Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Entity Registrant Name | 'New Jersey Mining Co | ' |
Entity Central Index Key | '0001030192 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 90,160,148 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
New_Jersey_Mining_Company_An_E
New Jersey Mining Company (An Exploration Stage Company) Consolidated Balance Sheets (Interim period unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
ASSETS | ' | ' | ||
Cash and cash equivalents | $214,914 | $636,127 | ||
Investment in marketable equity security at fair value (cost-$3,869) | 14,508 | 9,672 | ||
Joint venture receivables | 103,217 | 61,143 | ||
Other current assets | 42,330 | 45,970 | ||
Total current assets | 374,969 | 752,912 | ||
Property, plant and equipment, net of accumulated depreciation | 5,149,459 | 4,908,724 | ||
Mineral properties, net of accumulated amortization | 540,433 | 540,433 | ||
Total assets | 6,064,861 | 6,202,069 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 35,212 | 40,208 | ||
Accrued payroll and related payroll expenses | 27,273 | 22,016 | ||
Note payable related party, current | 40,750 | 36,701 | ||
Obligations under capital lease, current | 9,027 | 26,367 | ||
Notes payable, current | 53,445 | 55,663 | ||
Total current liabilities | 165,707 | 180,955 | ||
Asset retirement obligation | 11,525 | 10,949 | ||
Note payable related party, non-current | 161,313 | 180,417 | ||
Notes payable, non-current | 168,523 | 193,880 | ||
Total non-current liabilities | 341,361 | 385,246 | ||
Total liabilities | 507,068 | 566,201 | ||
Commitments | 0 | [1] | 0 | [1] |
Stockholders' equity: | ' | ' | ||
Common stock, no par value, 200,000,000 shares authorized;2014-79,760,148 and 2013-73,760,148 shares issued and outstanding | 12,218,219 | 11,755,469 | ||
Deficit accumulated during the exploration stage | -9,865,025 | -9,302,024 | ||
Unrealized gain on marketable equity security | 10,639 | 5,803 | ||
Total New Jersey Mining Company stockholders' equity | 2,363,833 | 2,459,248 | ||
Non-controlling interest in New Jersey Mill Joint Venture | 3,193,960 | 3,176,620 | ||
Total stockholders' equity | 5,557,793 | 5,635,868 | ||
Total liabilities and stockholders' equity | $6,064,861 | $6,202,069 | ||
[1] | Note 2 |
Statement_of_Financial_Positio
Statement of Financial Position - Parenthetical (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of financial position | ' | ' |
Preferred Stock, Par Value | $0 | $0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $0 | $0 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 79,760,148 | 73,760,148 |
Common Stock, Shares Outstanding | 79,760,148 | 73,760,148 |
New_Jersey_Mining_Company_An_E1
New Jersey Mining Company (An Exploration Stage Company) Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenue: | ' | ' | ' | ' |
Sales of gold | ' | $2,139 | ' | $10,447 |
Joint venture management fee income | 63 | 5,420 | 139 | 6,567 |
Contract milling income | ' | 20,729 | ' | 25,318 |
Total revenue | 63 | 28,288 | 139 | 42,332 |
Costs and expenses: | ' | ' | ' | ' |
Milling costs | 38,334 | 9,613 | 51,537 | 18,280 |
Exploration | 75,967 | 134 | 160,535 | 231 |
Net gain on sale of equipment | ' | -13,208 | ' | -108,208 |
Depreciation and amortization | 15,508 | 29,636 | 30,034 | 57,652 |
General and administrative expenses | 172,163 | 21,564 | 328,688 | 78,718 |
Total operating expenses | 301,972 | 47,709 | 570,794 | 46,673 |
Operating income (loss) | -301,909 | -19,421 | -570,655 | -4,341 |
Other (income) expense: | ' | ' | ' | ' |
Timber expense | ' | ' | ' | -300 |
Royalties and other income | -7,923 | -406 | -19,809 | -8,685 |
Interest income | -151 | ' | -278 | -49 |
Interest expense | 810 | 14,370 | 12,430 | 28,691 |
Equity in loss of Golden Chest LLC | ' | 15,500 | ' | 99,500 |
Total other (income) expense | -7,264 | 29,464 | -7,657 | 119,757 |
Net loss | -294,645 | -48,885 | -562,998 | -124,098 |
Net loss attributable to non-controlling interest | ' | 3,194 | ' | 5,507 |
Net loss attributable to New Jersey Mining Company | -294,645 | -45,691 | -562,998 | -118,591 |
Other comprehensive loss: | ' | ' | ' | ' |
Net loss | -294,645 | -48,885 | -562,998 | -124,098 |
Unrealized gain (loss) on marketable equity security | 4,836 | 17,409 | 4,836 | 11,656 |
Comprehensive loss | -289,809 | -31,476 | -558,162 | -112,442 |
Comprehensive loss attributable to non-controlling interest | ' | 3,194 | ' | 5,507 |
Comprehensive loss attributable to New Jersey Mining Company | ($289,809) | ($28,282) | ($558,162) | ($106,935) |
Net loss per common share-basic and diluted | $0.00 | $0 | $0.01 | $0.00 |
Weighted average common shares outstanding-basic and diluted | 79,760,148 | 45,713,884 | 77,771,198 | 45,615,420 |
New_Jersey_Mining_Company_An_E2
New Jersey Mining Company (An Exploration Stage Company) Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($562,998) | ($124,098) |
Adjustments to reconcile net loss to net cash (used) by operating activities | ' | ' |
Depreciation and amortization | 30,034 | 57,652 |
(Gain) loss on sale of equipment | ' | -108,208 |
Accretion of asset retirement obligation | 576 | 576 |
Equity in loss of Golden Chest LLC | ' | 99,500 |
Stock based compensation | 57,750 | ' |
Change in: | ' | ' |
Joint venture receivables | -42,073 | -26,184 |
Other current assets | 3,640 | 9,870 |
Inventory | ' | 10,201 |
Accounts payable | -4,999 | 65,068 |
Accrued payroll and related payroll expense | 5,255 | 5,062 |
Account payable Marathon Gold | ' | -62,500 |
Net cash (used) by operating activities | -512,815 | -73,061 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -270,769 | ' |
Purchase of mineral property | ' | -4,500 |
Contributions to Golden Chest LLC | ' | -99,500 |
Proceeds from sale of equipment | ' | 112,000 |
Net cash provided (used) by investing activities | -270,769 | 8,000 |
Cash flows from financing activities: | ' | ' |
Sales of common stock and warrants, net of issuance costs | 405,000 | 10,000 |
Principal payments on notes payable | -27,575 | -30,271 |
Principal payments on note and other payables, related party, net | -15,054 | 77,811 |
Net cash provided by financing activities | 362,371 | 57,540 |
Net change in cash and cash equivalents | -421,213 | -7,521 |
Cash and cash equivalents, beginning of period | 636,127 | 9,950 |
Cash and cash equivalents, end of period | 214,914 | 2,429 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid in cash, net of amount capitalized | 12,429 | 28,691 |
Non-cash investing and financing activities: | ' | ' |
Common stock issued for Mineral properties agreement | ' | 9,000 |
Common stock issued for Debt relieved from sale of equipment | ' | 10,636 |
Common stock issued for Capital lease paid by non-controlling interest | $17,340 | $15,575 |
1_The_Company_and_Significant_
1. The Company and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
1. The Company and Significant Accounting Policies: | ' |
1. The Company and Significant Accounting Policies: | |
These unaudited interim consolidated financial statements have been prepared by the management of New Jersey Mining Company (the Company) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim consolidated financial statements have been included. | |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's financial position and results of operations. Operating results for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. | |
For further information refer to the financial statements and footnotes thereto in the Company’s audited financial statements for the year ended December 31, 2013 included in Amended Form 10 as filed with the Securities and Exchange Commission on July 2, 2014. | |
The Company's consolidated financial statements are prepared in accordance with accounting guidance for exploration stage entities as it devotes substantially all of its efforts to acquiring and developing mining interests that will eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in major commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage. | |
Principles of Consolidation | |
At June 30, 2014, the consolidated financial statements include the accounts of the Company and the accounts of our majority owned New Jersey Mill Joint Venture. Intercompany items and transactions between companies included in the consolidation are eliminated. | |
New Accounting Pronouncements | |
In June 2014 the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-10 (“the ASU”). This update changes the requirements for disclosures as it relates to exploration stage entities. The ASU specifies that the ‘inception–to-date’ information is no longer required to be presented in the financial statements of an exploration stage entity. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein, with early application permitted for any financial statements that have not yet been issued. The Company has elected to apply the amendments as of the three month period ended June 30, 2014. | |
2_Related_Parties
2. Related Parties | 6 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
2. Related Parties | ' |
2. Related Parties | |
In August 2012 the Company entered into a note by Mine Systems Design (MSD) to purchase property for $223,807 at 12% interest to be paid in 60 monthly payments. At June 30, 2014 the remaining amount due was $198,414 and $12,503 has been paid in interest during the six months ended June 30, 2014. | |
3_Joint_Ventures
3. Joint Ventures | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Notes | ' | ||||||
3. Joint Ventures | ' | ||||||
3. Joint Ventures | |||||||
The Company jointly owns with Marathon Gold USA (MUSA) and acts as the manager of the Golden Chest LLC (GC). United Silver Corp. (USC), now Crescent Silver (Crescent) holds the non-controlling interest in the Company's New Jersey Mill Joint Venture (Mill JV). For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of non-controlling interest. For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. For those joint ventures in which there is joint control between the parties, and the Company has significant influence, the equity method is utilized. | |||||||
At June 30, 2014 and December 31, 2013, the Company’s percentage ownership and method of accounting for each joint venture is as follows: | |||||||
30-Jun-14 | 31-Dec-13 | ||||||
Joint Venture | % Ownership | Significant Influence? | Accounting Method | % Ownership | Significant Influence? | Accounting Method | |
New Jersey Mill Joint Venture | 66% | Yes | Consolidated | 66% | Yes | Consolidated | |
Golden Chest LLC Joint Venture | 48% | No | Cost | 48% | No | Cost | |
New Jersey Mill Joint Venture Agreement | |||||||
In June of 2012 Crescent completed its buy-in for 35% of the Mill JV with a cumulative $3.2 million contribution to bring the capacity of the mill to 15 tonnes/hr. As of June 30, 2014, an account receivable existed with Crescent for $83,276 for monthly operating costs and lease payments. | |||||||
Golden Chest LLC Joint Venture | |||||||
On September 3, 2013 the GC signed a lease agreement with Juniper Resources, LLC (Juniper) of Boise, Idaho for a defined portion of the Golden Chest mine property known as the Skookum Shoot (a 400 meter strike length along the Idaho vein below the No. 3 Level). The lease with Juniper calls for an initial payment of $50,000 to GC, which was received in 2013, and a work requirement of 1,500 to 3,000 meters of core drilling which has also been completed. Juniper signed the lease and made a payment of $200,000 to GC at the end of November 2013. Juniper is required to make land payments of $125,000 per quarter on the promissory note on behalf of GC which it also has done. Additionally, Juniper will pay a 2% net smelter royalty to GC on all gold production from the leased area with the $250,000 initial payments treated as an advance on this royalty. The lease has a term of 39 months. | |||||||
4_Noncontrolling_Interest_in_M
4. Non-controlling Interest in Mill Jv | 6 Months Ended | ||
Jun. 30, 2014 | |||
Notes | ' | ||
4. Non-controlling Interest in Mill Jv | ' | ||
4. Non-Controlling Interest in Mill JV | |||
Crescent Silver’s non-controlling interest in the Company’s Mill Joint Venture represents their investment in the Joint Venture less any losses associated with their share. Their investment changed as follows from December 31, 2013 to June 30, 2014: | |||
Balance January 1, 2014 | $ | 3,176,620 | |
Capital lease paid by non-controlling interest | 17,340 | ||
Balance June 30, 2014 | 3,193,960 | ||
5_Earnings_Per_Share
5. Earnings Per Share | 6 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
5. Earnings Per Share | ' |
5. Earnings per Share | |
For the three and six month periods ended June 30, 2014, the effect of the Company's potential issuance of shares from the exercise of 14,000,000 outstanding warrants and 2,250,000 options to purchase common stock would have been anti-dilutive. No warrants were outstanding at June 30, 2013 Accordingly, only basic net loss per share has been presented for both periods presented. | |
6_Property_Plant_and_Equipment
6. Property, Plant, and Equipment | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Notes | ' | ||||
6. Property, Plant, and Equipment | ' | ||||
6. Property, Plant, and Equipment | |||||
Property, plant and equipment at June 30, 2014 and December 31, 2013, consisted of the following: | |||||
30-Jun-14 | 31-Dec-13 | ||||
Mill land | $ | 225,289 | $ | 225,289 | |
Mill building | 522,786 | 522,786 | |||
Milling equipment | 3,853,111 | 3,716,011 | |||
Total mill buildings and equipment | 4,601,186 | 4,464,086 | |||
Less accumulated depreciation | -144,236 | -144,236 | |||
Total mill | 4,456,950 | 4,319,850 | |||
Building and equipment at cost | 496,959 | 495,037 | |||
Less accumulated depreciation | -372,125 | -348,021 | |||
Total building and equipment | 124,834 | 147,016 | |||
Land | 567,675 | 441,858 | |||
Total | $ | 5,149,459 | $ | 4,908,724 | |
During the six months ended June 30, 2014 and 2013, $9,805 and $0 respectively in interest expense was capitalized to the mill. | |||||
7_Mineral_Properties
7. Mineral Properties | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Notes | ' | ||||
7. Mineral Properties | ' | ||||
7. Mineral Properties | |||||
Mineral properties at June 30, 2014 and December 31, 2013 consisted of the following: | |||||
30-Jun-14 | 31-Dec-13 | ||||
New Jersey | $ | 271,340 | $ | 271,340 | |
McKinley | 250,000 | 250,000 | |||
Silver Button/Roughwater | 25,500 | 25,500 | |||
Toboggan | 5,000 | 5,000 | |||
Less Accumulated Amortization | -11,407 | -11,407 | |||
Total | $ | 540,433 | $ | 540,433 | |
8_Equity
8. Equity | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Notes | ' | ||||
8. Equity | ' | ||||
8. Equity | |||||
Stock Purchase Warrants Outstanding | |||||
Transactions in common stock purchase warrants for the period ended June 30, 2014 are as follows: | |||||
Number of Warrants | Exercise Prices | ||||
Balance December 31, 2013 | 11,000,000 | $ | 0.15 | ||
Issued in connection with private placement | 3,000,000 | 0.15 | |||
Balance June 30, 2014 | 14,000,000 | 0.15 | |||
These warrants expire as follows: | |||||
Shares | Exercise Price | Expiration Date | |||
11,000,000 | $0.15 | 31-May-15 | |||
3,000,000 | $0.15 | 4-Mar-17 | |||
9_Stock_Options
9. Stock Options | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Notes | ' | ||||
9. Stock Options | ' | ||||
9. Stock Options | |||||
In April 2014 the Company established a stock option plan to authorize the granting of stock options to officers and employees. Upon exercise of the options shares are issued from the available authorized shares of the the Company. | |||||
On April 30, 2014, 2,250,000 options were issued to management, 750,000 options vested immediately and the remaining 1,500,000 vested at a rate of 750,000 each year on the anniversary for 2 additional years, and they expire after 3 years. Each option allows the holder to purchase one share of the Company’s stock at $0.10 prior to expiration. Utilizing the Black Scholes option pricing model, an expected life of three years, a risk free rate of 0.87%, and expected volatility of 170.80% compensation cost of $173,250 is associated with the options. Of this $57,750 was recorded as a general and administrative expense in the second quarter of 2014 and a like amount will be recorded in 2015 and 2016 related to these options. | |||||
Number of Options | Exercise Prices | ||||
Balance January 1, 2014 | 0 | 0 | |||
Issued | 2,250,000 | $ | 0.1 | ||
Balance June 30, 2014 | 2,250,000 | $ | 0.1 | ||
Exercisable at June 30, 2014 | 750,000 | $ | 0.1 | ||
These options expire as follows: | |||||
Options | Exercise Price | Expiration Date | |||
750,000 | $0.10 | 30-Apr-17 | |||
750,000 | $0.10 | 30-Apr-18 | |||
750,000 | $0.10 | 30-Apr-19 | |||
10_Subsequent_Events
10 Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
10 Subsequent Events | ' |
10 Subsequent Events | |
A private placement was initiated by the Company in July of 2014 and completed in August 2014. Each unit consist of two shares of the Company’s common stock and one purchase warrant for $0.20; each warrant is exercisable for one share of the Company’s stock at $0.20 through August 2017; 6,000,000 units were sold for net proceeds of $1,080,000 after deducting the 10% commission. | |
1_The_Company_and_Significant_1
1. The Company and Significant Accounting Policies: Use of Estimates, Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Policies | ' |
Use of Estimates, Policy | ' |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's financial position and results of operations. Operating results for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. |
1_The_Company_and_Significant_2
1. The Company and Significant Accounting Policies: Development Stage Enterprise General Disclosures (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Policies | ' |
Development Stage Enterprise General Disclosures | ' |
The Company's consolidated financial statements are prepared in accordance with accounting guidance for exploration stage entities as it devotes substantially all of its efforts to acquiring and developing mining interests that will eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in major commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the exploration stage. |
1_The_Company_and_Significant_3
1. The Company and Significant Accounting Policies: Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
At June 30, 2014, the consolidated financial statements include the accounts of the Company and the accounts of our majority owned New Jersey Mill Joint Venture. Intercompany items and transactions between companies included in the consolidation are eliminated. |
1_The_Company_and_Significant_4
1. The Company and Significant Accounting Policies: New Accounting Pronouncements and Changes in Accounting Principles (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Policies | ' |
New Accounting Pronouncements and Changes in Accounting Principles | ' |
New Accounting Pronouncements | |
In June 2014 the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-10 (“the ASU”). This update changes the requirements for disclosures as it relates to exploration stage entities. The ASU specifies that the ‘inception–to-date’ information is no longer required to be presented in the financial statements of an exploration stage entity. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein, with early application permitted for any financial statements that have not yet been issued. The Company has elected to apply the amendments as of the three month period ended June 30, 2014. |
3_Joint_Ventures_Schedule_of_p
3. Joint Ventures: Schedule of percentage ownership and method of accounting (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of percentage ownership and method of accounting | ' | ||||||
30-Jun-14 | 31-Dec-13 | ||||||
Joint Venture | % Ownership | Significant Influence? | Accounting Method | % Ownership | Significant Influence? | Accounting Method | |
New Jersey Mill Joint Venture | 66% | Yes | Consolidated | 66% | Yes | Consolidated | |
Golden Chest LLC Joint Venture | 48% | No | Cost | 48% | No | Cost |
6_Property_Plant_and_Equipment1
6. Property, Plant, and Equipment: Property, Plant and Equipment (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Property, Plant and Equipment | ' | ||||
30-Jun-14 | 31-Dec-13 | ||||
Mill land | $ | 225,289 | $ | 225,289 | |
Mill building | 522,786 | 522,786 | |||
Milling equipment | 3,853,111 | 3,716,011 | |||
Total mill buildings and equipment | 4,601,186 | 4,464,086 | |||
Less accumulated depreciation | -144,236 | -144,236 | |||
Total mill | 4,456,950 | 4,319,850 | |||
Building and equipment at cost | 496,959 | 495,037 | |||
Less accumulated depreciation | -372,125 | -348,021 | |||
Total building and equipment | 124,834 | 147,016 | |||
Land | 567,675 | 441,858 | |||
Total | $ | 5,149,459 | $ | 4,908,724 |
7_Mineral_Properties_Schedule_
7. Mineral Properties: Schedule of mineral properties (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of mineral properties | ' | ||||
30-Jun-14 | 31-Dec-13 | ||||
New Jersey | $ | 271,340 | $ | 271,340 | |
McKinley | 250,000 | 250,000 | |||
Silver Button/Roughwater | 25,500 | 25,500 | |||
Toboggan | 5,000 | 5,000 | |||
Less Accumulated Amortization | -11,407 | -11,407 | |||
Total | $ | 540,433 | $ | 540,433 |
8_Equity_Schedule_of_Stockhold
8. Equity: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Stockholders' Equity Note, Warrants or Rights | ' | ||||
Number of Warrants | Exercise Prices | ||||
Balance December 31, 2013 | 11,000,000 | $ | 0.15 | ||
Issued in connection with private placement | 3,000,000 | 0.15 | |||
Balance June 30, 2014 | 14,000,000 | 0.15 |
8_Equity_Warrant_expiration_Ta
8. Equity: Warrant expiration (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Tables/Schedules | ' | ||
Warrant expiration | ' | ||
Shares | Exercise Price | Expiration Date | |
11,000,000 | $0.15 | 31-May-15 | |
3,000,000 | $0.15 | 4-Mar-17 |
9_Stock_Options_Schedule_of_Sh
9. Stock Options: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||
Number of Options | Exercise Prices | ||||
Balance January 1, 2014 | 0 | 0 | |||
Issued | 2,250,000 | $ | 0.1 | ||
Balance June 30, 2014 | 2,250,000 | $ | 0.1 | ||
Exercisable at June 30, 2014 | 750,000 | $ | 0.1 |
9_Stock_Options_Option_expirat
9. Stock Options: Option expiration (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Tables/Schedules | ' | ||
Option expiration | ' | ||
Options | Exercise Price | Expiration Date | |
750,000 | $0.10 | 30-Apr-17 | |
750,000 | $0.10 | 30-Apr-18 | |
750,000 | $0.10 | 30-Apr-19 |
1_The_Company_and_Significant_5
1. The Company and Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Details | ' |
Basis of Accounting | 'These unaudited interim consolidated financial statements have been prepared by the management of New Jersey Mining Company (the Company) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim consolidated financial statements have been included. |
2_Related_Parties_Details
2. Related Parties (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Details | ' |
Due to Affiliate | $198,414 |
Interest Expense, Related Party | $12,503 |
3_Joint_Ventures_Schedule_of_p1
3. Joint Ventures: Schedule of percentage ownership and method of accounting (Details) | Jun. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Investment Owned, Percent of Net Assets | 66.00% | 66.00% |
investment owned percentage of net assets 2 | 48.00% | 48.00% |
4_Noncontrolling_Interest_in_M1
4. Non-controlling Interest in Mill Jv (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Nonredeemable Noncontrolling Interest | $3,193,960 | $3,176,620 |
Contributions from Noncontrolling Interests | $17,340 | ' |
6_Property_Plant_and_Equipment2
6. Property, Plant, and Equipment: Property, Plant and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Mill land | $225,289 | $225,289 |
Mill building | 522,786 | 522,786 |
Milling equipment | 3,853,111 | 3,716,011 |
Mill Buildings and Improvements, Gross | 4,601,186 | 4,464,086 |
Mill buildings and improvements, accumulated depreciation | -144,236 | -144,236 |
Mill Buildings and Improvements, Net | 4,456,950 | 4,319,850 |
Buildings and Improvements, Gross | 496,959 | 495,037 |
Buildings and improvements, accumulated depreciation | -372,125 | -348,021 |
Buildings and improvements net | 124,834 | 147,016 |
Land | 567,675 | 441,858 |
Property, plant and equipment, net of accumulated depreciation | $5,149,459 | $4,908,724 |
6_Property_Plant_and_Equipment3
6. Property, Plant, and Equipment (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Details | ' |
Capital Leases, Income Statement, Interest Expense | $9,805 |
7_Mineral_Properties_Schedule_1
7. Mineral Properties: Schedule of mineral properties (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Mineral Properties 1 | $271,340 | $271,340 |
Mineral Properties 2 | 250,000 | 250,000 |
Mineral Properties 3 | 25,500 | 25,500 |
Mineral Properties 4 | 5,000 | 5,000 |
Mineral properties amortization | ($11,407) | ($11,407) |
8_Equity_Schedule_of_Stockhold1
8. Equity: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Details | ' | ' | ' |
Class of Warrant or Right, Outstanding | 14,000,000 | 11,000,000 | 11,000,000 |
Warrants Issued in connection with private placement | $3,000,000 | ' | ' |
8_Equity_Warrant_expiration_De
8. Equity: Warrant expiration (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Details | ' | ' | ' |
Class of Warrant or Right, Outstanding | 14,000,000 | 11,000,000 | 11,000,000 |
Warrant Expiration Date 1 | 'May 31, 2015 | ' | ' |
Warrants Issued in connection with private placement1 | $3,000,000 | ' | ' |
Warrant Expiration Date 2 | 'March 4, 2017 | ' | ' |
9_Stock_Options_Schedule_of_Sh1
9. Stock Options: Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2012 | |
Details | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,250,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 2,250,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0.10 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $0.10 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 750,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $0.10 | ' |
9_Stock_Options_Option_expirat1
9. Stock Options: Option expiration (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Details | ' |
Options outstanding 1 | 750,000 |
Option Expiration Date 1 | 'April 30, 2017 |
Options outstanding 2 | 750,000 |
Option Expiration Date 2 | 'April 30, 2018 |
Options outstanding 3 | 750,000 |
Option Expiration Date 3 | 'April 30, 2019 |