Mr. John Swallow reports
NEW JERSEY MINING COMPANY RELEASES PRESIDENT'S LETTER
New Jersey Mining Company has distributed a letter to shareholders from president and chief executive officer John Swallow.
It is our viewpoint that $1,400 gold tells a much different story than $1,200 gold. Our updates are typically focused on operations and business-related topics; however, the conversations of late have centred around gold as a store of value and the life cycle of fiat and crypto currencies. We are providing this brief overview in response to a number of anecdotal observations and because our collective experience suggests more folks are about to enter the discussion.
We believe that as long as structural global and monetary challenges exist, and our politicians struggle to keep the ship out of the surf and spray, the analysis of gold as a vehicle for speculation versus investment versus portfolio insurance will become increasingly more common. Furthermore, the road to production is long and complex, and those looking to gold as a store of value are likely to determine, as we already know, that not all ounces are created equal.
It has been said that the best place to look for a new deposit is in the shadow of an old one -- and, in our opinion, the best group to advance stakeholder interests has a record of personal investment, asset growth, and has put a mine and mill into operation. We believe that positive cash flow, cash reserves, delevered land and/or other desirable assets help provide a more reliable measure of value when faced with cyclical volatility and/or competing mediums of exchange. Our investments and asset base were deliberately assembled during difficult times, and our approach with respect to gold and other stores of value remains the same.
The business plan at New Jersey evolves around an established set of skills and the innate belief that exposure to gold can be more than a periodic speculative exercise. It is our experience that the dilution encountered by "starting big" has rarely led to large-scale success for the junior company, its employees or shareholders. And the social responsibility displayed by starting small and incrementally proving yourself is the type of hands-on approach welcomed by the communities that support our employees and operations. Our goal is to provide more than just another form of portfolio insurance, but also the blue-sky potential of discovery and a shareholder-based management team focused on building wealth over time.
As we discussed after shift at the mine last week, our established land position(s), as well as current focus on scaling into higher gold prices, is a much more desirable position than if we were only now beginning to prove up a minable resource, permit and develop a mine, and permit and build a mill. We did not need higher gold prices in order to execute our business plan and remain thankful we began this journey when we did.
John Swallow, president and chief executive officer
About New Jersey Mining Company
New Jersey Mining is headquartered in north Idaho, where it is producing gold at its Golden Chest mine. Gold was first discovered in the Coeur d'Alene district within the Murray gold belt in 1879, but by 1888 mining declined as the centre of activity and demand for labour shifted to the Silver Valley following the discovery of the Bunker Hill, Sunshine, Lucky Friday and other iconic regional mines. The rebirth of the long-forgotten Murray gold belt has been led by New Jersey, as evidenced by production from open-pit and underground operations at the Golden Chest mine, its extensive land package and superior knowledge of the district gained from current development and production, and continuing exploration activities.
New Jersey Mining has established a high-quality, early-to-advanced-stage asset base in three historic mining districts of Idaho and Montana, which includes the currently producing Golden Chest mine.
We seek Safe Harbor.
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