NBRI_chart.pngNorth Bay Resources (PINK:NBRI) stock rally has expired and the selling pressure took the price down by more than 33% at the end of the trading day on Wednesday.

The latest buying wave was created when Northern California Regional Center, LLC agreed to sponsor North Bay’s application to obtain funds through the government run EB-5 Program and use them for the development of gold projects. The company had previously planned to create their own USCIS-designated Regional Center under the EB-5 Program, together with ACG Consulting, LLC. The support from an existing centre eliminated this necessity.[BANNER]

The stock price has turned around as the company is yet to undergo any material changes. NBRI’s current financial situation is unclear. The company does have an agreement with Tangiers Investors, LP, upon which the North Bay can sell up to $5 million worth of stock. Other than that, the company’s financials were critical for the last reported period ending September 30, 2009.

5North_bay_resources_logo.jpgFluctuations in the share price and increased trading volume revealed the stock is under surveillance by traders, but it is mostly used for short-term plays rather than viewed as a long term opportunity. This is justifiable as the Pink Sheets listed company made little progress with their ventures over the past year. They are currently targeting the acquisition of the Ruby Gold Project, which could hold up to $500 million worth of gold, according to third party estimates.