North Bay Resources Inc. Forms Joint-Venture to Operate Ruby Gold Project

North Bay Resources Inc. (OTC:NBRI) announces that it has organized Ruby Gold, LLC as the special purpose entity that will own and operate the Ruby Gold Project under federal EB-5 Program guidelines.

The press release is quoted as saying:

As previously disclosed in the Company’s Form S-1/A as filed with the SEC on November 2, 2010 and in subsequent filings, before the Company can receive approval from USCIS and accept EB-5 funding, the Ruby Project must be organized as a new enterprise under the EB-5 Program. Effective January 7, 2011, North Bay and ACG have now completed this requirement by jointly organizing an appropriate special purpose entity as a Limited Liability Company domiciled in California under the name Ruby Gold, LLC (the “JV”). The initial ownership/membership interest in the JV will be held 60% by North Bay and 40% by ACG.

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