North Bay Resources Inc. announced today that it has entered into a series of transactions that affect several of the Company’s properties.
— The Company’s wholly owned subsidiary, Lakeridge Mining Corp., has
returned the Marlow Creek Moly and Trout Lake Gold properties to North Bay.
These were subsequently included in a series of property sales and
exchanges that resulted in a net revenue gain to the Company of $32,000 USD
plus additional property considerations.
— An additional 673 acres of ground adjacent to the Company’s Tulameen
Platinum Project (formerly known as the Lodestone Platinum Property) has
been acquired as part of the aforementioned transactions. The Tulameen
Platinum Project now straddles a 5 kilometre stretch of the Tulameen River
and Britton Creek, in between Grasshopper Mountain and Olivine Mountain,
near the village of Tulameen in southwestern British Columbia. According
to BC Assessment Reports 17170 and 27009, samples from the area have
returned values up to 31 grams (1 troy ounce) per tonne platinum. The
newly acquired ground includes a section of Olivine Mountain in close
proximity to where previous assessment work has yielded assays over 7 grams
per tonne platinum (AR 16691; MINFILE 092HNE184). The Company is currently
engaged in identifying potential joint-venture partners prior to launching
a Phase I exploration and drilling program.
— Assessment work on the Company’s Silver Leaf property, which was
initiated in October 2007, has been temporarily suspended pending the
outcome of ongoing joint venture discussions. Further announcements in
this regard will be made at the appropriate time.
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