November 13, 2008
North Bay Executes Joint-Venture Agreement on Silver Leaf Property
North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that it has finalized and signed a contract with Hidalgo Mining International Inc. (PINKSHEETS: HMIT) ("Hidalgo") to engage in a joint-venture for the development of North Bay's Silver Leaf Property.
Terms of the agreement call for Hidalgo to commit up to $1.25 million US over three years for developmental drilling and surface ore recovery. North Bay and Hidalgo will each own 50% of the Silver Leaf Property and will equally share any and all net revenue, including any near-term profits generated from surface ore recovery operations. It is expected that a portion of any profits will be re-invested in ongoing development work on the Silver Leaf's underground assets. In addition, North Bay will receive an initial payment of $50,000 US.
As documented in British Columbia government records known as MINFILE, previous mining operations at the Silver Leaf mine produced an average of 598 grams (19.2 ounces) per tonne silver, and the Riverside produced an average of 1,534 grams (49 ounces) per tonne silver. Past production from the Slocan Prince and Hampton mines averaged 10,000 grams (321 ounces) and 16,817 grams (540 ounces) per tonne silver, respectively. A more recently discovered vein documented in Assessment Report 23054 reports assays as high as 657 ounces per tonne silver.
The Silver Leaf Property also includes the rights to the surface ore dump from the nearby Arlington mine. According to BC MINFILE 082FNW152, this surface ore represents proven reserves of 43,114 tonnes at 15.68 ounces per tonne silver, or 676,238 ounces of silver.
Perry Leopold, CEO of North Bay Resources Inc., stated, "We look forward to a long and fruitful relationship with Hidalgo Mining. By expanding our efforts jointly and leveraging our strengths, we increase the likelihood of our collective success in bringing the Silver Leaf's potential into fruition and increasing shareholder value for both companies."
About Hidalgo Mining International Inc.
Hidalgo Mining International Inc., an innovative mining company headquartered in Port Washington, N.Y., strives to increase shareholder value while implementing aggressive plans to target and acquire near term producing mining projects on a global scale. Hidalgo's management, directors, and advisors have a wealth of experience and knowledge in this rapidly growing industry that will ultimately result in the Company achieving its goal of becoming a medium size producer.
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: Perry Leopold CEO North Bay Resources Inc. 215-661-1100 http://www.northbayresources.com Big Apple Consulting USA Investor Relations 1-866-THE-APPL(E)
SOURCE: North Bay Resources Inc.