SOURCE: North Bay Resources Inc.

March 25, 2011 08:45 ET

North Bay Resources Inc. (NBRI) Outlines Plans for Expansion

SKIPPACK, PA--(Marketwire - March 25, 2011) -  North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") announced today that it is creating a new operating unit, North Bay Capital Group ("NBCG"), to facilitate the management of future joint-ventures in the US that are expected to qualify for EB-5 funding. Accordingly, NBCG intends to begin preparing applications to create new EB-5 Regional Centers in several western US states to provide the funding vehicle for new mining projects in the US which are currently under consideration. 

North Bay CEO Perry Leopold stated, "As we continue to await USCIS approval of our Ruby Mine Project in California, we have learned a great deal about the intricacies of the EB-5 process. Rather than wait until contracts for new projects are signed before preparing the necessary EB-5 paperwork, we have decided to begin laying the groundwork in advance so that we can try to shorten the time it takes to receive USCIS approval for any new projects we undertake."

Concurrent with the planned completion of the Ruby Mine acquisition, the Company has also announced that it intends to recruit a qualified geologist or mining engineer to serve as the Company's Chief Operations Officer ("COO"), to oversee the management of the Company's US mining operations. Following the appointment of the COO, Mr. Leopold will continue to manage the Company's portfolio of Canadian assets, and as head of NBCG, will remain active in securing and funding new acquisitions and joint-ventures.

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 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 http://www.northbayresources.com/ruby/.

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 holds an option to acquire 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.

SAFE HARBOR FOR FORWARD LOOKING STATEMENTS

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 10-K which may be secured from us, or from our website at http://www.sec.gov/edgar.shtml

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