KELLOGG, Idaho, Nov. 21, 2008 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC) today provided an update on the exploration of its Toboggan project, which now covers over 7,300 acres located north of Murray, Idaho. The Toboggan project is a gold exploration joint venture between New Jersey Mining Company and Newmont North America Exploration Limited (Newmont), a subsidiary of Newmont Mining Corporation (NYSE:NEM).
Newmont is the operator of the project and has completed its first season of exploration activities, which included geologic mapping, and soil, stream sediment and rock sampling throughout the project area. Soil sampling indicated a gold-in-soil anomaly at the Mineral Ridge prospect measuring about 700 meters long by 200 meters wide. Several other soil sample locations within the project area showed anomalous gold levels and will require follow-up sampling.
Additionally, Newmont completed a ground-based geophysical survey at the Gold Butte prospect and an airborne geophysical survey of the entire 38 square mile joint venture area. The ground geophysical survey utilized the induced polarization (IP) method to help define drill targets. Results of the IP survey show a 200 meter-wide anomalous zone, located along the western edge of the historic mine workings, that coincides with high levels of gold-in-soils and potassic alteration. The joint venture plans to perform core drilling on permitted drill sites next summer to further analyze this zone.
Fred Brackebusch, CEO of New Jersey Mining Company, commented, "Newmont has diligently pursued the exploration of the Toboggan project in 2008, employing advanced exploration technology in their exploration activities. Much has been learned this season about the geology, geochemistry and geophysical character of the joint venture area. We look forward to next summer's drilling program and its results."
New Jersey Mining Company is involved in exploring for and developing gold, silver and base metal resources in the Coeur d'Alene Mining District of northern Idaho. New Jersey Mining Company has a portfolio of mineral properties in the Coeur d'Alene Mining District including the Toboggan project, the Niagara copper-silver deposit, the Golden Chest project, the New Jersey mine, and the Silver Strand mine.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such statements are based on good faith assumptions that New Jersey Mining Company believes are reasonable but which are subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Factors that could cause actual results to differ from those anticipated are discussed in New Jersey Mining Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB for the year ended December 31, 2007.
Further information about New Jersey Mining Company and its properties can be found at the company's website at www.newjerseymining.com.