KELLOGG, Idaho, Jan. 4, 2012 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC) announced today that it has sold its Silver Strand mine, located 30 miles west of Kellogg, Idaho, to Shoshone Silver/Gold Mining Company for $1,000,000. A total of $121,000 was paid in cash at closing and the balance of $879,000 is payable as a 20% net profits royalty.
The sale of the Silver Strand mine is consistent with the Company's strategy to focus on its core assets including the exploration of the Golden Chest mine near Murray, Idaho.
About New Jersey Mining Company:
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 New Jersey Mine which includes a fully-permitted flotation mill and a concentrate leach plant.
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.