New Jersey Mining Company Reports Initial Resource Estimate for the Golden Chest Mine KELLOGG, Idaho, March 5, 2012 (GLOBE NEWSWIRE) --
New Jersey Mining Company (OTCBB:NJMC) is pleased to announce its first NI-43-101 compliant resource estimate for the Golden Chest gold mine located in Murray, Idaho. The initial resource estimate is an essential component of the project's development and is a key milestone for New Jersey Mining Company. The Golden Chest is owned 50% by NJMC and 50% by Marathon Gold Corporation (MOZ-TSX) and NJMC is the operator.
"The 2011 drilling program was quite successful. The new global resource is 40% greater than what we had previously considered it to be. In addition the quality of the resource estimate has greatly improved because of more closely-spaced intercepts. It is likely that the resource will be increased substantially by the planned 2012 drilling program based on our increased geologic knowledge of the Golden Chest deposit," stated Fred W. Brackebusch, CEO of NJMC.
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