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KELLOGG, IDAHO--(BUSINESS WIRE)--New Jersey
Mining Company (OTCBB:NJMC - News) is pleased to announce
the closing of a private placement for 1.7 million units at
$0.15.
Each unit consists of one share of common stock plus one
warrant for the purchase of one share at $0.25. The warrants
expire on May 1, 2004.
The offering was brokered by Pennaluna & Co. for a commission
of 10%. Net proceeds, after commissions, are $229,500 which
will be used for the previously announced exploration program,
working capital and construction at the New Jersey mill.
Plans call for exploratory drilling at the New Jersey mine,
the Lost Eagle Project and the Silver Strand mine. Drilling
commences this week at the New Jersey mine with the first
target testing the vertical continuity of a high grade branch
vein of the Coleman vein system. Drilling at the Lost Eagle
and Silver Strand is planned for late summer or early fall
depending on the receipt of permits.
Proceeds will also go toward the completion of the leaching
circuit component of the New Jersey Mill CIP expansion. However,
additional funds of about $150,000 will be required to complete
the fully permitted CIP expansion.
New Jersey Mining Company is involved in exploring for and
developing gold, silver and base metal ore resources in the
Coeur d'Alene Mining District of northern Idaho. The Company
has a portfolio of five mineral properties in the Coeur d'Alene
Mining District: the New Jersey mine, the Silver Strand mine,
the Lost Eagle project, the CAMP project and the Wisconsin-Teddy
project.
Disclaimer: This press release may contain
forward-looking statements within the meaning of Section 27A
of the Securities Act and Section 21E of the Exchange Act. Forward-looking
statements are inherently subject to risks and uncertainties,
many of which cannot be predicted with accuracy, and some of
which might not even be anticipated. | 
