North Bay Resources has signed a binding letter of intent (LoI) to purchase Bendito Resources, involving a complete acquisition of the latter’s assets, primarily situated in Sonora, Mexico.
This acquisition includes several projects, with some assets located near Hermosillo and within driving distance of Tucson, Arizona.
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North Bay Resources will make a one-time cash payment of $25m for this debt-free acquisition.
The deal encompasses the Oposura project, a fully permitted 1,000 tonnes per day (tpd) project ready for construction on 908 hectares (ha).
A total of 308 holes have been drilled at the site, which includes mining and milling equipment capable of processing 500tpd.
Also part of the acquisition is the Alacran Project, an advanced exploration-phase undertaking spanning 5,433ha with significant drilling activity.
Alacran is situated 17km south of the Buenavista Copper-Zinc-Silver Mine, which is operated by Grupo Mexico and has reserves of nine billion tonnes.
In Chihuahua State, North Bay will acquire the Promontorio Project, which covers 10,699ha and is at an advanced exploration phase.
Additional properties included in the portfolio are Tecolote, Telix, San Agustin, Panchita and Sara Alicia.
However, the Sara Alicia project is not included in the agreement at present because of a current exploration agreement, although discussions continue.
In January 2025, North Bay signed an agreement to acquire an extra 14.5% stake in the Bishop Gold Mill in Inyo County, California, US.
This transaction increased the company’s overall ownership to 70%.
The Bishop Gold Mill, with a capacity of 96tpd, is situated north of Bishop.
