North Bay Issues Update on Silver Leaf and Gold Hill Project Joint Ventures

SKIPPACK, PA, Oct 29 (MARKET WIRE) --
North Bay Resources Inc. (PINKSHEETS: NBRI) ("North Bay" or the
"Company") announced today that it has received notification from Hidalgo
Mining International Inc. ("Hidalgo") stating that Hidalgo is "unable to
continue with any of its planned efforts on the North Bay Joint Venture
projects due to capital needs which cannot be met at this time." As a
result, North Bay has elected to exercise its contractual rights to
terminate both the Silver Leaf and the Gold Hill Project JV agreements,
and will thereby regain its full 100% undivided ownership of both
properties.

The Silver Leaf Property covers 5,874 acres near Speculator Creek, 8
kilometres east-northeast of Slocan in southeastern British Columbia. It
includes the past-producing Silver Leaf, Riverside, Slocan Prince, Anna,
Hampton, Bondholder, Dumac, Westmont, Neepawa, and Mabou mines. Previous
mining operations at the Silver Leaf mine produced an average of 598 grams
(19.2 ounces) per tonne silver, and the Riverside produced an average of
1,534 grams (49 ounces) per tonne silver. Past production from the Slocan
Prince and Hampton mines averaged 10,000 grams (321 ounces) and 16,817
grams (540 ounces) per tonne silver, respectively. A more recently
discovered vein reports assays as high as 657 ounces per tonne silver.

The Gold Hill Project covers 5,887 acres near the village of Salmo in
southeastern British Columbia. The property includes the former Gold Hill
mine, and the area surrounding the Silver Dollar-Lucky Boy mines. The Gold
Hill mine's past production averaged over 29.47 grams (0.95 ounces) per
tonne gold and 54.11 grams (1.74 ounces) per tonne silver, while
production figures from the Silver Dollar and the Lucky Boy workings
averaged 9.39 grams per tonne gold and 335 grams (10.78 ounces) per tonne
silver. More recent exploration has outlined an extended strike length of
over 2600 metres, with reported assays from underground workings grading
as high as 57.81 grams (1.85 ounces) per tonne gold and 3790 grams (121
ounces) per tonne silver.

About North Bay Resources Inc.

North Bay Resources Inc. (PINKSHEETS: NBRI) is a junior mining company
with over 140 mineral and placer claims encompassing approximately 50,000
acres throughout British Columbia, Canada. The Company's mission is to
build a portfolio of viable mining prospects throughout the world and
developing them through subsidiaries and JV partners to their full
economic potential. North Bay's business plan is based on the Generative
Business Model, which is designed to leverage its properties into
near-term revenue streams even during the earliest stages of exploration
and development. This provides shareholders with multiple opportunities
to profit from discoveries while preserving capital and minimizing the
risk involved in exploration and development.

SAFE HARBOR FOR FORWARD LOOKING STATEMENTS

This press release may contain certain forward-looking statements within
the meaning of Section 27A of the Securities and Exchange Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors created
thereby. Investors are cautioned that all forward-looking statements
involve risks and uncertainties. Although North Bay Resources Inc.
believes that the assumptions underlying the forward-looking statements
contained herein are reasonable, any assumption could be inaccurate, and
therefore, there can be no assurance that the forward-looking statements
included in this press release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements
included herein, the inclusion should not be regarded as a representation
by North Bay Resources Inc. or any other person that the objective and
plans of North Bay Resources Inc. will be achieved.

Contact:
Perry Leopold
CEO
North Bay Resources Inc.
215-661-1100
http://www.northbayresources.com

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