StockGuru – North Bay Resources Inc. (OTCBB- NBRI) Gold Investment Outlook – How to Avoid Buying In Gold at the Top
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North Bay Resources Inc. (OTCBB: NBRI)
StockGuru – North Bay Resources Inc. (OTCBB: NBRI) Gold Investment Outlook – How to Avoid Buying In Gold at the Top
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada. NBRI represents the smart investor`s way to find value in gold. As gold reaches peak highs, investors continue to search for ways to invest without entering at the top. That`s precisely the opportunity NBRI delivers.
Gold Investment Outlook
Gold is up significantly from $940 just 12 months ago, closing at $1482.48 yesterday on the spot market. A decade ago, an ounce of gold was less than $300. Exchange traded funds that invest in gold bullion are the sixth-largest owner of gold in the world, just behind the central bank of France. The U.S. government, the nation`s largest seller of gold, has sold 615,500 ounces of gold bullion coins this year.
NBRI has the mine ready to go and the financing in place.
Ruby Gold Mine in Sierra County, California
Production Plans
Initial production is anticipated to begin in mid-2011.
Currently, with a $5 million equity line of credit in place additional funding of up to $7.5 million is expected to be provided through the federal EB-5 program, and the exact date production will commence is contingent on when our Regional Center application is approved by the USCIS. Upon approval by USCIS for the planned Northern California Regional Center and acceptance of the Ruby Project for funding under the EB-5 program, we expect to hire a qualified mining engineer as the Ruby Mine Manager, and to provide a suitable budget to begin hiring up to 60 employees from the local area to commence mining operations.
Escrow Opens June 1, 2011, and Closes On or Before July 1, 2011
The purchase will be initiated with the opening of escrow on June 1, 2011, and will be completed with the closing of escrow on or before July 1, 2011. Upon completion of the Ruby Mine purchase, the Company will have also acquired all of the outstanding shares of Ruby Gold, Inc. which will then become a wholly-owned subsidiary of North Bay Resources Inc.
Mining Possible to Start Immediately Based on Infrastructure and Permitting
The existing infrastructure and permitting status make it possible to start up mining activity almost immediately. Four placer channels have been selected for initial mining, and they will be mined simultaneously as two separate projects; the Lawry Shaft Project and the Deep Rock Creek Project.
Funding and NBRI Gold Investment Outlook
EB-5 Funding The Company is waiting for approval by the United States Citizenship and Immigration Services for the expansion of the Northern California Regional Center to include mining projects in Sierra County, California. Once approved, the Ruby Gold Project will then be a pre-approved EB-5 investment vehicle that can legally accept funds from EB-5 investors overseas under the EB-5 guidelines, and through the auspices of Northern California Regional Center. The The term “EB-5″ is an acronym for “the fifth employment based visa preference category.” As it implies, the source of the investment capital comes from foreign investors who wish to legally immigrate to the US by investing a minimum of $500,000 in a commercial enterprise that will benefit the US economy and create at least 10 full-time jobs in the US.
S-1 Registration Statement for First Tranche of $5M Equity Credit Line NBRI has filed a Form S-1 registration statement with the Securities and Exchange Commission (“SEC”) to register the first tranche of its $5M equity credit line with Tangiers Investors, LP (“Tangiers”). As previously announced on October 21, 2009, the Company has secured $5 Million in financing under an equity line of credit with Tangiers. A summary of the terms of the agreement provides that:
North Bay has the right, but not the obligation, to draw down on the equity line of credit by selling to Tangiers shares of the Company`s common stock for a total purchase price of up to $5 Million. Tangiers will pay the Company 90% of the lowest volume weighted average price of the Company`s common stock during the five days immediately following the notice date (the “Pricing Period”) as quoted by Bloomberg, LP on the Over-the-Counter Bulletin Board (“OTCBB”). This will amount to a 10% discount to the prevailing market price of NBRI during the Pricing Period. Draws are limited to $100,000 per 10 consecutive trading days after the advance notice is provided to Tangiers. Tangiers` obligation to purchase shares of the Company`s common stock under the Securities Purchase Agreement is subject to certain conditions, including the Company obtaining an effective registration statement for shares of the Company`s common stock to be sold under the Securities Purchase Agreement.
The newly-filed Form S-1 seeks to register up to of 19,726,822 shares of common stock that may be issued pursuant to the Securities Purchase Agreement (“SPA”) with Tangiers. StockGuru`s Profile for North Bay Resources Inc. This is the condensed version – Full StockGuru Profile Found Here:
http://www.stockguru.com/about/nrbi/
North Bay Resources Inc. (OTCBB: NBRI)
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.
NBRI Snapshot
Transitioning from an exploration company to a gold producer in 2011 Low O/S, low float, majority owned by insiders Acquiring the historic Ruby Gold Mine in the Motherlode District of Northern California Total resource is estimated to contain up to 500,000 ounces of gold Fully-permitted and ready to resume production this year The Ruby Mine is famous for its jewelers-grade gold nuggets, the largest of which (so far) weighs 201 ounces Annual revenue from on-going Joint-Ventures in Canada. $3M in work commitments from JV partners in Canada $5M equity credit line in place Non-dilutive EB-5 funding of $7.5 million in the pipeline Planning to acquire additional operating mines in the western United States region
North Bay Business Plan 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. Long-term commodity uptrend supports NBRI`s multiple assets being placed into production in order to achieve substantial profitability for shareholders. Organic growth through the accumulation of performing assets, is expected to generate revenue from gold mining operations once the Ruby Mine and other assets are in production.
Ruby Gold Mine in Sierra County, California
Production Plans
Currently, with a $5 million equity line of credit in place additional funding of up to $7.5 million is expected to be provided through the federal EB-5 program, and the exact date production will commence is contingent on when our Regional Center application is approved by the USCIS. Upon approval by USCIS for the planned Northern California Regional Center and acceptance of the Ruby Project for funding under the EB-5 program, we expect to hire a qualified mining engineer as the Ruby Mine Manager, and to provide a suitable budget to begin hiring up to 60 employees from the local area to commence mining operations.
Escrow Opens June 1, 2011, and Closes On or Before July 1, 2011 The purchase will be initiated with the opening of escrow on June 1, 2011, and will be completed with the closing of escrow on or before July 1, 2011. Upon completion of the Ruby Mine purchase, the Company will have also acquired all of the outstanding shares of Ruby Gold, Inc. which will then become a wholly-owned subsidiary of North Bay Resources Inc.
Target Output Roughly 375 Tons Per Day The target output is expected to be 250 cubic yards per day (approximately 375 tons) at an average grade of 0.164 ounces per bank cubic yard (BCY), for a monthly output of approximately 1,000 ounces of gold recovered. Production capacity and output is expected to increase by the second year of operations. Continued exploration and development of additional unmined channels as well as an undeveloped quartz vein believed to be the source of all the placer gold in the channel gravels are expected to increase resources and the life of the mine.
Mining Possible to Start Immediately Based on Infrastructure and Permitting The existing infrastructure and permitting status make it possible to start up mining activity almost immediately. Four placer channels have been selected for initial mining, and they will be mined simultaneously as two separate projects; the Lawry Shaft Project and the Deep Rock Creek Project. The Lawry Shaft Project targets two channels; the Mount Vernon Channel and the Pilot Channel. The Deep Rock Creek Project also targets two channels; the Deep Rock Creek Channel and the downstream extension of the Black Channel. Once progress in the Lawry Shaft and Deep Rock Creek Projects is well established, a simultaneous program of exploration and development (E&D) is expected to be initiated. This is intended to be an ongoing program to prepare additional placer channel targets to provide continuous future production from the Ruby Mine placer channels.
Quartz Veins Provide Additional Exploration Target The Ruby Mine`s quartz veins provide an additional exploration target. Exploration and development of the Ruby Mine`s quartz gold potential opens the possibility for additional gold production that will augment placer production and potentially extend total gold production far beyond the 10 plus years anticipated from the Ruby`s placer gold channels.
The Company exercised its option to purchase the Ruby Mine in Sierra County, California, in April 2011.
Two Contiguous Claim Groups The Ruby property comprises two contiguous claim groups, the Ruby and the Golden Bear (aka Carson Camp), both of which include lode and placer claims. The Ruby claims combine three former producing gold mines; the Ruby, the Bald Mountain Extension, and the Wisconsin. The Golden Bear claims comprise several former producing mines as well, including the Golden Bear, the Ireland, and the Cincinnati. Collectively, the claims have produced in excess of 250,000 ounces of gold in a mining history dating from the 1850`s. The property covers one and one-half miles of strike length along the Eastern Melones Fault, the major structure along which many of the gold deposits of the Mother Lode are localized. The property also encompasses an estimated 4 miles of partially mined and unmined auriferous Tertiary channels. The Ruby is located on the northern extension of the historic Mother Lode system, as evidenced in the map below that shows the location of the Alleghany-Downieville mining district in relation to the overall Mother Lode.
The Ruby Mine, a/k/a the Ruby Gold Project, is a fully-permitted underground placer and lode mine located near Downieville in Sierra County, California that is known to have produced over 250,000 ounces of gold since the 1850`s, and which is considered to be part of the northern extension of the historic Mother Lode system. The Ruby Property covers approximately 1,755 acres, consisting of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 30 unpatented claims containing approximately 1,320 acres. During the 2010 summer program, 35 samples were collected by Mr. Clifton from the Lawry Shaft workings and sent to American Assay Laboratories Inc. in Sparks, NV for fire assay analysis. The samples, each weighing approximately 1 kilogram, were collected at 10-foot intervals at the gravel-bedrock interface at 5 locations (A through E) within tunnels and crosscuts. At location C, samples C9 through C12 returned several high values, including 45.5 grams (1.45 ounces) and 15.05 grams (0.48 ounces) per metric ton (tonne) gold, as per the table below. This represents a 30-foot wide zone of placer gold-enriched sediments in which 3 of the 4 samples are highly anomalous. This zone is considered mining width. Having delineated a 30-foot wide zone with a limited 35-sample set, we believe this indicates that gold-rich gravels are relatively abundant, easily identified, and present in existing workings ready to be exploited.
Plant, Equipment, Permits, and Site Infrastructure The equipment, fixed assets, and infrastructure in place have been valued at an estimated $3.5 million, and include a 1,000 yard per day placer wash plant, 50-ton per day quartz mill, 6,000 feet of tracked haulage, and related support equipment needed for underground mining operations. The property also features an excellent system of roads, is accessible via paved highway from Reno or Sacramento, has abundant water and timber available for mining purposes, and has PG&E power available on-site.
Site inspections conducted during June and July, 2010 by C. Gary Clifton, a certified professional geologist (P.Geo.) retained by the Company as an independent consulting geologist to inspect and assess the Ruby Mine, and by management in September, 2010, confirmed that the Ruby is in excellent condition, and has been well maintained despite having not been operation since 1998. The equipment currently on-site at the Ruby was mostly purchased in the period between 1990 and 1995 when the mine was last in production, and is therefore between 15 and 20 years old. The equipment, including the wash plant and mill facilities, has been confirmed to be in good working order, though some minor upgrades are expected to be needed once operations resume. Upon the exercise of our option to purchase, management believes the mine can be placed back into operation in a very short period of time.
Equipment, Fixed Assets and Infrastructure Value Estimated $3.5 M
This is the condensed version – Full StockGuru Profile Found Here:
http://www.stockguru.com/about/nrbi/ Contact North Bay Resources Inc.
Perry Leopold, CEO North Bay Resources Inc.
2120 Bethel Road Lansdale, PA , 19446 Website: http://www.northbayresources.com Phone: 215-661-1100
North Bay Resources VIASPACE, Inc. Vuzix Corporation Mantra Venture Group Princeton Security Technologies Next 1 Interactive AtheroNova Industrial Nanotech Medizone International About StockGuru: The original service that has become StockGuru started in the late `90`s. At first if was our publisher sharing picks with his friends. Then it grew. Then it became a formal list in 2001. In 2002 it became a web site. In 2003 it became StockGuru. READ ALL ABOUT IT HERE . . Contact StockGuru: P: 469-358-5200 F: 214-975-1238 Publisher@StockGuru.com
This message was intended for “ You have received this message because you are subscribed to `Stock Guru` NBRI Disclosure: Pentony Enterprises LLC entered into an investor relations consulting and market awareness contract with NBRI. We hold not shares and will not be receiving any shares. To avoid all potential conflicts of interest, we never sell shares into the open market during an active market awareness or investor relations program. This means that as we release new information about a particular client company either on our site or otherwise authored by us, you can be confident we are not selling shares at the same time. Pentony Enterprises is not a registered investment adviser or a broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. The Company will compensate us a total of eight thousand dollars for coverage. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. Pentony Enterprises LLC – 1601 Berwick Drive – McKinney, Texas 75070 – (469) 252-3031. This entry was posted in StockGuru and tagged NBRI, USCIS. Bookmark the permalink.