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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2008

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 000-28837

NEW JERSEY MINING COMPANY(Exact name of registrant as specified in its charter)

|Idaho                        | 82-0490295                       
|---------------------------- | ---------------------------------
|(State or other jurisdiction | (IRS employer identification no.)
|of incorporation)            |                                  

89 Appleberg Road, Kellogg, Idaho 83837(Address of principal executive offices)

Registrants telephone number, including area code:
**(208) 783-3331**

|Common Stock        | The OTC-Bulletin Board               
|------------------- | -------------------------------------
|Title of each class | Name and exchange on which registered

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(D) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
as the registrant was required to file such reports), and (2) has been
subject to filing requirements for the past 90 days. Yes [X]  
No [   ]

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act) Yes [  
]   No [X]

On May 1, 2008 36,010,192 shares of the registrants common
stock were outstanding.

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company. See definitions of large accelerated filer,
accelerated filer and small reporting company in Rule 12b-2 of the
Exchange Act.

Large Accelerated Filer [   ]
    Accelerated
      Filer                
      [   ]Non-Accelerated Filer   [   ]
    Smaller reporting company
[X]


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NEW JERSEY MINING COMPANY QUARTERLY REPORT ON FORM 10-QFOR THE QUARTERLY PERIODENDED MARCH 31, 2008

TABLE OF CONTENTS

|                                                                                                          | Page
|--------------------------------------------------------------------------------------------------------- | ----
|                                                                                                          |     
|PART
      I  FINANCIAL INFORMATION                                                                      | 3   
|                                                                                                          |     
|Item
      1: Financial Statements                                                                        | 3   
|                                                                                                          |     
|Item
      2: Managements Discussion and Analysis of Financial Condition and Results
      of Operations | 8   
|                                                                                                          |     
|Item
      3: Quantitative and Qualitative Disclosures about Market Risk                                  | 10  
|                                                                                                          |     
|Item
      4: Controls and Procedures                                                                     | 10  
|                                                                                                          |     
|PART
      II  OTHER INFORMATION                                                                         | 11  
|                                                                                                          |     
|Item
      1: Legal Proceedings                                                                           | 11  
|                                                                                                          |     
|Item
      2: Unregistered Sales of Equity Securities and Use of Proceeds                                 | 11  
|                                                                                                          |     
|Item
      3: Defaults Upon Senior Securities                                                             | 11  
|                                                                                                          |     
|Item
      4: Submission of Matters to a Vote of Security Holders                                         | 11  
|                                                                                                          |     
|Item
      5: Other Information                                                                           | 11  
|                                                                                                          |     
|Item
      6: Exhibits                                                                                    | 11  
|                                                                                                          |     
|SIGNATURES                                                                                                | 12  
|                                                                                                          |     
|CERTIFICATIONS                                                                                            |     

[The balance of this page has been intentionally left blank.]

2

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PART I-FINANCIAL INFORMATION

Item 1: FINANCIAL STATEMENTS

New Jersey Mining Company(A Development Stage
Company)Balance SheetsMarch 31, 2008(Unaudited)and December 31, 2007

|ASSETS                                                                |  
|--------------------------------------------------------------------- | -
|                                                                      |  
|                                                                      |  
|Current assets:                                                       |  
|Cash and cash equivalents                                             | $
|Investment in marketable equity
      security at market              |  
|(cost-$6,531)                                                         |  
|Interest receivable                                                   |  
|Inventory                                                             |  
|Total current assets                                                  |  
|                                                                      |  
|Property, plant, and equipment, net of accumulated
      depreciation |  
|Mineral properties, net of accumulated amortization                   |  
|Reclamation bonds                                                     |  
|Total assets                                                          | $
|                                                                      |  
|                                                                      |  
|LIABILITIES AND STOCKHOLDERS
      EQUITY                            |  
|                                                                      |  
|Current liabilities:                                                  |  
|Accounts payable                                                      | $
|Accrued payroll and related payroll
      expenses                    |  
|Obligations under capital lease-current portion                       |  
|Notes payable-current portion                                         |  
|Total current liabilities                                             |  
|                                                                      |  
|Accrued reclamation costs                                             |  
|Obligation under capital lease-non-current                            |  
|Notes payable-non-current                                             |  
|                                                                      |  
|Total liabilities                                                     |  
|                                                                      |  
|Stockholders equity:                                                 |  
|Preferred stock, no par value,
      1,000,000 shares                 |  
|authorized;
      no shares issued and outstanding                    |  
|Common stock no par value, 50,000,000                                 |  
|shares authorized;
      March 31, 2008-35,369,642 and December 31,   |  
|2007-32,291,192
      shares issued and outstanding                   |  
|Deficit accumulated during the development stage                      |  
|Accumulated other comprehensive
      income                          |  
|Unrealized
      gain in marketable equity security                   |  
|Total stockholders equity                                            |  
|                                                                      |  
|Total
      liabilities and stockholders equity                      | $

3

The accompanying notes are an integral part of the financial
statements.

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New Jersey Mining Company(A Development Stage
Company)Statements of Operations and Comprehensive Loss (Unaudited)
For the Three Month Periods Ended March 31, 2008 and 2007, And from
Inception (July 18, 1996) through March 31, 2008

|                                                 |   |                 |   |   |                 |   |   | From Inception |  
|------------------------------------------------ | - | --------------- | - | - | --------------- | - | - | -------------- | -
|                                                 |   | March
      31, |   |   | (July 18, 1996) |  
|                                                 |   |                 |   |   |                 |   |   | Through        |  
|                                                 |   | 2008            |   |   | 2007            |   |   | March 31, 2008 |  
|Income earned during the development stage:      |   |                 |   |   |                 |   |   |                |  
|Sales of gold                                    | $ | 50,559          |   | $ |                 |   | $ | 149,715        |  
|Sales of concentrate                             |   |                 |   |   | 48,744          |   |   | 601,168        |  
|                                                 |   | 50,559          |   |   | 48,744          |   |   | 750,883        |  
|                                                 |   |                 |   |   |                 |   |   |                |  
|Costs and expenses:                              |   |                 |   |   |                 |   |   |                |  
|Direct production costs                          |   | 65,933          |   |   | 104,694         |   |   | 831,307        |  
|Management                                       |   | 67,073          |   |   | 63,184          |   |   | 1,042,388      |  
|Exploration                                      |   | 113,407         |   |   | 80,695          |   |   | 1,712,132      |  
|Gain on sale of mineral
      property           |   |                 |   |   |                 |   |   | (90,000        | )
|Depreciation and amortization                    |   | 52,616          |   |   | 29,169          |   |   | 392,960        |  
|General and administrative
      expenses        |   | 142,333         |   |   | 112,139         |   |   | 1,751,292      |  
|Total operating
      expenses                   |   | 441,362         |   |   | 389,881         |   |   | 5,640,079      |  
|                                                 |   |                 |   |   |                 |   |   |                |  
|Other (income) expense:                          |   |                 |   |   |                 |   |   |                |  
|Timber sales                                     |   |                 |   |   |                 |   |   | (54,699        | )
|Timber expense                                   |   |                 |   |   |                 |   |   | 14,554         |  
|Royalties and other income                       |   | (1,266          | ) |   | (917            | ) |   | (71,468        | )
|Royalties expense                                |   | 656             |   |   |                 |   |   | 34,273         |  
|Gain on sale of marketable
      equity security |   |                 |   |   |                 |   |   | (70,109        | )
|Interest income                                  |   | (3,563          | ) |   | (8,252          | ) |   | (34,634        | )
|Interest expense                                 |   | 3,252           |   |   | 3,800           |   |   | 60,250         |  
|Write-off of goodwill                            |   |                 |   |   |                 |   |   | 30,950         |  
|Write-off of investment                          |   |                 |   |   |                 |   |   | 90,000         |  
|Total other
      (income) expense               |   | (921            | ) |   | (5,369          | ) |   | (883           | )
|                                                 |   |                 |   |   |                 |   |   |                |  
|Net loss                                         |   | 389,882         |   |   | 335,768         |   |   | 4,888,313      |  
|                                                 |   |                 |   |   |                 |   |   |                |  
|Other Comprehensive income:                      |   |                 |   |   |                 |   |   |                |  
|Unrealized (gain) loss
      on marketable       |   |                 |   |   |                 |   |   |                |  
|equity security                                  |   | 122,460         |   |   | (75,000         | ) |   | (262,881       | )
|                                                 |   |                 |   |   |                 |   |   |                |  
|Comprehensive loss                               | $ | 512,342         |   | $ | 260,768         |   | $ | 4,625,432      |  
|                                                 |   |                 |   |   |                 |   |   |                |  
|Net loss per common share-basic                  | $ | 0.01            |   | $ | 0.01            |   | $ | 0.28           |  
|                                                 |   |                 |   |   |                 |   |   |                |  
|Weighted average common                          |   |                 |   |   |                 |   |   |                |  
|shares outstanding-basic                         |   | 33,538,593      |   |   | 29,736,290      |   |   | 17,512,942     |  

4

The accompanying notes are an integral part of these
financial statements.

---

New Jersey Mining Company(A Development Stage
Company)Statements of Cash Flows (Unaudited)For the
Three Month Periods Ended March 31, 2008 and 2007, And from Inception (July
18, 1996) through March 31, 2008

|                                                               |   |           |   |   |                 |   |   | From Inception |  
|-------------------------------------------------------------- | - | --------- | - | - | --------------- | - | - | -------------- | -
|                                                               |   | March 31, |   |   | (July 18, 1996) |  
|                                                               |   |           |   |   |                 |   |   | through        |  
|                                                               |   | 2008      |   |   | 2007            |   |   | March 31, 2008 |  
|Cash flows from operating activities:                          |   |           |   |   |                 |   |   |                |  
|Net loss                                                       | $ | (389,882  | ) | $ | (335,768        | ) | $ | (4,888,313     | )
|Adjustments to reconcile
      net loss to net cash            |   |           |   |   |                 |   |   |                |  
|used by operating
      activities:                            |   |           |   |   |                 |   |   |                |  
|Depreciation
      and amortization                            |   | 52,616    |   |   | 29,169          |   |   | 392,959        |  
|Write-off of
      equipment                                   |   |           |   |   |                 |   |   | 11,272         |  
|Write-off
      of goodwill and investment                     |   |           |   |   |                 |   |   | 120,950        |  
|Gain on sale
      of mineral property                         |   |           |   |   |                 |   |   | (90,000        | )
|Gain
      on sale of marketable equity securities             |   |           |   |   |                 |   |   | (70,109        | )
|Stock issued for:                                              |   |           |   |   |                 |   |   |                |  
|Management
      and directors fees                           |   | 19,350    |   |   | 22,200          |   |   | 686,387        |  
|Services and
      other                                       |   | 11,125    |   |   | 7,700           |   |   | 172,436        |  
|Exploration                                                    |   | 3,000     |   |   | 21,200          |   |   | 71,881         |  
|Mineral property
      agreement                               |   |           |   |   |                 |   |   | 15,000         |  
|Change in:                                                     |   |           |   |   |                 |   |   |                |  
|Inventories                                                    |   | 31,209    |   |   | 39,444          |   |   | (58,308        | )
|Accounts
      receivable                                      |   |           |   |   | 2,041           |   |   |                |  
|Interest receivable                                            |   | (1,045    | ) |   |                 |   |   | (2,322         | )
|Other
      assets                                             |   |           |   |   |                 |   |   | (778           | )
|Accounts payable                                               |   | 11,327    |   |   | (49,975         | ) |   | 84,106         |  
|Accrued
      payroll and related payroll expense              |   | 1,512     |   |   | (2,745          | ) |   | 39,242         |  
|Accrued reclamation
      costs                                |   |           |   |   |                 |   |   | 19,800         |  
|Net cash used by operating activities                          |   | (260,788  | ) |   | (266,734        | ) |   | (3,495,797     | )
|Cash flows from investing activities:                          |   |           |   |   |                 |   |   |                |  
|Purchases of property,
      plant, and equipment              |   | (7,304    | ) |   | (147,279        | ) |   | (985,236       | )
|Deposits on equipment purchases                                |   |           |   |   | (43,550         | ) |   |                |  
|Purchase of mineral property                                   |   |           |   |   |                 |   |   | (14,904        | )
|Proceeds from sale of mineral property                         |   |           |   |   |                 |   |   | 120,000        |  
|Purchase of reclamation
      bonds                            |   |           |   |   |                 |   |   | (126,073       | )
|Purchase of certificates of deposits                           |   |           |   |   |                 |   |   | (200,000       | )
|Proceeds from sales of
      certificates of deposits          |   |           |   |   | 200,000         |   |   | 200,000        |  
|Purchase of marketable equity security                         |   |           |   |   |                 |   |   | (7,500         | )
|Proceeds from sales of
      marketable equity securities      |   |           |   |   |                 |   |   | 71,078         |  
|Cash of acquired companies                                     |   |           |   |   |                 |   |   | 38,269         |  
|Deferral of development
      costs                            |   | (68,781   | ) |   | (24,337         | ) |   | (484,883       | )
|Net cash used by investing activities                          |   | (76,085   | ) |   | (15,166         | ) |   | (1,389,249     | )
|Cash flows from financing activities:                          |   |           |   |   |                 |   |   |                |  
|Exercise of stock purchase warrants                            |   | 1,206,000 |   |   |                 |   |   | 2,003,600      |  
|Sales of common stock,
      net of issuance costs             |   |           |   |   | 1,025,319       |   |   | 4,225,626      |  
|Principal payments on capital lease                            |   | (9,545    | ) |   | (8,478          | ) |   | (129,437       | )
|Principal payments on notes
      payable                      |   | (28,746   | ) |   | (4,313          | ) |   | (112,434       | )
|Net cash provided
      by financing activities                |   | 1,167,709 |   |   | 1,012,528       |   |   | 5,987,355      |  
|Net change in cash and cash equivalents                        |   | 830,836   |   |   | 730,628         |   |   | 1,102,309      |  
|Cash and cash equivalents, beginning of period                 |   | 271,473   |   |   | 76,821          |   |   | 0              |  
|Cash and cash equivalents, end of period                       | $ | 1,102,309 |   | $ | 807,449         |   | $ | 1,102,309      |  
|Supplemental disclosure of cash flow information               |   |           |   |   |                 |   |   |                |  
|Interest paid in cash                                          | $ | 9,504     |   | $ | 3,801           |   | $ | 57,139         |  
|Non-cash investing and financing activities:                   |   |           |   |   |                 |   |   |                |  
|Common stock issued for:                                       |   |           |   |   |                 |   |   |                |  
|Property, plant,
      and equipment                           |   |           |   |   |                 |   | $ | 44,765         |  
|Mineral
      properties                                       |   |           |   |   |                 |   | $ | 294,300        |  
|Payment of
      accounts payable                              |   |           |   | $ | 12,205          |   | $ | 12,205         |  
|Acquisitions
      of companies, excluding cash                |   |           |   |   |                 |   | $ | 743,653        |  
|Capital lease obligation incurred for equipment
      acquired |   |           |   |   |                 |   | $ | 178,588        |  
|Notes payable for property
      and equipment acquired        |   |           |   | $ | 22,378          |   | $ | 446,399        |  

5

The accompanying notes are an integral part of these
financial statements.

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New Jersey Mining Company Notes to Financial Statements
(Unaudited)

1.        Basis of
Presentation:

The unaudited financial statements have been prepared by the
Company in accordance with accounting principles generally accepted in the
United States of America for interim financial information, as well as the
instructions to Form 10-Q. 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 only normal recurring accruals) considered
necessary for a fair presentation of the interim financial statements have been
included. Operating results for the three month period ended March 31, 2008, are
not necessarily indicative of the results that may be expected for the full year
ending December 31, 2008.

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, 2007.

The Company presents its financial statements in accordance
with Statement of Financial Accounting Standards (SFAS) No. 7, Accounting for
Development Stage Entities, as management believes that while the Companys
planned principal operations have commenced, the revenue generated from them is
not sufficient to cover all corporate costs. Additional development of the
Companys properties is necessary before a transition is made to reporting as a
production stage company.

2.        Description
of Business

New Jersey Mining Company (the Company) was incorporated as
an Idaho corporation on July 18, 1996. The Company's primary business is
exploring for and developing gold, silver and base metal mining resources in
Idaho.

3.        Equity

Exercise of Stock Purchase WarrantsDuring the first quarter of 2008 the Company issued 3,015,000 shares of
unregistered common stock, pursuant to the exercise of common stock purchase
warrants. The warrants were exercised at $0.40 per share for net proceeds of
$1,206,000.

Common Stock Issued for Goods and ServicesThe Company issued 38,700 shares of restricted common stock to President
Fred W. Brackebusch for management services rendered in the first quarter of
2008. The shares were valued at a price of $0.50 per share.

During the first quarter of 2008, the Company issued 9,750
shares at an average price of $0.52 to other accredited and sophisticated
individuals for goods and services, 10,000 shares at an average price of $0.60
to certain hourly employees for service awards during the year, and 5,000 shares
at an average price of $0.60 for exploration goods and services.

6

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4.        Fair Value
Measurement

Effective January 1, 2008, we adopted the provisions of SFAS
No. 157, Fair Value Measurements, for our financial assets and financial
liabilities without a material effect on our results of operations or financial
position. The effective date of SFAS No. 157 for non-financial assets and
non-financial liabilities has been deferred by FSP 157-2 to fiscal years
beginning after November 15, 2008, and we do not anticipate the impact of
adopting SFAS 157 for non-financial and non-financial liabilities to have a
material impact on our results of operations or financial position.

SFAS No. 157 expands disclosure requirements to include the
fair value measurement, and its fair value hierarchy level, for each major
category of assets and liabilities that are measured at fair value.

Hierarchy level is determined by segregating fair value
measurements using quoted prices in active markets for identical assets or
liabilities (Level 1), significant other observable inputs (Level 2), and
significant unobservable inputs (Level 3.

The table below sets forth our financial asset that was
accounted for at fair value at March 31, 2008, and its respective hierarchy
level. We had no other financial assets or liabilities accounted for at fair
value at March 31, 2008.

| |                           |  | Balance at     |  |  | Hierarchy | 
| | ------------------------- |  | -------------- |  |  | --------- | 
| |                           |  | March 31, 2008 |  |  | Level     | 
| |                           |  |                |  |  |           | 
| | Investments in marketable |  |                |  |  |           | 
| | equity
      securities   |  | 269,412        |  |  | Level 1   | 

We also adopted the provisions of SFAS No. 159, The Fair Value
Option for Financial Liabilities, effective January 1, 2008. SFAS No. 159
permits entities to choose to measure many financial assets and financial
liabilities at fair value. The adoption of SFAS No. 159 has not had a material
effect on our financial position or results of operations as of and for the
three months ended March 31, 2008.

[The balance of this page has been intentionally left blank.]

7

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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Plan of OperationThe Company is
executing its strategy to conduct exploration for gold, silver and base metal
deposits in the greater Coeur dAlene Mining District of northern Idaho while
concurrently conducting mining and mineral processing operations on higher grade
ore reserves it has located on its exploration properties. The financial
strategy is to generate cash from these operations to pay for corporate expenses
and to provide additional funds for exploration, thus reducing the need to raise
funds through financing activities including sale of common stock. The strategy
includes finding and developing ore reserves in order to increase production of
gold, silver, and base metals.

The Company has five properties at which most exploration is
being conducted; the Toboggan Project, the Niagara, the Golden Chest, the Silver
Strand, and the Coleman. The Toboggan Project is a group of prospects in the
Murray, Idaho District that appear to be related to alkaline magmatism and
contain gold and silver telluride minerals. In the first quarter of 2008 a joint
venture agreement was signed with Newmont North America Exploration Limited
relating to exploration of the Toboggan Project. Newmont will conduct
exploration in a 38 square mile area centered on the prospects that the Company
has staked in the past two years. The Niagara copper-silver deposit was drilled
in the 1970s, and although more drilling is needed to increase the confidence
in resource estimates and to evaluate whether gold is a significant component of
the deposit, the Company will conduct in-fill drilling and economic studies to
determine if the deposit can be mined profitably. At the Golden Chest mine,
production is not being done while a ramp is being driven to access a block of
reserves discovered by drilling from the surface. Permits are in place and
development of infrastructure has commenced in order to be able to begin
production of silver-gold ore at the Silver Strand mine in 2008. At the Coleman
underground mine, a drift is being driven toward a drill intercept which
indicates the presence of higher grade gold-silver mineralization

The Company continued to conduct core drilling operations in
the first quarter of 2008 with its own core drilling machine. Drilling was done
on the Scotch Thistle and Coleman properties in the New Jersey mine area of
interest. Anomalous gold values were intersected at the Scotch Thistle prospect,
but the drilling did not result in any new ore reserves. In the remainder of
2008, drilling will continue in the New Jersey mine area until weather allows
the mobilization of the drill to the Murray area where drilling will continue
for the rest of the year.

At the Toboggan Project where gold-silver telluride mineral
systems have been located, Newmont will conduct exploration in 2008. Plans are
to conduct soil and stream sediment sampling and geological reconnaissance.

The Company will also conduct geophysical surveys at the
Niagara deposit and at other locations in the Murray area in the 2008 season.

At the Silver Strand mine, work will resume about June 1, 2008
when the heavy snowpack has melted. It is planned to complete the new adit
started in 2007 and to start mining one of the ore reserve blocks late in the
season.

The New Jersey mineral processing plant was operated during the
latter part of the first quarter of 2008, processing ore from the Coleman vein.
It is now planned to idle the plant after a stockpile of ore is processed until
higher grade ore from the Silver Strand mine is available.

Changes in Financial ConditionThe
Company maintains an adequate cash balance by increasing or decreasing its
exploration expenditures as limited by availability of cash from operations or
from financing activities. The cash balance at the end of the first quarter of
2008 was $1,102,309, and Figure 1 shows the corresponding balances for previous
accounting periods.

8

---



The cash balance increased materially during the first quarter
of 2008 due to the exercising of stock warrants which yielded $1,206,000.
Investment in marketable equity security decreased from $391,872 to $269,412
during the quarter due to decline in the stock price.

Results of OperationsIncome Earned
during the Development Stage (Revenue) for the first quarter 2008 was $50,559
compared to $48,744 in the first quarter of 2007. Figure 2 shows the net loss
for the first quarter of 2008 of $389,882 compared to the net loss for the first
quarter of 2007 of $335,768 and the net losses in previous accounting periods.
The net loss increased in 2008 because of higher exploration and management
costs.



Gold production was 31 ounces in the first quarter of 2008 as
compared to 32 ounces for the respective 2007 period. Gold production is
expected to be minimal in the second quarter and then to increase, along with
silver production, when Silver Strand ore processing starts.

9

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Stoping operations at the Golden Chest mine are expected to be
suspended for the remainder of 2008 while the access ramp is being extended to
the Idaho vein reserves. Once the Idaho vein ramp development is completed there
will be enough reserves for many years of mining at the rate of 4,000
tonnes/year.

Ore production is planned to start at the Silver Strand mine in
the third quarter of 2008, however a capital expenditure of approximately
$150,000 will be required to bring the mine into production. Operating results
at the Silver Strand mine will depend upon the price of silver as well as gold.
Present silver and gold prices are sufficient in managements estimation to
generate a gross profit at the Silver Strand mine based on the operating plan
which was part of the permitting process.

Some capital expenditures are planned for the mineral
processing plant in 2008 for a new ore feeder and another filter. Mill feed will
come from the Coleman mine and the Silver Strand mine in 2008.

The amount of money to be spent on exploration at the Companys
mines and prospects will depend upon the amount of gross profit generated by
operations and the amount of money raised by financing activities. Basically,
management expects to be able to continue the present operating scenario with
its three active mines and mineral processing plant indefinitely, but expanded
exploration or production activities depend upon the results of financing
activities.

Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK

Not required for small reporting companies.

Item 4. CONTROLS AND PROCEDURES

Disclosure Controls and ProceduresAt
March 31, 2008, our President who also serves as our Chief Accounting Officer
evaluated the effectiveness of the design and operation of our disclosure
controls and procedures pursuant to Rule 13a-15(e) of the Securities Exchange
Act of 1934 (the Exchange Act), which disclosure controls and procedures are
designed to insure that information required to be disclosed by a company in the
reports that it files under the Exchange Act is recorded, processed, summarized
and reported within required time periods specified by the Securities &
Exchange Commission rules and forms.

Based upon that evaluation, it was concluded that our
disclosure controls were effective as of March 31, 2008, to ensure timely
reporting with the Securities and Exchange Commission. Specifically, the
Companys corporate governance and disclosure controls and procedures provided
reasonable assurance that required reports were timely and accurately reported
in our periodic reports filed with the Securities and Exchange Commission.

Changes in internal control over financial
reporting.The President and Principal Accounting Officer
conducted evaluations of our internal controls over financial reporting to
determine whether any changes occurred during the quarter ended March 31, 2008
that have materially affected, or are reasonably likely to materially affect,
the Companys internal control over financial reporting. No material changes in
internal control over financial reporting occurred in the quarter ended March
31, 2008.

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PART II - OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

None

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS.

Neither the constituent instruments defining the rights of the
Companys securities filers nor the rights evidenced by the Companys
outstanding common stock have been modified, limited or qualified.

During the first quarter of 2008 the Company issued 3,015,000
shares of unregistered common stock, pursuant to the exercise of common stock
purchase warrants. The warrants were exercised at $0.40 per share for net
proceeds of $1,206,000. In managements opinion, the sale of the restricted
shares, as defined under Rule 144, was made in reliance on exemptions from
registration provided by Section 4(2) and Rule 506 of Regulation D of the
Securities Act of 1933, as amended and other applicable Federal and state
securities laws.

The Company issued 38,700 shares of restricted common stock to
President Fred W. Brackebusch for management services rendered in the first
quarter of 2008. The shares were valued at a price of $0.50 per share. In
managements opinion, the securities were issued pursuant to exemption from
registration under Section 4(2) of the Securities Act of 1933, as amended.

During the first quarter of 2008, the Company issued 9,750
shares at an average price of $0.52 to other accredited and sophisticated
individuals for goods and services, 10,000 shares at an average price of $0.60
to certain hourly employees for service awards during the year, and 5,000 shares
at an average price of $0.60 for exploration goods and services. In managements
opinion, the securities were issued pursuant to exemptions from registration
under Section 4(2) of the Securities Act of 1933, as amended.

Item 3. DEFAULTS UPON SENIOR SECURITIES

The Company has no outstanding senior securities.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

Item 5. OTHER INFORMATION

None

Item 6. EXHIBITS

|Number | Description                                                                                                                            
|------ | ---------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                        
|31.1   | Certification
        pursuant to Section 302 of the Sarbanes-Oxley act of 2002.                                                       
|       |                                                                                                                                        
|32.1   | Certification
        pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
        of the Sarbanes-Oxley Act of 2002.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

| | **NEW JERSEY MINING COMPANY**
| | -----------------------------
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| | By:                          
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| | By:                          
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| |                              

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