During the next sector rally, NJMC could be one to watch, with everything they have going on...
New Jersey Mining Company Starts Silver Strand Project
news.moneycentral.msn.com
KELLOGG, Idaho, June 4, 2007 (PRIME NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC) has started work at its Silver Strand mine which is a high-grade gold and silver deposit located in the Panhandle National Forest east of Coeur d'Alene, Idaho. Mining will focus on the known reserve block which has a silver grade of 371 grams per tonne (gpt) of silver and 5.5 gpt of gold, and exploration will also be conducted on the property where the primary goal is to increase the gold and silver resource.
Mining at the Silver Strand is the culmination of a three year environmental permitting effort with the U.S. Forest Service. The Company's operating plan employs several innovative environmental practices such as the use of sedimentation tanks to capture sediment from the site, land application of mine water and paste backfill. Initial work at the site will include driving a new adit, installing a water control system, and repairing a raise. Current plans call for ore to be shipped, starting in September, at a rate of 1,000 tonnes per month to the New Jersey mill in Kellogg, Idaho.
At the Company's mill, the new concentrate leach plant is being commissioned. Leaching of gold-silver concentrate from the Coleman and Golden Chest mines has commenced. The plant will produce dore metal for sale to refiners. The dore will range from primarily gold to primarily silver depending on which concentrate is being processed.
At the Golden Chest mine a 600 meter ramp, known as the Idaho ramp, is being driven to access reserves on the Idaho vein outlined by surface drilling. Commissioning of a new hydraulic percussion drill, which is intended to speed the development of the ramp, is underway. The Idaho ramp is in the footwall of the main mineralized zone and several stringers of gold mineralization have been intercepted by the ramp. Recently, the ramp cut a 10 cm thick quartz vein stringer that assayed 128.0 gpt gold. The stringer was mineralized with galena, pyrite and scheelite. As the ramp advances, it should intercept this stringer along strike further to the north for more sampling.
A new diamond (core) drill is due for delivery on June 11 and will be commissioned thereafter. Drilling will commence at the Enterprise prospect at the New Jersey mine which is a Sullivan-type lead-zinc-silver target. After operators are trained, and the drill is operating properly, the drill will be sent to the Golden Chest mine to conduct surface drilling of targets defined by geological studies. Drilling at other prospects in the Murray area will depend on permitting timetables, and it is expected that drilling will be done later in the season at the promising Gold Butte prospect and the Niagara copper-silver deposit.
The exploration field season has commenced with geological work being concentrated in the Murray area where the Company is putting together a sizable land position that now totals about 1,600 acres. Geophysical surveys using custom VLF receivers designed by NJMC Director Ivan Linscott will be conducted. Ground magnetic surveys and soil sampling are also planned as part of the exploration program.
Company President Fred Brackebusch, commented, "We are in the midst of a very active exploration and development program and plan to report major findings as they occur throughout the season."
New Jersey Mining Company is involved in exploring for and developing gold, silver and base metal resources in the Coeur d'Alene Mining District of northern Idaho. The Company has a portfolio of mineral properties in the Coeur d'Alene Mining District including the Niagara copper-silver deposit, the Golden Chest mine, the New Jersey mine, the Silver Strand mine, and several other exciting exploration prospects.
This release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB for the year ended December 31, 2006.
Further information about New Jersey Mining Company and its properties can be found at the company's website at www.newjerseymining.com or reviewed on the website of the Securities and Exchange Commission at www.sec.gov.
CONTACT: New Jersey Mining Company
Grant Brackebusch, Vice President
(208) 783-1032
ir@newjerseymining.com
www.newjerseymining.com |
