North Bay to form JV to develop Canadian platinum project

19 October 2011 (Last Updated October 19th, 2011 18:30)

North Bay Resources has signed a memorandum of understanding (MoU) with Devlin's Bench Mining and P. Wright Contracting (PWC) to enter into a joint venture (JV) in order to develop the Fraser River platinum project.

North Bay Resources has signed a memorandum of understanding (MoU) with Devlin's Bench Mining and P. Wright Contracting (PWC) to enter into a joint venture (JV) in order to develop the Fraser River platinum project.

The Fraser River covers about 4.5km of placer claims along the Fraser River and is located near Lytton in south-central British Columbia, Canada.

The project consists of the Van Winkle Bar, which has received assays results of 5,681g/t platinum from black sand concentrate.

Exploration work conducted in 2009 resulted in average assays of 520g/t gold, 5.38g/t platinum, and 0.04/t palladium from black sand concentrate.

North Bay and PWC are planning to resume development work and apply for the appropriate mining permits. Production will begin as soon as the permits are approved.