SOURCE: North Bay Resources Inc.

November 23, 2009 08:51 ET

North Bay Resources Inc. (NBRI) Files Audited Financial Statements

SKIPPACK, PA--(Marketwire - November 23, 2009) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that the Company has released its audited financials for fiscal years 2008, 2007, and since inception. The complete report is available at the Company website, and has also been filed on the NBRI page at

As previously announced on June 30, 2009, the Company engaged the accounting firm of M&K CPAS, PLLC ("M&K") as the Company's independent auditor. Audited financial statements prepared by a PCAOB-registered accounting firm are required by the SEC as part of the registration process to become a fully-reporting company, which began in November 2008 when the Company's 15c2-11 filing was cleared by FINRA.

M&K began their audit of the Company's financial statements on July 1, 2009. While their primary mission was to complete an audit of the Company's financials for fiscal years 2007 and 2008, the fact that the Company has never previously conducted a formal audit meant that the effective time frame for the audit covers the entire history of the Company, dating back to inception on June 18, 2004. After a thorough and exhaustive inspection of the Company's books and all supporting documentation to account for every share of stock ever issued by the Company since its inception, the primary audit work was completed at the end of Q3 2009, and the final audited financial statements were prepared. Subsequently, during the past 45 days the audited statements have gone through rigorous testing and review by M&K's staff and principals, and the audit was finalized on Nov 21, 2009 with the issuance of the auditor's opinion letter.

With the audit now officially completed, the Company's attorney is incorporating the finalized audited financial statements within the S-1 registration document the Company will be filing with SEC. At that point, the Company must then wait for the SEC to complete its review and declare the registration statement to be effective, at which time the Company will then be eligible to uplist to the OTCBB as a fully-reporting company.

North Bay CEO Perry Leopold commented, "The release of our audited financials marks another important step towards our ongoing goal to uplist and become a fully-reporting company. We understand and appreciate the desire of our shareholders to see our move to the OTCBB completed quickly, but this is a process that involves a number of deliberate steps by independent firms and regulators, and which can not be hurried, much as we would like it to be. We hope that shareholders will continue to be patient as we work to complete the task and become a fully-reporting company. As always, we will inform shareholders of our continuing progress as each milestone is achieved."

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.


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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