North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting
Rhea-AI Summary
North Bay Resources Inc. (OTC: NBRI) has commenced test milling operations at its Bishop Gold Mill in California. The company received its first gold ore shipment from the Fran Gold Project, consisting of 22 tons of surface material grading 1.2 to 2.3 ounces gold per ton. The milling process will involve crushing, gravity separation, and flotation to extract gold and other valuable metals.
North Bay has engaged the Sabean Group for media and management consulting, bringing in experienced professionals in media, finance, and engineering. The company has also received positive reports on its tailings pond and is completing various technical studies and plans for the mill start-up.
Additionally, North Bay provided updates on its Mt. Vernon Gold Mine, where operations are expected to commence in October, and the Taber Gold Mine, where rehabilitation work continues.
Positive
- Commencement of test milling operations at Bishop Gold Mill
- First gold ore shipment received, grading 1.2 to 2.3 ounces gold per ton
- Engagement of experienced management consulting team
- Positive tailings pond inspection report
- Planned commencement of Mt. Vernon Gold Mine operations in October
Negative
- High transportation costs of $150 per ton for long haul trucking
- Delayed cash compensation for Sabean Group until January 2025
- Potential share dilution due to issuance of share purchase options to Sabean Group
News Market Reaction
On the day this news was published, NBRI gained 12.50%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
BISHOP, Calif., Sept. 25, 2024 (GLOBE NEWSWIRE) -- North Bay Resources Inc. (the “Company” or “North Bay”) (OTC: NBRI) is pleased to announce the arrival of its first gold ore shipment from the Company’s Fran Gold Project and commencement of test milling operations. Starting today the Company will begin testing and optimization of milling for extraction of gold from ore. The first phase will involve testing of the jaw crusher to reduce the ore to minus ½” for feed into the ball mill for further reduction to minus 150 mesh and then moved as a slurry to the gravity separation table for extraction of free gold and other valuable metals. This will then be followed by optimization and testing of the flotation cells and reagent formulation with a final phase of further upgrading the flotation concentrate by use of a 2nd gravity table and report to tailings. The free gold and, as applicable, precious metal concentrate will be melted in the on-site furnace for production of Dore bars or similar high-grade instruments for bank vault storage or shipment to the gold refinery in Reno, Nevada. The initial shipment consisted of 22 tons of surface material loaded into one metric tonne (2200 lbs.) super-sacks and placed on flat-bed tractor trailers. The target material was recently assayed and graded 1.2 to 2.3 ounces gold per ton (see Press Release dated August 26, 2024). The Company has identified approximately 5000 tons of target material for immediate shipment and a substantially larger amount of near surface material in trenches and defined by prior diamond drilling.
Management Update
The Company has engaged the Sabean Group for media and management consulting. The Sabean Group is founded by content executive Tim Sabean, one of the most highly regarded experts in modern media, serving previously as the founder of the Howard Stern Channels on SiriusXM, spanning a 30 year career building content brands for some of the biggest brands in media. Gil Edwards, has served in leadership roles at CBS Radio and SiriusXM developing media brands and top-tier spoken word entertainment content. Mr. Edwards has over a decade of digital product leadership and strategy, working on start-up platforms in streaming audio, video and mobile development. Mr. Edwards has an MBA from Villanova University. Jim Keller (CPA) has over 35 years of experience providing financial, administrative, operational and strategic leadership to global software, consulting, distribution, manufacturing and public accounting firms ranging from early-stage to established billion-dollar corporations. Al McGowan is a result-driven executive with a successful record of raising capital to create numerous high growth companies. In addition to being a Member of the Board of Directors of Cambridge Mobile Telematics, the worldwide leader in insurance telematics, Mr. McGowan was the CEO of TrafficCast International, a Founder at Traffic.com and the President of Shadow Broadcast Services. These companies were the industry leaders and innovators in their verticals and resulted in successful exits for investors and employees. Mr. McGowan played a significant role in the development of the oil storage and refining facilities that were part of the Royal Commission for Jubail and Yanbu in Saudi Arabi and worked in the petrochemical, hydroelectric and nuclear fields before spending five years as a facilities engineering and real estate executive in the aerospace industry. Mr. McGowan has a degree in Civil Engineering from the University of Delaware.
Bishop Gold Mill Technical Update
The Company has received a tailings pond inspection report from its environmental engineering firm, NewFields, indicating no issues or degradation of the tailings pond liner in the Waste Management Unit of the Bishop Gold Mill. The Company’s civil and process engineering firm SRK Consulting (Reno) is completing a De-watering Plan and updated Waste Management and Closure financial projection (2024 dollars), both will be used to determine if bond requirement will be adjusted by regulators. Currently, the Company has a
Current transportation costs from the Fran Gold Project to the Bishop Gold Mill, are currently
Mt. Vernon Gold Mine
The Company’s mine contractor has filed the required Federal Mining Authority (MSHA) operating plan and expects to commence operations in October. The initial detailed extraction plan for the drill, blast, load, and removal of a 500-ton high grade bulk sample is being updated and completed, based on prior 3D modelling, by the Company’s mine engineering consultant, RESPEC Company, and is expected shortly; site preparations are expected to commence thereafter.
Taber Gold Mine
Mining crews continue to develop and rehabilitate the Wild Boar Zone approximately 700 feet inside the mine. The primary work has consisted of steel and timber reinforcement of the tunnel and clearing of the historic Wild Boar shaft. Sampling of the three known mining faces will commence once rehabilitation is complete.
Corporate Update
The Sabean Group will receive an initial 100,000,000 incentive share purchase options with a 2-year term and a strike price of
On behalf of the Board of Directors of
NORTH BAY RESOURCES INC.
Jared Lazerson
CEO
info@northbay-resources.com
northbay-resources.com
X: @NorthBayRes
Facebook: North Bay Resources Inc | Facebook
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
FAQ
What is the grade of the first gold ore shipment received by North Bay Resources (NBRI)?
When is North Bay Resources (NBRI) expected to start operations at the Mt. Vernon Gold Mine?
How much is the current transportation cost for North Bay Resources (NBRI) from the Fran Gold Project to the Bishop Gold Mill?
What consulting group has North Bay Resources (NBRI) engaged for media and management?
