KELLOGG, Idaho, Sept. 17, 2008 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC) announces that it recently completed two drillholes on its Niagara copper-silver deposit near Murray, Idaho. Both holes intercepted copper-silver mineralization near the surface and over significant intervals increasing the potential for open pit mining. The mineral resource at the Niagara is estimated to contain 14.2 million tonnes grading 0.46% copper and 20 grams per tonne silver based on historic drilling completed in the 1970's. The current drilling intercepted similar grades to the historic drilling, and the intercepts are summarized below:
------------------------------------------------------------------ Drill From To Interval Copper Silver Gold Hole (meters) (meters) (meters) (%) (gpt) (gpt) ------------------------------------------------------------------ 08-5 19.8 55.8 36.0 0.45 7.4 0.138 ------------------------------------------------------------------ 08-6 13.2 71.7 58.5 0.39 13.6 0.098 ------------------------------------------------------------------
The drill intercept in hole number 08-5 is the true thickness of the mineralized zone while the true thickness of the zone in hole number 08-6 is about 70% of the drilled interval. In the historic drilling, gold was not assayed for, and the current drilling shows that gold will be significant economically. A new resource estimate will be completed early next year since drilling operations are planned to continue at Niagara through the autumn until winter weather arrives.
Fred Brackebusch, CEO, commented: "The current drilling is expected to expand the resource because some gaps in historic drilling are being drilled this year. Also the current drilling showed very shallow mineralization thus improving the possibility of open pit mining."
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 Toboggan Project which is a gold exploration joint venture with Newmont, the Niagara copper-silver deposit, the Golden Chest project, the New Jersey mine, and the Silver Strand mine.
Cautionary Note to Investors - The U.S. Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that the company can economically and legally extract. We use certain terms in this news release, such as "resource," that the SEC guidelines strictly prohibit us from including in our filings with the SEC. Investors are urged to consider the disclosure in our Form 10-KSB and Form 10-QSB. Copies of these filings can be viewed at the SEC's website: www.sec.gov.
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, 2007.
Further information about New Jersey Mining Company and its properties can be found at the company's website at www.newjerseymining.com .