COEUR D’ALENE, Idaho, November 14, 2019 (ACCESSWIRE) — New Jersey Mining Company (OTCQB:NJMC/CSE:NJMC)(“NJMC” or the “Company”) today announced its consolidated operating and financial results for the third quarter of 2019. The full version of the Company’s interim unaudited consolidated financial statements and management’s discussion and analysis (MD&A) can be viewed on the Company’s web site, on SEDAR, and EDGAR. All amounts are expressed in U.S. dollars unless otherwise specified.
Operational Highlights for 2019 include:
•For the quarter ending September 30, 2019 approximately 13,620 dry metric tonnes (dmt) were processed at the Company’s New Jersey mill at a head grade of 3.46 grams per tonne (gpt) with gold recovery of 87.3%. Gold sales for the quarter were 1,414 ounces.
•Open pit mining progressed from the 1003 bench to the 994 bench. The trend of lower stripping ratios in the open pit continued during the third quarter (3.78 to 1.0) as the Skookum shoot was fully exposed in the pit. Open pit mine production averaged 1,185 tonnes per day (mineralized material and waste).
•Underground mining focused on the 848 South stope and the development of the access ramp for the 836 stope. Long-hole drilling from the 848 South stope towards the west discovered a zone where the Idaho vein has widened. The drilling allowed for a second cut adjacent to the primary cut which provided an additional 750 tonnes at 6.0 gpt gold. Based on a review of core drilling data, it appears this wider zone on the Idaho vein will continue at depth.
NJMC President and CEO, John Swallow stated, “It is evident that each quarter reveals a message unique to the challenges and accomplishments of the folks responsible for the results. Our team came together in a way that once again resulted in virtually every metric we use to measure the health of the business improving during the quarter and in the year over year comparisons.
This quarter we are also providing additional metrics of comparison – cash cost per ounce of gold produced and our all-in sustaining cost per ounce of gold produced. The trend of these per ounce comparisons is impressive and reflects a battle-hardened team maturing into its operations and a company looking ahead for those that want to be part of its future. Not everyone recognizes a pivot when it happens or how the right ecosystem and a win-win attitude can provide a base of value beyond the obvious. We are in the people business and our team once again deserves all of the credit.”
Corporate Highlights include:
•The Company achieved record revenue from gold sales of $1,852,636 and $4,544,964 for the three- and nine-month periods ending September 30, 2109 compared to $1,032,845 and $2,623,792 for the comparable periods of 2018.
•The Company had net income of $165,242 for the three month period and net loss of $357,240 for the nine month periods ending September 30, 2019 compared to net loss of $588,275 and net income of $1,134,856 in the comparable periods of 2018, which reflected a gain on the sale of the Toboggan project to Hecla Mining Company in 2018.
•The consolidated net loss for the first nine months included non-cash charges as follows: depreciation and amortization of $429,626 ($249,551 in 2018), accretion of asset retirement obligation of $6,757 ($9,028 in 2018), stock based compensation of $190,019 ($34,580 in 2018), change in fair value of forward gold contracts, none in 2019 ($15,983 in 2018), and gain on sale of mineral property none in 2019 ($2,947,862 in 2018).
•Overall cash costs per ounce decreased to $927 per ounce and $984 per ounce for the three- and nine-month periods ending September 30, 2019. Likewise, the all-in sustaining costs decreased to $1,071 and $1,147 per ounce for the three- and nine-month periods ending September 30, 2019. An increase in gold grade in 2019 over 2018 from the mining operation as well as an increase in tonnage processed at the mill drove the decrease in unit costs per ounce.
Cash Costs and All In Sustaining Costs Reconciliation to GAAP-Reconciliation of cost of sales and other direct production costs and depreciation, depletion and amortization (GAAP) to cash cost per ounce and all-in sustaining costs (AISC) per ounce (non-GAAP).
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