New Jersey Mining Company (NJMC:OTCBB) is exploring for and developing gold, silver and base metal ore resources in the Coeur d’Alene Mining District of northern Idaho and western Montana.

The Company has a gold exploration joint venture with Newmont North American Exploration Limited at the Toboggan Project near Murray, Idaho. The Company’s portfolio of mineral properties also includes: the Niagara copper-silver deposit, the Golden Chest mine, the New Jersey mine, the Silver Strand mine and several exciting exploration prospects.

The Company’s strategy is to explore for gold, silver and base metal deposits in the Coeur d’Alene Mining District, a world class mining district, while concurrently mining and processing higher grade resources at its New Jersey mill facility near Kellogg, Idaho.  Our financial strategy is to generate cash from these operations, thus reducing the need to raise funds through financing activities including the sale of common stock. 

NJMC purchased a diamond drill rig in 2007 and has one crew dedicated full time to exploration drilling on its properties.  The majority of diamond drilling in 2008 will be done at the Niagara deposit – a copper-silver property with gold potential.  Currently, gold is being produced from underground exploration on the Coleman vein at the New Jersey mine.  Development of a ramp to access a reserve block that holds 28,200 ounces of gold reserves is underway at the Golden Chest mine.  Completion of the ramp is expected in mid 2009.  A seasonal underground mining operation at the Silver Strand has been permitted, and some production is planned for 2008. 

NJMC's operations are favored with:

Exploration Strategies

NJMC’s geologists are exploring for gold, silver, and base metals in Belt metasediments which host many important, world-class metallic deposits. We believe the Belt, especially the Silver Valley, has been under-explored with modern exploration technology, and the potential to find new deposits is excellent.

The Belt sediments were deposited in an ancient rifting basin and some of the  mineral deposits were formed nearly simultaneously with the deposition of the sediments. Some geologists think the Belt Basin was split into two parts, and the other part is in Australia where important silver, lead, zinc deposits also occur.

NJMC is exploring three types of deposits in the Belt Basin:

1. Gold deposits with co-product silver which were sourced from granitic or alkaline igneous rocks intruding the Belt metasediments. The New Jersey, Silver Strand, and Golden Chest mines are in this category as well as the Toboggan Project.
2. Stratabound copper-silver deposits in the Revett formation which have the potential to contain more than 100 million ounces of silver. The Company's Niagara deposit has a resource of 14.2 million tonnes at 0.46% copper and 20 grams per tonne silver, and may expand with more drilling.
3. Silver-lead-zinc deposits that have been deposited on an ancient seafloor with the sediments of the Prichard formation, the oldest formation of the Belt Basin. The Enterprise and CA prospects fit this category.

The first category of deposits has not been explored extensively, and NJMC thinks that the potential is excellent for finding more of these deposits as well as developing large tonnages of ore in the three known mines.  Alkaline intrusive-related gold deposits are attractive exploration targets because they can be large, of high grade, low sulfide content, and self-buffering (non-acid producing) due to carbonates. These deposits can be overlooked due to the often inconspicuous nature of the mineralization and that related placer deposits are often poorly developed due to the telluride and/or pyrite mineralization found in such deposits.   Examples of such deposits are Cripple Creek, CO, Golden Sunlight, MT, and Porgera, Indonesia.   These deposits typically occur in breccia pipes, bonanza veins, and disseminations and replacements in the intrusive and surrounding sedimentary rocks.   Their characteristics include a gold-tellurium association, narrow high-grade gold veins, and low sulfur.

The second category of deposits is typified by large deposits in northwestern Montana including Revett Minerals' Troy and Rock Creek deposits and Mines Management's Montanore deposit which contain a combined resource of 520 million ounces of silver and 2.1 million tonnes of copper.  These deposits commonly have mineralization stacked in several horizons.   Mineralization consists of disseminated and veinlet controlled bornite, chalcopyrite, chalcocite, and their oxidation products of malachite and azurite. 

The third category of deposits has exciting potential for very large deposits. It is possible that a deposit will be found in the Prichard Formation which represents the seafloor form of mineralization. These deposits could be huge, and an example is the Sullivan deposit which is north of the Silver Valley in Canada in the Belt Basin.