North Bay Resources Acquires 70% Interest in the Bishop Gold Mill, Inyo County, California

Rhea-AI Summary

North Bay Resources (OTC: NBRI) has announced the acquisition of an additional 14.5% interest in the Bishop Gold Mill in California, increasing its total ownership to 70%. The 96-ton per day mill recently received upgraded gold extraction equipment, including a centrifuge, following a December 2024 metallurgical study showing 97% gold recovery with 0.9 ounces per ton head grade from its Fran Gold Project.

The acquisition involves payments to CMC Metals and 1436132 BC , including staged cash payments totaling $162,500 and a share payment of $200,000 CAD (155,555,556 restricted shares). The shares are subject to a one-year hold period and represent approximately 2% of outstanding shares. Upon completion, CMC will no longer hold security interest in the mill, with North Bay remaining as operator.

Positive

• Increased ownership stake in Bishop Gold Mill to 70%
• Recent metallurgical study showed excellent 97% gold recovery rate
• Mill capacity of 96 tons per day
• Installation of new gold extraction equipment completed
• High head grade of 0.9 ounces per ton from Fran Gold Project

Negative

• Significant cash payment obligations totaling $162,500 through September 2025
• Share dilution of approximately 2% through issuance of 155,555,556 new shares
• Potential conflict of interest as CEO is shareholder in minority owner company

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.

FAQ

What percentage ownership does North Bay Resources now have in the Bishop Gold Mill?

North Bay Resources has increased its ownership to 70% in the Bishop Gold Mill through the acquisition of an additional 14.5% interest.

What is the processing capacity of the Bishop Gold Mill?

The Bishop Gold Mill has a processing capacity of 96 tons per day.

What was the gold recovery rate shown in the December 2024 metallurgical study?

The December 2024 metallurgical study showed a 97% recovery rate of gold, with a head grade of 0.9 ounces per ton from the Fran Gold Project.

What are the payment terms for NBRI's acquisition of additional mill ownership?

The payment terms include cash payments totaling $162,500 spread through September 2025, and $200,000 CAD in common shares (155,555,556 restricted shares) to be delivered upon signing.

What recent equipment upgrades were made to the Bishop Gold Mill?

The mill recently received additional gold extraction equipment, including a centrifuge in a gravity primary position.