North Bay Resources Inc. (NBRI) Forms Joint-Venture to Operate Ruby Gold Project

(Source:NBRI)
North Bay Resources Inc. (OTCQB: NBRI) (PINKSHEETS: NBRI) ("North Bay" or the "Company") is pleased to announce that, together with ACG Consulting, LLC ("ACG"), it has formally organized Ruby Gold, LLC as the special purpose entity that will own and operate the Ruby Gold Project under federal EB-5 Program guidelines, subject to the receipt of $7.5M in project funding. As previously disclosed in the Company's Form S-1/A as filed with the SEC on November 2, 2010 and in subsequent filings, before the Company can receive approval from USCIS and accept EB-5 funding, the Ruby Project must be organized as a new enterprise under the EB-5 Program. Effective January 7, 2011, North Bay and ACG have now completed this requirement by jointly organizing an appropriate special purpose entity as a Limited Liability Company domiciled in California under the name Ruby Gold, LLC (the "JV"). The initial ownership/membership interest in the JV will be held 60% by North Bay and 40% by ACG. Once approved by USCIS, it is expected that $7.5M in project funding will be raised from foreign investors in the form of a loan to the JV under EB-5 guidelines. CEO Perry Leopold commented, "The formation of Ruby Gold, LLC is another step forward towards fulfilling our commitment to shareholders to transition from an exploration company to a gold producer in the near-term. We continue to work diligently towards making this commitment a reality, and our recent financings have allowed us to remain in compliance with our Ruby acquisition contract, which we fully expect to be completed once our prospective EB-5 funding has been received. We remain completely committed to the Ruby Gold Project, and we believe that it will provide a very profitable revenue stream for shareholders for many years once operations resume, especially as gold prices continue to rise."