Business
New Jersey Mining Company Provides Third Quarter Update on Operations and Corporate Activities
COEUR D'ALENE, ID / ACCESSWIRE / November 16, 2020 / New Jersey Mining Company (OTCQB:NJMC) ("NJMC" or the "Company") today announced its consolidated operating
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, ID / ACCESSWIRE / November 16, 2020 / New Jersey Mining Company (OTCQB:NJMC) (\"NJMC\" or the \"Company\") today announced its consolidated operating and financial results for the third quarter of 2020. The full version of the Company's interim unaudited consolidated financial statements and management's discussion and analysis (MD&A) can be viewed on the Company's web site, and EDGAR. All amounts are expressed in U.S. dollars unless otherwise specified. NJMC President and CEO, John Swallow stated, \"As indicated in the bullet points below, the quarter was one in which the first of our two sources of revenue (surface operations) largely covered the necessary development programs (and corresponding lack of ore production) from our second revenue source, the underground operations. I feel that when we look back at the business one day, that this era will represent the time in which our \"production-based\" approach to business expansion, district consolidation and exploration longevity more formally pivoted toward the future. Until recently the various challenges (and opportunities) of corporate base building, downside business/stakeholder protection, etc. garnered much of our quarterly and other discussion. And now, with a very high mining and milling hurdle behind us, we are in a time of increased development and expansion (surface, underground, drilling, addition of rare earth element properties, etc.) and in our experience, some choppiness within all of these moving parts is not totally unexpected. We have now added the necessary equipment and personnel - and given the global backdrop - our ability to produce, grow and diversify the business in 2020 says a lot about our team and the folks on the front line.\" Highlights during the third quarter of 2020 include: The quarter was a largely a transitional time for operations at the Golden Chest. Production from the lower portion of the Idaho Pit had concluded in the 2nd quarter and subsequent development and production began from a nearby area. In addition to moving waste material prior to mining, as anticipated, this portion of the pit was comprised of lower grade material. Typically lower grade ore is combined with higher grade underground ore, however the underground was focused on backfill and new development - and instead of mostly mining ore, a significan...