New Jersey Mining Company Encounters High Grade Tungsten Vein

Tag : tungsten

KELLOGG, Idaho, Aug. 21, 2008 (GLOBE NEWSWIRE) -- New Jersey MiningCompany (NJMC:OTCBB) announces that its Idaho Ramp, which is beingdriven to develop gold reserves at the Golden Chest mine nearMurray, Idaho, has intercepted a high grade tungsten vein. A2-meter chip sample across the vein assayed 8.36% tungsten trioxide(WO3).
Recent prices for tungsten imply the vein has a gross value ofabout $1,800 per metric tonne at the sample location. More sampleswill be collected from the vein by diamond drilling andcrosscutting in order to fully assess the economic potential of thetungsten vein. The Golden Chest mine has produced tungsten ores inthe past around the time of WWI and later. Scheelite, a calciumtungstate mineral, has been noted as clumps in the gold ore, but,until the discovery of this new vein, has not been seen inpotentially economic amounts.
The tungsten vein was followed by the ramp for about 12 metersbefore its orientation turned into the eastern rib of the ramp.About 200 tonnes of the tungsten-bearing material is stockpiled onthe surface at the Golden Chest and will be processed through theNew Jersey mill flotation circuit in a test run to verify feed andconcentrate grade. The 2-meter chip sample was analyzed by ALSChemex of Reno, Nevada using an ore grade method that utilizesX-Ray fluorescence.
Fred Brackebusch, CEO, commented: "The interception of this newtungsten vein is an unexpected bonus of driving the ramp throughprospective ground in order to access gold reserves discovered bydrilling from surface."
New Jersey Mining Company is involved in exploring for anddeveloping gold, silver and base metal resources in the Coeurd'Alene Mining District of northern Idaho. The Company has aportfolio of mineral properties in the Coeur d'Alene MiningDistrict including the Toboggan Project which is a gold explorationjoint venture with Newmont, the Niagara copper-silver deposit, theGolden Chest project, the New Jersey mine, and the Silver Strandmine.
This release contains certain forward-looking statements within themeaning of the Federal Securities Laws. Such statements are basedon assumptions that the Company believes are reasonable but whichare subject to a wide range of uncertainties and business risks.Factors that could cause actual results to differ from thoseanticipated are discussed in the Company's periodic filings withthe Securities and Exchange Commission, including its annual reporton Form 10-KSB for the year ended December 31, 2007.
Further information about New Jersey Mining Company and itsproperties can be found at the company's website atwww.newjerseymining.com.
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