New Jersey Mining Company Signs Memorandum of Understanding to Assume Control of Permitting and Management at Butte Highlands

COEUR D ALENE, Idaho, March 02, 2016, NJMC, (GLOBE NEWSWIRE) New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has signed a Memorandum of Understanding (MOU) to modify the Operating Agreement that governs management of the Butte Highlands Gold Project (“Butte Highlands”), a high-grade, underground gold mine near Butte, Montana. NJMC and Highland Mining LLC each hold a 50-percent interest in Butte Highlands Joint Venture LLC (“BHJV”) which owns Butte Highlands. Highland Mining is funding all mine development costs through to commercial production with NJMC’s share of those costs to be repaid from proceeds of future mine production. Highland Mining is a wholly-owned subsidiary of Montana State Gold Company LLC (“MSGC”). The non-binding MOU calls for NJMC, based on agreed to budgets and financing, to assume control of permitting and other day-to-day management functions at Butte Highlands, most of which will be led by NJMC Vice
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