North Bay Resources (NBR) has formed a joint venture (JV) with Devlin's Bench Mining and P Wright Contracting (PWC) to jointly operate the Monte Cristo Property in British Columbia's Lillooet River Valley, Canada.
NBR owns 100% equity in the Monte Cristo Property, which covers approximately 4km along the Lillooet River and includes two primary placers known as the Chilco and the namesake Monte Cristo.
In October 2011, NBR signed a memorandum of understanding (MoU) with PWC to enter into a JV to run North Bay's Fraser River Platinum Project also located in British Columbia. NBR has now amended the MoU to include the Monte Cristo as an additional project to be operated under the JV.
The sands of the Monte Cristo are estimated to contain inferred gold-platinum resources of 22.7Mt (25 million short tons) down to a depth of 30m. These historical estimates are not compliant with either Canada's National Instrument 43-101 or the SEC's Industry Guide 7. A recent inspection by PWC confirmed that the property hosts a very large placer deposit that is clearly evident on both sides of the Lillooet River.
The terms of the JV agreement with PWC will be disclosed once the definitive contracts are signed within 60 days of formal permit approval by the British Columbia Ministry of Mines and the local First Nations governments.
The permit for the Monte Cristo project is expected to be prepared and filed soon.