SOURCE: North Bay Resources Inc.

May 05, 2011 10:51 ET

North Bay Resources Inc. (NBRI) Issues Progress Report

SKIPPACK, PA--(Marketwire - May 5, 2011) - North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to update shareholders on its progress in a number of areas.

US Operations

  • As previously announced on April 25, 2011, the Company will be exercising its option to purchase the Ruby Mine in Sierra County, California. The purchase will be initiated with the opening of escrow on June 1, 2011, and will be completed with the closing of escrow on or before July 1, 2011. Upon completion of the Ruby Mine purchase, the Company will have also acquired all of the outstanding shares of Ruby Gold, Inc. ("RGI"), which will then become a wholly-owned subsidiary of North Bay Resources Inc. The Company will make an announcement when each of these milestones has been completed.

  • The Company is presently interviewing qualified applicants for the position of CEO and CFO of RGI, who are then expected to become the mine manager and comptroller respectively for the Ruby Gold project.

  • Elsewhere in the US, the Company is presently reviewing several potential acquisitions and joint-ventures of near-term producing properties. Most of these have been identified by our consulting geologist, Theodore DeMatties, P.Geo, as well as other sources, and site visits by management are now being scheduled. The resources of these properties range from several hundred thousand to several million ounces of gold. Much due diligence remains to be done, and while there is no assurance that suitable financial terms can be agreed to, the Company expects that at least one or more new acquisitions will be announced before the Ruby Mine is in full operation.

EB-5 Funding

  • To clarify prior announcements, the Company is waiting for approval by the United States Citizenship and Immigration Services ("USCIS") for the expansion of the Northern California Regional Center ("NCRC") to include mining projects in Sierra County, California. Once approved, the Ruby Gold Project will then be a pre-approved EB-5 investment vehicle that can legally accept funds from EB-5 investors overseas under the EB-5 guidelines, and through the auspices of NCRC. The Company notes that USCIS itself does not approve funding, nor do funds for the project come from the US Government or US taxpayers. The funds come from overseas investors who are waiting to secure a visa to immigrate to the US by investing in a USCIS-approved EB-5 project that can create new jobs, which the Ruby Mine will be. The Ruby Mine is within an EB-5 defined Targeted Employment Area ("TEA"), and is therefore fully compliant with EB-5 guidelines. The Company believes that funding for the project is virtually certain once USCIS gives the green light to allow the project to be qualified for EB-5 investment purposes. Given the relatively long timeline of the USCIS review process that has resulted in a shortage of qualified EB-5 projects, and the number of EB-5 visa applicants waiting for qualified USCIS-approved projects to invest in, there is presently an extreme supply/demand imbalance that the Ruby Gold Project should help to alleviate.

  • In other EB-5 related developments, the Company, through its recently-announced operating unit North Bay Capital Group, is working with ACG Consulting, LLC, to create new EB-5 Regional Centers in Nevada, Arizona, Montana, Idaho, and Oregon, to provide EB-5 funding for additional projects.

Canadian Operations

  • As previously announced on April 11, 2011, the Company has engaged Brian Simmons, P.Geo, as the Qualified Person as defined by National Instrument 43-101 to assess the Company's Zeballos Gold property on Vancouver Island, British Columbia. Work has begun as of May 2, 2011, and the Company expects to receive a NI 43-101 Technical Report on the Zeballos Gold project soon after completion. The Company will announce when the report has been released, and will post it to the Company's website.

  • In the coming months, the Company expects to commission NI 43-101 reports on several more BC properties, including: Tulameen Platinum, Crescent REE, Pine River Vanadium, Cherry Gold, and Bouleau Creek Gold.

North Bay CEO Perry Leopold commented, "As our motto states and as I truly believe, our future is golden. We are now firmly positioned in the sweet spot of a long-term commodity uptrend to put multiple assets into production and achieve substantial profitability of our shareholders. We intend to continue organic growth through the accumulation of performing assets, and expect to generate revenue from gold mining operations once the Ruby Mine and other assets are in production. As always, we will continue to keep shareholders informed of our progress going forward."

About The Ruby Gold Project

The Ruby Mine, a/k/a the Ruby Gold Project, is a fully-permitted underground placer and lode mine located near Downieville in Sierra County, California that is known to have produced over 250,000 ounces of gold since the 1850's, and which is considered to be part of the northern extension of the historic Mother Lode system. The Ruby Property covers approximately 1,755 acres, consisting of the subsurface mineral rights of two patented claims totaling approximately 435 acres and 30 unpatented claims containing approximately 1,320 acres. The equipment, fixed assets, and infrastructure in place have been valued at an estimated $3.5 million, and include a 1,000 yard per day placer wash plant, 50-ton per day quartz mill, 6,000 feet of tracked haulage, and related support equipment needed for underground mining operations. The property also features an excellent system of roads, is accessible via paved highway from Reno or Sacramento, has abundant water and timber available for mining purposes, and has PG&E power available on-site. For further information about the Ruby Mine, please visit the Ruby page on the North Bay website at

About The EB-5 Program

The EB-5 Program was authorized by the US Congress under the Immigration and Nationality Act of 1990, with the intent to help stimulate the US economy by creating new jobs in rural areas and areas of high unemployment. The term "EB-5" is an acronym for "the fifth employment based visa preference category." As it implies, the source of the investment capital comes from foreign investors who wish to legally immigrate to the US by investing a minimum of $500,000 in a commercial enterprise that will benefit the US economy and create at least 10 full-time jobs in the US. The program is administered by the United States Citizenship and Immigration Services ("USCIS"), as provided under Section 610 of Public Law 102-395. Since its inception in 1990, the EB-5 Program has been the conduit through which over $1 billion has been invested by foreign nationals in US enterprises to create jobs throughout the US economy.

About Northern California Regional Center, LLC

Northern California Regional Center, LLC is a USCIS-designated regional center under the EB-5 Immigrant Investor Pilot Program. The EB-5 Program was created by the United States Congress in 1990 through passage of the Immigration and Nationality Act. In 1993, Congress created the Pilot Program to stimulate immigration under the EB-5 category. The Pilot Program allows individuals from around the world to attain United States citizenship through investment in U.S. businesses and creation of U.S. jobs. Both programs are currently being administered by the United States Citizenship and Immigration Services ("USCIS"), an agency of the Department of Homeland Security. Northern California Regional Center was designated as an approved regional center by the USCIS on April 22, 2010.

About ACG Consulting, LLC

ACG Consulting, LLC is an affiliate of Acer Capital Group, a global holding company of Private Equity foreign and domestic funds in the business of deploying capital. ACG specializes in facilitating employment-based funding through the EB-5 Program, and has successfully established EB-5 Regional Centers throughout the US, and across a diverse range of industry sectors. For further information, please visit the ACG website at

About North Bay Resources Inc.

North Bay Resources Inc. (OTCBB: NBRI) is a fully-reporting junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 acres throughout British Columbia, Canada.

In the US, the Company is acquiring the Ruby Gold Mine in Sierra County, California, and is presently looking to acquire additional operating mines in the western US.

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.

Cautionary Note to U.S. Investors -The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on our website (or press releases), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form S-1 and subsequent Form 10-K which may be secured from us, or from our website at

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