North Bay Resources Inc (NBRI)

[Huggy Bear]

Appreciate the response Ryan. Im not saying your overall dilution figures are too far off, and thats not really an issue as we both agree that convertible debt is and has been funding the company in the present.

The conversions of the Tangiers convertible debt loans are suspended for now. But the JMJ LOC for 550K is still in effect as far as I know. Earlier it was said that only 100K had been drawn on that thusfar and Im sure that was true. But what is also true is that NBRI has to start paying 85K per month instead of 30K per month on just keeping the Ruby lease. I suspect that the JMJ LOC for 550K has been drawn on for current quarters expenses with no revenue as of date.

The money has to come from somewhere.

Yup, thats the rub. They are either going to have to engage in another note or give up the Ruby and focus on the Fraser and thats the way it is. Actually, company actions have have already moved in that direction with no EB-5 financing coming in on time for the Ruby, no matter why the real reason not. Bottom line is the retension of the Ruby lease is real suspect to me at this time.