COEUR D'ALENE, Idaho, Aug. 30, 2013 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC) ("New Jersey" or the "Company") today announced changes to its Management team and to its Board of Directors.
The Company is pleased to announce that Mr. Del Steiner has been appointed as the new CEO of New Jersey and will also assume the role of Chairman of the Board. Mr. Steiner was most recently President, CEO, and Chairman of Vancouver based and listed Premium Exploration Inc. He has practiced law in Idaho for more than 25 years, with an extensive background in environmental and mining law, including permitting projects from the exploration to mining phases.
Joining Mr. Steiner, Mr. John Swallow has been appointed as President of New Jersey and will also join the Board of Directors. Mr. Swallow is a businessman from Coeur d'Alene and the former chairman of Timberline Resources Corporation. He brings wide-ranging experience from within the local mineral exploration industry as well as extensive knowledge of the junior equity markets.
Mr. Steiner and Mr. Swallow will replace departing board members Fred W. Brackebusch, William C. Rust, M. Kathleen Sims, and Ivan R. Linscott. Also Tina C. Brackebusch has stepped down as corporate secretary. The Company wishes to recognize the departing board members, whose time and dedication to the Company has been greatly appreciated over the years.
Mr. Fred Brackebusch is retiring from the Company and Board to pursue other interests, including mining research and development. Mr. Brackebusch stated, "As a founder and fellow shareholder, I am pleased to welcome the new team and I support their vision for the future of New Jersey. They have proven track records within the junior mining industry and I feel they are highly qualified to represent the interests of the shareholders."
New Jersey Vice-President and Director Grant Brackebusch will remain with the Company.
The Board of New Jersey believes that these changes support the Company's commitment to building shareholder value. The Board will continue its ongoing analysis of corporate assets with objectives of balancing near-term production opportunities with exploration and of moving the New Jersey Mill toward capacity utilization and positive cash flow.
Incoming CEO and Chairman Del Steiner stated, "Our strategic vision for New Jersey will seek to realize value from past investments made by shareholders and its strategic partners at the Golden Chest and the New Jersey Mill. John and I are excited to build upon the quality north Idaho asset base that Fred and Grant have skillfully assembled. With our executive strengths, relationships, and industry experience, we are confident that we can lead the Company to the next level, even within the current difficult market environment."
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 360 tonne per day flotation mill and a concentrate leach plant.
Forward Looking Statements
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.