Business
New Jersey Mining Company Completes Purchase of Golden Chest Mine in Idaho
COEUR D'ALENE, Idaho, Oct. 25, 2017 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) is pleased to announce it has closed a
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":"COEUR D'ALENE, Idaho, Oct. 25, 2017 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) is pleased to announce it has closed a $310,000 private placement and has used the proceeds to pay off the remaining balance owed on the Golden Chest Mine. Mr. Swallow stated, “Paying off the remaining balance of the $3.75-million purchase price of the Golden Chest Mine is a major milestone for our team. By accelerating payoff of the mine we will increase our near-term cash flow, allowing for a more immediate strategic focus as we ramp-up the underground mine and continue to expand the open-pit.” The private placement was comprised of $250,000 with the Company’s concentrate broker, H&H Metals Corp., and $60,000 with NJMC CEO and President John Swallow. Christopher Holme, principal at H&H, commented, “We view this as a long-term relationship and our additional investment in NJMC demonstrates that we are in this for the long haul. The concentrates from Golden Chest are of high quality and very salable to refineries worldwide.” Mr. Swallow added, “Chris and the folks at H&H have been great partners throughout the early stages of our business plan and continue to be a valuable resource as we advance into the next phase of our operations. We are pleased that H&H has increased its investment in NJMC and we look forward to many more years of working together on the Golden Chest and other projects as our business continues to grow.” The private placement consisted of 1,291,667 units at a price of $0.24 per unit for gross proceeds of $310,000. Each unit consisted of two common shares and one share purchase warrant, each warrant entitles its holder to purchase one common share at a price of $0.20 per share for a period of 36 months ending October 20, 2020. NJMC President and CEO John Swallow’s participation in this placement consists of subscribing for 250,000 units - paid in the form of $60,000 in debt reduction of loans made by Mr. Swallow to the Company. About New Jersey Mining Company New Jersey Mining Company is headquartered in north Idaho, where it is currently in production at its Golden Chest Mine. It is deploying its mining and milling expertise to build a portfolio of advanced-stage assets with near-term cash flow potential and leverage to higher gold prices. NJMC owns and operates the Golden ...