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<SEC-DOCUMENT>0001062993-05-001077.txt : 20050516
<SEC-HEADER>0001062993-05-001077.hdr.sgml : 20050516
<ACCEPTANCE-DATETIME>20050516120428
ACCESSION NUMBER:		0001062993-05-001077
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050516
DATE AS OF CHANGE:		20050516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW JERSEY MINING CO
		CENTRAL INDEX KEY:			0001030192
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				820490295
		STATE OF INCORPORATION:			ID
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28837
		FILM NUMBER:		05832381

	BUSINESS ADDRESS:	
		STREET 1:		89 APPLEBERG RD
		STREET 2:		PO BOX 1019
		CITY:			KELLOGG
		STATE:			ID
		ZIP:			83837
		BUSINESS PHONE:		2087833331

	MAIL ADDRESS:	
		STREET 1:		89 APPLEBERG ROAD
		STREET 2:		PO BOX 1019
		CITY:			KELLOGG
		STATE:			ID
		ZIP:			83837
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>form10qsb.htm
<DESCRIPTION>QUARTERLY REPORT FOR THE PERIOD ENDED MARCH 31, 2005
<TEXT>
<!DOCTYPE HTML PUBLIC "form10qsb">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - New Jersey Mining Company - Form 10-QSB</TITLE>


</HEAD>

<BODY bgcolor="#FFFFFF">
<FONT style="font-size: 10pt;">
<A name="page_1"></A>
<hr noshade align="center" width="100%" size=3 color="black">
<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>
<p align="center"><b><font size="5">FORM 10-QSB</font></b></p>
<P align="center"> <font size="3" face="WINGDINGS">&#120;</font> QUARTERLY REPORT
  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P align="center">
For the quarterly period ended March 31, 2005 </P>
<P align="center"> <font size="3" face="WINGDINGS">&#168;</font> TRANSITION REPORT
  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P align="center"> For the transition period from ______ to ______</P>
<P align="center"> Commission file number: 000-28837 </P>
<P align="center"> <B><font size="5"><u>NEW JERSEY MINING COMPANY</u></font><br>
  </B>(Exact name of registrant as specified in its charter) </P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR align="center" valign="bottom">
	<TD width=50%>
<B><U>Idaho</U></B>&nbsp;
	</TD>
	<TD width=50%>
 &nbsp;<B><U>82-0490295</U></B>&nbsp;
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=50%>
(State or other jurisdiction&nbsp;
	</TD>
	<TD width=50%>
(IRS employer identification no.)&nbsp;
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=50%>
of incorporation)&nbsp;
	</TD>
	<TD width=50%>&nbsp;

	</TD>
</TR>
</TABLE>
<center>
  <BR>
  <B><U>89 Appleberg Road, Kellogg, Idaho 83837<br>
  </U></B>(Address of principal executive offices)
</center>
<P align="center">
Registrant&#8217;s telephone number, including area code: (208) 783-3331 </P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR align="center" valign="bottom">
	<TD width=50%>
<B>Common Stock</B>&nbsp;
	</TD>
	<TD width=50%> <B>The OTC-Bulletin Board</B>&nbsp; </TD>
</TR>
<TR align="center" valign="bottom">
	<TD width=50%>
 &nbsp;Title of each class&nbsp;
	</TD>
	<TD width=50%>
Name and exchange on which registered&nbsp;
	</TD>
</TR>
</TABLE>
<center>
  <BR>
  Indicate by check mark whether the registrant (1) has filed all reports required
  to be filed by Section 13 or 15(D) of the Securities Exchange Act of 1934 during
  the preceding 12 months (or for such shorter period as the registrant was required
  to file such reports), and (2) has been subject to filing requirements for the
  past 90 days.
</center>
<P align="center"> Yes <font size="3" face="WINGDINGS">&#120;</font> No <font size="3" face="WINGDINGS">&#168;</font></P>
<P align="center"> At May 5, 2005, 21,934,500 shares of the registrant&#8217;s
  common stock were outstanding. </P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_2"></A>
<P align="center"> <B>NEW JERSEY MINING COMPANY<br>
  QUARTERLY REPORT ON FORM 10-QSB<br>
  </B><B>FOR THE QUARTERLY PERIOD<br>
  </B><B>ENDED MARCH 31, 2005 </B></P>
<P align="center">
<B>TABLE OF CONTENTS </B></P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="bottom">
    <TD width=84% align=left></TD>
    <TD width=14% align=center> Page</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_3">PART I &#8211; FINANCIAL INFORMATION</a></TD>
    <TD width=14% align=center><a href="#page_3">3</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_3">Item 1: Financial Statements</a></TD>
    <TD width=14% align=center> <a href="#page_3">3</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_6">Item 2: Management&#8217;s Discussion
      and Analysis of Financial Condition and Plan of Operation</a></TD>
    <TD width=14% align=center><a href="#page_6">6</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_7">Item 3: Controls and Procedures</a></TD>
    <TD width=14% align=center><a href="#page_7">7</a></TD>
  </TR>
  <TR valign="bottom">
    <TD width=84% align=left></TD>
    <TD width=14% align=center>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_8">PART II &#8211; OTHER INFORMATION</a></TD>
    <TD width=14% align=center><a href="#page_8">8</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_8">Item 1: Legal Proceedings</a></TD>
    <TD width=14% align=center> <a href="#page_8">8</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_8">Item 2: Changes in Securities</a></TD>
    <TD width=14% align=center> <a href="#page_8">8</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_8">Item 3: Defaults among Senior
      Securities</a></TD>
    <TD width=14% align=center> <a href="#page_8">8</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_8">Item 4: Submission of Matters
      to a Vote of Security Holders</a></TD>
    <TD width=14% align=center> <a href="#page_8">8</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_9">Item 5: Other Information</a></TD>
    <TD width=14% align=center> <a href="#page_9">9</a></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_9">Item 6: Exhibits and Reports on
      Form 8-K</a></TD>
    <TD width=14% align=center> <a href="#page_9">9</a></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#EEEEEE">
    <TD width=84% align=left> <a href="#page_9">SIGNATURES</a></TD>
    <TD width=14% align=center> <a href="#page_9">9</a></TD>
  </TR>
</TABLE>
<P align="center"> [The balance of this page has been intentionally left blank.]</P>
<P align="center"> 2</P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">


<A name="page_3"></A>

<P align="center">
<B>PART I-FINANCIAL INFORMATION </B></P>
<P> <B>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements </B></P>
<P align="center"> <B>NEW JERSEY MINING COMPANY<br>
  </B>(An Exploration Stage Company)<br>
  <B>BALANCE SHEET<br>
  </B><B>March 31, 2005<br>
  </B><B><I>(Unaudited) </I></B></P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD colspan="4" align=center> <B>ASSETS</B>&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> Current assets:&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Cash and cash
      equivalents&nbsp; </TD>
    <TD width=1%> &#36;&nbsp; </TD>
    <TD width=12% align=right> 114,378 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accounts receivable&nbsp;
    </TD>
    <TD width=1% style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 24,814 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Total current assets&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right> 139,192 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR bgcolor="#E6EFFF">
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> Building and equipment&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right> 650,631 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> Mineral properties and deferred development costs&nbsp;
    </TD>
    <TD width=1% style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 852,274 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Total assets&nbsp; </TD>
    <TD width=1% style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 1,642,097 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD colspan="4" align=center> <B>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</B>&nbsp;
    </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> Current liabilities:&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accounts payable&nbsp;
    </TD>
    <TD width=1%> &#36;&nbsp; </TD>
    <TD width=12% align=right> 28,459 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accrued payroll
      and payroll-related expenses&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right> 5,365 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Obligation under
      capital lease, current&nbsp; </TD>
    <TD width=1% style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 13,009 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Total current liabilities&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right> 46,833 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> Accrued reclamation costs&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right> 12,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> Obligation under capital lease, noncurrent&nbsp;
    </TD>
    <TD width=1% style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 54,012 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR bgcolor="#E6EFFF">
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Total liabilities&nbsp; </TD>
    <TD width=1% style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 113,345 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR bgcolor="#E6EFFF">
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> Stockholders&#8217; equity:&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Preferred stock,
      no par value; 1,000,000&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;shares authorized; no shares issued or outstanding&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Common stock,
      no par value; 50,000,000 shares&nbsp; </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;authorized; 21,934,500 shares issued and outstanding&nbsp;
    </TD>
    <TD width=1%>&nbsp; </TD>
    <TD width=12% align=right> 3,154,557 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR bgcolor="#E6EFFF">
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Deficit accumulated
      during the development stage&nbsp; </TD>
    <TD width=1% style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (1,625,805 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
  </TR>
  <TR bgcolor="#E6EFFF">
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Total stockholders&#8217; equity&nbsp; </TD>
    <TD width=1% style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 1,528,752 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR bgcolor="#E6EFFF">
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=81% align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total liabilities
      and stockholders&#8217; equity&nbsp; </TD>
    <TD width=1% style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 1,642,097 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
</TABLE>
<P align="center">
<I>The accompanying notes are an integral part of these financial statements. </I></P>
<P align="center">
3 </P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_4"></A>
<P align="center"> <B>NEW JERSEY MINING COMPANY<br>
  </B>(An Exploration Stage Company)<br>
  <B>STATEMENTS OF OPERATIONS<br>
  </B><B>For the Three-Month Periods ended March 31, 2005 and 2004 and for the
  period from inception <br>
  (July 18, 1996) through March 31, 2005 <br>
  </B><B><I>(Unaudited) </I></B></P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center nowrap> From Inception </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center> (July 18, 1996) </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center> March 31, </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center> March 31, </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center>&nbsp; </TD>
    <TD width=12% align=center> Through </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=1% align=center style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=center style="border-bottom-width:1px;border-bottom-style:solid"> 2005 </TD>
    <TD width=2% align=center style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=center style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=center style="border-bottom-width:1px;border-bottom-style:solid"> 2004 </TD>
    <TD width=2% align=center style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=center style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=center style="border-bottom-width:1px;border-bottom-style:solid"> March 31, 2005 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> Sales of concentrate&nbsp; </TD>
    <TD width=1% align=left> &#36;&nbsp; </TD>
    <TD width=12% align=right> 24,814 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> &#36;&nbsp; </TD>
    <TD width=12% align=right> 24,814 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> Cost of sales&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 38,342 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 38,342 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> Gross profit (loss)&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (13,528 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (13,528 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> Costs and expenses:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;Expenses paid with common stock:&nbsp;
    </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Management
      fees&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 23,313 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 213,712 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Directors
      fees&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 58,450 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Services&nbsp;
    </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 9,800 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> &#36;&nbsp; </TD>
    <TD width=12% align=right> 1,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 44,240 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Exploration&nbsp;
    </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 5,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 25,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp;Exploration expense&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 21,760 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 35,717 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 640,150 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;General and administrative expenses&nbsp;
    </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 89,261 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 58,773 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 571,525 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total operating
      expenses&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 149,634 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 95,990 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 1,553,577 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> Other (income) expense:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;Royalty and other income&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> (432 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> (818 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> (62,250 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp;Write-off of goodwill&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 30,950 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;Write-off of investment&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 90,000 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total other
      (income) expense&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (432 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (818 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 58,700 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> <B>Ne</B><B>t loss</B>&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 162,730 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 95,172 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 1,625,805 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> Net loss per common share-basic&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 0.01 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> Nil </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 0.11 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> Weighted average common&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> shares outstanding-basic&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 21,733,238 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 19,606,478 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 14,583,136 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
</TABLE>
<P align="center">
<I>The accompanying notes are an integral part of these financial statements. </I></P>
<P align="center">
4 </P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_5"></A>
<P align="center"> <B>NEW JERSEY MINING COMPANY<br>
  </B>(An Exploration Stage Company)<br>
  <B>STATEMENTS OF CASH FLOWS<br>
  </B><B>For the Three-Month Periods ended March 31, 2005 and 2004 and for the
  period from inception<br>
  (July 18, 1996) through March 31, 2005<br>
  </B><B><I>(Unaudited)</I></B><B> </B></P>
<TABLE style="font-size:9pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center> </TD>
    <TD width=12% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=12% align=center nowrap> From Inception </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center> </TD>
    <TD width=12% align=center> </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=12% align=center nowrap> (July 18, 1996) </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=center> March 31, </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=1% align=center> </TD>
    <TD width=12% align=center> March 31, </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=2% align=center>&nbsp; </TD>
    <TD width=12% align=center nowrap> Through </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=center style="border-bottom-width:1px;border-bottom-style:solid"> 2005 </TD>
    <TD width=2% align=center style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=center style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=center style="border-bottom-width:1px;border-bottom-style:solid"> 2004 </TD>
    <TD width=2% align=center style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=2% align=center style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=center nowrap style="border-bottom-width:1px;border-bottom-style:solid"> March 31, 2005 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> Cash flows from operating activities:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;Net loss&nbsp; </TD>
    <TD width=1% align=left> &#36;&nbsp; </TD>
    <TD width=12% align=right> (162,730 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=1% align=right> &#36; </TD>
    <TD width=12% align=right> (95,172 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=2% align=left> &#36;&nbsp; </TD>
    <TD width=12% align=right> (1,625,805 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp;Adjustments to reconcile net loss to net
      cash&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;used by operating
      activities:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Depreciation&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 1,898 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 1,898 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Write-off of equipment&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 11,272 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 11,272 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Write-off of goodwill&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 30,950 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Write-off of investment&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 90,000 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Stock issued
      for:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Management fees&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 23,313 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 213,712 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Directors fees&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 58,450 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Services&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 9,800 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=right> 1,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 44,240 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Exploration&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 5,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 25,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Change in&nbsp;
    </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Accounts receivable&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> (24,814 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> (24,814 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Other assets&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 2,346 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 1,722 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accounts payable&nbsp;
    </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 20,348 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=right> 66,630 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 25,489 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Accounts payable to related party&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=right> (1,000 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Accrued payroll and related payroll expenses&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> (350 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 5,365 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Accrued reclamation costs and other liabilities&nbsp;
    </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 12,500 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net cash used by operating activities&nbsp;
    </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (124,689 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (28,042 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (1,129,521 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6EFFF">
    <TD align=left> Cash flows from investing activities:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;Purchases of building and equipment&nbsp;
    </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 5,357 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=right> (85,804 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> (374,783 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp;Purchases of mineral property&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> (5,904 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;Deferral of development costs&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (13,755 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (225,535 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net cash used by investing activities&nbsp;
    </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 5,357 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (99,559 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (606,222 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> Cash flows from financing activities:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;Exercise of stock purchase warrants&nbsp;
    </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 599,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp;Sales of common stock, net of issuance
      costs&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> 85,000 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=right> 373,500 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 1,283,807 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp;Principal payments on capital lease&nbsp;
    </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right> (3,054 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> (51,455 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp;Payments on note payable to bank&nbsp;
    </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> (20,000 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid"> )&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Net cash provided by financing
      activities&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 81,946 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 373,500 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 1,811,852 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> Cash of acquired companies&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 38,269 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> Net change in cash&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=right>(37,386 </TD>
    <TD width=2% align=left> )&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=right> 245,899 </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=right> 114,378 </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> Cash, beginning of period&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 151,764 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:1px;border-bottom-style:solid"> </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 346,268 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:1px;border-bottom-style:solid"> 0 </TD>
    <TD width=2% align=left style="border-bottom-width:1px;border-bottom-style:solid">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> Cash, end of period&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 114,378 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=right style="border-bottom-width:4px;border-bottom-style:double"> &#36; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 592,167 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 114,378 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> Interest paid in cash&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 1,725 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=12% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 4,767 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> Non-cash investing and financing activities:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp;Common stock issued for:&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=1% align=left> </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=12% align=left> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Buildings
      and equipment&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=12% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 3,000 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Mineral properties
      and deferred development costs&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 65,000 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=12% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 264,300 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Acquisitions
      of companies, excluding cash&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=12% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double"> &#36;&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 743,653 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E7EFFF">
    <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Capital lease
      obligation for equipment acquired&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=12% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=1% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=12% align=left style="border-bottom-width:4px;border-bottom-style:double"> </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
    <TD width=12% align=right style="border-bottom-width:4px;border-bottom-style:double"> 93,275 </TD>
    <TD width=2% align=left style="border-bottom-width:4px;border-bottom-style:double">&nbsp; </TD>
  </TR>
</TABLE>
<P align="center"> The accompanying notes are an integral part of these financial
  statements. </P>
<P align="center">5 </P>

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<A name="page_6"></A>
<P> <B>NEW JERSEY MINING COMPANY <br>
  NOTES TO FINANCIAL STATEMENTS </B><br>
  <B><I>(Unaudited</I></B><B><I>) </I></B></P>
<P> <B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation: </B></P>
<P align="justify"> The unaudited financial statements have been prepared by the
  Company in accordance with accounting principles generally accepted in the United
  States of America for interim financial information, as well as the instructions
  to Form 10-QSB. Accordingly, they do not include all of the information and
  footnotes required by generally accepted accounting principles for complete
  financial statements. In the opinion of the Company&#8217;s management, all
  adjustments (consisting of only normal recurring accruals) considered necessary
  for a fair presentation of the interim financial statements have been included.
  Operating results for the three-month period ended March 31, 2005 are not necessarily
  indicative of the results that may be expected for the full year ending December
  31, 2005. </P>
<P align="justify"> For further information refer to the financial statements
  and footnotes thereto in the Company&#8217;s Annual Report on Form 10-KSB for
  the year ended December 31, 2004. </P>
<P> <B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Business </B></P>
<P align="justify"> New Jersey Mining Company (&#8220;the Company&#8221;) was
  incorporated as an Idaho corporation on July 18, 1996. The Company's primary
  business is exploring for and developing gold, silver and base-metal resources
  in Idaho. </P>
<P> <B>Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis
  of Financial Condition and Plan of Operation</B> </P>
<P>
<B><I>General </I></B></P>
<P align="justify"> This report contains both historical and prospective statements
  concerning the Company and its operations. Prospective statements (known as
  "forward-looking statements") may or may not prove true with the passage of
  time because of future risks and uncertainties. The Company cannot predict what
  factors might cause actual results to differ materially from those indicated
  by prospective statements. </P>
<P>
<B><I>Plan of Operation </I></B></P>
<P align="justify"> The Company is executing its plan to continue exploration
  for gold, silver and base metal deposits in the greater Coeur d&#8217;Alene
  Mining District of northern Idaho. The Company has three advanced-stage properties
  with reserves. One of the properties, the Silver Strand, owned by the Company
  is in the advanced permitting stage with the U.S. Forest Service (USFS) and
  will be readied for production once operating permits are received. A Decision
  Notice has been issued by the USFS indicating a Finding of No Significant Impact
  of the Silver Strand mining operation, but the Decision is still subject to
  appeal thus delaying any work at the mine. At the Golden Chest mine production
  commenced in May 2005 from the Katie Dora vein which was developed by a ramp
  in 2004. It is planned to mine about 4,000 tonnes grading 13 grams/tonne gold
  in 2005 from the Katie Dora reserves. The third advanced property, the Coleman
  vein in the New Jersey Area of Interest has an open pit which can be operated
  to fill out the </P>
<P align="center">6 </P>

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<A name="page_7"></A>

<P align="justify"> mill production capacity. It is planned to mine and process
  about 2,000 tonnes grading 3 grams/tonne gold from the Coleman pit in 2005.
</P>
<P align="justify"> The Company has upgraded its mineral processing plant, the
  New Jersey mill, to add the flotation process which was needed to produce marketable
  concentrates for buyers. The mill has been successfully commissioned and sulfide
  concentrates were produced and sold to Barrick Goldstrike Mines, Inc. in Nevada.
  Other gold-bearing products are produced and sold to gold refiners. Currently,
  the mill is starting to process ore produced at the Golden Chest mine. Ore from
  the Coleman open pit will be used to fill the mill operating schedule. </P>
<P align="justify"> An exploration drilling program may be executed in 2005 depending
  on the availability of funding. Drilling would be done at the Golden Chest mine
  to test the continuity of deep mineralization discovered in 2004 on the Idaho
  vein. Drilling would also be done at the Scotch Thistle prospect in the New
  Jersey Area of Interest where higher grade gold mineralization was discovered
  in 2004. A third drilling project may be executed at the Silver Button prospect
  discovered in 2004.</P>
<P align="justify"> The Company has sufficient funding to execute the planned
  production schedule for the next 12 months, as well as fund necessary management
  tasks such as auditing/accounting and SEC reporting. However, additional funding
  would be needed to execute the exploration plan or fund the development of the
  Silver Strand mine in 2005, should final approvals be obtained. Plans are being
  reviewed to secure additional funding. </P>
<P>
The Company currently has seven employees and uses consultants or contractors for project tasks. Up to three additional employees may be hired if the production schedule is increased. </P>
<P> <B>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures </B></P>
<P align="justify"> An evaluation was performed by the Company&#8217;s president
  and principal financial officer of the effectiveness of the design and operation
  of the Company&#8217;s disclosure controls and procedures. And on that evaluation,
  the Company&#8217;s president and principal financial officer concluded that
  disclosure controls and procedures were effective as of March 31, 2005, in ensuring
  that all material information required to be filed in this quarterly report
  has been made known to them in a timely fashion. </P>
<P align="justify"> There has been no change in the Company&#8217;s internal controls
  over financial reporting during the quarter ended March 31, 2005, that has materially
  affected, or is reasonably likely to materially affect, the Company&#8217;s
  internal controls over financial reporting. </P>
<P align="center"> [The balance of this page has been intentionally left blank.]</P>
<P align="center"> 7 </P>

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<A name="page_8"></A>

<P align="center"> <B>PART II - OTHER INFORMATION</B> </P>
<P> <B>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings </B></P>
<P>
None </P>
<P> <B>Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in Securities</B> </P>
<P align="justify"> Neither the constituent instruments defining the rights of
  the registrant&#8217;s securities filers nor the rights evidenced by the registrant&#8217;s
  outstanding common stock have been modified, limited or qualified.</P>
<P align="justify"> In February 2005, the Company sold 9,100 units for &#36;0.55
  to an accredited investor. Each unit consisted of one share of common stock
  plus one-half of a warrant with each full warrant exercisable to purchase a
  share of common stock for &#36;0.80 until April 1, 2006. In March 2005, the
  Company sold 200,000 units for &#36;0.40 to an accredited investor. Each unit
  consisted of one share of common stock plus one warrant exercisable to purchase
  a share of common stock for &#36;0.60 until April 1, 2007. The securities issued
  in both of these transactions were issued pursuant to exemptions from registration
  under Section 4(2) and Rule 506 of Regulation D of the Securities Act of 1933
  as amended. </P>
<P align="justify"> On January 3, 2005, the Company exercised the Option to Lease
  the Golden Chest mine in accordance with the exploration agreements with Metaline
  Contact Mines and Prichard Creek Resource Partners LLC. The Company issued 130,000
  shares of restricted common stock upon the signing of these leases and the securities
  were issued pursuant to exemptions from registration under Section 4(2) and
  Rule 506 of Regulation D of the Securities Act of 1933 as amended. </P>
<P align="justify"> The Company issued 46,625 shares of restricted common stock
  to President Fred W. Brackebusch for management services rendered in the first
  quarter of 2005. A price of &#36;0.50 per share was used to calculate the number
  of shares to be issued. The securities were issued pursuant to exemptions from
  registration under Section 4(2) and Rule 506 of Regulation D of the Securities
  Act of 1933 as amended. </P>
<P align="justify"> In January 2005, the Company issued 10,000 units at a price
  of &#36;0.55 to sophisticated investors for exploration services related to
  a geophysical survey at the Silver Strand mine. Each unit consisted of one share
  of common stock plus one-half of a warrant with each full warrant exercisable
  to purchase a share of common stock for &#36;0.80 until April 1, 2006. The securities
  were issued pursuant to exemptions from registration under Section 4(2) and
  Rule 506 of Regulation D of the Securities Act of 1933 as amended. </P>
<P align="justify"> During the first quarter of 2005, the Company issued 17,975
  shares at an average price of &#36;0.55 to various accredited and sophisticated
  individuals for services performed. The securities were issued pursuant to exemptions
  from registration under Section 4(2) and Rule 506 of Regulation D of the Securities
  Act of 1933 as amended. </P>
<P> <B>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities </B></P>
<P>
The registrant has no outstanding senior securities. </P>
<P> <B>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of
  Security Holders </B></P>
<P>None</P>
<P align="center"> 8 </P>

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<A name="page_9"></A>
<P> <B>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information </B></P>
<P>
None </P>
<P> <B>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Reports on Form 8-K </B></P>
<P> Exhibits </P>
<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr bgcolor="#EEEEEE">
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><a href="exhibit31-1.htm">31.1</a></td>
    <td><a href="exhibit31-1.htm">Section 302 Certification of Chief Executive
      Officer and Chief Financial Officer </a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#EEEEEE">
    <td valign="top">&nbsp;</td>
    <td valign="top"><a href="exhibit32-1.htm">32.1</a></td>
    <td><a href="exhibit32-1.htm">Section 906 Certification of Chief Executive
      Officer and Chief Financial Officer</a> </td>
  </tr>
</table>
<P>
Reports on Form 8-K. </P>
<P>
None </P>
<P align="center"> <B>SIGNATURES </B></P>
<P align="justify"> Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned thereunto duly authorized.</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="bottom">
    <TD width=50% align=center>&nbsp; </TD>
    <TD colspan=2><B>NEW JERSEY MINING COMPANY</B>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="50%">&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left>&nbsp;</TD>
    <TD width=5% align=left> &nbsp;By:&nbsp; </TD>
    <TD align=left> <U>/s/ Fred W. Brackebusch</U>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="50%">&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=50%>&nbsp; </TD>
    <TD align=center width=5%>&nbsp;</TD>
    <TD>Fred W. Brackebusch, its </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left>&nbsp;</TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD align=left> President, Treasurer, &amp; Director&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left>&nbsp;</TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD align=left> Date: May 14, 2005&nbsp; </TD>
  </TR>
  <TR>
    <TD width="50%">&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="50%">&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left>&nbsp;</TD>
    <TD width=5% align=left> By:&nbsp; </TD>
    <TD align=left> <U>/s/ Grant A. Brackebusch</U>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="50%">&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center width=50%>&nbsp; </TD>
    <TD align=center width=5%>&nbsp;</TD>
    <TD>Grant A. Brackebusch, its </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left>&nbsp;</TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD align=left> Vice President &amp; Director&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=50% align=left>&nbsp;</TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD align=left> May 14, 2005&nbsp; </TD>
  </TR>
</TABLE>
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9 </P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>exhibit31-1.htm
<DESCRIPTION>SECTION 302 CERTIFICATION OF CEO AND CFO
<TEXT>
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<TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - New Jersey Mining Company - Exhibit 31.1</TITLE>

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<FONT style="font-size: 10pt;">
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<p align="center"><b>Certification</b></p>
<p> I, Fred W. Brackebusch, certify that: </p>
<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top">(1)</td>
    <td colspan="2" valign="top">I have reviewed this quarterly report on Form
      10-QSB of New Jersey Mining Company.</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">(2)</td>
    <td colspan="2" valign="top"><div align="justify">Based on my knowledge, this
        report does not contain any untrue statement of a material fact or omit
        to state a material fact necessary to make the statements made, in light
        of the circumstances under which such statements were made, not misleading
        with respect to the period covered by this report; </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">(3)</td>
    <td colspan="2" valign="top"> <div align="justify">Based on my knowledge,
        the financial statements, and other financial information included in
        this report, fairly present in all material respects the financial condition,
        results of operations and cash flows of the Registrant, as of, and for,
        the periods presented in this report; </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">(4)</td>
    <td colspan="2" valign="top"> <div align="justify">I am responsible for establishing
        and maintaining disclosure controls and procedures (as defined in Exchange
        Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:
      </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">(a)</td>
    <td> <div align="justify">Designed such disclosure controls and procedures,
        or caused such disclosure controls and procedures to be designed under
        my supervision, to ensure that material information relating to the small
        business issuer, including its consolidated subsidiaries, is made known
        to me by others within those entities, particularly during the period
        in which this report is being prepared;</div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">(b)</td>
    <td>not required </td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">(c)</td>
    <td><div align="justify">Evaluated the effectiveness of the small business
        issuer's disclosure controls and procedures and presented in this report
        my conclusions about the effectiveness of the disclosure controls and
        procedures, as of the end of the period covered by this report based on
        such evaluation; and </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">(d)</td>
    <td><div align="justify">Disclosed in this report any change in the small
        business issuer's internal control over financial reporting that occurred
        during the small business issuer's most recent fiscal that has materially
        affected, or is reasonably likely to materially affect, the small business
        issuer's internal control over financial reporting.</div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">(5)</td>
    <td colspan="2" valign="top"><div align="justify">I have disclosed, based
        on our most recent evaluation, to the audit committee of the Registrant's
        board of directors:</div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">(a)</td>
    <td><div align="justify">All significant deficiencies and material weaknesses
        in the design or operation of internal control over financial reporting,
        which are reasonably likely to adversely affect the small business issuer's
        ability to record, process, summarize and report financial information;
        and </div></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">(b)</td>
    <td><div align="justify">Any fraud, whether or not material, that involves
        management or other employees who have a significant role in the small
        business issuer's internal control over financial reporting. </div></td>
  </tr>
</table>
<P>Date: <u>May 14, 2005</u><br>
  <u>By /s/ FRED W. BRACKEBUSCH</u><br>
  Fred W. Brackebusch, President, Treasurer &amp; Director </P>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>3
<FILENAME>exhibit32-1.htm
<DESCRIPTION>SECTION 906 CERTIFICATION OF CEO AND CFO
<TEXT>
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<TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - New Jersey Mining Company - Exhibit 32.1</TITLE>

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<BODY bgcolor="#FFFFFF">
<FONT style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">
<P align="center"><B>CERTIFICATION PURSUANT TO<br>
  </B><B>18 U.S.C. SECTION 1350,<br>
  AS ADOPTED PURSUANT TO<br>
  </B><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></P>
<P align="justify"> In connection with the Quarterly Report of New Jersey Mining
  Company, (the "Company") on Form 10-QSB for the period ending March 31, 2005,
  as filed with the Securities and Exchange Commission on the date hereof (the
  "Report"), I, Fred W. Brackebusch, President, Treasurer and Director of New
  Jersey Mining Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted
  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: </P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR>
    <TD nowrap valign=top> (1)&nbsp; &nbsp; &nbsp; </TD>
    <TD> <div align="justify">The Report fully complies with the requirements
        of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
      </div></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top> (2)&nbsp; &nbsp; &nbsp; </TD>
    <TD> <div align="justify">The information contained in the Report fairly presents,
        in all material respects, the financial condition and results of operations
        of the Company. </div></TD>
  </TR>
</TABLE>
<P> Date: <U>May 14, 2005</U> </P>
<P> <U>By /s/ FRED W. BRACKEBUSCH</U> <br>
  Fred W. Brackebusch, President, Treasurer, &amp; Director</P>
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