Upon completion of these payments, CMC Metals will no longer hold a security interest in the Bishop Gold Mill. Credit: Alexey_Rezvykh/Shutterstock.

Gold mining company North Bay Resources has entered into an agreement to acquire an additional 14.5% interest in the Bishop Gold Mill in Inyo County, California, US.

This deal takes North Bay’s total ownership to 70%.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

This acquisition will be achieved through a share purchase agreement with the note holder CMC Metals, and minority owner 1436132 BC, a privately held corporation.

1436132 BC will hold the remaining 30% interest.

The Bishop Gold Mill, with a capacity of 96 tonnes per day, is situated north of Bishop.

North Bay has recently enhanced the mill’s capabilities by installing additional gold extraction equipment including a centrifuge in the gravity circuit.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This upgrade improves the efficiency of gold recovery, with a 97% rate from the Fran Gold Project at the Bishop Gold Mill.

The head grade of the material from the Fran Gold Project is at 0.9oz of gold per tonne, and test processing of this material is currently under way at the mill.

CMC Metals president and CEO Kevin Brewer said: “We are very pleased to have completed this transaction. This is generating further value from the divesting of the Bishop Mill that we expect will provide us with a significant return in the foreseeable future. We look forward to NBRI’s [North Bay Resources Inc] continued success with this project.”

The agreement between North Bay, CMC Metals and 1436132 BC involves cash payments and share transfers to CMC Metals.

Cash payments include $12,500 on signing; $12,500 on 15 February 2025; $12,500 on 1 April 2025; $50,000 on 7 July 2025; $25,000 on 15 August 2025; and $50,000 on 25 September 2025.

Additionally, North Bay will deliver C$200,000 ($138,948) in common shares, equivalent to approximately 155.5 million restricted common shares of North Bay.

Upon completion of these payments, CMC Metals will no longer hold a security interest in the Bishop Gold Mill.

CMC Metals will then hold a total of 1.27 billion common shares of North Bay with the latter continuing to operate the mill.