SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: May 24, 2002
NEW JERSEY MINING COMPANY
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(Exact name of registrant as specified in its charter)
Idaho 000-28837 82-0490295
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(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
P.O. Box 1019 (Street: 89 Appleberg Road)
Kellogg, Idaho 83837
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(Address of principal executive offices) (Zip Code)
(208)783-3331
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Issuer's telephone number
N/A
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(Former name, former address, and formal fiscal year, if changed
since last report)
ITEM 5. OTHER EVENTS
(a) New Jersey Mining has closed a private placement of 1.7
million units for $0.15 per unit. Each unit consists of a
share of common stock plus a warrant for the purchase of one
share of common stock at $0.25. The warrant expires on May
1, 2004, 5:00 pm PST. The offering was brokered by
Pennaluna & Co. for a commission of 10%. Net proceeds to
the Company are $229,500. The offering was made pursuant
to Rule 506 of Regulation D of the Securities Act of 1933,
as amended.
(b) Exhibits.
EX-99 Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: May 28, 2002
NEW JERSEY MINING COMPANY
By: /s/ Fred W. Brackebusch
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Name: Fred W. Brackebusch
Title: President
EX-99 PRESS RELEASE
New Jersey Mining Company
P.O. BOX 1019
KELLOGG, ID 83837
(208) 783-3331 [PHONE OR FAX]
May 28, 2002
PRESS RELEASE
New Jersey Mining Co. Completes Private Placement
Kellogg, Idaho. New Jersey Mining Company (Symbol: NJMC - OTC Bulletin
Board) is pleased to announce the closing of a private placement for 1.7
million units at $0.15. Each unit consists of one share of common stock plus
one warrant for the purchase of one share at $0.25. The warrants expire on
May 1, 2004.
The offering was brokered by Pennaluna & Co. for a commission of 10%.
Net proceeds, after commissions, are $229,500 which will be used for the
previously announced exploration program, working capital and construction at
the New Jersey mill.
Plans call for exploratory drilling at the New Jersey mine, the Lost
Eagle Project and the Silver Strand mine. Drilling commences this week at
the New Jersey mine with the first target testing the vertical continuity of
a high grade branch vein of the Coleman vein system. Drilling at the Lost
Eagle and Silver Strand is planned for late summer or early fall depending on
the receipt of permits.
Proceeds will also go towards the completion of the leaching circuit
component of the New Jersey Mill CIP expansion. However, additional funds
of about $150,000 will be required to complete the fully permitted CIP
expansion.
New Jersey Mining Company is involved in exploring for and developing
gold, silver and base metal ore resources in the Coeur d'Alene Mining
District of northern Idaho. The Company has a portfolio of five mineral
properties in the Coeur d'Alene Mining District: the New Jersey mine, the
Silver Strand mine, the Lost Eagle project, the CAMP project and the
Wisconsin-Teddy project.
Contact: Grant Brackebusch
(208) 783-1032
E-mail: minesystems@usamedia.tv
Website: www.newjerseymining.com
Disclaimer:
This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act. Forward-looking statements are inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy, and some of
which might not even be anticipated.