North Bay Resources Inc (OTCMKTS:NBRI) Stock Reacts To Update On Fraser River Platinum Project

Despite making a key announcement on Monday, there was not a lot of movement in the North Bay Resources Inc (OTCMKTS:NBRI) stock and it traded within a range as a consequence. However, stocks can often break out strongly as well and hence, it may be a good move to take a look at the announcement from North Bay.

Trading Data

On Monday, NBRI stock ended flat at $0.0008 with 48.66 million shares, compared to its average volume of 68.10 million shares. The stock moved within a range of $0.0007 – 0.0008 after opening trade at $0.0008. 

North Bay Resources Inc. (NBRI) Issues Update on Fraser River Platinum Project

The company announced yesterday that it had inked a definitive agreement by way of which it seeks to sell as much as 90% of its interests in Fraser River Platinum Project. The company noted that the sale was going to be made to a private mining entity.

The project in question is situated in British Columbia. As per the terms of the agreement signed between the two parties, North Bay Resources is going to have a 10% interest in the property. In addition to that, the company is also going to get a 10% Net Smelter Royalty if the annual revenues in the same header goes beyond $10000 for the whole year.

However, such a key announcement did not draw the attention of investors to any degree. It may now be a good idea to keep an eye on the price action for the rest of the week.

Technical Data

NBRI stock is trading below the 20-Day and 50-Day Moving averages of $0.0008 and $0.0009 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0011.