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 September 30, 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
October 11, 2001 was   12,947,240 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 nine month period
ended September 30, 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 $493 for the current quarter compared to $1,722 at the end
of the last fiscal year and $1,831 for the quarter ending September 30, 2000.
Capital lease obligations declined from $13,450 one year ago to $8,919 in the
current quarter because of lease payments made.  During the quarter a
royalty-work commitment for the Silver Strand mine was transferred from Trend
Mining Co. to an affiliate, thus reducing any future potential problems with
meeting the work commitments.  Also, the Company acquired the Roughwater
copper-gold-PGE property through an exchange of stock.

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 lessee 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 lessee and monthly payments due from the lessee
of the CAMP project.

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

                                  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
None

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

                         NEW JERSEY MINING COMPANY

                       INDEX TO FINANCIAL STATEMENTS

                                                                        Page

Balance Sheets as of September 30, 2001 and September 30, 2000.        F/S-1

Statements of Operations for the nine months ended
September 30, 2001 and 2000.                                           F/S-2

Statements of Cash Flow for the nine months ended
September 30, 2001 and 2000.                                           F/S-3

Notes to Interim Financial Statements                                  F/S-4

<TABLE>

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

ASSETS

                                          Sept 30      Sept 30
                                           2001         2000
                                          --------    ---------
       <S>                              <C>           <C>
       Current Assets
              Cash                       $    493      $  1,831

       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                $  3,000      $  8,000

              Investment in Silver
              Strand                     $ 74,704

              Mining Reclamation Bond    $  2,196      $  2,073

              Goodwill                   $ 30,950      $ 30,950

       Total Assets                      $472,654      $404,165
</TABLE>

<TABLE>
LIABILITIES AND STOCKHOLDERS EQUITY
       <S>                              <C>           <C>
       Current Liabilities

              Accounts Payable &
              accrued expenses          $      0      $      0

             Current Maturities of
             Capital Lease Obligations  $  4,245      $  4,964

       Total Current Liabilities        $  4,245      $  4,964

       Capital Lease Obligations
       (less current maturities)        $  4,674      $  8,486

       Total Liabilities                $  8,919      $ 13,450

       Stockholders Equity

       Preferred Stock
       No shares issued

       Common Stock
       No Par Value, 20,000,000 shares authorized

<PAGE>
       2001 Sept 30, 2001
       14,894,984 Issued                $ 720,899

       2000 Sept 30, 2000
       13,545,334 Issued                               $ 647,836

       Treasury Stock                   $(136,300)     $(136,300)
       (1,947,744 shares)


       Retained Earnings                $ (44,229)     $ (23,738)

       Deficit Accumulated in
       the Development Stage            $ (74,879)     $ (74,879)

       Net Income                       $  (1,756)     $ (22,204)

       Total Stockholders Equity        $ 463,735      $ 390,715

       Total Liabilities and
       Stockholders Equity              $ 472,654      $ 404,165
</TABLE>

                                   F/S-1
<PAGE>





<TABLE>
                              STATEMENT OF OPERATIONS

                                        Sept 30       Sept 30
                                         2001          2000
                                        --------      -------
<S>                                    <C>           <C>
Revenues                               $   1,847     $(15,031)

Operating and Administrative Expenses  $   3,603     $ (7,173)

Net Income from Operations(Loss)       $  (1,756)    $(22,204)

Loss on Devaluation of Investments     $    -0-      $     -0-

Net Gain (Loss)                        $  (1,756)    $(22,204)

Basic Earnings (Loss) Per Share        $  (0.000)     $(0.002)

</TABLE>

                                   F/S-2
<PAGE>

<TABLE>
                             STATEMENT OF CASH FLOWS

                                        Sept 30        Sept 30
                                          2001          2000
                                        --------       -------
<S>                                   <C>             <C>
INCREASE (DECREASE) IN CASH

Cash Flows From Operating Activities
       Net Income (Loss)               $  (1,756)      $(22,204)

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

       Capital Loss on sale of stock   $   2,608      $  22,414

       Decrease in accounts payable
       and accrued expenses            $      0       $       0

       Net cash from operating
       activities                      $     852      $     210

Cash Flows From Investing Activities

       Proceeds from sale of
       investments                     $   1,392      $   7,586

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

       Net cash from investing
       activities                      $   1,269      $   7,235

Cash Flows From Financing Activities

       Principal payments on capital
       lease obligations               $  (3,400)     $  (5,896)

       Net cash provided by
       financing activities            $  (3,400)     $  (5,896)

Net Increase (Decrease) in Cash        $  (1,279)     $   1,549

Cash, Beginning of Year                $   1,772      $     282

Cash, End of 3rd Quarter               $     493      $   1,831


                                   F/S-3
<PAGE>
</TABLE>

                         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 nine month period
ended September 30, 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 lesser 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: November 5, 2001                By /s/ FRED W. BRACKEBUSCH
      -----------------               ---------------------------------
                                      Fred W. Brackebusch, President,
                                      Treasurer & Director


Date: November 5, 2001                By /s/ GRANT A. BRACKEBUSCH
      ------------------              ---------------------------------
                                      Grant A. Brackebusch, Vice President &
                                      Director