SOURCE: North Bay Resources Inc.

November 02, 2009 09:00 ET

North Bay Resources (NBRI) Agrees to Bouleau Creek Gold JV

SKIPPACK, PA--(Marketwire - November 2, 2009) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that agreed to terms on an earn-in joint-venture of its Bouleau Creek Gold property with Natco Mining Corporation ("Natco"), a private mining company based in Ontario, Canada.

Under the terms of agreement, Natco may acquire a 50% interest in the Bouleau Creek Gold property by making aggregate cash payments of $200,000 and incurring $2,500,000 in exploration expenditures over four years. Of the aggregate payments and commitments due, $50,000 in cash is due on closing, and $250,000 in exploration expenditures must be expended in the first 12 months. Natco has the option to pay up to 50% of the remaining cash payments in stock once it is accepted for listing on the TSX Venture Exchange.

Bouleau Creek Gold (MINFILE 082LSW069) is a road-accessible property covering 2,510 acres and located 26 kilometres west of Vernon, British Columbia. The Southern zone of the property below Bouleau Creek features gold and silver mineralization over an area of approximately 1,000 by 600 metres. Assays documented in Assessment Report 21877 are reported to yield up to 34 grams (1.09 ounces) per tonne gold and 286 grams (9.19 ounces) per tonne silver. The Northern Zone above Bouleau Creek includes the Siwash prospect (MINFILE 082LSW046), which extends over an area of gold and silver mineralization measuring 3,000 by 750 metres. Assays in the Northern Zone are documented in Assessment Report 20226 to yield up to 5.55 grams per tonne gold and 16.6 grams per tonne silver.

About Natco Mining Corporation

Natco Mining Corporation is a junior mining company based in Ontario, Canada, with holdings in the Copper Mountain region of British Columbia. The company is led by founder and CEO Randy E. Burns, and is focused on gold, silver, and copper exploration. The company expects to list on the TSX Venture Exchange before the end of 2010.

About North Bay Resources Inc.

North Bay Resources Inc. (PINKSHEETS: NBRI) is a junior mining company with over 150 mineral and placer claims encompassing approximately 60,000 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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