SOURCE: New Jersey Mining Co.
KELLOGG, ID--(Marketwire - Aug 28, 2012) - New Jersey Mining Company (OTCQB: NJMC) (PINKSHEETS: NJMC) is pleased to announce the completion of construction and commissioning of the New Jersey mineral processing plant. The New Jersey Mill is operated under a joint venture agreement with United Silver Corp. and NJMC is the operator and owns a 2/3 interest.
The mill is a state of the art flotation mill with a design capacity of 360 metric tonnes per day or 15 tonnes per hour. The crushing plant has been completely re-built and has a capacity of over 75 tonnes per hour with a 400 tonne fine ore bin. A new Cemtec 250 kilowatt ball mill has been installed. The ball mill is 2.4 meters in diameter and 4 meters long. Additional flotation capacity has been added. It is apparent that fine tuning of the processing equipment is likely to result in a capacity of near 500 tonnes per day. The milling process is operating well with recoveries in line with previous laboratory test results.
The mill recycles water and does not discharge water to nearby streams. Two paste thickeners are used to recover process water for re-use and to produce a paste underflow which is pumped to a tailings stack. The discharged paste forms a mound with a slope of about 6%. There is no pond associated with the stack as the thickened tailings paste flows from the discharge pipe similar to a lava flow. The paste consolidates in a few days so one can actually walk on the mound where fresh paste is not being discharged. NJMC is proud of this new tailings management method, which is the first application of paste tailings technology in the region. There are numerous environmental advantages to paste stacking compared to conventional tailings ponds including geotechnical stability, low permeability, minimal impoundment structures and minimal water inventory.
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 a 50% interest in the Golden Chest mine which has a NI-43-101 compliant gold resource of 380,300 ounces. In an effort to boost awareness of our company among gold stock investors, we are working with the Gold Stocks 360 web site to display highlights of our fundamentals at http://www.goldstocks360.com.
The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms, such as "measured," "indicated," and "inferred resources," that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are cautioned not to assume that any or all of measured, indicated or inferred resources are economically or legally mineable or that these resources will ever be converted into reserves. U.S. investors are urged to consider closely the disclosure in our Form 10-K and Form 10-Q.
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.