New Jersey Mining Releases President's Letter To Shareholders

COEUR D'ALENE, Idaho, Nov. 22, 2016 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) ("NJMC" or the "Company") today distributed the following Letter to Shareholders from NJMC President John Swallow:

Dear Fellow Shareholders,

What a difference a year makes - in both our industry and our company. As we stated before, we are firm believers that a great Company can be built during difficult times and 2016 has proven to be a significant year for our Company's growth. Taking the path less traveled, we chose to focus on the dedication of our team and confidence in the potential of our assets.

After consolidating ownership at the Golden Chest and adding a potential follow-on project at Butte Highlands, the directors and officers of our Company furthered their commitment by foregoing compensation and taking the lead as the largest investor in our forward gold sale in order to advance open-pit development and production.

Today the Company has become an emerging gold producer and is poised to capitalize on its 2016 accomplishments with increased production from the Golden Chest, processing at the New Jersey Mill and advancement of a plan at Butte Highlands. Adding to this foundation are exploration efforts at the Golden Chest which we feel could significantly increase the mine life. The recent discovery of the high-grade Steven's Vein, continuity of the open-pit ore, and re-alignment of the Idaho Fault have aided in the analysis of prior exploration data and greatly increased our understanding of the project and its upside potential.

Year-to-date 2016 Highlights
  • Consolidated 100% ownership in Golden Chest Mine.
  • Developed Golden Chest open-pit and underground mine plan.
  • Commenced open-pit mining, processing ore at the mill and dewatering at Golden Chest.
  • Increased the number of identified ore shoots from three to seven, indicating significant potential to increase mine life and resource at Golden Chest.
  • Acquired 50% interest in Butte Highlands Joint Venture as potential follow-on project (an advanced-stage project with approximately $39 million in prior development).
  • Optimized and prepared New Jersey Mill for processing Golden Chest ore.

With 2016 almost behind us and the Golden Chest Mine advanced to production, our goals for 2017 are as follows;