Business
New Jersey Mining Company Releases President’s Update to Shareholders
COEUR D'ALENE, Idaho, Oct. 30, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (CSE/OTCQB:NJMC) (“NJMC” or the “Company”) today distributed the following Upd
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, Idaho, Oct. 30, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (CSE/OTCQB:NJMC) (“NJMC” or the “Company”) today distributed the following Update to Shareholders from NJMC President & CEO John Swallow: Since our President’s Letter in April, we’ve invested a considerable amount of time and money into the Company and felt an update of our progress is warranted, before our hard work gets overshadowed – by more hard work... It has been an extremely busy time. With the intensity of a de-levered business looking to the future, we invested in the strategic expansion of our “public/private” property platform – and without shareholder dilution. The overall quality of our holdings increased while we simultaneously reduced our holding costs and obligations. And for the first time in modern history our property package is unencumbered, including the operating Golden Chest Mine (254,000 oz. gold Measured and Indicated and 223,000 oz. gold Inferred). We feel owning these assets outright provides a substantial base of value for our shareholders, regardless of market cycles and currency fluctuations. This summer we also invested in mining through the lower-grade material between the golden chest shoot and the skookum shoot in the open pit. And while this process added little to our overall revenues, it was necessary to advance through this area to get to the skookum shoot in the open pit. For the most part, the lower-grade mineralized material was added to our on-site stockpile, which is now equal to about 50,000 tonnes. In addition to the geologists, engineers, millwrights, miners, mechanics, truck drivers and others, our drill crew has been busy with a mixture of development and exploration drilling. The flexibility of having in-house drilling has allowed us to drill at the mine, near the pit, down the road and in support of operations – and at lower cost than hiring an outside contractor. The drill will remain active through the winter and into next year as there is no shortage of targets on our expanded land package. In December Rob will be presenting a paper on the structural similarities/vertical continuity between the Golden Chest Mine (1,000 feet deep) and other long-lived mines in the Coeur d’Alene District, including the Lucky Friday Mine (8,000 feet deep). W...