Yesterday, North Bay Resources updated the investment community by discussing its Q3 earnings report as well as recent highlights. For the third quarter, the company generated a profit of nearly $2.2 million, marking the third consecutive quarter of profitability. Year-to-date as of yesterday, North Bay had revenue of $52,482.72 and an operational profit of $3,294.32 for the past nine months.
During the recently ended quarter, the company entered into an asset-based funding program with an investment bank to raise funds for property development, and has been given an initial $10,000 payment to counterbalance maintenance expenditures on the properties involved.
North Bay also announced that a SEC-registered market maker is sponsoring a Form 211 submission to the Financial Industry Regulatory Authority (FINRA). Once approved, the company will have made the first step to become a fully reporting company and uplist to the OTCBB from the Pink Sheets.
According to the press release, the company is discussing potential joint-ventures with other companies to further develop their portfolio of properties in British Columbia. Currently, there are two identified prospective targets and North Bay is in negotiations with the objective of finalizing an acquisition by the end of this year. Meanwhile, the company stays committed to seeking and entertaining other prospects that are fully permitted and operational.
CEO Perry Leopold stated, “It is our belief that we are in the right sector at the right time, as we are in the midst of a long-term up-cycle for commodities in general and precious metals in particular. Gold is money, and in times of uncertainty such as the world is now experiencing, capital tends to flow into hard assets, of which gold is a principal holding. We also believe the explosive growth in China, India, and other developing economies will continue on an upward trajectory for decades to come, and will provide ever-increasing demand pressure for commodities.”
He continued, “Given these positive long-term fundamental trends, we are determined to position the Company to the benefit of our shareholders by focusing on the prospective acquisition of an operating mine that is capable of producing revenue immediately upon assuming ownership. We will continue to provide shareholders with updates on our efforts as they progress.”
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