North Bay signs LoI to acquire Bendito Resources [Yahoo! Finance]
NORTH BAY RESOURCES INC (NBRI)
NASDAQ:AMEX Investor Relations:
investorshub.advfn.com/north-bay-resources-inc-nbri-6441
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Source: Yahoo! Finance
complete acquisition of the latter's assets, primarily situated in Sonora, Mexico. This acquisition includes several projects, with some assets located near Hermosillo and within driving distance of Tucson, Arizona. North Bay Resources will make a one-time cash payment of $25m for this debt-free acquisition. The deal encompasses the Oposura project, a fully permitted 1,000 tonnes per day (tpd) project ready for construction on 908 hectares (ha). A total of 308 holes have been drilled at the site, which includes mining and milling equipment capable of processing 500tpd. Also part of the acquisition is the Alacran Project, an advanced exploration-phase undertaking spanning 5,433ha with significant drilling activity. Alacran is situated 17km south of the Buenavista Copper-Zinc-Silver Mine, which is operated by Grupo Mexico and has reserves of nine billion tonnes. In Chihuahua State, North Bay will acquire the Promontorio Project, which covers 10,699ha and is at an advanced
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