Business
New Jersey Mining Company Provides Interim Update on Operations, Additional Capital Investment and Granting of Employee Stock Options
COEUR D'ALENE, ID / ACCESSWIRE / June 6, 2019 / New Jersey Mining Company (OTCQB: NJMC) (CSE: NJMC) ("NJMC" or the "Company") is pleased to provide an interim u
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":"COEUR D'ALENE, ID / ACCESSWIRE / June 6, 2019 / New Jersey Mining Company (OTCQB: NJMC) (CSE: NJMC) (\"NJMC\" or the \"Company\") is pleased to provide an interim update ahead of the Company's Annual Meeting on June 12, 2019. Mr. Swallow, President and CEO stated, \"With the Company's Annual Meeting next week, and to keep folks up-to-date (for our last update see press release dated May 15, 2019), we are pleased to announce that business investment and operational progress continues at the Golden Chest. Our firm belief is that the best way to build a larger mine/company is to first prove that you can build and operate a smaller one. Furthermore, building and operating a producing company provides the ability to evaluate capital investment/re-investment decisions in real-time while publicly demonstrating the ability of your team and approach.\" Interim Highlights to date include: Mill production has totaled 19,620 tonnes for the first five months of the year. The mill is on target to process a total of 50,000 tonnes in 2019 which is a substantial increase over the 31,230 tonnes processed in 2018. A new Caterpillar AD-22 underground haul truck with a rated capacity of 20 metric tonnes was delivered to the Golden Chest in late May. The truck replaces two older, smaller trucks and will more than double haulage capacity. A significant increase in the placement of CRF backfill is anticipated with the new truck which will increase mine production without increasing labor requirements. A new 32'x70' steel shop building has been purchased to replace our more temporary Quonset style tent structure. This building will allow for more efficient equipment maintenance and employee facilities. A total of 2.1 million employee stock options granted to all non-officer employees. Last stock option grant to employees was in 2017. Mr. Swallow concluded, \"As evidenced by our determined focus on debt management, while building production and a supporting district-scale land position, our corporate base came together as we entered 2019. Given the rarity (and scrappiness) of a scalable team that can design and build a cash flowing business within our industry takes a tremendous amount of focus and dedication; we are pleased to grant stock options to our non-officer employees. Our last employee stock option grant was in 2017 and this recognition is well ...