North Bay Resources Inc. announced today that the extended deadline to formalize its proposed Coronation Property joint-venture agreement with Drake Gold Resources Inc. (“Drake”) has expired, and that the parties have mutually agreed to not extend it further, thereby terminating the Letter of Intent agreement previously announced on April 30, 2008.
The Coronation Property is located near Slocan in southeastern British Columbia and covers 103 acres over several reverted crown grants. It includes three past-producing mines; the Colorado, the V&M, and the Senator mines, in addition to the Coronation. Primary mineralization is gold, silver, zinc, and lead. According to BC MINFILE 082FNW162 and Assessment Report 18603, the Coronation Property was reported to have past-production of as much as 13,000 grams (418 ounces) per tonne silver and 20% lead, while the highest combined historical (post-production) assays are 16.8 g/t gold, 6000 g/t silver, 10.9% zinc, and 1.2% lead.
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