SOURCE: North Bay Resources Inc.

October 21, 2009 11:21 ET

North Bay Resources Inc. (NBRI) Secures $5 Million Financing Facility

SKIPPACK, PA--(Marketwire - October 21, 2009) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that it has secured $5 Million in financing under an equity line of credit with Tangiers Investors, LP ("Tangiers") to fund the Company's operations and prospective mining acquisitions.

North Bay has entered into a Securities Purchase Agreement with Tangiers that provides North Bay the right, but not the obligation, to draw down on the equity line of credit by selling to Tangiers shares of the Company's common stock for a total purchase price of up to $5 Million. Tangiers will pay the Company 90% of the lowest volume weighted average price of the Company's common stock during the pricing period as quoted by Bloomberg, LP on the Over-the-Counter Bulletin Board ("OTCBB"). Tangiers' obligation to purchase shares of the Company's common stock under the Securities Purchase Agreement is subject to certain conditions, including the Company obtaining an effective registration statement for shares of the Company's common stock sold under the Securities Purchase Agreement and is limited to $100,000 per 10 consecutive trading days after the advance notice is provided to Tangiers.

Upon signing the Securities Purchase Agreement, the Company has agreed to issue Tangiers $85,000 in restricted stock as a one-time commitment fee.

North Bay CEO Perry Leopold commented, "We are very pleased to have secured this equity credit line with Tangiers. We believe this to be a great vote of confidence in our prospects by a well-established investment firm, and we look forward to working closely with them as we continue to grow the Company and successfully execute our business plan."

In a related matter, the Company is also pleased to announce that it has engaged Atlas Capital Partners, LLC as its principal advisor in the preparation and submission of the Company's S-1 registration statement to the Securities and Exchange Commission. Atlas will also be assisting the Company in its efforts to have its stock listed on the OTCBB.

About Tangiers Investors, LP

Tangiers Investors, LP is a Southern California headquartered alternative investment fund managed by Tangiers Capital, LLC. Tangiers Investors, LP seeks to provide the best possible risk-return tradeoff for its limited partners by making direct investments into foreign and domestic private and public micro-cap companies. Tangiers Investors, LP has established a network of world-wide deal sources and is positioned to capitalize on the growing number of opportunities both inside and outside of the United States.

About Atlas Capital Partners, LLC

Atlas Capital Partners is a business and financial consulting firm that provides a full range of services to small to medium-size companies, including capital raising, going public, listings on the OTCBB or other stock exchanges, prepare SEC filings and related documents and complete mergers and acquisitions. In addition, the firm prepares business and financial strategies to assist companies to meet their short and long-term goals. Atlas will invest capital in certain of its portfolio companies that engage them on a case by case basis.

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.

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.

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