SOURCE: North Bay Resources Inc.

April 30, 2008 07:30 ET

North Bay Signs LOI for Coronation Gold-Silver Property Joint Venture

SKIPPACK, PA--(Marketwire - April 30, 2008) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") announced today that it has signed a Letter of Intent ("LOI") with Drake Gold Resources Inc. ("Drake") to formalize a joint venture agreement for the exploration of North Bay's recently announced Coronation Property near Slocan in southeastern British Columbia.

The Coronation Property covers 103 acres over several reverted crown grants and includes three past-producing mines; the Colorado, the V&M, and the Senator mines, in addition to the Coronation. Primary mineralization is gold, silver, zinc, and lead. According to BC MINFILE 082FNW162 and Assessment Report 18603, the Coronation Property was reported to have past-production of as much as 13,000 grams (418 ounces) per tonne silver and 20% lead, while the highest combined historical (post-production) assays are 16.8 g/t gold, 6000 g/t silver, 10.9% zinc, and 1.2% lead.

A key focus of the joint venture is the utilization of Drake's equipment and resources in the processing of any surface ore dumps that may be remaining from previous mining operations at the Colorado, the V&M, and the Senator mines over the past 100 years. Should these efforts prove successful, a portion of any subsequent revenue generated from the recovery programs will be re-invested to develop the property's underground resources, with the goal of making further development of the property self-sustaining.

Terms of the agreement will be announced once a formal contract has been executed.

About North Bay Resources Inc.

North Bay Resources Inc. engages in the acquisition, management, and development of precious metal and other mining properties. By combining state-of-the-art technology with traditional acquisition targeting, the company's mission is to build a portfolio of viable mining prospects throughout the world and developing them through its subsidiaries and partners to their full economic potential.


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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