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KELLOGG, IDAHO. New Jersey Mining Company
(OTCBB:NJMC) has awarded the exploration ramp contract for
the Golden Chest project in Murray, Idaho to the Mine Development
Group of Underground Storage Systems, Inc. The Golden Chest
exploration ramp will be driven to investigate a high grade
gold intercept (3 meters of 23 grams of gold per tonne) drilled
by Newmont Exploration Limited 37 meters below the surface.
Mobilization of the contractor to the site is expected to
begin the week of April 5, 2004.
About 150 meters of ramp at a -14% grade will be driven to
get to the target zone which is thought to be a fault offset
of the Katie-Dora vein. Production from this vein accounted
for the majority of historic production from the Golden Chest
mine. Katie-Dora vein widths varied from a few centimeters
to 3 meters and grades ranged up to 500 grams per gold per
tonne. The project will be carried out by two shifts per day
and it is expected that it will take about two months to reach
the target zone. A majority of the miners for the project
are expected to come from the Coeur d’Alene Mining District.
In other news, the Company continues to move forward on its
flotation circuit construction project at its 100 tonne per
day mill in Kellogg. The purchase of flotation cells has been
finalized and delivery is expected in mid July. Various equipment
such as slurry pumps, an air compressor, and reagent metering
pumps have been ordered as well. A concentrate filter has
been delivered to site and footings have been poured for the
concentrate bin which is expected to be delivered soon. Startup
of the flotation circuit is targeted for early August 2004
with ore initially coming from the Coleman open pit at the
New Jersey mine.
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 Wisconsin-Teddy project.
Disclaimer: This release contains certain
forward-looking statements within the meaning of the Federal
Securities Laws. Such statements are based on assumptions that
the Company believes are reasonable but which are subject to
a wide range of uncertainties and business risks. Factors that
could cause actual results to differ from those anticipated
are discussed in the Company's periodic filings with the Securities
and Exchange Commission, including its annual report on Form
10-KSB for the year ended December 31, 2003. |
