KELLOGG, IDAHO. New Jersey Mining Company (Symbol: NJMC - OTC Bulletin Board) has recently completed drilling at its Lost Eagle prospect near Murray, Idaho. Two diamond drillholes of about 185 meters each were completed to investigate geophysical anomalies discovered last year.

The Lost Eagle prospect is a quartz vein carrying sulfides that outcrops in the Revett formation. The averages of eight grab samples taken at the discovery site were 16.3 grams per tonne (gpt) gold and 159 grams gpt silver with the lowest grade at 4.0 gpt gold and 24 gpt silver. Abundant alteration including carbonate enrichment, potassic alteration, and a halo of specular hematite and pyrite with occasional galena were intersected by the drillholes. Gold and silver values were only weakly anomalous. Tellurium and molybdenum were anomalous. Further surface mapping and study is necessary to determine the scope and direction of future exploration work.

Drilling activities are now being conducted at the New Jersey mine area, where five holes are planned and four have already been completed. Sulfides normally indicative of gold mineralization at the New Jersey mine have been intersected in two of the four holes drilled. A drillhole at the Scotch Thistle prospect, where an assay of 14 g/t gold was previously reported from an underground sample, intercepted 25 meters of arsenopyrite mineralization along with a strong quartz vein. The Scotch Thistle is located 1 kilometer southeast of the New Jersey mine open pit.

Another drillhole was completed at the Enterprise, a silver target located 0.6 km northeast of the New Jersey pit. That drillhole intercepted 3 meters of quartz with strong sulfides at a depth of only 11 meters. Assay results are pending for both the Scotch Thistle and Enterprise.

The Company’s Annual Meeting will be held at 10:00 AM July 16, 2003 at the Wallace Inn in Wallace, Idaho - Silver Capital of the World. Management will make a presentation on the various mineral properties and plans for future production at the New Jersey mill.

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 .