North Bay Terminates LOI for Coronation Gold-Silver Property Joint-Venture

SKIPPACK, PA–(EMWNews – August 20, 2008) – North Bay Resources Inc. (PINKSHEETS: NBRI)

(“North Bay” or the “Company”) announced today that the extended deadline

to formalize its proposed Coronation Property joint-venture agreement with

Drake Gold Resources Inc. (“Drake”) has expired, and that the parties have

mutually agreed to not extend it further, thereby terminating the Letter of

Intent agreement previously announced on April 30, 2008.

The Coronation Property is located near Slocan in southeastern British

Columbia and covers 103 acres over several reverted crown grants. It

includes three past-producing mines; the Colorado, the V&M, and the Senator

mines, in addition to the Coronation. Primary mineralization is gold,

silver, zinc, and lead. According to BC MINFILE 082FNW162 and Assessment

Report 18603, the Coronation Property was reported to have past-production

of as much as 13,000 grams (418 ounces) per tonne silver and 20% lead,

while the highest combined historical (post-production) assays are 16.8 g/t

gold, 6000 g/t silver, 10.9% zinc, and 1.2% lead.

About North Bay Resources Inc.

North Bay Resources Inc. engages in the acquisition, management, and

development of precious metal and other mining properties. By combining

state-of-the-art technology with traditional acquisition targeting, the

company’s mission is to build a portfolio of viable mining prospects

throughout the world and developing them through its subsidiaries and

partners to their full economic potential.

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.