12/05/2021 | Press release | Archived content
COEUR D'ALENE, Idaho, November 15, 2021 (ACCESSWIRE) - New Jersey Mining Company (OTCQB: NJMC) ("NJMC" or the "Company") today announced its consolidated operating and financial results for the third quarter of 2021. The full version of the Company's interim unaudited consolidated financial statements and management's discussion and analysis (MD&A) can be viewed on the Company's web site, and EDGAR. All amounts are expressed inU.S. dollars unless otherwise specified.
NJMC President and CEO, John Swallow stated, "We have always taken a success-based approach; therefore, we are advancing several initiatives regarding operations and the additional build-up that occurs when transitioning to the next level operationally and structurally. Both sides of the business (Gold and REE's) experienced considerable advancement during the quarter and YTD. The string of high-grade gold drill intercepts we released are the best and most consistent in company history and speak for themselves. The ongoing investment in our own drilling continues to pay off and is contributing to a growing backlog in the core shed. On a national level, realization of the importance of domestic sources of Rare Earth Elements is weaving nicely into our approach. In addition to the participation of our Rare Earth Element (REE) properties in the Earth MRI program, we advanced both Roberts and Diamond Creek and began working with the University of Idaho and Idaho Geologic Survey on a REE focused grant program, which is primarily focused on our Diamond Creek project. As I have previously mentioned, it is not the size of these programs that is the story. In our opinion, the real story lies in the reality behind the support for critical mineral programs after decades of almost the exact opposite mindset. In short, we feel very good about our Gold and REE positioning."
Highlights during the third quarter of 2021 include:
Corporate Highlights include:
Cash Costs and All-In Sustaining Costs Reconciliation to GAAP-Reconciliation of cost of sales and other direct production costs and depreciation, depletion, and amortization (GAAP) to cash cost per ounce and all-in sustaining costs (AISC) per ounce (non-GAAP) for the three-month period ending September 30, 2021 and 2020.
The table above presents reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion, and amortization to the non- GAAP measures of cash cost per ounce and all in sustaining costs per ounce for the Company's gold production in the three-month period ending September 30,2021, and 2020.
Cash cost per ounce is an important operating measure that we utilize to measure operating performance. AISC perounce is an important measure that we utilize to assess net cash flow after costs for pre-development, exploration,reclamation, and sustaining capital. Current GAAP measures used in the mining industry, such as cost of goods sold do not capture all the expenditures incurred to discover, develop, and sustain gold production.
Qualified person
NJMC's Vice President, Grant A. Brackebusch, P.E. 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
Headquartered in North Idaho, New Jersey Mining Company is the rare example of a vertically integrated, operating junior mining company. NJMC produces gold at the Golden Chest Mine and has consolidated the Murray Gold Belt (MGB) for the first time in over 100-years. The MGB is an overlooked gold producing region within the Coeur d'Alene Mining District, located north of the prolific Silver Valley. In addition to gold and gold production, the Company maintains a strategic and domestic presence in the Critical Minerals sector and is focused on advancing its officially recognized Diamond Creek and Roberts Rare Earth Element projects in central Idaho. NJMC is one of the few Company's possessing the combination of officially recognized U.S. based domestic rare earth element properties (in Idaho) and Idaho-based gold production in an established mining community.
New Jersey Mining Company possesses the in-house skillsets of a much larger company, from early-stage exploration and core drilling to mine development and production, including the design and operation of the New Jersey mill - all while enjoying the flexibility of a smaller and more entrepreneurial corporate structure. Its production-based strategy, by design, provides the flexibility to advance the Murray Gold Belt and/or its Critical Minerals holdings on its own or possibly with a strategic partner in a manner that is consistent with its existing philosophy and culture.
NJMC has established a high-quality, early to advanced-stage asset base in four historic mining districts of Idaho and Montana, which includes the currently producing Golden Chest Mine. Management is stakeholder focused and owns approximately 15-percent of NJMC common stock.
The Company's common stock trades on the OTC-QB under the symbol "NJMC". Shareholders recently approved a 1-14 reverse split and name change to "Idaho Strategic Resources, Inc.". This is expected to aid in up listing to the NYSE Amex and more accurately reflects NJMC being an Idaho Company and its Idaho-based gold and critical mineral assets.
For more information on New Jersey Mining Company go to www.newjerseymining.com or call:
Monique Hayes, Corporate Secretary/Investor Relations Email: [email protected]
(208) 625-9001
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 couldcause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such factors include, among others, that the drill results mentioned will result in an economic resource, therisks that further exploration may result in the Company's ability to identify additional mineralization or resources, therisk that an economic resource will
be further defined or identified through exploration of the REE land package, an increased risk associated with production activities occurring without completion of a feasibility study of mineral reserves demonstrating economic and technical viability, environmental hazards, industrial accidents, weather or geologically related conditions), changes in themarket 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, risks relating to widespread epidemics or pandemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, including our ability to access goods and supplies, the ability to transport our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of the Company relating to the unknown duration and impact of the COVID-19 pandemic as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from theestimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims anyintent or obligation to update publicly such forward-looking statements, whether as a result of new information, futureevents or otherwise.