North Bay Resources Inc. (OTC:NBRI) announced that it has acquired an additional 14.5% interest in the Bishop Gold Mill in Inyo County, California, bringing its ownership stake to 70%.
The transaction, involving CMC Metals Ltd and the minority owner 1436132 BC Ltd, includes a series of cash and share payments.
Cash payments consist of $12,500 on signing, $12,500 by February 15, 2025, $12,500 by April 1, 2025, $50,000 by July 7, 2025, $25,000 by August 15, 2025, and $50,000 by September 25, 2025.
North Bay will also issue C$200,000 in common shares upon signing, totalling approximately 155.56 million restricted shares at a price of $0.0009 each, subject to a one-year hold period.
Upon the completion of the transaction, CMC Metals Ltd will no longer have a security interest in the Bishop Gold Mill, and North Bay will retain operational control.
North Bay CEO Jared Lazerson is also a shareholder in 1436132 BC Ltd but has no connection to CMC.
Located north of Bishop, California, the Bishop Gold Mill processes 96 tons of material per day. Recently, North Bay installed new gold extraction equipment, including a centrifuge, based on the results of a metallurgical study conducted in December 2024, which indicated a 97% gold recovery rate from the Fran Gold Project.