NOTE 6 ACCOUNTS RECEIVABLE

6 Months Ended

Jun. 30, 2011

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 6                                ACCOUNTS RECEIVABLE

On February 10, 2011, the Company executed an agreement (the “Agreement”) to sell a number of its mineral claims in the Slocan Mining District of British Columbia, Canada, to Yardley Mountain Gold Corp (“Yardley”) for the aggregate sum of $93,000 USD.  The Agreement provides that Yardley shall pay to North Bay $10,000 USD within ten (10) days of execution of the Agreement, $33,000 USD within three (3) months of the date of the Agreement, and $50,000 USD on or before June 25, 2011.  The parties subsequently agreed to extend the due dates of the second and third payments to August 10, 2011.  As of June 30, 2011, cash payments of $23,000 have been received, and $70,000 remained outstanding. Subsequent to June 30, 2011, additional cash payments totaling $40,000 have been received, and the Company has accepted a $30,000 promissory note due by September 30, 2011.  Accordingly, the Agreement has been completed, and title to all of the claims identified in Schedule A of the Agreement has been transferred to Yardley.