SOURCE: North Bay Resources Inc.

October 17, 2008 11:29 ET

North Bay Extends Stock Buyback

SKIPPACK, PA--(Marketwire - October 17, 2008) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") announced today that its Board of Directors has approved a one year extension of its stock buyback program. The original authorization, announced in October 2007, allowed for a stock repurchase program of up to five million (5,000,000) issued and outstanding shares of the Company's common stock for a period of 12 months ending October 19, 2008, commencing on Friday, October 19, 2007. The renewed authorization extends the program until October 19, 2009.

As of Thursday, October 16, 2008, there were 16,522,287 shares of the Company's common stock issued and outstanding, and a public float of 3,733,907 shares of common stock. The closing price of the Company's common stock as of the close of business on October 16, 2008 was $0.08 per share.

Under the terms of the stock repurchase program, the Company and its affiliates may repurchase the Company's issued and outstanding shares of common stock in open-market transactions. The program is structured to conform to the safe harbor provisions of Rule 10b-18 of Securities and Exchange Commission's 1934 Exchange Act which contains certain restrictions related to the manner, price, timing and volume of repurchases, among other conditions. North Bay plans to fund repurchases of its common stock under the program from available working capital. Shares repurchased by the Company will be retired and deemed treasury stock.

The Company's repurchase of its shares under the program will be made from time to time during the 12 month period, at the sole discretion of the Company's management after consideration of relevant factors such as the historical and current market price of the stock, the nature of other investment opportunities or growth projects, available cash flows from the Company's operations, general economic conditions and other factors deemed appropriate. The program does not obligate North Bay to acquire any specific number of shares and may be modified, suspended, extended or terminated for any reason at any time without prior notice.

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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