North Bay Resources Inc (NBRI)

[Huggy Bear]

I wish you the best Ryan and I can respect your posts, even if we dont agree with each others conclusions.

Who knows what they will find when they start drilling Ruby (snicker), there might be more under ground in Cali. than we think.

This is from the 10-K you linked.

The Ruby project was formally approved as an EB-5 project by USCIS in July, 2011, and as of the date of this report the final phase of the funding overseas
is nearing completion. The Company expects to complete the funding in the near-term, but until that time the Company believes it can rely on our equity credit line
established with Tangiers to make up for any revenue shortfall. If we cannot generate sufficient revenue or raise additional funds through equity, loans, or EB-5, we
may not be able to maintain our mortgage on the Ruby Mine.

They still owe approx. 1.9M for the Ruby lease. Snicker, indeed. With no EB-5 financing having arrived, the monthly payment on the Ruby lease will increase to 85K per month starting Jan 2013. Thats alot of money to spend on something that you cannot even realistically mine if you think about it. For NBRI to keep current for just the first 6 mos of 2013 it will require lease payments of 510K. Will NBRI take out a 1M LOC convertible debt loan just to make the lease payments for 2013? Its something worth thinking about IMO.

Also from the 10-K you linked is this:

WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (Basic) 91,479,959 72,030,864.

The second number was the outstanding for fiscal year 2010 of course.

Im not sure where you are getting your O/S numbers from, but I think we can both agree that indeed this company is funded by convertible debt, i.e., dilution.

I didnt say NBRI was on the fiscal cliff. To date they have had no problem securing continuing convertible debt. I think that is the absolute worst possible way to fund any business ventures. I think that this is common sense to most.

Good luck in your ventures Ryan and I appreciate you keeping it civil.