North Bay Resources Inc. (PINKSHEETS: NBRI) updated today that the company has received notice from Hidalgo Mining International Inc. which states that Hidalgo is unable to continue with any of their planned endeavors on the North Bay Joint Venture projects owing to capital needs which cannot be met at this time.

The press release is quoted as saying:

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.

Click here to access the entire press release ^[1]

Click here to access North-Bay-Resources Corporate Site ^[2]