North Bay Resources Inc (NBRI)

[orefinder]

Valuation of mineral properties WITHOUT reserves or resources is well established. It is being done in a number of circumstances and is based on any of the following:

1. Comparable transactions whereby properties similar in all aspects are incorporated into the analysis, whereby fair market value can be determined. Value is based upon recent ‘arms length’ transactions of a similar nature;

2. Modified appraised value method whereby only the retained past expenditures (also known as “historical costs” or “replacement costs”) are included. A premium (or discount) multiplier is applied to the total cost of exploration to date, depending on whether the exploration has enhanced the prospectivity of the ground or not;

Note: At Ruby due to NBRI finding new prospective (gold bearing) unmined virgin ground it will be a premium multiplier applied to ALL historical expenses (millions of $).

3. Royalties or farm-in agreements.