New Jersey Mine Merger Approved
Shareholders in the Plainview Mining Co. this week approved a merger with New Jersey Mining Co. of Kellogg, Idaho.
New Jersey now holds 59 percent of outstanding Plainview shares, said Fred Brackebusch, president of the Kellogg mining firm.
“The first step is to take over Plainview’s listing on the over-the-counter bulletin board,” Brackebusch said, adding that the Nasdaq presence is expected to help the company raise money for exploration at its New Jersey Mine - a gold project with the prospect of silver intercepts.
Based on potential reserves of 500,000 ounces of gold, New Jersey believes the project has potential for up to 4 million tons of ore.
New Jersey also acquires a 17.5 percent interest in a Plainview silver property leased to Coeur d’Alene Mines in 1979.