Seeking Alpha
Profile| Send Message|
( followers)

New Jersey Mining Company (OTCQB:NJMC) is a microcap mining stock, with a market cap of about $16 million (at the time of writing). Here's an excerpt from The Wall Street Transcript's 12/26/05 interview with CEO Grant Brackebusch discussing the company:

TWST: We'd like to begin with a brief historical sketch of New Jersey Mining and a picture of the things you are doing now.

Mr. Brackebusch:
We are a gold and silver junior exploration company headquartered in Kellogg, Idaho, which is located in the Coeur d'Alene Mining District, one of the most prolific silver producing areas on the planet. The first property we had was the New Jersey mine, which is where we got the name New Jersey Mining Company. There were some investors that had the mine around the turn of the century, so we picked up that property in about 1996, and that's when our company started as a joint venture.

We started looking for silver properties and we came across a company called Plainview Mining Company, which had an interest in the CAMP Project, a silver property here in the Coeur d'Alene District. So we merged with the Plainview Mining Company in 1998, and that's how we got listed on the Over the Counter Bulletin Board under the symbol NJMC.

Our company is a family business. My father is the President and I am the Vice President. We are both Professional Mining Engineers in the State of Idaho, and through our consulting company, Mine Systems Design, we own about 40% of the company. We have half a dozen gold and silver properties here in the Coeur d'Alene District. Three of those properties are more advanced than the others.

The first one would be the Golden Chest, which is a gold property located in Murray, Idaho. Currently, the property has 250,000 ounces of gold resource. It's the open-pit resource that was drilled by Newmont in the late 1980s, and we are doing some deep drilling there right at the moment, which is pretty exciting. We are looking for an underground ore body at the Golden Chest, which Newmont didn't focus on at all, and we've had some pretty good success. We drilled a really nice intercept up there last year, and the drilling that was done this year looks pretty good as well, but we don't have the results back yet.

The second property we have is the Silver Strand, which is a silver and gold property. We recently received the environmental permit for that property to start a small silver and gold mining seasonal operation, which would probably start in the late spring of 2006.

Our third property is the New Jersey Mine, where we have a mineral processing plant and a gold property that we've done some drilling on. We plan to do some underground drifting and exploration once we have raised sufficient funds. The rest of our properties are more grassroots type properties. We have a property called the CAMP, which is a lease with Coeur d'Alene Mines Corp.

We also have a property called the Silver Button, which we are excited about. It's a grassroots silver property in Idaho, and it's near northwestern Montana and some pretty large silver mines, and we think that it has a lot of potential. We also have a base- metal exploration property called the Enterprise, which is located near Kellogg.

Source: New Jersey Mining Company -- Microcap Silver Play? (NJMC)