North Bay Resources Inc. announced 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.

Drake Gold Resources Inc. and Eagle Mining have entered into a formal joint venture agreement on their fully permitted and producing Abigail and Donovan projects, located in Mohave county Arizona and comprising 300 acres of two mining claims of 140 and 160 acres. Under the agreement Drake would retain 47% of the net proceeds in exchange for Drake furnishing additional dry-processing equipment and jointly covering daily operational expenses. Eagle would continue to be the operator and manager of the operation, as well as maintaining all permits and associated fees.

North Bay Resources Inc. announced that it has signed a Letter of Intent with Drake Gold Resources Inc. 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 grantsand 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.