The Ruby Mine is known to have produced over 250,000 ounces of gold since the 1850s and is considered to be part of the northern extension of the historic Mother Lode system.
The property covers about 1,755 acres, consisting of the subsurface mineral rights of two patented claims totaling about 435 acres and 30 unpatented claims containing approximately 1,320 acres.
An amendment to the Ruby Mine option and purchase deals with Ruby Development Co (RDC) originally signed in 2010 provides that upon receipt by RDC of the final option payment due on 1 June 2011, North Bay will be deemed to have exercised the option to buy, and escrow will be opened at the title and escrow company will be designated by RDC.
The final option payment will also be deemed to satisfy the requirement for a deposit to open escrow.
As of 31 May 2011, the final option payment has been paid, the definitive purchase agreements have been fully executed, and the opening of escrow has begun.
Escrow is expected to close on or before 1 July 2011, thereby completing the acquisition of the Ruby Mine.
