COEUR D'ALENE, ID / ACCESSWIRE / March 27, 2020 / New Jersey Mining Company ("NJMC" or the "Company") announces, following review and no objection received by IIROC prior to issuing its consolidated operating and financial results for the year ending December 31, 2019; the Company has subsequently received comments and wishes to retract potentially misleading statements in the March 23, 2020 press release at the request of IIROC.
- The Company retracts the statement that it "mined 41,385 tonnes of ore from the open pit and 10,790 tonnes of ore from the underground mine" as the term "ore" is a restricted term only to be used when referencing mineral reserves. As such the Company would like to clarify this statement as follows: For the year ending December 31, 2019 NJMC mined 41,385 tonnes of mineralized material from the open pit and 10,790 tonnes of mineralized material from the underground mine and produced a total of 5,060 ounces of gold in concentrate.
- The Company retracts the statement "A new 20-metric tonne underground haul truck was acquired which increased the backfilling rate by 50%, thereby increasing the monthly ore production for the underground mine' as the term ore is a restricted term only to be used when referencing mineral reserves. As such the Company would like to clarify this statement as follows: A new 20-metric tonne underground haul truck was acquired which increased the backfilling rate by 50%, thereby increasing monthly production for the underground mine.
- The Company retracts the statement "Completed engineering studies that showed and expansion of the current pit (Idaho Pit) to the north and the development of satellite pit (Klondike Pit) to the north are feasible to mine at current gold prices" as no PEA, PF or FS has been completed to verify the economic viability of the project. As such the Company would like to clarify this statement as follows: Technical staff completed engineering studies that showed an expansion of the current pit (Idaho Pit) to the north and the development of satellite pit (Klondike Pit).
- The Company also wishes to clarify that mineral resource estimates prepared by Micon International in 2012 for Marathon Gold Corporation ( a Joint Venture partner of the Company) and were carried over in the technical report "Golden Chest Project, Idaho, USA NI 43-101 Technical Report, Effective date August 31, 2017" should be considered historical estimates.
NJMC's Vice President of Exploration, Robert John Morgan, PG, PLS is a qualified person as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
About New Jersey Mining Company
New Jersey Mining Company is headquartered in North Idaho, where it is producing gold at its Golden Chest Mine. Gold was first discovered in the Coeur d'Alene District within the Murray Gold Belt in 1879, but by 1888 mining declined as the center of activity and demand for labor shifted to the Silver Valley following the discovery of the Bunker Hill, Sunshine, Lucky Friday, and other iconic regional mines. The rebirth of the long-forgotten Murray Gold Belt has been led by NJMC, as evidenced by production from open-pit and underground operations at the Golden Chest Mine, its extensive land package and superior knowledge of the district gained from current development and production, and ongoing exploration activities.
NJMC has established a high-quality, early to advanced-stage asset base in three historic mining districts of Idaho and Montana, which includes the currently producing Golden Chest Mine. The Company's objective is to use its considerable in-house skill sets to build a portfolio of mining and milling operations, with a longer-term vision of becoming a mid-tier producer. Management is shareholder focused and owns more than 15-percent of NJMC stock.
The Company's common stock trades on the OTC-QB Market under the symbol "NJMC."
For more information on New Jersey Mining Company go to www.newjerseymining.com or call:
Monique Hayes, Corporate Secretary/Investor Relations
Email: [email protected]
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. Such factors include, among others, the Company's ability to increase production and revenues, the risk that the mine plan changes due to rising costs or other operational details, an increased risk associated with production activities occurring without completion of a feasibility study of mineral reserves demonstrating economic and technical viability, the risks and hazards inherent in the mining business (including risks inherent in developing mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and the potential impact on revenues from changes in the market price of gold and cash costs, a sustained lower price environment, potential delays in concentrate shipments due to corona virus as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: New Jersey Mining Company