Mr. Kevin Brewer reports

CMC REPORTS ON IMPRESSIVE METALLURGICAL TESTS ON POTENTIAL ORE FOR THE GOLD PROCESSING MILL IN BISHOP, CALIFORNIA BY NORTH BAY RESOURCES INC.

On Aug. 22, 2024, North Bay Resources announced highly positive results from a preliminary metallurgical/brevity recovery testing of run of mine ore from the Mt. Vernon gold mine that it proposes to process at Bishop mill, California.

CMC Metals Ltd. acquired 1.12 billion common shares, equivalent to a 16.05-per-cent interest, in North Bay Resources (NBRI). The common shares were acquired as a part of the agreement between NBRI and the company, whereby NBRI acquired 55.5 per cent of CMC's gold processing mill in Bishop, Calif.

The run-of-mine ore was crushed in a ball mill to minus 60 mesh and run over a gravity recovery table resulting in two concentrate streams at approximately 10-times concentration of gold with assay results as follows:

• Sample I.D C#1MV: returned assays of gold 11.95 ounces per ton (oz/t), platinum 17.54 oz/t and silver 7.79 oz/t;
• Sample I.D C#2MV: returned assays of gold 11.38 oz/t, platinum 2.20 oz/t and silver 5.59 oz/t.

The testing was completed at Enviro-Chem Analytical Laboratory using run-of-mine ore from the main channel at the Mt. Vernon gold mine. While metallurgical testing is ongoing, initial results have confirmed the viability of extraction of gold, platinum and silver using a basic grind and gravity recovery circuit.

The test circuit is essentially identical to the grind and gravity recovery circuit at the company's 100-ton-per-day Bishop gold mill. With mine and mill start-up currently under way and as a result of the successful extraction and concentration of gold, the company has begun testing of the on-site metals furnace and related equipment at the mill for the purpose of upgrading concentrate into and pouring Dore bars and producing platinum buttons for shipment to the metals refinery in Reno, Nev.

Platinum

This is the first known discovery of platinum at Mt. Vernon. There has been little historical work done on platinum at Mt. Vernon. The region, in general, is not known for platinum. NBRI is planning to complete further work on this aspect of the deposit to further understand the gold-platinum relationship and the potential for increasing the per ton value of the ore by up to 50 per cent in select concentrate streams. Recent results show a recoverable gold to platinum ratio of up to 1:1.5 through basic grind and gravity separation. Gravity recoverable platinum, while rare is not unknown in placer type deposits. The discovery of gravity recoverable platinum represents a significant advancement at the Mt. Vernon gold mine.

Kevin Brewer, president and chief executive officer, noted: "We are very pleased with the significant advancements NBRI have made with regards to advancing the mill commissioning and secure high-grade ore sources. Our company is working closely with NBRI with the aims to advance production at the mill that will be highly beneficial for NBRI shareholders. We also continue to receive regular payments related to the sale of the Bishop mill facility that are helping CMC to support our own operations."

About CMC Metals Ltd.

CMC Metals is a growth-stage exploration company focused on opportunities for high-grade polymetallic deposits in British Columbia, Yukon and Newfoundland.

We seek Safe Harbor.