North Bay Resources
Acquires 70% Interest in the Bishop Gold Mill, Inyo County,
California
Bishop, CA -- January 21, 2025 --
InvestorsHub 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.
