SOURCE: North Bay Resources Inc.

September 24, 2009 11:51 ET

North Bay Issues Update on Uplisting Progress

SKIPPACK, PA--(Marketwire - September 24, 2009) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") today issued an update to inform shareholders of its progress regarding its stated goal of becoming a fully-reporting company and uplisting to the OTCBB.

As previously announced on June 30, 2009, the Company has 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. Nevertheless, the audit has progressed in a timely manner, and the Company is pleased to announce that its previous forecast for completion of the audit by the end of Q3 2009 is on schedule.

With the audit now in its final stage, the Company expects to have no material disagreements with the auditor's final report. Upon receipt of the auditor's final report, the Company's attorney will then incorporate the audited financial statements within the documents the Company expects to file with the SEC in Q4 2009. 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, "With the completion of our audit, another important hurdle will have been cleared, and we are very pleased to be able to report that our efforts to become a fully-reporting company are proceeding on schedule. The Company will continue to update shareholders on our progress as each new milestone is reached and our goal of uplisting to the OTCBB is achieved."

About North Bay Resources Inc.

North Bay Resources Inc. (PINKSHEETS: NBRI) is a junior mining company with over 140 mineral and placer claims encompassing approximately 50,000 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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