North Bay Resources, Inc Agrees to Joint-Venture on Its Gold-Silver Property
Lately, every single news item about NBRI was all about acquisitions. However, the press release that came out last Friday, October 15, 2009, was quite different. It announced a joint venture agreement between NBRI and Silver Quest Resources, Ltd to develop NBRI’s Fawn property.
In case you missed it or just started following NBRI, the company acquired its Fawn property very recently, in October 2009. According to the September 2008 property assessment, it represents “a low cost exploration bet with good potential”.
Once the joint-venture agreement is accepted, Silver Quest will pay $100,000, issue 150,000 shares and, in exchange, acquire an initial 75% in the property. Additionally, NBRI will shift $1,500,000 in exploration expenses to Silver Quest over the next four years.
NBRI follows its well-established model of acquiring a promising property and setting up a joint-venture to minimize its risk exposure and expenses of exploring the property.
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International Monetary maintains a position in NBRI and is being compensated by NBRI via a combination of cash and restricted stock for its investor relations and market awareness services. Read full position disclosure and safe harbor statement.
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