Archive for the ‘North Bay Resources Inc. NBRI’ Category

North Bay Resources, Inc.’s (NBRI.PK) Willa and Pinnacle Gold Properties

Thursday, October 9th, 2008

North Bay Resources engages in the acquisition and development of mining properties for the extraction of a variety of precious metals. Two of North Bay’s properties, located in British Columbia, Canada, have proven to hold excellent potential. Each of the plots contain significant amounts of gold, silver, and copper.

North Bay holds a ten-percent stake in the Willa property, near Silverton, BC. At the time of the last mineral resource level estimate of the area, a single ton of mined Willa ore was found to contain over seven grams of gold, twelve grams of silver, and was comprised of approximately one percent copper.

The Pinnacle Gold property lies about a hundred miles northwest of Vancouver, BC. Even more plentiful than the Willa, Pinnacle Gold ore is rich with recoverable resources. According to grab samples taken from different areas of the thousand-acre claim, a ton of ore here yields more than twenty grams of gold, and nearly 550 grams of silver. The samples were also found to contain ten percent lead, and two percent copper.

Given the trouble that paper currencies are likely to face in the coming years, now is an excellent time to look into resource companies. CEO Perry Leopold explains, “It is our belief that we are in the right sector at the right time, as we are in the midst of a long-term up-cycle for commodities in general and precious metals in particular. Gold is money, and in times of uncertainty such as the world is now experiencing, capital tends to flow into hard assets, of which gold is a principal holding.”

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North Bay Resources, Inc. (NBRI.PK) Updates Shareholders

Tuesday, October 7th, 2008

Yesterday, North Bay Resources updated the investment community by discussing its Q3 earnings report as well as recent highlights. For the third quarter, the company generated a profit of nearly $2.2 million, marking the third consecutive quarter of profitability. Year-to-date as of yesterday, North Bay had revenue of $52,482.72 and an operational profit of $3,294.32 for the past nine months.

During the recently ended quarter, the company entered into an asset-based funding program with an investment bank to raise funds for property development, and has been given an initial $10,000 payment to counterbalance maintenance expenditures on the properties involved.

North Bay also announced that a SEC-registered market maker is sponsoring a Form 211 submission to the Financial Industry Regulatory Authority (FINRA). Once approved, the company will have made the first step to become a fully reporting company and uplist to the OTCBB from the Pink Sheets.

According to the press release, the company is discussing potential joint-ventures with other companies to further develop their portfolio of properties in British Columbia. Currently, there are two identified prospective targets and North Bay is in negotiations with the objective of finalizing an acquisition by the end of this year. Meanwhile, the company stays committed to seeking and entertaining other prospects that are fully permitted and operational.

CEO Perry Leopold stated, “It is our belief that we are in the right sector at the right time, as we are in the midst of a long-term up-cycle for commodities in general and precious metals in particular. Gold is money, and in times of uncertainty such as the world is now experiencing, capital tends to flow into hard assets, of which gold is a principal holding. We also believe the explosive growth in China, India, and other developing economies will continue on an upward trajectory for decades to come, and will provide ever-increasing demand pressure for commodities.”

He continued, “Given these positive long-term fundamental trends, we are determined to position the Company to the benefit of our shareholders by focusing on the prospective acquisition of an operating mine that is capable of producing revenue immediately upon assuming ownership. We will continue to provide shareholders with updates on our efforts as they progress.”

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North Bay Resources, Inc. (NBRI.PK) is “One to Watch”

Friday, October 3rd, 2008

North Bay Resources is focused on acquiring, managing and developing precious metal and other mining properties. The company’s mission is to build a portfolio of viable mining prospects around the globe and then develop those prospects through subsidiaries and partners. By leveraging their properties into near-term revenue streams, North Bay anticipates providing their shareholders with opportunities to profit while the company preserves capital and minimizes the risks involved with exploration and development.

Currently, the company owns more than 100 mineral and placer claims that collectively contain approximately 40,000 acres in British Columbia Canada. Their primary target areas of focus include: Willa, Monte Cristo, Pinnacle Gold, Silver Cup Ridge, Tulameen Platinum Project, Tor, Rainbow Creek, Fraser River Platinum, Lardeau Creek, Silver, Leaf, Gold Hill Project, Rachel and Connie Hill. Together, these areas of focus have the potential to hold gold, silver, copper, platinum, palladium, rhodium, iridium, nickel and zinc.

In recent news, the company signed a couple of letter of intent agreements, as well as made two acquisitions. The Granite Creek Platinum Property, one of the company’s latest acquisitions, is located just 12 kilometres from North Bay’s Tulameen Platinum Project and covers nearly 1,000 acres. North Bay intends to schedule a reconnaissance program to locate the underlying source of the historic placer deposits.

The company is led by President and CEO Perry Leopold, who has led several successful businesses in the past two decades. Soon after he was appointed CEO to lead the company’s corporate restructuring, Leopold designed North Bay’s generative business model and began utilizing cutting-edge technology to assist with cost-efficient acquisition targeting. His broad experience makes him the ideal leader as the company looks for other growth opportunities.

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North Bay Terminates LOI for Coronation Gold-Silver Property Joint-Venture

Wednesday, August 20th, 2008

North Bay Resources Inc. announced today that the extended deadline to formalize its proposed Coronation Property joint-venture agreement with Drake Gold Resources Inc. (“Drake”) has expired, and that the parties have mutually agreed to not extend it further, thereby terminating the Letter of Intent agreement previously announced on April 30, 2008.

The Coronation Property is located near Slocan in southeastern British Columbia and covers 103 acres over several reverted crown grants. It includes three past-producing mines; the Colorado, the V&M, and the Senator mines, in addition to the Coronation. Primary mineralization is gold, silver, zinc, and lead. According to BC MINFILE 082FNW162 and Assessment Report 18603, the Coronation Property was reported to have past-production of as much as 13,000 grams (418 ounces) per tonne silver and 20% lead, while the highest combined historical (post-production) assays are 16.8 g/t gold, 6000 g/t silver, 10.9% zinc, and 1.2% lead.

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North Bay Resources Inc. (NBRI.PK) Signs LOI for Coronation Gold-Silver Property Joint Venture

Wednesday, April 30th, 2008

North Bay Resources Inc. announced today that it has signed a Letter of Intent (“LOI”) with Drake Gold Resources Inc. (“Drake”) to formalize a joint venture agreement for the exploration of North Bay’s recently announced Coronation Property near Slocan in southeastern British Columbia.

The Coronation Property covers 103 acres over several reverted crown grants and includes three past-producing mines; the Colorado, the V&M, and the Senator mines, in addition to the Coronation. Primary mineralization is gold, silver, zinc, and lead. According to BC MINFILE 082FNW162 and Assessment Report 18603, the Coronation Property was reported to have past-production of as much as 13,000 grams (418 ounces) per tonne silver and 20% lead, while the highest combined historical (post-production) assays are 16.8 g/t gold, 6000 g/t silver, 10.9% zinc, and 1.2% lead.

A key focus of the joint venture is the utilization of Drake’s equipment and resources in the processing of any surface ore dumps that may be remaining from previous mining operations at the Colorado, the V&M, and the Senator mines over the past 100 years. Should these efforts prove successful, a portion of any subsequent revenue generated from the recovery programs will be re-invested to develop the property’s underground resources, with the goal of making further development of the property self-sustaining.

Terms of the agreement will be announced once a formal contract has been executed.

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North Bay Resources Inc. (NBRI.PK) Acquires Granite Creek Platinum Property

Monday, April 28th, 2008

North Bay Resources Inc. announced that it has acquired the Granite Creek Platinum Property near Tulameen, British Columbia. Located 12 kilometres southeast of the Company’s Tulameen Platinum Project, the property covers approximately 1,000 acres and surrounds the confluence of Granite Creek and Newton Creek.

According to BC MINFILE 092HSE230 pertaining to the historic Granite Creek placer mines, “Gold to platinum ratios range from 4:1 to 1:1, and average 2:1 to 3:1 (BC Assessment Report 12230, page 4). The proportion of platinum increases upstream towards Newton Creek. Gold nuggets are coarse and rough, and frequently weighed 160 to 250 grams. Some coarse nuggets found in the lower part of the creek contained a large amount of white quartz.. Platinum occurs in smaller, silver-coloured nodules, generally not exceeding 16 grams in size. A sample of platinum concentrate, with grains of foreign matter removed, analyzed as follows (in per cent) (Geological Survey of Canada Memoir 26, page 137)”:

Platinum 72.07%
Palladium 0.19%
Rhodium 2.57%
Iridium 1.14%
Copper 3.39%
Iron 8.59%
Osmiridium 10.51%
Chromite 1.69%

The Company owns a 100% undivided interest in the property’s mineral rights only, and plans to schedule a reconnaissance program in an attempt to locate the underlying source of the historic placer deposits. Of primary interest are quartz veins that are documented to be up to 2.4 metres wide and have been traced on surface over lengths of up to 460 metres near Newton Creek. Narrow quartz stringers in argillite with high-grade gold are also reported in the vicinity (Source: BC MINFILE 092HSE076).

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North Bay Resources Inc. (NBRI.PK) Signs LOI for Rainbow Creek Platinum Joint Venture

Thursday, April 24th, 2008

North Bay Resources Inc. announced 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.

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North Bay Resources Inc. (NBRI.PK) Acquires Coronation Gold-Silver Property

Monday, April 21st, 2008

North Bay Resources Inc. announced that it has acquired the Coronation Property near Memphis Creek, 6 kilometres northeast of Slocan in southeastern British Columbia.

The property covers 103 acres over several reverted crown grants and includes three past-producing mines; the Colorado, the V&M, and the Senator mines, in addition to the Coronation. Primary mineralization is gold, silver, zinc, and lead. The highest combined historical (post-production) assays are 16.8 g/t gold, 6000 g/t silver, 10.9% zinc, and 1.2% lead.

According to BC Assessment Report 18603, the Coronation was reported to have past-production of as much as 13,000 grams per tonne silver and 20% lead. A more recent sample of tetrahedrite-bearing ore from the portal assayed 2.1 grams per tonne gold and 6000 grams per tonne silver, and a sample from the Coronation dump assayed 0.4 gram per tonne gold, 2414 grams per tonne silver, 1.2 per cent lead and 10.9 per cent zinc. The same report documents samples from the Senator adit that assayed 6.1 grams per tonne gold and 1080 grams per tonne silver over 0.3 metres on a quartz-pyrite vein, and 16.8 grams per tonne gold and 549 grams per tonne silver over 0.5 metres on a quartz-pyrite vein from the V&M mine adit.

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North Bay Resources Inc. (NBRI.PK) Issues Property Update

Friday, February 15th, 2008

North Bay Resources Inc. announced today that it has entered into a series of transactions that affect several of the Company’s properties.

— The Company’s wholly owned subsidiary, Lakeridge Mining Corp., has
returned the Marlow Creek Moly and Trout Lake Gold properties to North Bay.
These were subsequently included in a series of property sales and
exchanges that resulted in a net revenue gain to the Company of $32,000 USD
plus additional property considerations.

— An additional 673 acres of ground adjacent to the Company’s Tulameen
Platinum Project (formerly known as the Lodestone Platinum Property) has
been acquired as part of the aforementioned transactions. The Tulameen
Platinum Project now straddles a 5 kilometre stretch of the Tulameen River
and Britton Creek, in between Grasshopper Mountain and Olivine Mountain,
near the village of Tulameen in southwestern British Columbia. According
to BC Assessment Reports 17170 and 27009, samples from the area have
returned values up to 31 grams (1 troy ounce) per tonne platinum. The
newly acquired ground includes a section of Olivine Mountain in close
proximity to where previous assessment work has yielded assays over 7 grams
per tonne platinum (AR 16691; MINFILE 092HNE184). The Company is currently
engaged in identifying potential joint-venture partners prior to launching
a Phase I exploration and drilling program.

— Assessment work on the Company’s Silver Leaf property, which was
initiated in October 2007, has been temporarily suspended pending the
outcome of ongoing joint venture discussions. Further announcements in
this regard will be made at the appropriate time.

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Enterayon Announces Merger, Symbol Change, and Reverse Stock Split

Wednesday, February 6th, 2008

Enterayon, Inc. announced today that it has merged with and assumed the name of its wholly-owned subsidiary, North Bay Resources Inc. The new Company name is now North Bay Resources Inc. (“North Bay”). Effective February 7, 2008, the new stock symbol will be “NBRI.” The company has also announced a 1:10 reverse stock split of its common shares.

As a result of the reverse split, holders of North Bay shares will receive one share of North Bay common stock for every 10 shares they currently own, and one additional share in lieu of fractional shares to the extent that an individual’s holdings are not evenly divisible by 10. Colonial Stock Transfer Company will serve as the exchange agent in connection with the reverse split and will be mailing instructions to all record holders explaining the process for obtaining new stock certificates. Post-split trading of North Bay shares will begin on February 7, 2008 under the new ticker symbol “NBRI.”

Prior to the Company’s merger and restructuring, the Company has elected not to renew its option on the Horseshoe Property. Accordingly, the Company will take a charge against Q4 earnings to write down $647,000 in costs related to the acquisition, and will save $1,187,600 going forward in previously-budgeted expenditures.

In addition, the Company’s share repurchase plan, previously announced on October 17, 2007, will remain in effect. As of December 31, 2007, the Company and its affiliates have repurchased 2,120,000 shares in both open-market and private transactions, leaving 2,880,000 shares remaining under the previously authorized 5,000,000 share repurchase plan.

According to CEO Perry Leopold, “As our business plan has evolved to a more generative business model, the board of directors has taken the actions announced today to take advantage of our strengths and better position ourselves for the future. We intend to continue acquiring and managing mining properties, the best of which will be developed through subsidiaries and partners. By doing so, we expect to be profitable on an operational basis, and at the same time unlock the intrinsic value of our assets and monetize them to attain a more suitable market capitalization for the benefit our shareholders.”

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