KELLOGG, Idaho, Aug. 21, 2008 (GLOBE NEWSWIRE) -- New Jersey Mining Company (NJMC:OTCBB) announces that its Idaho Ramp, which is being driven to develop gold reserves at the Golden Chest mine near Murray, Idaho, has intercepted a high grade tungsten vein. A 2-meter chip sample across the vein assayed 8.36% tungsten trioxide (WO3).
Recent prices for tungsten imply the vein has a gross value of about $1,800 per metric tonne at the sample location. More samples will be collected from the vein by diamond drilling and crosscutting in order to fully assess the economic potential of the tungsten vein. The Golden Chest mine has produced tungsten ores in the past around the time of WWI and later. Scheelite, a calcium tungstate mineral, has been noted as clumps in the gold ore, but, until the discovery of this new vein, has not been seen in potentially economic amounts.
The tungsten vein was followed by the ramp for about 12 meters before its orientation turned into the eastern rib of the ramp. About 200 tonnes of the tungsten-bearing material is stockpiled on the surface at the Golden Chest and will be processed through the New Jersey mill flotation circuit in a test run to verify feed and concentrate grade. The 2-meter chip sample was analyzed by ALS Chemex of Reno, Nevada using an ore grade method that utilizes X-Ray fluorescence.
Fred Brackebusch, CEO, commented: "The interception of this new tungsten vein is an unexpected bonus of driving the ramp through prospective ground in order to access gold reserves discovered by drilling from surface."
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. The Company has a portfolio of mineral properties in the Coeur d'Alene Mining District including the Toboggan Project which is a gold exploration joint venture with Newmont, the Niagara copper-silver deposit, the Golden Chest project, the New Jersey mine, and the Silver Strand mine.
This release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB for the year ended December 31, 2007.
Further information about New Jersey Mining Company and its properties can be found at the company's website at www.newjerseymining.com.