eb5exclusive

A mining concern said that it would use funding from the EB-5 visa program to help finance a recently purchased gold mine.

North Bay Resources recently bought the Ruby Gold Mine in Sierra County, California, and it hopes to use $7.5 million in EB-5 funding for the project.

The EB-5 visa program was created to help American businesses and projects better attract foreign investment. If foreign nationals invest $1 million (or in some specially designated areas, $500,000) in an American business and that investment leads to the creation or preservation of 10 jobs, the investor becomes eligible for a U.S. green card. Often times EB-5 investments are handled through EB-5 regional centers.

The Ruby Gold Mine is located between Downieville and Forest City and is a well known underground mine. According to a news release, some consider it to be one of the largest production channel mines in recent times.

The Tertiary channels of the Ruby Gold Mine have already produced more than 250,000 ounces of gold, with the largest nugget weighing 201 ounces.