North Bay Resources Inc. (OTC:NBRI) has strategically acquired 100% ownership of the Mt Vernon Mine in Sierra County, California, a move that significantly enhances its position in the gold mining industry. The mine, located near historically productive gold mines, is an undeveloped paleoplacer deposit with well-defined and relatively shallow gold deposits, offering efficient and cost-effective extraction opportunities.
Historical findings at the Mt Vernon Mine include high-grade gold nuggets, some as rich as 90 ounces, indicating a potentially lucrative yield for North Bay Resources. The mine's existing infrastructure and permits allow for immediate test mining operations, with plans to process approximately 100 tons of ore daily at the Bishop Gold mill. Initial projections suggest daily gold production could reach 80 ounces, translating to gross revenues of around $200,000 per day.
The long-term potential of the Mt Vernon Mine is underscored by estimates of nearly a million tonnes of high-grade feedstock, capable of sustaining operations for about 50 years. This acquisition comes at a time when gold is increasingly viewed as a stable investment amid global economic uncertainties, positioning North Bay Resources to benefit from the enduring demand for gold.
North Bay Resources' acquisition of the Mt Vernon Mine not only bolsters its production capabilities but also signifies its commitment to growth in the gold mining sector. With plans for further development and possible expansion of processing capabilities, the company is laying the groundwork for sustained success and a stronger presence in the industry.
This development is of particular interest to investors and industry observers, as it highlights North Bay Resources' strategic approach to securing assets with significant long-term production potential. The Mt Vernon Mine acquisition could very well establish the company as a key player in the gold mining sector, contributing to the global supply chain of this precious metal.
