COEUR D’ALENE, Idaho, March 29, 2016 (GLOBE NEWSWIRE) — New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) today announced the filing of its Form 10-K with the U.S. Securities and Exchange Commission and provided a summary review of its corporate accomplishments for the fiscal year ending December 31, 2015. The Company also provided a forecast of the year ahead.
In 2015, NJMC accomplishments and project milestones included:
- Completion of mine development at the Golden Chest property, by Juniper Resources under the Skookum lease, totaling approximately $7 to $9-million;
- Completion of upgrades and commencement of commercial operations at the New Jersey Mill, achieving revenue of more than $1.8 million;
- Commercial production, achieved by Juniper at the Golden Chest Mine, totaling 40,840 dry metric tonnes of ore produced at an average grade of 6.65 grams of gold per tonne;
- Production of approximately 8,000 ounces of gold from Golden Chest ore at the New Jersey Mill, including approximately 500 ounces of gold using the upgraded cyanide leach circuit;
- Consolidation of 100-percent ownership of the Golden Chest project, after the departure of Juniper, with the buy-out of former partner Marathon Gold;
- Completed internal scoping study at Golden Chest, outlining plans for resumed production of unmined ore from the Juniper mine plan and from other easily accessible zones.
NJMC President John Swallow stated, “While 2015 was another difficult year for our industry, our assets enjoyed considerable investment and we received revenue from commercial production at our New Jersey Mill and Golden Chest Mine. This was accomplished from a solid base of prior investment, a dedicated team, quality partnerships, and support from our fellow shareholders.”
Mr. Swallow continued, “As we enter 2016 with significant development already in place, we anticipate future production at the Golden Chest Mine, advancement of our recently purchased Butte Highlands property, and the evaluation of additional prospects to enhance our pipeline of advanced-stage assets and near-term cash flow opportunities.”
Through Q1 of 2016, NJMC progress includes:
- Development of a small-scale, two-year mine plan at Golden Chest, focusing on easily-accessible near-mine ore, retaining all upside potential of up-dip, down-dip, and on-strike zones, as well as larger district-scale potential;
- Purchase of underground haul truck and loader, receipt of long-lead electrical components, and agreement for use of BHJV-owned equipment, in anticipation of resumed production at Golden Chest.
- Purchase of 50-percent interest in Butte Highlands Joint Venture (BHJV) which owns the Butte Highlands Gold Mine;
- Signing Memorandum of Understanding with partner Highland Mining LLC for NJMC to assume control of Permitting and Management at BHJV.
For more information regarding NJMC projects, visit the NJMC website at www.newjerseymining.com.
About New Jersey Mining Company
New Jersey Mining Company is focused on cash flow and production opportunities. The Company built and is majority owner and operator of a 360-tonne per day flotation mill and cyanide leach plant. The Company is also 100-percent owner of the Golden Chest Mine, an historic lode gold producer that was recently expanded, modernized, and operated by a world-class lessee; and holds a 50-percent interest in the Butte Highlands Gold Project.
Ownership interests in a mill and two mines set NJMC apart from other junior resource companies. These assets were developed with more than $50-million of investment dollars from New Jersey and other companies. Management owns over 15% of NJMC stock and has participated in prior financings and made purchases in the open market.
The Company’s common stock trades on the OTC-QB Market under the symbol “NJMC”.
For more information on New Jersey Mining Company, please contact:
Del Steiner, Chairman & CEO
Forward Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such statements are based on good faith assumptions that New Jersey Mining Company believes are reasonable but which are subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.
Such factors include, among others, the risk that anticipated production levels are not attained, the risk that the mine plan changes due to rising costs or other operational details, the risk that different portions of the mineral deposit respond differently to processing, the risk that Juniper’s internal engineering studies are incorrect, the risks and hazards inherent in the mining business (including risks inherent in developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and a sustained lower price environment, as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.