North Bay Resources Inc. (NBRI) Issues Shareholder Update
April 14 2011 - 8:43AM
Marketwired
North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the
"Company") announced today that the Company has executed an
agreement to sell its Whitewater-Kane Creek claim group (a/k/a
"Slocan North") in the Slocan Mining district of British Columbia
to Argentum Exploration Inc. ("Argentum"), a private exploration
company based in Ontario, Canada. The Whitewater-Kane Creek claim
group covers 2,398 hectares, and is located 15 kilometres northeast
of New Denver, BC.
As set forth in the Company's Current Report on Form 8-K filed
with the United States Securities and Exchange Commission ("SEC")
on April 13, 2011, the Company has agreed to sell its 100%
undivided interest in the Whitewater-Kane Creek claims to Argentum
for $50,000 USD cash. In addition, the Company will retain a 2% net
smelter royalty ("NSR") on the claims. This royalty can be
purchased and terminated upon the payment of $2 million dollars USD
to North Bay by Argentum at any time.
The Company would also like to take this opportunity to inform
shareholders that the completion of its Ruby Mine acquisition is
proceeding well ahead of schedule. All commitments have been met,
all scheduled payments have been paid in advance of their
respective due dates, and the Company fully expects to exercise its
option and complete the purchase of the Ruby in advance of the June
30, 2011 commitment date. While the Company is still waiting for
formal approval from USCIS for its $7.5 million EB-5 funding
facility, the Company expects that additional claims sales and
pending joint-ventures in Canada, as well as its $5 million equity
credit line with Tangiers Investors, LP, will provide sufficient
capital in the interim until the EB-5 funding facility has been
completed and released from escrow.
About The Ruby Gold Project
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 250,000
ounces of gold since the 1850s, and which is considered to be part
of the northern extension of the historic Mother Lode system. The
Ruby Property covers approximately 1,755 acres, consisting of the
subsurface mineral rights of two patented claims totaling
approximately 435 acres and 30 unpatented claims containing
approximately 1,320 acres. The equipment, fixed assets, and
infrastructure in place have been valued at an estimated $3.5
million, and 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 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. For further information about the Ruby Mine,
please visit the Ruby page on the North Bay website at
http://www.northbayresources.com/ruby/.
About The EB-5 Program
The EB-5 Program was authorized by the US Congress under the
Immigration and Nationality Act of 1990, with the intent to help
stimulate the US economy by creating new jobs in rural areas and
areas of high unemployment. The term "EB-5" is an acronym for "the
fifth employment based visa preference category." As it implies,
the source of the investment capital comes from foreign investors
who wish to legally immigrate to the US by investing a minimum of
$500,000 in a commercial enterprise that will benefit the US
economy and create at least 10 full-time jobs in the US. The
program is administered by the United States Citizenship and
Immigration Services ("USCIS"), as provided under Section 610 of
Public Law 102-395. Since its inception in 1990, the EB-5 Program
has been the conduit through which over $1 billion has been
invested by foreign nationals in US enterprises to create jobs
throughout the US economy.
About North Bay Resources Inc.
North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting
junior mining company with over 150 mineral and placer claims
encompassing approximately 60,000 acres throughout British
Columbia, Canada.
In the US, the Company holds an option to acquire the Ruby Gold
Mine in Sierra County, California, and is presently looking to
acquire additional operating mines in the western US.
The Company's mission is to build a portfolio of viable mining
prospects throughout the world and developing them through
subsidiaries and JV partners to their full economic potential.
North Bay's business plan is based on the Generative Business
Model, which is designed to leverage its properties into near-term
revenue streams even during the earliest stages of exploration and
development. This provides shareholders with multiple opportunities
to profit from discoveries while preserving capital and minimizing
the risk involved in exploration and development.
SAFE HARBOR FOR FORWARD LOOKING
STATEMENTS
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities and
Exchange Act of 1933, as amended, and Section 21E of the Securities
and Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties. Although North Bay Resources Inc. believes that the
assumptions underlying the forward-looking statements contained
herein are reasonable, any assumption could be inaccurate, and
therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion should
not be regarded as a representation by North Bay Resources Inc. or
any other person that the objective and plans of North Bay
Resources Inc. will be achieved.
Cautionary Note to U.S. Investors - The
United States Securities and Exchange Commission permits U.S.
mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and legally
extract or produce. We use certain terms on our website (or press
releases), such as "measured," "indicated," and "inferred"
"resources," which the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC.
U.S. Investors are urged to consider closely the disclosure in our
Form S-1 and subsequent Form 10-K which may be secured from us, or
from our website at http://www.sec.gov/edgar.shtml
Contact: Perry Leopold CEO North Bay Resources Inc. 215-661-1100
http://www.northbayresources.com
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