North Bay Resources Inc (NBRI)

[1manband]

What gold? There is no economic gold there, so even if they had "gotten to the gold" they could not extract it at a profit.

If anyone in the mineral industry actually thought they had any chance to mine gold at a profit, they would have been able to access conventional financing. But since no one did, they had to go the toxic death spiral route. And no issuer of toxic death spiral convertibles has ever succeeded. They all die.