North Bay Resources (NBRI) reports on project, shares hike

Posted on: Tuesday, September 6th, 2011
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North Bay Resources (OTCBB: NBRI) saw its shares leap 8.6% to 19 cents Tuesday, on news of its latest gold mining project. More than 126,000 shares of North Bay changed hands, in contrast with an average of around 858,000.

A news release out September 6 revealed that that pre-production activities have commenced at the Ruby Mine in Sierra County, California. The following is a progress report of the work completed, ongoing, and planned as of this date.

Extensive survey work to map an expansion of the Ruby tailings areas was completed in August, and an amendment to the Reclamation Plan is in the final stages of completion. Once approved, the Company expects the expanded tailings area will provide enough capacity to support mining operations for at least another 5 to 7 years before another expansion will need to be considered.

A preliminary inspection of the electric power system has been completed by PG&E, the required deposits have been made by the Company, and PG&E has initiated its further estimation and assessment process to re-energize the powerline to the Lawry Shaft. Once power is restored to the Lawry Shaft, the hoist system will be serviced and inspected to meet MSHA safety compliance requirements.

The Company is also pleased to announce that it has received word that its EB-5 funding overseas is proceeding very well. The funding, in the amount of $7.5 million, is expected to be fully-subscribed. In the interim, the Company will be using its $5 million equity credit line with Tangiers Investors, LP to fund ongoing pre-production work at the Ruby until the EB-5 funds are released from escrow.

North Bay Resources Inc., based in Skippack, Pa., is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.

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Category: Energy Stocks, OTCBB
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