Business
CMC Acquires a 16.05% Interest in North Bay Resources Inc. and Announces a Change in Directors
VANCOUVER, BC / ACCESSWIRE / August 15, 2024 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(OTCQ...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Acquires a 16.05% Interest in North Bay Resources Inc. and Announces a Change in DirectorsVANCOUVER, BC / ACCESSWIRE / August 15, 2024 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(OTCQB:CMCXF) (\"CMC\" or the \"Company\") CMC Metals Ltd. is pleased to announce that it has acquired 1.12 billion common shares, equivalent to a 16.05% interest, in North Bay Resources Inc. (‘NBRI\"). The common shares were acquired as a part of the agreement between NBRI and the Company, whereby NBRI acquired 55.5% of CMC's gold processing mill in Bishop California (see Press release April 24, 2024).CMC is also pleased to note that NBRI has made significant progress in advancing the reopening of the Bishop mill facility. NBRI has been advancing site improvements and working to acquire ore sources. NBRI recently announced that it has acquired a 100% interest in the Mount Vernon Mine in Sierra County from a private arms-length company (see NBRI press release of July 18, 2024). The Mount Vernon mine has been noted by NBRI to be a potential ore source for the mill.Mt. Vernon is a largely undeveloped deposit, proximate to some of the richest past producing gold mines in North America. Mt. Vernon is a permitted underground mine with modern portal, tunnel, ventilation. power, and equipment (see Pictures 1 and 2). The Company plans to commence a short mining test extraction immediately to confirm economics and then, provided the proposed mining activity proves viable, commence planned initial production of 100 tons per day shortly, pending minor infrastructure and permitting updates. NBRI intends to ship the ore to the Company's Bishop, California Gold Mill for processing, targeting initial net mine production of 3 truckloads per day, utilizing 30-ton triaxle dump trucks for delivery of feedstock to the mill.NBRI are taking a pragmatic risk managed approach to their overall plan and strategy in California, as there are significant tasks and hurdles involved in their multi-faceted operation and there is no assurance of an economic outcome (refer to NBRI press releases dated April 23, July 18, and August 5, 2024).Kevin Brewer, President and CEO noted \"We are very pleased with the significant advancements NBRI have made with regards to advancing the mill commissioning and to secure high-grade ore sources. Our company is working closely with NBRI wi...