SOURCE: North Bay Resources Inc.

February 17, 2010 08:30 ET

North Bay Resources Inc. (NBRI) Agrees to Terms on Montana Gold Mine JV

SKIPPACK, PA--(Marketwire - February 17, 2010) -  North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that it has agreed to terms on a joint-venture with Madison Mining Corporation ("Madison"), a private Montana-based mining company, on the US Grant Gold Mine and Mill Complex in southwestern Montana. The mine and mill are both fully-permitted and ready to commence mining operations immediately following the conclusion of the transaction.

The US Grant Gold Mine and Mill Complex, which is comprised of 5 patented mining claims and 30 unpatented claims covering over 600 acres, is a road-accessible property situated on the west side of Alder Gulch, approximately 0.5 miles due south of Virginia City, Montana. The city of Butte is 71 miles northwest of the property, and a year-round airstrip located in the town of Ennis is 14 miles to the east on Montana State Highway 287. 

Over $3 million has been spent on the property by Madison since 2007, including the complete renovation and refurbishing of the mine and mill to their present status. Historical resource estimates show proven and probable reserves of 43,470 ounces of gold and 636,930 ounces of silver, inferred resources of 125,000 ounces of gold and 1,750,000 ounces of silver, and as much as another 800,000 ounces of gold in potential resources that are amenable to open pit operations. 

Terms of the agreement will be announced once the transaction has been consummated.

About North Bay Resources Inc.

North Bay Resources Inc. (PINKSHEETS: NBRI) is a junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada. 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.

The Company has recently filed registration documents with the SEC to become a fully-reporting company. Once the registration is effective, the Company will then be eligible to have its stock listed on the OTCBB.


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.

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