CMC Metals Ltd. Announces Major Share Purchase in 087 BC Ltd. and Director Resignation

CMC Metals Ltd. disclosed a strategic agreement with North Bay Resources Inc. (NBRI) for the acquisition of a 55.5% interest in its former subsidiary, 0877887 BC Ltd., alongside the management of the Bishop Mill in California, USA. This development also involves the resignation of Mr. Robert Wheeler, a long-serving director of CMC.

The transaction, which includes a combination of cash and common share payments totaling approximately $100,000 and $400,000 CAD respectively, aims to boost operational capacity at the Bishop Mill. This facility is noted for its influence in the local gold processing sector, with a current permit allowing operations under specified conditions.

Kevin Brewer, President and CEO of CMC, expressed enthusiasm for the partnership with NBRI, highlighting the expected collaborative efforts towards the Bishop Mill’s success as a significant boost for both entities involved. Meanwhile, Mr. John Bossio, Chairman of CMC, acknowledged Mr. Wheeler’s contributions to the company, signaling his departure as a moment of significant transition for CMC.

This news follows previous announcements regarding the ongoing payments and share transactions essential for acquiring comprehensive interest in 087 from CMC, a process that remains on track as per earlier communications.