SOURCE: North Bay Resources Inc.

March 12, 2012 09:00 ET

North Bay Resources Inc. (NBRI) Issues Shareholder Update

SKIPPACK, PA--(Marketwire - Mar 12, 2012) - North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") announced today that the Company has filed its annual report for Fiscal Year 2011 on Form 10-K with the United States Securities and Exchange Commission ("SEC"). The Company is also pleased to issue the following shareholder update on the status of current operations, and a brief review of our accomplishments over the past year.

Ruby Mine

The Ruby Tunnel rehab project continues to make steady progress, with only a short interruption at the end of February from the first significant snowfall of the year. The weather has remained favorable, and we plan to continue operations as long as the weather continues to cooperate.

As previously announced on December 22, 2011, our revised Ruby Mine Reclamation Plan has been formally approved by Sierra County, and the California Department of Conservation Office of Mining Reclamation ("OMR"). The revised plan includes an expansion of the tailings area which is expected to provide enough capacity to support mining operations for at least another 5 to 7 years before another expansion will need to be considered. The revised Reclamation Plan is effective through April 16, 2018. The Company notes that the United States Forest Service ("USFS") previously approved the updated Plan of Operations for the Ruby Mine on February 16, 2011, and has authorized its renewal through December 31, 2018. In addition, the mine has an order of Waste Discharge Requirements in place with the State Water Resources Control Board. These three permits combined are the primary regulatory authorizations that will allow the Ruby Mine to begin commercial production once we have completed the rehabilitation work in the Ruby Tunnel.


Our EB-5 funding for the Ruby Mine project, which was formally approved by the United States Citizenship and Immigration Services ("USCIS") in July 2011, continues to move forward, and we expect to announce a successful conclusion in the very near future. Local requirements overseas to have documents translated into the native languages of the various host countries where prospective investors currently reside caused a delay for several months. That was followed by the need to have all of the documents reviewed by local attorneys overseas to make sure that they complied with all local laws and regulations, which often vary from jurisdiction to jurisdiction. Combined with other local customs that needed to be complied with, this has all taken much longer than we originally anticipated, but these administrative processes have all been completed, and we are now in the final stage of vetting investors.

Taber Mine

Due diligence on the Taber Mine is moving forward. The Company has received data from previous operations, which will be reviewed in depth this spring. The status of all relevant and existing permits, including what may be required to renew them, will also be reviewed. No decision will be made on whether to exercise the Taber option until our due diligence process is completed.

Canadian Projects

As previously announced in a Company press release dated January 31, 2012, the recently completed geochemical survey on our Bouleau Creek Gold property near Vernon, BC was highly successful, with assay results as high as 95.6 grams per tonne gold reported.

Our Fraser River Platinum Project JV continues to move forward. An application for a work permit was submitted to the British Columbia Ministry of Mines in November 2011, and an initial bond deposit was posted in January 2012 upon request by the Ministry. A draft reclamation plan is being submitted this week to the Ministry as well as to local First Nations governments. We expect to receive a decision on permit approval sometime during Q2 2012 upon acceptance of our plan by the Ministry and the First Nations. In the meantime, a work program at the Fraser was conducted during the week of March 7, 2012 to further block out and assess the deposit area. Upon the recommendation of the crew, the Company has staked an additional 60 hectares (148 acres) of ground adjacent to the property that was evaluated as a continuation of the deposit area. Samples have been sent to ALS Labs in Vancouver for assay. We will announce the results as soon as we receive them.

Our Monte Cristo JV is also making great progress. Assay results from the February work program previously announced in a Company press release dated February 22, 2012, are still pending, and should be received shortly. After spending a week taking samples and mapping the Fraser River project, the crew has now returned to the Monte Cristo to assess the west bank of the Lillooet River, an area where no previous exploration work has been recorded. Initial indications are that the mineralization on the west bank of the river is virtually identical to the east bank, which gives rise to the potential that the total size of the deposit may be significantly larger than what was previously estimated.

North Bay CEO Perry Leopold commented, "With today's filing of our annual report with the SEC, it seems appropriate to take a step back and review everything that we have accomplished over the past year. It was just a little more than one year ago that we completed our long-awaited uplisting to the OTCBB. With all of the other important milestones reached in 2011, that memorable event now seems so long ago, but it was probably the singular event that has put the company on firm footing for the first time in our corporate history and made everything that followed possible. Combined with completing the Ruby Mine acquisition, receiving approval from the US Citizenship and Immigration Service for EB-5 funding of our Ruby Mine project, and commencing operations at the Ruby as one of only a handful of gold mines in California to be fully permitted, we have achieved a great deal in a short amount of time. As we now work towards putting our first mine into full production and completing the transition from an exploration company to a gold producer, it is our firm intent to continue doing everything possible to grow the company and increase shareholder value as we move forward. Our vision remains clear. Our future is golden."

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 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, as amended, with the intent to help stimulate the US economy by creating new jobs for U.S. persons. 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 $500,000 through a regional center in a commercial enterprise located within a Targeted Employment Area that will benefit the US economy and create at least 10 full- time direct and/or indirect jobs for US persons. The program is administered by 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 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 has acquired 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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