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8-K Filing: New Jersey Mining CEO R. Patrick Highsmith To Receive $17K/Month Salary, 500K Option Award

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  • From 8-K:

Effective December 1, 2014, the Board of Directors of New Jersey Mining Company (the “Company”) appointed Mr. R. Patrick Highsmith as the Company’s new President and Chief Executive Officer. Mr. Highsmith will also serve as a member of the Company’s Board of Directors. Mr. Highsmith served as lead advisor to Juniper Resources LLC, the lessees and developers of the Company’s Golden Chest Mine. He managed marketing and business development for Juniper, including the identification and evaluation of mining projects for their production potential. Additionally, Mr. Highsmith was directly involved in the financial modeling and planning at Golden Chest, providing technical oversight on quality assurance, concentrate sales, and laboratory services.

Mr. Highsmith has served in executive, managerial, and technical roles at several companies. In recent years, he was CEO of Canadian-listed companies: Bellhaven Copper & Gold and Lithium One. He has acted as director of several other public and private junior companies. Prior to that, he was Manager of Global Exploration & Business Development at Newmont Mining, where he led technical teams through project evaluations around the globe, taking a primary role in the delivery of several projects into the Newmont portfolio. He also held technical positions at ALS Laboratories, BHP Billiton, and Kennecott. Mr. Highsmith has a B.Sc. in Geological Engineering and a M.Sc. in Economic Geology (Geochemistry) from the Colorado School of Mines.

Mr. Highsmith is not related by blood or marriage to any of the Company’s directors or executive officers or any persons nominated by the Company to become directors or executive officers.

Mr. Highsmith’s arrangement with the Company includes a twelve month employment contract as Chief Executive Officer and President by which he will receive the following for his services:

·
$17,000 monthly base salary;

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An equity option award comprised of 500,000 options to purchase 500,000 restricted common shares of the Company, which will vest immediately, with an exercise price of $0.11 per share, exercisable for a period of two years.

Resignation of Chief Executive Officer and President

Simultaneously with the appointment of Mr. Highsmith, on December 1, 2014, the Company’s Chief Executive Officer Mr. Del Steiner, and the Company’s President Mr. John Swallow, tendered their resignation from their respective officer positions, effective immediately on such date. Mr. Steiner and Mr. Swallow will continue to serve on the Company’s Board of Directors for the foreseeable future. Mr. Steiner will remain as the Company’s Chairman of the Board.

 

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