SOURCE: North Bay Resources Inc.

August 06, 2009 08:45 ET

North Bay Resources Inc. (NBRI) Agrees to Coronation Gold Joint-Venture

SKIPPACK, PA--(Marketwire - August 6, 2009) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that it has signed a Letter of Intent with Lincoln Resources Inc. ("Lincoln") to enter into a joint-venture for the development of North Bay's Coronation Gold Property. Terms of the agreement will be announced once a formal contract has been executed.

Coronation Gold is located near Memphis Creek, 6 kilometres northeast of Slocan in southeastern British Columbia. The property covers 309 acres over several reverted crown grants and includes four other past-producing mines; the Colorado (MINFILE 082FNW161), the V&M (MINFILE 082FNW191), the Senator (MINFILE 082FNW164), and the Homestake (MINFILE 082FNW213), in addition to the Coronation (MINFILE 082FNW162). Primary mineralization is gold, silver, zinc, and lead. The highest combined historical (post-production) assays are 16.8 grams (0.54 ounces) per tonne gold, 6000 grams (192 ounces) per tonne silver, 10.9% zinc, and 1.2% lead.

According to BC Assessment Report 18603, the Coronation was reported to have past-production of as much as 13,000 grams (418 ounces) per tonne silver and 20% lead. A more recent sample of tetrahedrite-bearing ore from the portal assayed 2.1 grams per tonne gold and 6000 grams (192 ounces) per tonne silver, and a sample from the Coronation dump assayed 0.4 gram per tonne gold, 2414 grams (77.6 ounces) per tonne silver, 1.2% lead and 10.9% zinc. The same report documents samples from the Senator adit that assayed 6.1 grams per tonne gold and 1080 grams (34.7 ounces) per tonne silver over 0.3 metres on a quartz-pyrite vein, and 16.8 grams (0.54 ounces) per tonne gold and 549 grams (17.65 ounces) per tonne silver over 0.5 metres on a quartz-pyrite vein from the V&M mine adit. Past-production at the Homestake averaged 23.3 grams (0.75 ounces) per tonne gold, 2611 grams (83.95 ounces) per tonne silver, 1.33% lead and 1.52% zinc.

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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