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New Jersey Mining sells Toboggan gold project to Hecla unit for US$3M

New Jersey Mining Co. said May 21 that it sold its Toboggan gold project in Idaho to Hecla Mining Co. unit Hecla Silver Valley Inc. for US$3 million in cash.

The property includes surface rights to the Little Baldy patented claims and covers 106 unpatented mining claims totaling over 2,100 acres. The Hecla unit also acquired the project's database, which was generated by New Jersey Mining and Newmont Mining Corp. when the companies were joint venture partners over Toboggan from 2008 through 2010.

New Jersey Mining will retain a 2% net smelter royalty over the project, and half of that royalty may be repurchased for US$1 million.