KELLOGG, Idaho, April 3, 2007 (PRIME NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC) announces it has driven a crosscut on the 740 level across the Coleman quartz-gold vein. The vein is 4.7 meters wide on the left rib and 3.6 meters wide on the right. Gold mineralization is concentrated toward the hangingwall with pyrite, tennantite and some visible gold. A picture of the vein is posted on our website: www.newjerseymining.com.
Chip sampling of the vein on the left rib averages 1.93 grams per tonne (gpt) gold and 11 gpt silver with the two meter wide portion near the hangingwall grading 3.27 grams/tonne gold and 9 grams per tonne silver. The grade of the right rib is 1.59 gpt gold and 16 gpt silver with the two meter wide portion near the hangingwall grading 2.02 gpt gold and 13 gpt silver. Thin stringers of tennantite, a copper-arsenic sulfosalt mineral which is a member of a group of minerals known as fahlore, are visible in the higher grade section of the vein. Grab samples of this mineralization assayed 93 gpt silver.
Company President Fred Brackebusch, commented, "The Coleman vein has an impressive width where our crosscut intersected it which is 150 meters below the surface outcrop. Fluid inclusion testwork indicates the vein is mesothermal which implies the vein could extend to depths of three kilometers or more."
The exploration plan is to drift on the vein in both directions so that an updated resource calculation for the Coleman vein can be completed, and explore for a mineable, high-grade ore shoot that can be profitably processed at the New Jersey mill. Earlier sampling shows that 1.4 meter wide face about 20 meters southeast of the intersection averages 9.0 gpt gold, and a 2002 drill-hole intercepted the vein about 100 meters north of the intersection and assays 6.8 gpt gold over 2.5 meters. Vein material mined during the resource definition drifting will be processed in the nearby New Jersey mill to accurately establish the grade of the vein.
Drifting on the vein should increase the resources of the Coleman vein. The 740 level was originally driven before 1910 but little drifting was done on the vein. Oscar Hershey, a well-known Bunker Hill geologist, commented in 1916 that if the vein were developed for 2,000 feet of length rather than only 200 feet, mineable shoots might be discovered. Although nearly 100 years later, our exploration plan is to essentially follow his advice.
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. The Company has a portfolio of mineral properties in the Coeur d'Alene Mining District including the Niagara copper-silver deposit, the Golden Chest mine, the New Jersey mine, the Silver Strand mine, and several other exciting 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