SKIPPACK, PA., August 11, 2009 – North Bay Resources Inc. (OTC: NBRI) (“North Bay” or the “Company”) is pleased to announce that it has acquired a 100% interest in the Lancers Mountain Gold property in southwestern British Columbia, Canada.
The Lancers Mountain Gold Property is located approximately 160 miles northwest of Vancouver, and is characterized by gold, silver, lead, zinc, copper, and molybdenum mineralization over 998 acres. As documented in MINFILE 092N 051, there are at least four major gossanous zones with an average size measuring 50 by 50 metres. On the northeast flank of Lancers Mountain a select grab sample from a trench cut in a silicified felsic dyke assayed 35,513 grams (1,141 ounces) per tonne silver, 56.6 grams (1.81 ounces) per tonne gold, 1.2% zinc and 0.39% lead.
The property also includes the Hannah prospect (MINFILE 092N 028). The Hannah is a showing of gold, silver, copper and molybdenum mineralization in altered intrusive rocks located 8 kilometres southeast of Lancers Mountain. Assay results from 64 channel and chip samples revealed that gold and molybdenum were more significant than copper and silver. The average assay for gold was 1 gram per tonne (maximum 11.3), and for molybdenum was 0.087% (maximum 1.25%).
Another important area is the Discovery zone where a shear zone in the quartz monzonite stock is intruded by felsic to intermediate porphyritic dykes. The zone has been explored by diamond drilling and trenching; with one 1 metre section in a trench assaying 18 grams per tonne gold, 44 grams per tonne silver and 3.26% copper.
Elsewhere on the property in the Conductor “F” zone, the sheared contact between a feldspar porphyry dyke and silicified monzonite is marked by strong sulphide mineralization. A select grab sample from here assayed 126 grams (4.05 ounces) per tonne gold and over 1% copper, and a 2-metre channel sample averaged 85 grams (2.73 ounces) per tonne gold, 51 grams per tonne silver, and over 1% copper (Assessment Report 18202).
Despite some very high though sporadic geochemical results, most exploration efforts thus far in the area have not yet defined significant widths of economic mineralization, although the potential at depth is not discounted. It should be noted that the property is characterized by rugged terrain and harsh weather conditions that have severely limited exploration to date. The Company believes that despite its lack of infrastructure, the remarkably high assays such as 4.05 ounces per tonne gold in the Conductor zone and 1,141 ounces per tonne silver on Lancers Mountain make the property an attractive exploration target and a suitable joint-venture prospect of merit.
About North Bay Resources Inc.
North Bay Resources Inc. (OTC: NBRI) is a junior mining company with over 140 mineral and placer claims encompassing approximately 50,000 acres throughout British Columbia, Canada. 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.