$NBRI..This is HUGE NEWS! Very few permits are iss
Post# of 25327
$NBRI..This is HUGE NEWS! Very few permits are issued by these Indians..>>>>>July 09, 2012 08:15 ET
North Bay Resources Inc. (NBRI) Receives Mining Permit Approval for Fraser River JV Project
SKIPPACK, PA--(Marketwire - Jul 9, 2012) - North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that formal notification of approval of its Plan of Operations has been received from the Ministry of Energy and Mines in British Columbia, and a mining permit under Section 10 of the Mines Act has been issued to allow mechanized excavation and reclamation work to begin at the Fraser River JV project, effective immediately. As required by BC regulations, a reclamation bond has also been posted.
The Fraser River Property is located near Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River.
As previously announced in a Company press release on May 24, 2012, a recent exploration sampling program conducted by our JV partner, Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC"), resulted in assays as high as 5.68 grams per tonne gold and 0.427 grams per tonne platinum, with average assays of 2.303 g/t gold and 0.096 g/t platinum from 7 samples. These samples were all unconcentrated, consisting only of raw in-place bank material collected within 0.3 meters from the surface. As such, these raw samples represent what will be expected to be recovered from one bank cubic yard of gravel. In addition, the Company notes that metal values in placer deposits often increase substantially with increase in depth towards bedrock, which in the case of the Fraser is estimated to be approximately 75 meters below the surface. On a per yard basis, these results are significantly higher than the assays achieved by the Company in 2009 from an area further north of the current work area, and confirms our belief that the Fraser River project is an economical resource that can be mined profitably for many years.
With our permits now approved and issued, PWC has begun mobilizing heavy excavation equipment and a portable custom-built gold recovery plant for deployment at the Fraser River project. The equipment is expected to be in position within the next few weeks, and operations will begin shortly thereafter.
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
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