NBRI - North Bay Resources Announces Acquisition of 55.5% of Bishop Gold Mill California USA | Benzinga
SKIPPACK, Pa., April 08, 2024 (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 55.5% of the Bishop Gold Mill, located six miles north of Bishop, Inyo County, California. The mill has a flotation circuit designed to process up to 96 tons per day. The Company proposes to operate the Bishop Gold Mill in the near to medium term. The mill is currently permitted for operation subject to various conditions and minor infrastructure completions.
The Company has entered into an agreement with the note holder, CMC Metals Ltd. (TSXV:CMB) ("CMC"), and the current owner 1436132 BC Ltd., a private Canadian company, to acquire 55.5% of 0877887 BC Ltd. ("087"), whose primary asset is the Bishop Gold Mill. Within this transaction, North Bat acquires 55.5% of 087 by assuming the amended cash payment and common share transfers to CMC as follows:
Cash Payments
- US $12,500 payable on ...