New Jersey Mining Company (OTCQB: NJMC) announces results of its annual meeting held in Coeur d’Alene, Idaho, on December 16, 2016. Stockholders of the Company voted to re-elect Delbert Steiner, John Swallow, and Grant Brackebusch as directors until the 2017 annual meeting.
Detailed results of the vote for the election of directors are set out below.
| Nominee | Votes For | Votes Withheld | Percent For | Percent Withheld | ||
| John Swallow | 43,901,708 | 51,102 | 99.88 | % | 0.11 | % |
| Delbert Steiner | 39,053,797 | 4,898,913 | 88.85 | % | 11.14 | % |
| Grant Brackebusch | 43,901,708 | 51,102 | 99.88 | % | 0.11 | % |
The stockholders also ratified the appointment of DeCoria, Maichel & Teague as the Company’s independent registered public accountant for the ensuing year.
A total of 69.6-percent of the issued and outstanding shares of the Company were represented in person or by proxy at the annual meeting, and the votes represented thereby cast on one or more matters at the annual meeting.
NJMC President John Swallow stated, “I would like to thank our shareholders for their continued support and for submitting their votes at our annual meeting. We have accomplished a great deal over the last year and look forward to advancing our objectives and delivering tangible results to our shareholders in the year ahead.”
As part of the annual meeting, management reviewed the Company’s accomplishments of 2016 and presented its primary objectives for 2017.
Significant events and highlights of 2016
- Consolidated 100-percent ownership of the Golden Chest Mine.
- Completed mine planning and ore modeling studies at and around the Golden Chest.
- Developed and commenced mining operations at the Golden Chest open-pit.
- Dewatered the underground mine at Golden Chest and prepared to resume mining operations.
- Shipped Golden Chest ore and resumed ore processing at the New Jersey Mill.
- Completed acquisition of GF&H, expanding the Company’s land position at Golden Chest.
- Completed an extensive data compilation study across the Golden Chest land package.
- Increased the number of identified ore shoots from three to seven, indicating the significant potential to increase mineral resources and mine life at Golden Chest.
- Acquired 50-percent interest in Butte Highlands Joint Venture, owner of the Butte Highlands Gold Mine, an advanced-stage project with approximately $39-million of prior development.
- Signed an MOU to modify the Operating Agreement at Butte Highlands to assume control of permitting and other day-to-day management functions.
Key objectives for 2017
- Increase market exposure for the Company, pursue listing on a Canadian stock exchange.
- Extinguish remaining debt and continue to improve operating efficiencies.
- Continue robust open-pit production at Golden Chest, proceed with pit expansion as possible.
- Commence ramp-up of underground mining operations at Golden Chest.
- Achieve 2017 production goal of 8,000 ounces of gold.
- Advance near-term exploration plans with a focus on extending mine life.
- Finalize new Operating Agreement and advance work plans at Butte Highlands.
About New Jersey Mining Company
New Jersey Mining Company is headquartered in north Idaho, where it is currently in production at its Golden Chest Mine. It is deploying its mining and milling expertise to build a portfolio of advanced-stage assets with near-term cash flow potential and leverage to higher gold prices.
- NJMC built and is majority owner and operator of the New Jersey Mill, a 360-tonne per day flotation mill and cyanide leach plant.
- NJMC owns and operates the Golden Chest Mine project where open pit mining is underway and underground mining is expected to resume later this year.
- NJMC also holds a 50-percent interest in the fully-permitted Butte Highlands Gold Project.
Company assets were developed with more than $50-million of investment dollars from New Jersey and other companies. Management owns more than 15-percent of NJMC stock and has participated in prior financings and made purchases in the open market. The Company’s common stock trades on the OTC-QB Market under the symbol “NJMC.”
Source: New Jersey Mining
