BISHOP, Calif., Jan. 21, 2025 (GLOBE NEWSWIRE) -- North Bay Resources Inc. (the "Company" or "North Bay") (OTC: NBRI) is pleased to announce it has entered into a share purchase agreement to acquire an additional 14.5% of the Bishop Gold Mill (the "Mill"), bringing total ownership to 70%. The 96 ton per day mill is located north of Bishop, California. The Company has recently acquired and installed additional gold extraction equipment including centrifuge in a gravity primary position (see press release dated January 10, 2025) based on a December 2024 metallurgical study (see press release dated December 16, 2024) showing a 97% recovery of gold, with head grade of 0,9 ounces per ton, from its Fran Gold Project.
The Company has entered into an agreement with the note holder, CMC Metals Ltd. (TSXV: CMB) ("CMC"), and the current minority owner 1436132 BC Ltd., a private Canadian company, to acquire an additional 14.5% of 0877887 BC Ltd. ("087") for a total interest of 70%. The primary asset of 087 is the Bishop Gold Mill. Within this transaction, North Bay acquires a total interest of 70% of 087, in addition to prior payments and issuances to date, by assuming the amended cash payments and common share transfers to CMC as follows:
Cash Payments:
- $12,500 payable on signing
- $12,500 payable on February 15, 2025
- $12,500 payable on April 1, 2025
- $50,000 payable on July 7, 2025
- $25,000 payable August 15, 2025
- $50,000 payable September 25, 2025
Share Payments:
- $200,000 CAD in common shares of North Bay to be delivered on signing at a foreign exchange rate CAD/USD of $0.70 and share price of $0.0009 totaling 155,555,556 Restricted Shares subject to a minimum hold period of 1 year and representing approximately 2% of shares outstanding.
These are the final payments due under the Purchase Agreement and upon completion CMC will no longer hold a security interest in the Mill. North Bay will remain the Operator. The Company CEO, Jared Lazerson, is the CEO and a shareholder of 1436132 B.C. Ltd, but has no affiliation with CMC.
Corporate Update
The Company has entered an agreement with Investing News Network for media services at a rate of $2,500 CAD per month for 1 year effective March 1, 2025. The Company has amended an agreement with the Sabean Group for media services from $20,000 per month to $10,000 per month effective January 1, 2025.
On behalf of the Board of Directors of
NORTH BAY RESOURCES INC.
Jared Lazerson
CEO
info@northbay-resources.com
northbay-resources.com
X: @NorthBayRes
YouTube: North Bay Resources - YouTube
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
