KELLOGG, IDAHO. New Jersey Mining Company (Symbol: NJMC - OTC Bulletin Board) is pleased to announce the results from our recently completed five hole diamond drilling program near the New Jersey mine property. DDH03-7 was drilled at the New Jersey mine and intercepted 0.55 meters (1 meter = 3.28 feet) of 13.20 grams per tonne gold.

DDH03-7 was drilled 280 meters north of the New Jersey open pit. Previous deeper drilling at this site in 2001 intercepted two gold-bearing quartzite layers each about 10 meters thick that assayed about 0.7 grams per tonne (gpt) gold. DDH03-07 was inclined at minus 30 degrees from horizontal and intercepted 0.55 meters of quartz vein at a depth of 94.7 meters that assayed 13.2 gpt gold. Visible gold was observed in the drill core. A second quartz vein, about 2.0 meters in width, was intercepted at 97.4 meters and assayed 0.76 gpt gold.

The vein intercepted by DDH03-07 outcrops and is called the High Grade prospect. Visible grains of gold also occur at the outcrop. Electron microprobe analyses show that gold grains also occur within grains of the mineral arsenopyrite. Drilling has shown the downward continuity of the vein along with the high grade nature of the gold mineralization.

The exploration program at the New Jersey mine over the past three seasons has included geophysics, surface core drilling, surface and underground sampling and mapping. Results of the exploration program suggest that the northern area of the Coleman vein system is the most likely area to host higher grade ore shoots. Evidence includes drillhole DDH02-2 which intercepted 12.5 meters of 2.76 gpt gold (including 2.5 meters of 6.80 gpt gold) and sampling from the northwest face of the 2400 level which returned 14.15 gpt across 1.55 meters. In order to fully explore this area for ore shoots, management has devised a plan of underground drifting on the vein from the 2400 level to the northwest and cross cutting to the east. Any ore encountered during the drifting could be processed at the New Jersey mill. These plans are contingent upon the company’s ability to raise sufficient funds through a private placement.

In other news, the U.S. Forest Service has updated the company regarding the status of its Plan of Operations (POO) for the Silver Strand mine. The USFS plans to contract for the environmental analysis of the POO and bids are due on August 18, 2003.

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 six mineral properties in the Coeur d'Alene Mining District: the New Jersey mine, the Silver Strand mine, the Golden Chest mine, the Lost Eagle project, the CAMP project and the Enterprise project.