Curated News
By: NewsRamp Editorial Staff
July 18, 2024
North Bay Resources Acquires Mt Vernon Mine, Expects Long-Term Gold Production
TLDR
- North Bay Resources Inc. aims for significant gold production at Mt. Vernon Mine, potentially yielding high revenues and long-term success.
- The Mt. Vernon Mine acquisition in Sierra County, California provides a promising site with well-defined, shallow gold deposits and existing infrastructure for immediate test mining.
- The acquisition of Mt. Vernon Mine has the potential to create long-term employment opportunities and economic growth in Sierra County, California, contributing to the local community and economy.
- The Mt. Vernon Mine, a paleoplacer deposit with high-grade nuggets, has a fascinating history as a riverbed, making it an interesting and valuable site for gold exploration.
Impact - Why it Matters
This news matters because it highlights North Bay Resources Inc.'s strategic acquisition of the Mt Vernon Mine, positioning the company for significant long-term gold production. The acquisition showcases the potential for substantial revenues and sustained operations, reflecting the stability and value of gold as an investment in the current economic climate.
Summary
North Bay Resources Inc. (OTC:NBRI) has announced an agreement to acquire 100% of the Mt Vernon Mine in Sierra County, California. The mine, located near historically rich North American gold mines, is an undeveloped yet promising site with well-defined and relatively shallow gold deposits. North Bay plans to scale up operations to process around 100 tons per day, with expectations of yielding significant gold quantities based on initial exploration data. The mine could produce approximately 80 ounces of gold daily, translating to gross revenues of about $200,000 per day, with net revenues potentially exceeding $100,000 after costs and partnerships. With nearly a million tonnes of known high-grade feedstock, the mine's operations could sustain for about 50 years at the current processing rate. The company aims for continued development and potential expansion of its processing capabilities in the future.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, North Bay Resources Acquires Mt Vernon Mine, Expects Long-Term Gold Production
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