North Bay Resources Inc (NBRI)

[Beau1954]

I have seen several comments on here concerning the previous owner of the Ruby (Brush Creek Mining) and how they tried to mine the Ruby without success and now they are out of business. I read the SEC filing from 1998 and here are a few of my observations as it would relate to NBRI and the Ruby. First, at the time gold was $298.00 an oz, today it is over $1300.00 an oz. Brush Creek Mining purchased the Ruby for $4.0 mil, we got it for half that amount. Brush Creek spent millions putting in track haulage, most of the mining equipment including most of the mill and got themselves millions in debt with several companies including foreign companies. We got the mine with all the equipment already there so instead of spending 4 mil for the mine and spending millions to put in equipment we are in a better position financially then Brush Creek was. They mined about 7500 tons of material and came out with 200 oz of gold from there testing runs and again that is at $298.00 an oz and millions of dollars in debt. Along with the Ruby, Brush Creek also tried to open 4 or 5 mines all at the same time in the general area so they were spreading themselves awful thin while generating alot of debt. NBRI isn't in that kind of debt, we aren't trying to get 4 or 5 mines all going at once and gold is over 4 times the price per oz then it was then. If we can run 7500 in testing and come up with 200 oz of gold I think we would all be happy. Brush Creek got the 200 oz of gold and decided it wasn't economical at the current prices and decided to close the mine. That works out to about 1 gram per ton of material. We don't know how efficient they were or whether they had the equipment tuned right so we can't make a fair judgement if that is an accurate assesement. All and All I think we are in alot better position then Brush Creek Mining was so there can be no comparison with them. IMO IMO