North Bay Resources Inc. announced that it has received notification from Hidalgo Mining International stating that Hidalgo is 'unable to continue with any of its planned efforts on the North Bay Joint Venture projects due to capital needs which cannot be met at this time.' As a result, North Bay has elected to exercise its contractual rights to terminate both the Silver Leaf and the Gold Hill Project JV agreements, and will thereby regain its full 100% undivided ownership of both properties. The Silver Leaf Property covers 5,874 acres near Speculator Creek, 8 kilometres east-northeast of Slocan in southeastern British Columbia. It includes the past-producing Silver Leaf, Riverside, Slocan Prince, Anna, Hampton, Bondholder, Dumac, Westmont, Neepawa, and Mabou mines. 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 reports assays as high as 657 ounces per tonne silver. The Gold Hill Project covers 5,887 acres near the village of Salmo in southeastern British Columbia. The property includes the former Gold Hill mine, and the area surrounding the Silver Dollar-Lucky Boy mines. The Gold Hill mine's past production averaged over 29.47 grams (0.95 ounces) per tonne gold and 54.11 grams (1.74 ounces) per tonne silver, while production figures from the Silver Dollar and the Lucky Boy workings averaged 9.39 grams per tonne gold and 335 grams (10.78 ounces) per tonne silver. More recent exploration has outlined an extended strike length of over 2,600 metres, with reported assays from underground workings grading as high as 57.81 grams (1.85 ounces) per tonne gold and 3,790 grams (121 ounces) per tonne silver.

North Bay Resources Inc. announced that it has agreed to terms on an earn-in joint venture with Silver Quest Resources Ltd. on North Bay's Fawn gold-silver property in central British Columbia, Canada. The Fawn property is situated on the Nechako Plateau of central British Columbia, approximately 120 kilometres southwest of Vanderhoof and 180 kilometres west of Quesnel. The property covers 1,005 acres, and includes the Buck claims 6 kilometres to the east. On the namesake Fawn claim, four subparallel, easterly-trending VLF-EM conductors have been defined along strike lengths of 700 to 2,200 metres, with each remaining open along strike in at least one direction. Each of the four VLF conductors is accompanied by silver-zinc-lead-arsenic soil geochemistry. The key area of interest is known as the Giver Zone, where assays up to 12.9 grams per tonne gold and 637 grams per tonne silver have been documented. Immediately east of the Fawn and included as part of the property, the Buck claims cover a 3,000 metre long zinc-arsenic-lead soil geochemical anomaly overlying Naglico Formation rocks, and referred to as the Rutt Zone. Stratabound sphalerite-pyrrhotite mineralization, grading up to 4.69% zinc, is present in felsic ash tuffs. A primary area of interest immediately south of the Rutt Zone is known as the Christmas Cake showing, where a 45 centimetre chip sample has assayed 542 grams per tonne silver, 7.38% zinc, and 2.25% lead. Upon TSX Venture Exchange acceptance of the terms of the agreement, Silver Quest may acquire an initial 75% interest in the Fawn Property by making aggregate cash payments of $100,000, issuing a total of 150,000 shares, and incurring an aggregate of $1,500,000 in exploration expenditures over four years.

North Bay Resources Inc. announced that it has acquired a 100% interest in the Lancers Mountain Gold property in southwestern British Columbia, Canada. The Lancers Mountain Gold Property is located approximately 160 miles northwest of Vancouver, and is characterized by gold, silver, lead, zinc, copper, and molybdenum mineralization over 998 acres. As documented in MINFILE 092N 051, there are at least four major gossanous zones with an average size measuring 50 by 50 metres. On the northeast flank of Lancers Mountain a select grab sample from a trench cut in a silicified felsic dyke assayed 35,513 grams (1,141 ounces) per tonne silver, 56.6 grams (1.81 ounces) per tonne gold, 1.2% zinc and 0.39% lead. The property also includes the Hannah prospect (MINFILE 092N 028). The Hannah is a showing of gold, silver, copper and molybdenum mineralization in altered intrusive rocks located 8 kilometres southeast of Lancers Mountain. Assay results from 64 channel and chip samples revealed that gold and molybdenum were more significant than copper and silver. The average assay for gold was 1 gram per tonne (maximum 11.3), and for molybdenum was 0.087% (maximum 1.25%).