North Bay Executes Joint-Venture Agreement on Silver Leaf Propertyadmin
North Bay Resources Inc. announce that it has finalized and signed a contract with Hidalgo Mining International Inc. to engage in a joint-venture for the development of North Bay’s Silver Leaf Property.
Terms of the agreement call for Hidalgo to commit up to $1.25 million US over three years for developmental drilling and surface ore recovery. North Bay and Hidalgo will each own 50% of the Silver Leaf Property and will equally share any and all net revenue, including any near-term profits generated from surface ore recovery operations. It is expected that a portion of any profits will be re-invested in ongoing development work on the Silver Leaf’s underground assets. In addition, North Bay will receive an initial payment of $50,000 US.
The Silver Leaf Property is located near Speculator Creek, 8 kilometres east-northeast of Slocan, BC, and consists of 10 claim units covering approximately 2,378 hectares (5,874 acres). It includes the past-producing Silver Leaf, Riverside, Slocan Prince, Anna, Hampton, Bondholder, Dumac, Westmont, Neepawa, and Mabou mines.
As documented in British Columbia government records known as MINFILE, previous mining operations at the Silver Leaf mine produced an average of 598 grams (19.2 ounces) per tonne silver, and the Riverside produced an average of 1,534 grams (49 ounces) per tonne silver. Past production from the Slocan Prince and Hampton mines averaged 10,000 grams (321 ounces) and 16,817 grams (540 ounces) per tonne silver, respectively. A more recently discovered vein documented in Assessment Report 23054 reports assays as high as 657 ounces per tonne silver.
The Silver Leaf Property also includes the rights to the surface ore dump from the nearby Arlington mine. According to BC MINFILE 082FNW152, this surface ore represents proven reserves of 43,114 tonnes at 15.68 ounces per tonne silver, or 676,238 ounces of silver.
Perry Leopold, CEO of North Bay Resources Inc., stated, “We look forward to a long and fruitful relationship with Hidalgo Mining. By expanding our efforts jointly and leveraging our strengths, we increase the likelihood of our collective success in bringing the Silver Leaf’s potential into fruition and increasing shareholder value for both companies.”