SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549

                                 FORM 10-QSB

        QUARTERLY REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE
                                 ACT OF 1934

                 For the quarterly period ended March 31, 2001

                         NEW JERSEY MINING COMPANY
                         --------------------------
                (Name of small business issuer in its charter)

IDAHO                                                82-0490295
---------------------------            -----------------------------------
(State or other jurisdiction           (I.R.S. Employer Identification No.)
of incorporation or organization)

P.O. Box 1019     (Street: 89 Appleberg Road)
Kellogg, Idaho                                                  83837
-------------------------------------------                -----------
(Address of principal executive offices)                     (Zip Code)

(208)783-3331
---------------------------
Issuer's telephone number


Securities registered under Section 12(b) of the  Act: None

      Common                                           OTCBB
-------------------                        ------------------------------
Title of each class                   Name of each exchange on which registered


            Securities registered under Section 12(g) of the Act:

                      Common Stock- No Par Value
                       --------------------------
                            Title of Class

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
 Yes   XX   No       .
------    ------


The number of outstanding shares of the registrant's common stock at March 7,
2001 was   11,622,790 shares
           -----------------






<PAGE>

                           TABLE OF CONTENTS
                                                                        Page
                     PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements                                              2
Item 2.  Management's Discussion and Analysis                              2

                      PART II - OTHER INFORMATION

Item 1.  Legal Proceedings                                                 3
Item 2.  Changes in Securities                                             3
Item 3.  Defaults Upon Senior Securities                                   3
Item 4.  Submission of Matters to a Vote of Security Holders               3
Item 5.  Other Information                                                 3
Item 6.  Exhibits and Reports on Form 8-K                                  3













































<PAGE>

                                    PART I

                                    ITEM 1.

                             FINANCIAL STATEMENTS


The unaudited financial statements of the Company for the periods covered by
this report are included elsewhere in this report, beginning at page F/S-1.
The unaudited financial statements have been prepared by the Company in
accordance with generally accepted accounting principles for interim financial
information with the instructions to Form 10-QSB and Item 310(b) of
Regulation S-B.  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's management, all
adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. Operating results for the three month
period ended March 31, 2001 are not necessarily indicative of the results that
may be expected for the full year ending December 31, 2001.

For further information refer to the financial statements and footnotes
thereto in the Company's Annual Report on Form 10-KSB for the year ended
December 31, 2000 incorporated by reference herein.

                                  ITEM 2.

        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                          AND RESULTS OF OPERATIONS

Cash decreased to $1,202 for the current quarter compared to $1,722 at the end
of the last fiscal year and $1,787 for the quarter ending March 31, 2000.
Investment in ConSil Corporation declined from $35,000 one year ago to $7,000
in the current quarter due to  the sale of stock later in the year 2000.
Investment in the Silver Strand mine occurred after the first quarter of 2000
so "other-assets" are greater in the current quarter.  Capital lease
obligations declined from $10,860 one year ago to $6,645 in the current
quarter because of lease payments made.

The Company currently leases the New Jersey mill and mine facilities to the
largest shareholder. Should gold and silver prices rise from the current low
levels, the Company may be able to resume financing activities.  The Company
would be able to end the lease arrangement with the current lesee and resume
construction of the mineral processing plant, exploration, and mining
activities.  It is planned to meet cash requirements in the foreseeable future
from royalty payments by the lesee.

The company is involved in exploring for and developing gold, silver and base
metal ore resources in the Coeur d'Alene Mining District of northern Idaho.
The Company has a portfolio of four mineral properties in the Coeur d'Alene
Mining District: the New Jersey mine, the Silver Strand mine, the CAMP project
and the Wisconsin-Teddy project. The New Jersey mine and the Silver Strand
mine are the Company's development stage properties while the other two
properties are exploration stage properties.

For a more complete description of the Company's properties refer to the
Company's Annual Report on Form 10-KSB for the year ended December 31, 2000.




<PAGE>

                                  PART II

                                  ITEM 1.

                            LEGAL PROCEEDINGS

The Company is not currently involved in any legal proceedings and is not
aware of any pending or potential legal actions.

                                  ITEM 2.

                          CHANGES IN SECURITIES

Neither the constituent instruments defining the rights of the registrant's
security holders nor the rights evidenced by the registrant's outstanding
common stock have been modified, limited or qualified.

                                  ITEM 3.

                      DEFAULTS UPON SENIOR SECURITIES

The registrant has no outstanding senior securities.

                                  ITEM 4.

              SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to a vote of the registrant's security holders
during the period covered by this report.

                                  ITEM 5.

                            OTHER INFORMATION

None.

                                  ITEM 6.

                     EXHIBITS AND REPORTS ON FORM 8-K

Exhibits

Reports on Form 8-K

No reports on Form 8-K were filed by the registrant during the period covered
by this report.














<PAGE>
                         NEW JERSEY MINING COMPANY

                       INDEX TO FINANCIAL STATEMENTS

                                                                        Page

Balance Sheets as of March 31, 2001 and March 31, 2000                 F/S-1

Statements of Operations for the three months ended
March 31, 2001 and 2000.                                               F/S-2

Statements of Cash Flow for the three months ended
March 31, 2001 and 2000.                                               F/S-3

Notes to Interim Financial Statements                                  F/S-4














































<PAGE>
                          NEW JERSEY MINING COMPANY
                        (A Development Stage Company)
                                BALANCE SHEET

<TABLE>
ASSETS

                                          Mar. 31      Mar. 31
                                           2001         2000
                                          --------     ---------
       <S>                              <C>           <C>
       Current Assets
              Cash                       $  1,202      $  1,787
       Property & Equipment
              Building                   $ 33,894      $ 33,894
              Equipment                  $246,536      $246,536
       Other Assets
              Deferred Development
              Costs                      $ 80,881      $ 80,881
              Investment in Consil
              Corporation                $  7,000      $ 35,000
              Investment in Silver
              Strand                     $ 74,704
              Mining Reclamation Bond    $  2,196      $  2,073
              Goodwill                   $ 30,950      $ 30,950
       Total Assets                      $477,363      $431,121

LIABILITIES AND STOCKHOLDERS EQUITY

       Current Liabilities
              Accounts Payable &
              accrued expenses          $      0      $      0
             Current Maturities of
             Capital Lease Obligations  $  6,645      $ 10,860
       Total Current Liabilities        $  6,645      $ 10,860

       Capital Lease Obligations
       (less current maturities)        $  5,675     $  8,486

       Total Liabilities                $ 12,320      $ 19,346

       Stockholders Equity
       Preferred Stock
       No shares issued
       Common Stock
       No Par Value, 20,000,000 shares authorized
       2001 Mar. 31, 2001
       13,569,434 Issued                $ 720,899
       2000 Mar. 31, 2000
       13,457,334 Issued                               $ 647,836
       Treasury Stock                   $(136,300)     $(136,300)
       (1,947,744 shares)
       Retained Earnings                $ (44,677)     $ (24,882)
       Deficit Accumulated in
       the Development Stage            $ (74,879)     $ (74,879)
       Total Stockholders Equity        $ 465,043      $ 411,775
       Total Liabilities and
       Stockholders Equity              $ 477,363      $ 431,121
</TABLE>

                                   F/S-1
<PAGE>


                              STATEMENT OF OPERATIONS

<TABLE>
                                        Mar. 31       Mar. 31
                                         2001          2000
                                        --------      -------
<S>                                    <C>           <C>
Revenues                               $    449      $  (789)

Operating and Administrative Expenses  $   (896)     $  (355)

Net Income from Operations(Loss)       $   (447)     $ (1,144)

Loss on Devaluation of Investments     $    -0-      $      0

Net Loss                               $   (447)     $ (1,144)

Basic Earnings (Loss) Per Share        $  (0.00)     $  (0.00)

</TABLE>






































                                   F/S-2
<PAGE>

                         STATEMENT OF CASH FLOWS

<TABLE>
                                        Mar. 31        Mar. 31
                                          2000          2001
                                        --------       -------
<S>                                   <C>             <C>
INCREASE (DECREASE) IN CASH

Cash Flows From Operating Activities
       Net Income (Loss)               $   (447)      $ (1,144)

Adjustment to reconcile net loss
to net cash used in Operating Activities:

       Capital Loss on sale of stock   $      0       $  1,480

       Decrease in accounts payable
       and accrued expenses            $      0       $      0

       Net cash from operating
       activities                      $      0       $    336

Cash Flows From Investing Activities

       Additions to property and
       equipment                       $      0      $       0

       Proceeds from sale of
       investments                     $             $   1,520

       Increase in Reclamation Bond    $   (123)     $    (351)

       Net cash from investing
       activities                      $   (123)     $   1,169

Cash Flows From Financing Activities

       Principal payments on capital
       lease obligations               $      0       $      0

       Net cash provided by
       financing activities            $      0       $      0

Net Increase (Decrease)in Cash         $   (570)      $  1,505

Cash, Beginning of Quarter             $   1,772      $    282

Cash, End of Quarter                   $   1,202      $  1,787
</TABLE>









                                   F/S-3
<PAGE>


                         NEW JERSEY MINING COMPANY

                NOTES TO INTERIM FINANCIAL STATEMENTS - UNAUDITED

These unaudited financial statements have been prepared by the Company in
accordance with generally accepted accounting principles for interim financial
information with the instructions to Form 10-QSB and Item 310(b) of Regulation
S-B.  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's management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three month period
ended March 31, 2001 are not necessarily indicative of the results that may be
expected for the full year ending December 31, 2001. For further information
refer to the financials statements and footnotes thereto in the Company's
Annual Report on Form 10-KSB for the year ended December 31, 2000 incorporated
by reference herein.

Note 1 - Form and Organization

New Jersey Mining Company (the company) is a corporation organized under the
laws of the State of Idaho on  July 18, 1996.  The Company was dormant until
December 31,1996, when all of the assets and liabilities of the New Jersey
Joint Venture ( a partnership) were transferred to the Company in exchange for
10,000,000 shares of common stock. The New Jersey Joint Venture, a
partnership, was formed in 1994 to develop the New Jersey mine.

Note 2 - Leases of Mining Claims

The Company has been assigned mining leases with Gold Run Gulch Mining Company
and William Zanetti.  The leases provide for the Company's exploration,
development and mining of minerals on patented and unpatented claims through
October 2008 and thereafter as long as  mining operations are deemed
continuous.  The leases provide for production royalties of 5% of net sales of
ores or concentrates. Additional production royalties of 1% to 5% are due if
gold exceeds $578 per troy ounce. Also, annual advance royalties totaling
$2,900 are required under the leases. The advance royalties, charged to
expenses as incurred, are accumulated and will be credited against the
production royalty obligations. The lessor may terminate the leases upon the
Company's failure to perform under these terms of the leases.  The Company may
also terminate the leases at any time.  Mine Systems Design, Inc., the
majority shareholder of New Jersey Mining Company - 66.6%, has  agreed to
fulfill all mineral lease requirements necessary for mineral lease permits.















                                  F/S-4

SIGNATURES

In accordance with the requirements of the Exchange Act, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.

                                      New Jersey Mining Company

Date: May 4, 2001                     By /s/  FRED W. BRACKEBUSCH
      -----------------               ---------------------------------
                                      Fred W. Brackebusch, President,
                                      Treasurer & Director


Date: May 4, 2001                     By /s/ GRANT A. BRACKEBUSCH
      ------------------              ---------------------------------
                                      Grant A. Brackebusch, Vice President &
                                      Director

<PAGE>