March 18, 2013 Mr. Patrick Fagen Lazarus Mining LLC PO Box 16187 S Lake Tahoe, CA 96151 Re: Toll Milling Agreement - Letter of Intent Dear Mr. Fagen;Toll Milling Agreement • March 26th, 2013 • North Bay Resources Inc • Metal mining
The purpose of this letter is to set forth the mutual understandings of North Bay Resources Inc (“North Bay”), a US corporation domiciled in Delaware, through its wholly-owned subsidiary, Ruby Gold, Inc., a US corporation domiciled in California, entering into a toll milling agreement with Lazarus Mining LLC (“Lazarus”), a US limited liability company domiciled in Nevada, regarding the processing of placer material and gravels mined at the Telegraph Mine near Downieville, CA at the Ruby Mine Mill, near Downieville CA (the “Agreement”).
