KELLOGG, Idaho, Nov. 10, 2006 (PRIMEZONE) -- New Jersey Mining Company (OTCBB:NJMC) announces that it has started preparations for driving an exploration crosscut to the Coleman vein located at the Company's New Jersey mine site. The crosscut will explore the northern extension of the Coleman vein where drilling and sampling has indicated high grade gold mineralization is present. After intersecting the Coleman vein, a drift will be driven on the vein toward a drillhole intercept.
Surface diamond drilling of the Coleman vein completed in 2002 intersected a quartz vein that assayed 6.80 grams per tonne (gpt) gold over 2.5 meters. Additionally, chip sampling of the vein underground on the 2400 Level in the northern exposure of the Coleman vein resulted in an assay of 14 gpt gold over 1.6 meters of true vein thickness.
The historical underground workings at the New Jersey mine, which are now accessible, were completed in the early 1900's, and very little mining was done on the Coleman vein. On the surface the vein is exposed for a strike length of 325 meters, but only 35 meters of drifting on the vein was completed underground. So the Company sees excellent potential to discover an ore shoot on the Coleman vein. The discovery of an ore shoot would provide a second source of feed for the New Jersey mill and could result in adding another shift of production to the mill.
Plans call for the existing 2400 Level to be used to access the crosscut. The new crosscut will start 30 meters from the existing vein exposure and will be driven northeasterly to intersect the vein at a distance of about 22 meters. Initially, a two-man crew will be dedicated to this project and some ground repair work will need to be completed before excavation of the crosscut can begin. Mining of the crosscut is expected to begin next month. Work completed to date includes site preparation at the portal site, the installation of electrical power to site, and the installation of a mine dry.
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 mineral properties in the Coeur d'Alene Mining District including the New Jersey mine, the Silver Strand mine, the Golden Chest mine, and several other exploration prospects.
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, 2005.
Further information about New Jersey Mining Company can be reviewed on the website of the Securities and Exchange Commission at www.sec.gov or on the company's website at www.newjerseymining.com