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|December 27, 2005
||Mine Systems Design Inc. of Kellogg, Idaho has been retained to evaluate the data from Teck Cominco’s 2005 drilling program on the Washington Rock and West Riverside areas of our Pend Oreille/Metaline Zinc Mines properties.
|December 19, 2005
||Footage of the underground blast and setting the charges for the underground blast added to the media section. Footage courtesy of NFL Films.
|November 22, 2005
||Gold mining operations continue on the Katie Vein at our Golden Chest Mine near Murray, Idaho. Approximately 400 tonnes of ore are currently being mined per month, with grades of 11 – 15 grams per tonne of gold. Mining and milling operations on the Katie Vein are expected to continue throughout the winter.
A diamond drilling program is being conducted at the Golden Chest by New Jersey Mining Company. The program is specifically designed to further define the Idaho Vein, which New Jersey successfully drilled last year. New Jersey’s management believes that a significant gold resource (+1.5 million ounces) that could support a 1,500 tonne per day underground mining operation could be defined on the Idaho Vein due to its sizeable dimensions and the exceptional gold grades that were encountered last year. Most of the 250,000-ounce open pit gold resources drilled by Newmont Mining Corporation in the late 1980’s are part of the Idaho Vein system and could be mined in conjunction with the larger underground operation.
The drilling program by Teck Cominco American Incorporated on portions of our Pend Oreille/Metaline Zinc Mines properties near Metaline Falls, Washington, has been completed. We have received all of the data, and are making arrangements to have it evaluated by independent mining engineers.
|July 14, 2005
||A film crew from NFL Films®, along with retired Minnesota Vikings football players John Beasley (Tight End), Jim Marshall (Team Captain & Defensive End), Bob Berry (Quarterback) and Bob Lurtsema (Defensive Tackle/End), were on-site to film the Company's Golden Chest Mine commercial gold mining operation for an upcoming feature on the award-winning NFL Films Presents®, hosted by Steve Sabol.
32-years ago, the players, along with 7 other teammates and coaches, representing over 25 Super Bowl appearances, invested in the Golden Chest Mine project.
Airing of the feature will be announced later this year, but is expected sometime in November.
(Click on the pictures to make them larger)
|July 11, 2005
||A core drilling program on portions of the Company's Pend Oreille/Metaline Zinc Mines mineral holdings near Metaline Falls, Washington, is being conducted by Teck Cominco American Incorporated, a subsidiary of Teck Cominco Ltd. To date, a total of 11 core holes have been drilled in the Washington Rock and West Riverside areas, with drilling continuing. Results will be announced when the drilling program has been completed, and the data evaluated by the Company's geologist.
|July 4, 2005
||The first gold concentrates ever produced on a commercial basis from the Company's 122-year old Golden Chest Mine have been shipped for sale to Barrick Gold Corporation's Goldstrike facilities in Nevada.
|May 9, 2005
||Formal commercial gold mining operations at the Company's Golden Chest Mine has commenced.
|May 2, 2005
||The Company has received the first production royalties generated from underground operations at its Golden Chest Mine in nearly 70-years.
The royalty was paid by New Jersey Mining Company from the sale of sulfide concentrates produced from development ore mined on the Katie-Dora Vein
during New Jersey's 2004 exploration ramp project. Additional royalties are expected later this quarter from the sale of higher-grade material
containing 30% gold recovered from the cleanout of New Jersey's ball mill. Final royalty figures from the ramp development ore will be reported
in the Company's 2nd quarter Form 10-QSB report.
Formal commercial mining operations at the Company's Golden Chest Mine will commence May 9th.
|February 21, 2005
||The preliminary economic study of the open-pit gold resource at the Company's Golden Chest Mine previously drilled by Newmont Mining Corporation has been completed by New Jersey Mining Company. The study included block model development, pit design using simulation, capital and operating costs analysis, metallurgy, and waste management.|
The study concluded that a "mineral inventory" of 228,700 - 275,000 ounces of gold is present in three pits - 2 pits at the outcrop of the Katie-Dora Vein, and a larger pit at the outcrop of the Idaho Vein.
At current gold prices, the economics of a stand-alone open-pit mining operation are marginal, but accelerate at higher prices. If the pits were to be mined in conjunction with a larger underground mining operation requiring an on-site mill and tailings impoundment, the open-pit resource would be an attractive "add-on", and improve the economics of the entire Golden Chest Mine project.
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