SOURCE: North Bay Resources Inc.

April 24, 2008 07:30 ET

North Bay Signs LOI for Rainbow Creek Platinum Joint Venture

SKIPPACK, PA--(Marketwire - April 24, 2008) - North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") announced today that it has signed a Letter of Intent ("LOI") with a private Canadian-based company to pursue a joint venture agreement for the prospective exploration and development of the Rainbow Creek Platinum Project.

North Bay's Rainbow Creek Platinum property is a placer claim located approximately 60 kilometres south of the town of Mackenzie in north-central British Columbia, and close to the historic Mt. Milligan copper/gold porphyry deposit. The property covers 182 acres along a 1.6 kilometre stretch of Rainbow Creek, a tributary of the Nation River, and reportedly contains gold, platinum, and iridium. While no reliable assays have been recorded to date, research shows that a 1986 study (Open File 1986-7, "Occurrence and Distribution of Platinum-Group Elements In British Columbia" compiled by V.J. Rublee for the BC Ministry of Energy and Mines, p. 70) reports that in 1931 the economic value of the platinum and iridium at Rainbow Creek was $96 per tonne, and that the ratio of platinum to gold averaged 1:2. It should be noted that in 1931, the average market price of platinum was $32 an ounce.

The LOI allows for a 90 day due-diligence period during which time a limited work program will be conducted on the Rainbow Creek Platinum property to make a preliminary assessment.

About North Bay Resources Inc.

North Bay Resources Inc. engages in the acquisition, management, and development of precious metal and other mining properties. By combining state-of-the-art technology with traditional acquisition targeting, the company's mission is to build a portfolio of viable mining prospects throughout the world and developing them through its subsidiaries and partners to their full economic potential.

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.

Contact Information