In addition to its many precious metal projects, the Company also owns additional prospective projects that host strategic mineral resources such as Vanadium, Crystalline Flake Graphite, Olivine, and Rare Earth Elements (REE). These include two gold-platinum placers, the Fraser River Project and the Monte Cristo, and lode projects such as the advanced-stage Mount Washington Project on Vancouver Island, the Brett West/Bouleau Creek Gold project near Vernon BC, the Coronation Gold project in the historic Slocan Mining district, and the Tulameen Platinum Project near Princeton, BC. In British Columbia, the Company holds 100% ownership of a multitude of significant mining properties.
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The Ruby Property covers approximately 2,312 acres, only a small portion of which has been explored to date. The Ruby is known to have produced over 350,000 ounces of gold since the 1850's, including some of the most spectacular gold nuggets on record.
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The Ruby Mine is a fully-permitted underground placer and lode mine located in the northern extension of the historic Mother Lode system. In the US, the Company's subsidiary, Ruby Gold, Inc., owns and operates the Ruby Mine in Sierra County, California. (OTC Pink: NBRI) is a fully-reporting junior mining company with current operations in the US and Canada. For further information on the Ruby Mine, please visit the Ruby page on the North Bay website at. The property also features an excellent system of roads, is accessible via paved highway from Reno or Sacramento, has abundant water and timber available for mining purposes, and has PG&E power available on-site. The equipment, fixed assets, and infrastructure in place include a 1,000 yard per day placer wash plant, 50-ton per day quartz mill, 6,000 feet of tracked haulage, and related support equipment needed for underground mining operations. The property consists of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 59 unpatented claims containing approximately 1,877 acres. The Ruby Property covers approximately 2,312 contiguous acres, only a small portion of which has been explored to date. The Ruby Mine, a/k/a the Ruby Gold Project, is a fully-permitted underground placer and lode mine located near Downieville in Sierra County, California that is known to have produced over 350,000 ounces of gold since the 1850's, and which is considered to be part of the northern extension of the historic Mother Lode system.
#Ruby mine sierra county full#
We will keep shareholders updated of any new developments as we go forward, as well as to discuss our plans for resuming full operations in the spring." We remain firm in our belief that the Ruby will be a profitable enterprise, and we hope shareholders will stay the course with us as we take steps to get through this turbulent period and recapitalize the company. This means not only reducing our debt, but avoiding new loans as much as possible beyond what might be needed to maintain minimal operations over the winter. Had we reached that goal by now, all of what has happened recently to our stock could have been avoided, but now our debts are coming due, and with the approach of winter in the Sierra Nevada mountains, we have made the decision to take our foot off the gas, catch our breath, and take a pause to allow our debt to work its way out.
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This is a very modest amount, and should be achievable, but due to the recent setbacks at the South Terrace and Big Bend, it remains in the future. We only have to recover 20 or 25 ounces of gold per week to break even, and anything more than that should be profit. This was funded primarily by convertible debt with the expectation that we would be generating enough revenue by now to no longer rely on loans to finance the operation. We needed to expand our crew and hire more men, our supply and equipment needs dramatically increased, and our monthly operating budget almost tripled. North Bay CEO Perry Leopold commented, "Last year when we successfully broke through to reopen the Ruby tunnel, we began to make the transition from what had been a rehab project to a mining operation.