrance to the Black Channel. This section of the tunnel, from the Ruby Portal to the 4900 Vein, is on the west side of the Melones Fault, the primary controlling structure that defines the Motherlode system of Northern California. The geological lithology of this western section is characterized by long stretches of serpentinite, which is a brittle rock structure prone to fracturing. To help insure that mining operations are not interrupted from falling rock from the serpentinite roof, we have been taking a great deal of care to retimber this stretch of tunnel as much as is deemed prudent, and in some areas installing new timbering to further reinforce the roof and ribs of the tunnel. This has been a slow and tedious process, and there remains another 600 feet or so of serpentinite to retimber before reaching the 4900 Vein.
Upon reaching the 4900 vein, we will cross over to the eastern side of the Melones Fault and into the approach to the Black Channel. It is worth noting that much of the gold produced from vein deposits of the Motherlode has been mined from the eastern side of the Melones Fault. The geological lithology of the eastern side of the Melones Fault is characterized as a slate structure, which has an inherent stability that is more self-supporting, and will not likely require nearly as much timbering. We therefore expect the work to proceed at a faster pace once we reach that section of the tunnel. By the time we reach the 4900 Vein, we will have installed over 60,000 board feet of timber, and almost 5,000 feet of new ventilation duct.
We will make an announcement when work resumes, and as always, we will continue to keep shareholders informed of our operational progress as we proceed forward towards completion of the tunnel rehab project and the start of production.
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 250,000 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 1,755 acres, consisting of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 30 unpatented claims containing approximately 1,320 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 about 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. (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 has acquired the Ruby Gold Mine in Sierra County, California, and is presently looking 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 North Bay Resources Inc.
Perry Leopold, CEO
North Bay Resources Inc.
2120 Bethel Road
Lansdale, PA , 19446
All content on StockGuru.com is original content – with the exception of client news releases. All content is (C) Copyright 2002 to 2012 Pentony Enterprises LLC. No content may be used in whole or in part without the express written consent of our Publisher. We encourage web sites interested in our content to offer a reciprical exchange agreement in exchange for use of some of our content. We do not offer advance approval, but contact our Publisher if you have an interest in repropagating our content. Contact as at: Publisher@StockGuru.com or (469) 252-3030. Mailing address: 1601 Berwick Drive; McKinney, Texas 75070. NBRI Disclosure: Pentony Enterprises LLC entered into an investor relations consulting and market awareness contract with NBRI. To avoid all potential conflicts of interest, we never sell shares into the open market during an active market awareness or investor relations program, and 144 shares come with a six month hold from the time a program has ended before registration. This means that as we release new information about a particular client company either on our site or otherwise authored by us, you can be confident we are not selling shares at the same time. Pentony Enterprises is not a registered investment adviser or a broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. The Company will compensate us a total of eleven thousand three hundred and sixty dollars for coverage, with a possible one hundred thousand shares later in 2012. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. Pentony Enterprises LLC – 1601 Berwick Drive – McKinney, Texas 75070 – (469) 252-3031.