Coeur d’Alene-based New Jersey Mining Co., which owns and operates the New Jersey Mill in Kellogg, Idaho, says it has bought out minority shareholders in GF&H, a private company that holds 374 acres of patented mining claims near Murray, Idaho.
“It wasn’t a major acquisition for us, but it was a good one. That area could have some mineral potential,” says New Jersey Mining President John Swallow, who declines to reveal the purchase price for GF&H.
Swallow says 40 of the 374 acres immediately border New Jersey Mining’s Golden Chest Mine project. New Jersey Mining purchased a controlling interest in GF&H in 2014 for its proximity to Golden Chest.
Swallow also says there is potential for timber harvesting and for land swaps given the location within and near U.S. Forest Service and Bureau of Land Management land.
He describes GF&H as being not much more than a “land holding company,” whose remaining owners were looking to sell the land.
New Jersey Mining’s corporate office is at 201 N. Third, in Coeur d’Alene. Swallow says the company has eight employees and is using subcontractors at the Golden Chest Mine.
New Jersey Mining owns the entire Golden Chest Mine project, which is an historic lode gold producer that was expanded and modernized recently, Swallow says.
The starter pit at Golden Chest contains an estimated 14,000 tons of mineralized material with potential for expansion. New Jersey Mining believes the Golden Chest property has long-term production potential, Swallow says.
The Company’s common stock trades on the over-the-counter market under the symbol NJMC.
Many smaller mining concerns such as New Jersey Mining are publicly traded, but their shares usually aren’t listed on major stock exchanges. Rather, they’re traded in over-the-counter markets.
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