COEUR D’ALENE, Idaho, July 23, 2019 (ACCESSWIRE) — New Jersey Mining Company (CSE/OTCQB: NJMC) (“NJMC” or the “Company”) distributed the following letter to Shareholders from NJMC President & CEO John Swallow:
It is our viewpoint that $1,400 gold tells a much different story than $1,200 gold. Our updates are typically focused on operations and business-related topics, however, the conversations of late have centered around gold as a store of value and the life cycle of fiat and crypto currencies. We are providing this brief overview in response to a number of anecdotal observations and because our collective experience suggests more folks are about to enter the discussion.
We believe that as long as structural global and monetary challenges exist, and our politicians struggle to keep the ship out of the surf and spray, the analysis of gold as a vehicle for speculation versus investment versus portfolio insurance will become increasingly more common. Furthermore, the road to production is long and complex and those looking to gold as a store of value are likely to determine, as we already know, that not all ounces are created equal.
It has been said that the best place to look for a new deposit is in the shadow of an old one – and in our opinion, the best group to advance stakeholder interests has a record of personal investment, asset growth and has put a mine and mill into operation. We believe that positive cash flow, cash reserves, de-levered land and/or other desirable assets help provide a more reliable measure of value when faced with cyclical volatility and/or competing mediums of exchange. Our investments and asset base were deliberately assembled during difficult times and our approach with respect to gold and other stores of value remains the same.
The business plan at New Jersey evolves around an established set of skills and the innate belief that exposure to gold can be more than a periodic speculative exercise. It is our experience that the dilution encountered by “starting big” has rarely led to large-scale success for the junior company, its employees or shareholders. And the social responsibility displayed by starting small and incrementally proving yourself is the type of hands-on approach welcomed by the communities that support our employees and operations. Our goal is to provide more than just another form of portfolio insurance, but also the blue-sky potential of discovery and a shareholder-based management team focused on building wealth over time.
And as we discussed after shift at the mine last week; our established land position(s) and current focus on scaling into higher gold prices is a much more desirable position than if we were only now beginning to prove-up a mineable resource, permit and develop a mine, and permit and build a mill. We did not need higher gold prices in order to execute our business plan and remain thankful we began this journey when we did.
President and Chief Executive Officer
New Jersey Mining Company
About New Jersey Mining Company
New Jersey Mining Company is headquartered in North Idaho, where it is producing gold at its Golden Chest Mine. Gold was first discovered in the Coeur d’Alene District within the Murray Gold Belt in 1879, but by 1888 mining declined as the center of activity and demand for labor shifted to the Silver Valley following the discovery of the Bunker Hill, Sunshine, Lucky Friday, and other iconic regional mines. The rebirth of the long-forgotten Murray Gold Belt has been led by NJMC, as evidenced by production from open-pit and underground operations at the Golden Chest Mine, its extensive land package and superior knowledge of the district gained from current development and production, and ongoing exploration activities.
NJMC has established a high-quality, early to advanced-stage asset base in three historic mining districts of Idaho and Montana, which includes the currently producing Golden Chest Mine. The Company’s objective is to use its considerable in-house skill sets to build a portfolio of mining and milling operations, with a longer-term vision of becoming a mid-tier producer. Management is shareholder focused and owns more than 15-percent of NJMC stock.
The Company’s common stock trades on the OTC-QB and CSE Market under the symbol “NJMC.”
For more information on New Jersey Mining Company go to www.newjerseymining.com or call:
Monique Hayes, Corporate Secretary/Investor Relations
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 could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements and opinions of management. Such factors include, among others, the risk that production decisions are not based on a comprehensive feasibility study of mineral reserves, as a result there are increased uncertainties and economic/technical risks with production decisions. economic or market forecast benefit, the risk the Company is unable to obtain sufficient funds necessary for expansion or the risks and hazards inherent in the mining business (including risks inherent in developing mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market 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, as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.