KELLOGG, IDAHO. New Jersey Mining Company (Symbol: NJMC - OTC Bulletin Board) has received the results of a geophysical survey recently completed at its Lost Eagle project located near Murray, Idaho. Management is encouraged by the results as they indicate an extension of the vein system to depth.

The Lost Eagle prospect is a quartz vein carrying sulfides that outcrops in the Revett formation. The Company’s Silver Strand mine also occurs in Revett formation, thus offering a similarity. Electron microprobe analysis has shown that the silver and gold-bearing minerals of the Lost Eagle prospect are gold and silver-rich tellurides. The averages of eight grab samples taken at the Lost Eagle discovery site were 16.3 grams/tonne gold and 159 grams/tonne silver with the lowest grade at 4.0 grams/tonne gold and 24 grams/tonne silver.

Gradient Geophysics of Missoula Montana collected induced polarization/resistivity (IP) data over three 300 meter long lines at the Lost Eagle in November 2002. The line located over the discovery site indicates a distinct IP anomaly which is interpreted to be a zone of sulfides with quartz veining. The results imply the gold-silver vein system extends to depth and it possibly widens at depth. An IP line 100 meters west of the discovery site shows the vein splitting or branching out.

A core drilling program is planned for this spring to test the geophysical anomaly detected in the recent survey. A permit for drilling is currently under review by the USFS.

At the New Jersey mine, a mining contractor has been hired to re-establish access down a raise from the Keyhole Level to the 2400 Level. The historic underground workings at the New Jersey mine were completed by about 1910. The raise is inclined at about 55° from horizontal and covers a vertical distance of 100 meters. To date, ladders have been installed for the uppermost 35 meters. It appears that a significant portion of the raise is on the Coleman vein system and the raise will provide an excellent opportunity for sampling on the vein.

Historical reports indicate that ore has been mined on both sides of the raise. NJMC plans to map the underground workings and systematically sample the vein in an effort to locate a shoot of economic grade gold ore.

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 .