SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549

                                 FORM 10-KSB

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

                 For the fiscal year ended December 31, 2002

                         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


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

Common Stock- No Par Value                        OTC Bulletin Board
--------------------------                 ----------------------------------
      Title of Class                       Name of Each Exchange on Which
                                                     Registered

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       .
    ------    ------

Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definite proxy or
information statements incorporated in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. XX
                              -----

State issuer's revenues for its most recent fiscal year. $  5,613
                                                        ---------------

The aggregate market value of the registrant's voting common stock held by
non-affiliates was $2,701,690 as of March 11, 2003 based on the bid price
quoted on the OTC Bulletin Board. As of March 11, 2003 the number of shares
of common stock outstanding was 16,720,725.

<page>                                 1

                          TABLE OF CONTENTS
                                                                        Page
Glossary of Significant Mining Terms                                       3

                               PART I

Item 1.  Description of Business.                                          4
Item 2.  Description of Property.                                          7
Item 3.  Legal Proceedings.                                               14
Item 4.  Submission of Matters to a Vote of Security Holders.             14

                               PART II

Item 5.  Market for Common Equity and Related Stockholder Matters.        14
Item 6.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations.                                       15
Item 7.  Financial Statements.                                            16
Item 8.  Changes In and Disagreements With Accountants on Accounting and
         Financial Disclosure.                                            25

                               PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
         Compliance With Section 16(a) of the Exchange Act.               25
Item 10. Executive Compensation.                                          26
Item 11. Security Ownership of Certain Beneficial Owners.                 27
Item 12. Certain Relationships and Related Transactions.                  28
Item 13. Exhibits and Reports on Form 8-K.                                28

Signatures                                                                29

Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002                                                                   30

<page>                             2


                                GLOSSARY

Ag- Silver.

Au- Gold.

Alluvial- Adjectivally used to identify minerals deposited over time by
moving water.

Argillites- Metamorphic rock containing clay minerals

Arsenopyrite- An iron-arsenic sulfide. Common constituent of gold
mineralization.

Bedrock- Solid rock underlying overburden.

CIL- A standard gold recovery process involving the leaching with cyanide in
agitated tanks with activated carbon. CIL means "carbon-in-leach."

Crosscut- A nominally horizontal tunnel, generally driven at right angles to
the strike of a vein.

Deposit- A mineral deposit is a mineralized body which has been intersected
by sufficient closely-spaced drill holes or underground sampling to support
sufficient tonnage and average grade(s)of metal(s)to warrant further
exploration or development activities.

Development Stage- As defined by the SEC- includes all issuers engaged in the
preparation of an established commercially mineable deposit (reserves) for
its extraction which are not in the production stage.

Drift- A horizontal mine opening driven on the vein.  Driving is a term
used to describe the excavation of a tunnel.

Exploration Stage- As defined by the SEC- includes all issuers engaged in the
search for mineral deposits (reserves) which are not in either the
development or production stage.

Fault- A fracture in the earth's crust accompanied by a displacement of one
side of the fracture with respect to the other and in a direction parallel to
the fracture.

Galena- A lead sulfide mineral.  The most important lead mineral in the
Coeur d'Alene Mining District.

Grade- A term used to assign the concentration of metals per unit weight
of ore.  An example - ounces of gold per ton of ore (opt). One ounce per ton
is 34.28 parts per million.

Mineralization-The presence of minerals in a specific area or geologic
formation.

Ore- A mineral or aggregate of minerals which can be mined and treated at a
profit.  A large quantity of ore which is surrounded by non-ore ore sub-ore
material is called an orebody.

Production Stage- As defined by the SEC - includes all issuers engaged in the
exploitation of a mineral deposit (reserve).

Pyrite- An iron sulfide.  A common mineral associated with gold
mineralization.

Quartz- Crystalline silica (SiO2). An important rock-forming and gangue
material in gold veins.

Quartzites- Metamorphic rock containing quartz.

Raise- An opening driven upward generally on the vein.

Reserves- That part of a mineral deposit which could be economically and
legally extracted or produced at the time of the reserve determination.
Reserves are subcategorized as either proven (measured) reserves, for which
(a) quantity is computed from dimensions revealed in outcrops, trenches,
workings, or drill holes, and grade and/or quality are computed from the
results of detailed sampling, and (b) the sites for inspection, sampling, and
measurement are spaced so closely and geologic character is so well defined
that size, shape, depth, and mineral content are well-established; or
probable(indicated) reserves, for which quantity and grade and/or quality are
computed from information similar to that used for proven (measured)
reserves, yet the sites for inspection, sampling and measurement are farther
apart.

Tetrahedrite- Sulfosalt mineral containing copper, antimony and silver.

Vein- A zone or body of mineralized rock lying within boundaries separating
it from neighboring wallrock.  A mineralized zone having a more or less
regular development in length, width and depth to give it a tabular form and
commonly inclined at a considerable angle to the horizontal.

Wallrock- Barren rock surrounding a vein.

<page>                                 3


                                    PART I

                                    ITEM 1.

                          DESCRIPTION OF THE BUSINESS

BUSINESS DEVELOPMENT

Form and Year of 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.  The
partnership consisted of Mine Systems Design, Inc. [75%], Plainview Mining
Company [13%], Silver Trend Mining Company [10%], Mark C. Brackebusch [1%],
and Mascot Silver-Lead Mines, Inc. [1%].  The New Jersey Joint Venture
brought the New Jersey mine into production by building a 100 ton per day
concentrator with a gravity circuit for gold recovery.

Any Bankruptcy, Receivership or Similar Proceedings

There have been no bankruptcy, receivership or similar proceedings.

Any Material Reclassification, Merger, Consolidation, or Purchase or Sale of
a Significant Amount of Assets Not in the Ordinary Course of Business.

There have been no material reclassifications or purchases or sales of a
significant amount of assets not in the ordinary course of business for the
past three years.  However, on October 22, 2002, the Company completed a
merger with Gold Run Gulch Mining Company (GRG).  The Company exchanged
1,916,250 common shares for all the outstanding shares of GRG.  The exchange
ratio was 0.875 of a share of New Jersey Mining Co. for one share of (GRG).
The shares issued to GRG are restricted by SEC Rule 144.  GRG's primary asset
was the New Jersey mine property, a collection of 62 acres of patented mining
claims, mineral rights to 108 acres of fee land, and approximately 130 acres
of unpatented mining claims.

BUSINESS OF THE COMPANY

General Description of the Business

The company is involved in exploring for and developing gold, silver and base
metal ore resources in the Pacific Northwest of the USA.  The Company has a
portfolio of six mineral properties: the New Jersey mine, the Silver Strand
mine, the CAMP project, the Lost Eagle 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.

The Company's New Jersey mine property has an area of approximately 430 acres
and includes two mineral leases. The Company owns 5 patented claims
containing 62 acres, 7 unpatented claims surrounding the patented claims, and
mineral rights to fee land containing 108 acres.  The known orebody is
located on the patented claims.  A mineral lease from William Zanetti in the
New Jersey mill area contains about 60 acres.  This mineral lease carries a
5% Net Smelter Royalty (NSR).  A second mineral lease of 68 acres was
acquired from Mine Systems Design, Inc. in September of 2001.  This lease
carries a 3% NSR.
<page>                                 4

The Company's Silver Strand mine consists of fifteen unpatented lode claims
on federal land administered by the U.S. Forest Service.  The claims were
acquired from Trend Mining Company pursuant to a purchase agreement dated
July 14, 2000.

Effect of Existing or Probable Governmental Regulations on the Business

All operating plans have been made in consideration of existing governmental
regulations. Regulations that would most affect operations are related to
water quality.  A plan of operation will be required before exploration or
mining activities can be conducted on Federal land that is administered by
the Bureau of Land Management or US Forest Service. The Bunker Hill Superfund
site is located about 1 mile west of the New Jersey mine. It is possible that
Superfund status could be applied to the area around the New Jersey mine
because of historic mining activities.  There is no known evidence that
previous operations at the New Jersey mine which were prior to 1910 caused
any ground water or stream pollution or discharged any tailings into the
South Fork of the Coeur d'Alene River; however, such evidence could be
discovered.  Historic mine tailings from upstream mining operations located
near the New Jersey mill may have to be covered or removed if Superfund
status is applied.  The Bureau of Land Management is currently revising its
regulations relative to exploration and mining operations, but the planned
changes are not thought to have major effects on planned operations at the
New Jersey mine.

The Company plans to submit a Plan of Operation to the US Forest Service
(USFS)in the near future for a seasonal, underground mining operation at the
Silver Strand mine.  It is not known how long it will take to receive a
permit or whether a permit will be granted.

Costs and  Effects of Compliance with Environmental Laws (Federal, State and
Local)

No major Federal permits [except EPA storm water permit which is a blanket
state-wide permit] are required for the New Jersey mine because most
operations are on private land and there are no process discharges to
streams.  Any exploration program conducted by the Company on unpatented
mining claims, usually administered by the U.S. Bureau of Land Management
(BLM), requires a Plan of Operation permit.  With respect to the Silver
Strand mine any exploration, development or production would require a Plan
of Operation to be submitted to the U.S. Forest Service for approval.  An
approved plan at the Silver Strand will most likely require water quality
monitoring, a reclamation plan, and possibly treatment of the mine water
discharge.  A bond will be required before operations can begin at the Silver
Strand.

The Company is also subject to the rules of the U.S. Department of Labor,
Mine Safety and Health Administration (MSHA) for the New Jersey mine
operations. When a mine is operating, MSHA performs a series of inspections
to verify compliance with mine safety laws.

With respect to the New Jersey mine, two important State of Idaho permits are
necessary to perform the mining and milling operation, both of which are in
hand.  The first is an Idaho Cyanidation Permit and the second is a
reclamation plan for surface mining operations. An Idaho cyanidation permit
was applied for, and the permit was granted October 10, 1995 [No. CN-000027]
The cyanidation process, CIL, has not been implemented at the New Jersey mine
as of this date.  The deposition of tailings using paste technology is a
unique part of the permit. Tailings will be dewatered to a paste consistency

<page>                                 5

using a high density thickener. Cyanide will be destroyed in the paste using
bleach, and the tailings will be deposited on a sloped stack. Fred W.
Brackebusch has received a U.S. patent (5,636,942) on this new tailings
technology. Reclamation of the tailings stack will be done concurrently with
mining. The Cyanidation permit requires quarterly surface and groundwater
monitoring prior to startup of the CIL plant and monthly sampling once
operations commence. The current water monitoring program costs the company
about $2,000 on an annual basis. The estimated annual cost for sampling after
CIL operations begin is $25,000.

The surface mining reclamation plan was approved by the Idaho State
Department of Lands in 1993.  The plan calls for grading of steep fill slopes
and planting of vegetation on the area disturbed by the open pit mine.  A
bond of $2,197 is held in a joint account to ensure that reclamation is
completed.

The Company complies with local building codes and ordinances as required by
law.

Number of Total Employees and Number of Full Time Employees

The Company's total number of employees is three including President Fred
Brackebusch,  Vice President Grant Brackebusch and Secretary Tina
Brackebusch. There are no full-time employees at this time.  Exploration and
development work is currently performed independent contractors hired by the
Company.

REPORTS TO SECURITY HOLDERS

The Company is not required to deliver an annual report to shareholders,
however, it plans to deliver an annual report to shareholders in 2003.  The
annual report will contain audited financial statements.  The Company may
also rely on the Internet in the future to deliver annual reports to
shareholders.

The Company filed a Form 10-SB with the Securities and Exchange Commission on
January 11, 2000.  The filing became effective on January 27, 2000.  The
Company has filed the required annual 10-KSB and quarterly 10-QSB reports
since that time.

The public may read a copy of any materials the Company files with the SEC at
the SEC's Public Reference Room at 450 Fifth Street, N.W., Washington, D.C.
20549. The  public may obtain information on the operation of the Public
Reference Room by calling the SEC at 1-800-SEC-0330.  The SEC maintains an
Internet site (http://www.sec.gov)that contains reports, proxy and
information statements, and other information regarding issuers that file
electronically with the SEC.

The Company maintains a website where recent press releases and other
information can be found.  The address is www.newjerseymining.com.

<page>                                 6


                                    ITEM 2.

                           DESCRIPTION OF PROPERTIES

NEW JERSEY MINE

Location

The New Jersey mine is located in the Gold Run Gulch area, comprising about
15 square miles in the Coeur d'Alene Mining District just east of Kellogg,
Idaho. The mine is adjacent to Interstate 90 and is easily accessed by local
roads throughout the entire year. The area is underlain by argillites and
quartzites of the Prichard formation [member of Belt Supergroup], which
commonly hosts gold mineralization.  The controlled property, known as the
New Jersey mine, has an area of approximately 430 acres and includes a group
of mineral leases and property held by the Company.

Mineral Property

The Company owns 62 acres of patented mining claims, mineral rights to 108
acres of fee land, and approximately 130 acres of unpatented mining claims.
The unpatented claims are on federal land administered by the U.S. Bureau of
Land Management.  The known orebody is located on the patented mining claims.


Mineral Leases

A  mineral lease from William Zanetti in the New Jersey mill area contains
about 60 acres. Alliance Title and Escrow Corporation of Wallace, Idaho has
issued a Commitment for Title Insurance for the fee simple property leased
from William Zanetti.  The lease provides for the Company's exploration,
development and mining of minerals on fee land through October 2008 and
thereafter as long as mining operations are deemed continuous.  The lessor
may terminate the lease upon the Company's failure to perform under the terms
of the lease. The lease provides for royalties of 5% of net sales of ores or
concentrates less transportation also know as a Net Smelter Return.
Additional royalties of 1% to 5% are due if the gold price exceeds $597 per
ounce as of December 31, 2002. This additional royalty gold price is indexed
to the Consumer Price Index with the December 1988 CPI as the base. Also,
annual advance royalties totaling $500 per year are required under the lease.
The advance royalties are accumulated and will be credited against the
royalty obligations.

A second mineral lease was acquired from Mine Systems Design, Inc. (MSD) in
2001 in exchange for 1,000,000 shares of the Company's Common Stock.  The
lease covers the mineral rights to 68 acres located north of the New Jersey
mine area.  The lease has a fifteen year term and thereafter so long as
mining operations are deemed continuous.  The lessors may terminate the
leases upon the Company's failure to perform under the terms of the lease.  A
3% Net Smelter Return (NSR)royalty will be paid to the lessors if production
is achieved.  However, the NSR shall not exceed 10% of the net proceeds, and
except that the NSR shall not be less than 1%. No advance royalties are
required by this lease.

History

There are at least 14 gold prospects in or near the New Jersey mine area.
Most of the prospecting activity was completed before the turn of the
century, and almost no work has been done for at least 50 years. Just after
the turn of the century, at the New Jersey mine, more than 2,500 feet of
development workings including drifts, crosscuts, shafts, and raises, were
driven by the New Jersey Mining and Milling Company to develop the Coleman
vein and the northwest branch of the Coleman vein.  A 10 stamp gravity mill
was built and operated for a short period.  The amount of money spent from
1899 to 1910 appears to have been $500,000 to $1,000,000 in 1996 dollars.
The operation was discontinued because of the difficulty in recovering fine
gold without cyanidation technology, because of the lower price of gold

<page>                                 7

relative to mining costs, and because of inadequate drilling and mining
technology.  For example, the Coleman vein, a hard quartz vein, was so
difficult to drill using hand steel that drifts along the vein were not
driven to any great lengths.  A considerable portion of the gold is in free
grains, so there is a strong nugget effect.

Hershey [1916], a well known Coeur d'Alene district geologist, noted the
nugget effect and lack of drifting on the vein: "The average gold-content is
known to be very low, though it is said that one small shoot carried $55 gold
per ton (2.66 ounces per ton @ $20.67 per ounce which was the gold price at
that time). The great variation in the assays indicates a pockety
distribution.  This suggests that if this fine large vein were developed for
2000 ft. instead of merely 200 ft., a commercial ore-shoot might be found."

Present Condition and Work Completed on the Property

Presently, operations at the New Jersey mine are suspended due to the low
price of gold. Operations were suspended in mid 1997.  During the period from
1994 through the suspension of operations in 1997 many projects were
completed on the property. Several of the historic underground workings,
namely the 2400 level adit  and the Keyhole tunnel, were opened up.  This
permitted personnel to sample, map and evaluate portions of the Coleman vein
and associated gold bearing structures.

A 100 ton per day gravity mill has been built and commissioned.  A crushing
plant was built and commissioned in 1996.  An open pit mining program on the
Coleman vein was initiated in 1995.  Approximately 5,000 tons of ore were
processed at the mill during 1995 through 1996.  A gravity concentrate was
produced and sold to ASARCO in East Helena, Montana.  Gold recovery from the
ore using gravity methods of concentration was relatively low (approx. 60%)
so the decision was made to upgrade the mill to a CIL (Carbon-In-Leach)
process. Testwork using the CIL process on New Jersey ores indicated gold
recoveries of up to 95% were achievable. Construction on a CIL circuit began
in late 1996 and was suspended in the spring of 1997 due to the inability of
the company to raise sufficient funds.  The concrete foundation work was
completed before suspension of operations.  During 2000, management of the
Company completed a modest construction project, a 32 foot by 48 foot pole
type building adjacent to the existing mill building.

During 2001, the Company completed a 325 meter diamond drilling exploration
program at the New Jersey mine.  Two holes were drilled to explore a
geophysical anomaly detected in the autumn of 2000.  One hole intercepted a
broad zone of arsenopyrite mineralization, named the Grenfel zone, which
contained two separate zones of anomalous gold content.  The gold zone was
composed of 0.70 grams per tonne gold over two separate 10 meter intervals.
In 2002, 1,317 meters of  diamond drilling was completed amongst 11 holes at
the New Jersey mine.  The drilling confirmed the continuity of the Coleman
vein system as nine of the holes intercepted the vein system. Reserves were
not increased as the drilling was too widely spaced.  The best intercept was
in DDH02-02 which assayed 2.76 gpt gold over 12.5 meters including 2.5 meters
of 6.80 gpt gold.

Exploration plans call for drifting from the 2400 Level north to explore for
the downward projection of the DDH02-02 vein intercept.  The Company also
plans to install flotation capacity at its New Jersey mill.  These plans are
dependent on the Company's ability to raise funds through a private placement
of common stock.

<page>                                 8

Geology and Reserve/Resource

The description of the geology of the New Jersey mine and the calculation of
mineral resources have been completed by the Company and not an independent
third party. The description of the geology of the area can be verified from
third party published reports by the U.S. Geological Survey and unpublished
reports by Oscar Hershey, former Coeur d'Alene District geologist. The
Company is solely responsible for the resource calculations.

Geology

The Prichard formation, which is 25,000 feet in thickness, underlies the New
Jersey mine area which is adjacent to and north of the major Osburn fault.
The Osburn fault is in the center of a Proterozoic rifting basin.  The
Prichard formation is divided into nine rock units of alternating argillites
and quartzites, and the units exposed in the New Jersey mine area appear to
belong to the lower members.  A broad domal structure with a series of
tighter folds near the Osburn fault typifies the structure of the area.
South of the Osburn fault, the Wallace formation is exposed on the north
flank of the Big Creek anticline.  A fault was discovered by the 2001
drilling program.  The fault appears to be a fairly large east-west striking
structure that may separate the Coleman veins from the Grenfel zone.
Although, more information is required to confirm that hypothesis.

Gold mineralization is associated with sulfide-bearing quartz veins which cut
the bedding in Prichard argillite and quartzite.  Associated sulfides are
pyrite, arsenopyrite, chalcopyrite, low-silver tetrahedrite, galena, and
sphalerite. Most commonly in the Coleman vein of the New Jersey mine visible
gold is associated with the tetrahedrite. Gold prospects are concentrated in
the New Jersey mine area possibly because of the presence of lower Prichard
stratigraphic members, an anticlinal structure, and/or the existence of a
gold source.  Gold is associated with arsenic, copper, and antimony. Igneous
dikes are relatively rare.  Some wallrock alteration has been observed. The
Coleman vein shows a characteristic brecciation  The cumulative strike length
of the veins on the property based on exposures in drifts, outcrops and float
is about 460 meters.

Reserves

The reserves at the New Jersey mine as of this date are those contained
within the open pit on the Coleman vein.  Open pit reserves are from the
planned pit which extends from the south portal north to the terminus of the
Coleman Vein. The vertical extent of the pit is from the surface outcrop down
to the Keyhole Tunnel level. Grade estimation for the blocks in the pit
reserve is based upon calculated head grades from 5,000 short tons of
gravity-mill production. Other sources include channel samples from the
outcrop and also from the Keyhole Tunnel

Open Pit Reserve (Proven and Probable)
============================================================================
Ore Blocks                           Metric            Grade         Ounces
                                     Tonnes       (Au grams/tonne)    (Au)
----------------------------------------------------------------------------
Coleman (17+00-21+00)              56,520               4.56         8,306
Coleman Split (21+0-23+00)         21,320               3.53         2,420
North Vein (21+00)                  2,990               8.57           825
----------------------------------------------------------------------------
Total                              80,830               4.45        11,551
============================================================================

The open pit reserve tonnages are diluted. That is, the expected dilution
from open pit mining is accounted for in the grade and tonnage of the reserve
blocks. The ounces stated in the above table are contained ounces.  According
to metallurgical testwork, approximately 95% of the gold contained in the
open pit reserve will be recovered at the mill using the CIL process.   The
reserve pit is based on a gold price of $350 per ounce.

<page>                                 9


SILVER STRAND MINE

Location

The Silver Strand mine is located in Kootenai County, Idaho about 12 miles
east-northeast of Coeur d'Alene, Idaho.  The property consists of 15
unpatented lode claims.  It is situated on Lone Cabin Creek, a tributary of
Burnt Cabin Creek and of the Little North Fork Coeur d'Alene River.  Primary
access is from Coeur d'Alene via paved and dirt roads from Fernan Lake to
Lone Cabin Creek.

Mineral Property

The Company's Silver Strand mine consists of fifteen unpatented lode claims
on federal land administered by the U.S. Forest Service.  The claims were
acquired from Trend Mining Company pursuant to a purchase agreement dated
July 14, 2000. Mine Systems Design, Inc. retains a royalty on the Silver
Strand claims.  The royalty is a 1.5% Net Smelter Return (NSR) capped at
$50,000 after which the NSR decreases to 0.5%.

History

The Silver Strand deposit was discovered during nearby logging activity
during the 1960's and mined during the 1970's and 1980's for siliceous
smelter flux.  Production was 13,752 tons grading 0.093 ounces per ton gold,
9.6 ounces per ton silver and 87.1% silica. The mining  operation was shut
down when the ASARCO Tacoma smelter closed in the early 1980's.  Previous
owner/operators include Silver Strand Mining Company, Silver Trend Mining
Company and Trend Mining Company. Mine Systems Design, Inc. (MSD) had an
exploration agreement with Silver Trend Mining Company that was terminated in
1997.  During the term of that lease, MSD made an agreement with U.S. Bureau
of Mines, Spokane Research Center to conduct a mining research product at the
Silver Strand mine.  The USBM monitored water quality and flows from the
mine, maintained the underground openings and conducted some diamond
drilling.

Present Condition and Work Completed on the Property

The Silver Strand mine is an underground mine that was mined during the
1970's and early 1980's.  No mining has taken place at the property since
that time.  Since mining was suspended only limited exploration has taken
place at the Silver Strand including geochemical sampling and diamond
drilling.  In 1997, Silver Trend Mining Company completed a four hole surface
diamond drilling program which totaled 795 meters.  The mine is accessed by
three horizontal openings called levels: the No. 2 Level, the No. 225 Level
and the No. 3 Level which is the lowest level and is located at the creek
bottom adjacent to forest road No. 411.  All three levels are accessible from
the surface via a network of dirt roads. The USBM installed a large culvert
at the portal of the No. 3 Level in order to stabilize that entrance.  No
surface infrastructure presently exists at the Silver Strand.  There is no
energy available at the site.  Any electrical energy requirements would have
to be satisfied with an on-site generator.

During 2002, an exploration drilling program was completed at the Silver
Strand.  Rehabilitation of the 225 Level portal was started but not completed
in 2002.   The drilling was successful in extending the limits of the ore

<page>                                 10

shoot below the No. 3 Level.  The company is submitting a Plan of Operations
to the USFS for a seasonal underground mining operation with a production
rate of 500 to 1,000 tonnes per month. The startup of mining at the Silver
Stand is dependent on the receipt of a permit from the USFS and gold and
silver prices.  Also, the startup of a seasonal operation is dependent on the
Company's ability to raise funds through a private placement of common stock.

Geology and Reserve/Resource

The description of the geology of the Silver Strand mine has been completed
by the Company and an independent third party, Don Springer - a former Coeur
d'Alene District consulting geologist. The description of the geology of the
area can be verified from third party published reports by Alfred L. Anderson
of the Idaho Bureau of Mines and Geology (Pamphlet 53). Mr. Springer
completed the calculations of the proven reserves while the Company is
responsible for the probable reserve calculations.

Geology

The Silver Strand is located in the Belt Basin about 25 miles northwest of
the Coeur d'Alene Mining District.  The upper part of the Revett Formation
outcrops at the mine.  The upper Revett member contains alternating sequences
of quartzite and siltite-argillite.  Beds dip shallowly to moderately
northerly (30 to 50 degrees).  Alfred L. Anderson of the Idaho Bureau of
Mines and Geology mapped the geology and discussed the mineral resources of
Kootenai County in 1940 (Pamphlet 53).  Anderson combined the Burke and
Revett formations and estimated the combined thickness to be from 1,000 to
3000 feet.  There are no major intrusive rocks near the Silver Strand mine.
A major diabase dike has intruded the Silver Strand mineralized zone.  The
diabase dike is weathered and altered near the surface, but appears fresh in
deeper drill hole intercepts.  The Burnt
Cabin fault is the major geologic structure near the Silver Strand mine.

The Silver Strand orebody consists of a nearly-vertical, silicified (quartz)
replacement zone which cuts the flat to moderately dipping Revett beds.  The
zone is not a fissure-filling vein.  The boundaries and shape of the
silicified zone were determined to some extent by the 1997 diamond drilling
program.  The sulfide ore mined to date appears to be enclosed within the
quartz zone.  The ore is black and very fine-grained.  Sulfide minerals are
not easy to identify because of the fine-grained texture.  Occasional
euhedral crystals of pyrite can be observed,  and tetrahedrite is visible in
the higher grade ore.  Minerals observed by microscopic study during
metallurgical tests include: pyrite, tetrahedrite, tennatite, sphalerite,
arsenopyrite and stibnite.

Reserves

The Silver Strand orebody was mined by underground methods from the surface
to a depth of approximately 150 feet.  The orebody has a mining width of
about 15 feet and a strike length of just under 100 feet.  The proven reserve
block of 4,500 tons resides between the No. 3 and No. 225 Levels and is
exposed vertically by a raise.  The probable reserve block is a projection of
the orebody 75 feet below the No. 3 level.  Grades for the reserve blocks are
based on previous ore production grades and channel sampling of the raise.

Silver Strand Mine Reserve (Proven and Probable)
============================================================================
Ore Blocks                Metric         Gold Grade          Silver Grade
                          Tonnes       (Au grams/tonne)     (Ag grams/tonne)
----------------------------------------------------------------------------
No. 3 Block (Proven)      4,080             3.19                 329
No. 4 Block (Probable)    6,350             3.19                 329
----------------------------------------------------------------------------
Total                    10,430             3.19                 329
============================================================================

<page>                                 11

The reserve tonnages are diluted. That is, the expected dilution from
underground mining is accounted for in the grade and tonnage of the reserve
blocks.

CAMP PROJECT

Location

The CAMP project is an underground exploration project without known ore
reserves.  It is located south of and adjacent to the City of Osburn, Idaho.
The CAMP is accessed by the Mineral Point mine road otherwise known as the
McFarren Gulch road.  The CAMP is located in the approximate center of the
silver belt of the Coeur d'Alene Mining District. The CAMP project covers
approximately 380 acres. The Company controls 17.75% of the land in the CAMP.
Merger Mines and Coeur d'Alene Mines Corp.(CDE:NYSE)control the remainder.
Coeur d'Alene Mines Corp. is the operator of the property. This property was
acquired by the Company in its January 1998 merger with Plainview Mining Co.
The CAMP area extends from the surface to 900 feet below sea level.  Sunshine
Mining Company owns the mineral property beneath the CAMP property.

Mineral Lease

As part of a July 26, 1978 lease agreement with Coeur d'Alene Mines Corp.
(Coeur), New Jersey  Mining Co. will receive a 7.1% Net Profits Interest
(NPI),if the property is put into production.  However, according to the
agreement, Coeur can retain 93.925% of the net profits until Coeur is
reimbursed in total for its advance payments and expenditures.  The term of
the lease is 61 years. The Agreement also calls for Coeur to spend $50,000
annually on exploration. However, a December 18, 1992 Amendment to the
Agreement allowed Coeur to fulfill the exploration work requirement until
2006 by applying past work in the amount of $1,436,243 towards the
exploration work requirement.

History

Originally the CAMP project was leased to ASARCO during the period from 1969
through 1972. ASARCO developed an exploration drift on the 1400 level of the
Coeur d'Alene mine (aka Mineral Point mine), before terminating the drift
1000 feet short of its planned termination. The drift extended 1,000 feet
into the CAMP project area before terminating. A series of diamond drill
holes were planned along the 1400 level drift, but ASARCO terminated the
lease agreement before any drilling could take place.

In 1978, Coeur d'Alene Mines Corp. signed a new lease agreement with Merger
Mines and Plainview Mining Co. Coeur began an exploration program soon
thereafter consisting of geochemical soil sampling, trenching, an exploration
tunnel and diamond drilling (surface & underground).  The exploration program
continued through 1982. Coeur spent a total of  $1,436,243 on the project.
The property has not received any more exploration activity since 1982 and to
the best of our knowledge, Coeur has no plans for exploration.

Geology

The CAMP area lies astride the Silver Belt of the Coeur d'Alene Mining
District east of the Sunshine mine and west of the Coeur and Galena mines.
The north limb of the Big Creek anticline trends through the CAMP area.  Most
of the silver orebodies in adjacent properties are located in the north limb
of the Big Creek anticline.  Prospective fault structures that trend through
the CAMP property include the Polaris fault, Silver Summit vein-fault,
Chester fault, and other structures.  Favorable rock types are located in the
footwall of the Polaris fault including the St. Regis and Revett formation.

<page>                                 12


LOST EAGLE PROJECT

Summary

The Lost Eagle is an exploration project without known ore reserves.  It is
located in the West Fork of Eagle Creek near Murray, Idaho.  The outcrop of
the Lost Eagle vein is located on the hillside above a USFS road.  Access to
the outcrop is by foot only.  The Company's two lode claims cover 40 acres
and are on federal land administered by the U.S. Forest Service.  The project
is a gold and silver exploration project. The Lost Eagle vein is a quartz
vein carrying sulfides that outcrops in the Revett formation.  The sulfide
minerals found in the vein are galena, pyrite, hessite and petzite.  Hessite
is a silver telluride mineral and petzite is a gold-silver telluride mineral.
The presence of tellurides is thought to be significant as tellurides are
usually associated with high-grade gold deposits near alkaline-igneous
bodies.  However, no known igneous bodies are mapped in the area.  Historical
workings included two short adits, say 5 meters long, located along the
strike of a quartz vein system.  The upper adit established by the old-timers
exposes the vein where it is mineralized.  Work completed by the Company
includes partially completing the re-opening of the adit, channel sampling
the vein and a geochemical soil sampling grid was also completed.  During
2002, a geophysical IP/Resistivity survey was completed at the Lost Eagle.
The geophysical survey indicated a significant IP high and resistivity low
which is indicative of sulfide minerals and quartz.

Plans call for drilling two exploration core holes to investigate the
geophysical anomaly.  A Plan of Operations has been submitted to the USFS.  A
permit for drilling at the Lost Eagle has not been issued as of the date of
this report.

WISCONSIN-TEDDY PROJECT

Summary

The Wisconsin-Teddy is an exploration project without known ore reserves.
The project area lies north of the New Jersey mine and is accessed by a local
frontage road. The Company's claims cover 83 acres. The claims are unpatented
and are on federal land administered by the U.S. Bureau of Land Management.
The project is a base metal exploration project in the Prichard formation.
Several tunnels with an aggregate length of 2,000 feet were driven on the
property prior to 1930. This development was related to two veins systems - a
copper-gold vein and a zinc-lead-silver vein. Preliminary field
investigations have delineated a large structure about 30 meters in width
which contains anomalous copper, lead and silver mineralization. One shallow
exploration hole (500 feet) is planned for an initial investigation of this
structure. This property may contain a vent or fracture system related to
Sullivan-type mineralization. Work to date includes the opening of the Teddy
underground workings, sampling on the surface and underground, and geologic
mapping.

<page>                                 13

ROUGHWATER PROJECT

Roughwater is an exploration project without known ore reserves.  The
Roughwater prospect is comprised of nine unpatented claims in the Clark Fork
mining district about 60 miles north of Kellogg.  The property is located
near Bear Creek in the Lightening Creek drainage.  To date, the work
completed on the property includes sampling of surface outcrops and
preliminary metallurgical testwork.  The property is a copper-gold showing
with minor platinum group metal content. The host rock is a quartz diorite
sill which has intruded the Prichard formation.  A wide area of disseminated
copper mineralization has been observed which may be a cumulate layer in the
sill.  No work was completed on the property in 2002.


                                    ITEM 3.

                               LEGAL PROCEEDINGS

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


                                    ITEM 4.

              SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

      None.



                                   PART II.

                                   ITEM 5.

            MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Market Information

The Company's stock trades on the NASD's OTCBB under the symbol "NJMC". The
Company began trading on the OTCBB on January 28, 1998 following its merger
with Plainview Mining Company, Inc.

The following table sets forth, for the respective periods indicated, the
prices for the Company's Common Stock in the over-the-counter market
according to the NASD's OTC Bulletin Board. These prices represent inter-
dealer quotations, without adjustments for retail markups, markdowns or
commissions and may not necessarily represent actual transactions. All prices
in the following table have been rounded to the nearest whole cent.

Quarterly High/Low Bids
============================================================================
                                                      High Bid      Low Bid
----------------------------------------------------------------------------
Fiscal Year Ending December 31, 2002
First Quarter                                         $ 0.12       $ 0.07
Second Quarter                                        $ 0.40       $ 0.09
Third Quarter                                         $ 0.38       $ 0.21
Fourth Quarter                                        $ 0.35       $ 0.24
----------------------------------------------------------------------------
Fiscal Year Ending December 31, 2001
First Quarter                                         $ 0.16       $ 0.03
Second Quarter                                        $ 0.18       $ 0.05
Third Quarter                                         $ 0.10       $ 0.06
Fourth Quarter                                        $ 0.12       $ 0.06
============================================================================
<page>                                 14

Shareholders

As of December 31, 2001 there were approximately 450 shareholders of record
of the Company's Common Stock.  As of December 31, 2002 the Company had
issued and outstanding 16,636,775 shares of Common Stock.  As of December 31,
2002 1,700,000 Warrants were outstanding.  Each Warrant is exercisable for
one share of Common Stock at $0.25 until May 1, 2004.

Dividend Policy

The Company has not declared or paid cash dividends or made distributions in
the past and the Company does not anticipate that it will pay cash dividends
or make distributions in the foreseeable future. The Company currently
intends to retain and reinvest future earnings, if any, to finance its
operations.

Transfer Agent

The transfer agent for the Company's Common Stock is Columbia Stock Transfer
Company, P.O. Box 2196, Coeur d'Alene, Idaho 83816-2196.

Recent Sales of Unregistered Securities

On May 25, 2002 the Company completed a private placement pursuant to Rule
506 of Regulation D of the Securities Act of 1933, as amended.  A total of
1,700,000 Units at a price of $0.15 per Unit for gross proceeds of $255,000
were sold.  Each Unit consisted of one share of Common Stock plus a Warrant
with each Warrant exercisable for one share of Common Stock at a price $0.25
per share until May 1, 2004.  The offering was not made to the public and was
strictly limited to persons in the United States who met certain  minimum
financial or sophistication requirements.  The placement agent was Pennaluna
& Co. of Coeur d'Alene,Idaho who received a commission of 10%.


                                    ITEM 6.

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

The Company's financial condition and operations changed significantly from
2001 to 2002 primarily due to the influx of new capital due to financing
activities.  Cash requirements in 2002 were much higher than in 2001 because
of the increase in exploration activities, primarily drilling.  Operating and
administrative expenses were $56,920 in 2002 compared to $12,016 in 2001 due
to commissions paid for financing activities and due to a higher level of
operating activity.  Royalties from the lease of the New Jersey mine were
reduced to $5,613 in 2002 compared to $8,176 in 2001 because of  the
termination of the lease.  In 2003 the Company will not be able to rely on
leasing income to meet operating and administrative expenses but the Company
has $40,436 in cash with which to cover expenses.  Cash requirements and
expenses for operating and administrative activities in 2003 could be similar
to higher than in 2002, depending on further financing activities.  Should
financing activities not be successful, current cash will be used to meet
basic expenses required to maintain the status quo.

In 2002, funds used for exploration caused the deferred development account
to increase from $80,881 to $256,952.  A similar or larger increase in 2003
may occur if financing activities are successful, but if not, the deferred
development account may remain about the same.

In 2002, the merger of Gold Run Gulch Mining Company into the Company yielded
about $8,000 in cash and eliminated potential future payment of royalties on
gold production from the property acquired.  The Gold Run merger increased
the Company's assets by $274,000 in 2002 compared to asset acquisitions in
2001 which increased assets by $125,000.  No mergers or asset acquisitions
are planned for 2003.

In 2002, the Company drilled gold and silver ore at its Silver Strand mine of
a sufficient quality that production is being contemplated.  Permitting and
financing activities must be successful before production can be realized.
Production may commence in 2003, but 2004 is more likely.  Production could
occur from the New Jersey mine if higher gold prices occur without permitting
limitations and with less pre-production capital than will be required at the
Silver Strand mine, but the quality of the ore at the New Jersey mine is less
than the Silver Strand mine.

<page>                                15


                                    ITEM 7.

                             FINANCIAL STATEMENTS


                        INDEPENDENT AUDITOR'S REPORT

                      [Nathan Wendt, C.P.A. LETTERHEAD]

Board of Directors
New Jersey Mining Company
PO Box 1019
Kellogg, Idaho 83837

Directors:

We have audited the accompanying balance sheet of New Jersey Mining Company
(a development stage company)as of December 31, 2002 and the related
statements of operations, stockholders' equity and cash flows for the year
then ended. These financial statements are the responsibility of New Jersey
Mining Company. Our responsibility is to express an opinion on financial
statements based on our audit.

We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material aspects, the financial position of New Jersey Mining Company at
December 31, 2002, and the results of its operation and its cash flow for the
year then ended, in conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 7 to the
financial statements, the Company has generated a loss to date and is in the
development stage. These conditions raise substantial doubt about its ability
to continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

/s/ Nathan Wendt
----------------
Certified Public Accountant

Kellogg, Idaho
March 24, 2003

<page>                                16



                          NEW JERSEY MINING COMPANY
                        (A Development Stage Company)
                                BALANCE SHEET
<table>
                   ASSETS
                   ------
                                          Dec. 31,     Dec. 31,       Dec. 31,
                                            2002         2001           2000
                                         ----------     ----------    ----------
       
                              <c>            <c>           <c>
       Current Assets
              Cash                       $   40,436     $      211    $    1,772

       Property & Equipment
              Building                   $   35,301     $   33,894    $   33,894

              Equipment                  $  246,536     $  246,536    $  246,536

       Other Assets
              Deferred Development
              Costs                      $  256,952     $   80,881    $   80,881

              Investment in Mining
              Claims                     $  470,204     $  205,204    $   74,704

              Investment in Consil
              Corporation                $    3,000     $    3,000    $    7,000

              Mining Reclamation Bond    $    2,301     $    2,197    $    2,073

              Goodwill                   $   30,950     $   30,950    $   30,950
                                         ----------     ----------    ----------
       Total Assets                      $1,085,680     $  602,873    $  477,810
                                         ==========     ==========    ==========

</table>
The accompanying notes are an integral part of these financial statements.

<page>                                17

<table>
                   LIABILITIES AND STOCKHOLDERS EQUITY
                   -----------------------------------
                                           Dec. 31,     Dec. 31,       Dec. 31,
                                            2002         2001           2000
                                         ----------     ----------    ----------
      
                               <c>            <c>           <c>
       Current Liabilities

              Accounts Payable &
              accrued expenses           $    7,926     $      570    $        0

             Current Maturities of
             Capital Lease Obligations   $        0     $    5,921    $    6,645
                                         ----------     ----------    ----------
       Total Current Liabilities         $    7,926     $    6,491    $    6,645
                                         ----------     ----------    ----------
       Capital Lease Obligations
       (less current maturities)         $        0     $        0    $    5,675
                                         ----------     ----------    ----------
       Total Liabilities                 $    7,926     $    6,491    $   12,320
                                         ----------     ----------    ----------
       Stockholders Equity

       Preferred Stock
       No shares issued

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

       2002 Dec. 31, 2002
       18,583,919                        $1,390,918

       2001 Dec. 31, 2001
       14,942,834 Issued                                $  858,239

       2000 Dec. 31, 2000                                             $  720,899
       13,569,434 Issued

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

       Retained Earnings                 $ (101,985)    $  (50,678)   $  (44,230)
       Deficit Accumulated in
       the Development Stage             $  (74,879)    $  (74,879)   $  (74,879)
                                         ----------     ----------    ----------
       Total Stockholders Equity         $1,077,754     $  596,382    $  465,490
                                         ----------     ----------    ----------
       Total Liabilities and
       Stockholders Equity               $1,085,680     $  602,873    $  477,810
                                         ==========     ==========    ==========

</table>
The accompanying notes are an integral part of these financial statements.

<page>                                18



                          NEW JERSEY MINING COMPANY
                        (A Development Stage Company)
                           STATEMENT OF OPERATIONS
<table>
                                         Dec. 31       Dec. 31       Dec. 31
                                          2002          2001          2000
                                       ----------    ----------    ----------

                                   <c>           <c>           <c>
Revenues                               $    5,613    $    8,176    $    8,828

Operating and Administrative Expenses  $  (56,920)   $  (12,016)   $   (5,906)
                                       ----------    ----------    ----------
Net Income or (Loss and Deficit
Accumulated in the Development Stage)  $  (51,307)   $   (3,840)   $    2,922
                                       ----------    ----------    ----------
Loss on Devaluation of Investments     $        0    $   (2,608)   $  (23,414)
                                       ----------    ----------    ----------
Net Loss                               $  (51,307)   $   (6,448)   $  (20,492)
                                       ==========    ==========    ==========
Basic Earnings (Loss) Per Share        $   (0.003)   $  (0.0004)   $   (0.001)
                                       ==========    ==========    ==========

</table>
The accompanying notes are an integral part of these financial statements.

<page>                                19



                          NEW JERSEY MINING COMPANY
                        (A Development Stage Company)
                       STATEMENT OF STOCKHOLDERS' EQUITY

<table>
                        Common Stock           Treasury    Accumulated
                                                 Stock       Deficit
                    Shares        Amount                                    Total
                  ----------    ----------    ----------    ----------    ----------

              <c>           <c>           <c>           <c>           <c>

Balances
December
31, 1999          11,510,190    $  647,836    $ (136,300)   $  (98,617)   $  412,919

Issuance of
common shares
for investments
2000                  50,000    $   68,750                                $   68,750

Issuance of
common shares
for services
2000                  62,100    $    4,313                                $    4,313

Net Loss year
Ended December
31, 2000                                                    $  (20,492)   $  (20,492)
                  ----------    ----------    ----------    ----------    ----------
Balances
December 31,
2000              11,622,290    $  720,899    $ (136,300)   $ (119,109)   $  465,490

Issuance of
common shares
for investments
2001               1,305,000    $  130,500                                $  130,500

Issuance of
common shares
for services
2001                  68,400    $    6,840                                $    6,840

Net Loss year
Ended December
31, 2001                                                    $   (6,448)   $   (6,448)
                  ----------    ----------    ----------    ----------    ----------
Balances
December 31
2001              12,995,690    $  858,239    $ (136,300)   $ (125,557)   $  596,382

Issuance of
common shares
for 506 Offering   1,700,000    $  255,000                                $  255,000

Issuance of
common shares for
Gold Run Merger    1,916,250    $  273,954                                $  273,954

Issuance of
common shares
for Services          24,835    $    3,725                                $    3,725

Net Loss year
ended December
31, 2002                                                    $  (51,307)   $  (51,307)
                  ----------    ----------    ----------    ----------    ----------
Balances
December 31,2002  16,636,775    $1,390,918    $ (136,300)   $ (176,864)   $1,077,754
                  ==========    ==========    ==========    ==========    ==========

</table>
The accompanying notes are an integral part of these financial statements.

<page>                                20



                          NEW JERSEY MINING COMPANY
                        (A Development Stage Company)
                          STATEMENT OF CASH FLOWS
<table>
                                        Dec. 31         Dec. 31          Dec. 31
                                         2002            2001             2000
                                      ----------       ----------       ----------

                                  <c>              <c>              <c>
INCREASE (DECREASE) IN CASH

Cash Flows From Operating Activities

       Net Income (Loss)              $  (51,307)      $   (6,448)      $  (20,492)

       Increase in investments in
       operating activities           $ (176,175)      $     (124)      $    3,441

       Increase in accounts payable
       and accrued expenses           $    7,356       $      570       $        0
                                      ----------       ----------       ----------
       Net cash used in operating
       activities                     $ (220,126)      $   (6,002)      $  (17,501)
                                      ----------       ----------       ----------
Cash Flows From Investing Activities

       Net Cash from investing
       activities                     $  266,272       $   10,270       $   25,567
                                      ----------       ----------       ----------
Cash Flows From Financing Activities

       Principal payments on capital
       lease obligations              $   (5,921)      $   (5,829)      $   (7,026)
                                      ----------       ----------       ----------
       Net cash provided by
       financing activities           $   (5,921)      $   (5,829)      $   (7,026)
                                      ----------       ----------       ----------
Net Increase (Decrease)in Cash        $   40,225       $   (1,561)      $    1,490
                                      ----------       ----------       ----------
Cash, Beginning of Year               $      211       $    1,772       $      282
                                      ----------       ----------       ----------
Cash, End of Year                     $   40,436       $      211       $    1,772
                                      ==========       ==========       ==========

Supplemental Schedule of Noncash
Investing and Financing
Activities
<page>
Investment in Mining Claims           $  265,000       $  100,000       $  (71,263)
2002 Gold Run Gulch Mining Co.                              5,000
                                                           25,500

</table>
The accompanying notes are an integral part of these financial statements.

<page>                                21



                          NEW JERSEY MINING COMPANY
                        (A Development Stage Company)
                        NOTES TO FINANCIAL STATEMENTS

                                     2002

NOTE 1- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

New Jersey Mining Company (the Company) was incorporated as an Idaho
corporation on July 18, 1996.  The Company was dormant until December 31,
1996 when all of the assets and liabilities of New Jersey Joint Venture (a
partnership) were transferred to the Company in exchange for 10,000,000
shares of common stock. The net assets and net liabilities transferred at
historical cost were:

       Assets acquired:(Net)                           $256,138

       Liabilities assumed:(Net)                       $ 48,170

       Net assets acquired December 31, 1997           $207,968

The Company owns and leases various patented and unpatented mining claims in
the Coeur d'Alene Mining District near Kellogg, Idaho. The Company is
considered to be a development stage company, as only nominal operations have
occurred to date.  Planned principal operations include commercial open pit
mining and milling of ore to produce and sell gold concentrate.

Summary of Significant Accounting Policies:

a. Plant and equipment - Plant and equipment are stated at cost.  No
depreciation has been recorded through December 31, 2002, as substantially
all assets are under construction or have not yet been placed into service.
Depreciation will be provided when the assets are placed into service, using
straight-line and accelerated methods over the estimated useful lives of the
assets.

b. Deferred development costs - Certain costs of developing the Company's
mining claims and related property have been capitalized.  Such costs,
consisting principally of clearing, drilling, blasting, and similar
activities, less nominal sales of concentrate, will be amortized to expense
based on production. If production does not commence, the costs will be
charged to expense.

c. Impairment - Impairment is recognized when it is probable that a loss will
be incurred in the realization of a recorded asset.  Management has
determined that no impairment of assets has occurred at December 31, 2002, as
adequate ore reserves are available for production and sale to recover all
capitalized costs.

d. Income taxes - Federal and state income taxes are provided for the tax
effects of transactions reported in the financial statements and consist of
taxes currently due and deferred tax assets and liabilities based on the
differences between their tax bases for financial and tax purposes.  Such
differences relate principally to deferred development costs. In addition, a
deferred tax asset is recognized for tax-basis operating losses being carried
forward.  A valuation allowance for deferred tax assets is also recognized
when appropriate.

<page>                                22

e. Loss per share - Basic loss per share has been calculated on the basis of
the weighted average number of shares outstanding during the year.

f. Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of assets,
liabilities, revenue and expenses, and the disclosure of contingent assets
and liabilities. Significant estimates used in preparing these financial
statements include those relating to the evaluation of asset impairment.
Actual results could differ from these estimates.

NOTE 2 - LEASES OF MINING CLAIMS

The Company has been assigned a mining lease with William Zanetti.  The lease
provides for the Company's exploration, development, and mining of minerals
on fee land through October 2008 and thereafter as long as mining operations
are deemed continuous. The lease provides for production royalties of 5% of
net sales of ores or concentrates. Additional production royalties of 1% to
5% are due if the price of gold exceeds $597 per troy ounce. Also, advance
royalties totaling $500 are required under the lease.  The advance royalties,
charged to expense as incurred, are accumulated and will be credited against
the production royalty obligations. The lessors may terminate the leases upon
the Company's failure to perform under the term 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 - 52.7%, has agreed to
fulfill all mineral lease requirements necessary for mineral lease permits.

A second mineral lease was acquired from Mine Systems Design, Inc. (MSD) in
2001 in exchange for 1,000,000 shares of the Company's Common Stock.  The
lease covers the mineral rights to 68 acres located north of the New Jersey
mine area.  The lease has a fifteen year term and thereafter so long as
mining operations are deemed continuous.  The lessors may terminate the
leases upon the Company's failure to perform under the terms of the lease.  A
3% Net Smelter Return (NSR)royalty will be paid to the lessors if production
is achieved.  However, the NSR shall not exceed 10% of the net proceeds, and
except that the NSR shall not be less than 1%. No advance royalties are
required by this lease.

NOTE 3 - PLAINVIEW MERGER

In October 1997, the Company made an exchange offer for the outstanding
common shares of Plainview Mining Company, Inc.(Plainview).  The offer
allowed Plainview's stockholders to exchange their shares on the basis of one
share of Plainview stock for two shares of the Company's stock.  Plainview
was also a minority shareholder of the Company as a result of its
participation as partner in New Jersey Joint Venture (see Note 1).

At December 31, 1998, a total of 1,500,000 (100%) shares of Plainview had
been exchanged for 3,000,000 shares of the Company. The Company is accounting
for the business combination of Plainview on the purchase method.  The
estimated fair value of the Company's shares issued in the exchange ($0.10
per share) was used to reflect the purchase price of the investment.

The acquisition of 1,947,144 shares of the Company's Common Stock owned by
Plainview was accounted for in 1998 as a purchase of treasury stock, based on
the fair value of the shares issued, $0.07, or $136,000.

At March 12, 1998, Plainview's summarized (unaudited) balance sheet consisted
of the following at fair values:

      Total Assets:                      $300,000

<page>                                23

NOTE 4 - INVESTMENTS

In October 2002, the Company made an exchange offer with Gold Run Gulch
Mining Company.  The Company exchanged 1,916,250 common shares for all of the
outstanding shares of Gold Run Gulch.  The exchange ratio was 0.875 of a
share of New Jersey Mining Co. for 1 share of Gold Run Gulch Mining Co.  The
primary assets received were 62 acres of patented claims, mineral rights to
108 acres of fee land and approximately 130 acres of unpatented mining
claims.  The total value at the date of the exchange was $273,954 - including
cash of $8,954.

The Company owns 600 shares of Lumalite Holdings Inc. These shares were
received from the merger with Plainview (see Note 3).  Our value of the
shares owned is $25.

The Company purchased from Trend Mining Company on July 14, 2000 the Silver
Strand unpatented mining claims and property in exchange for stock and future
royalty commitments.  The Company also purchased the Grenfel Mineral lease
(Teddy & Miner's Slough Parcels) and the Roughwater claims from Roughwater
Mining Company.  New Jersey Mining Company issued 50,000 shares for the
Mineral Rights of the Lost Eagle Project.

NOTE 5 - CAPITAL LEASE OBLIGATIONS

The Company leases certain equipment under capital lease obligations. The
capitalized cost of such equipment at December 31, 2002 totaled $54,273.
Amortization of the cost has not begun (see Note 1). In January 1999, the
Company entered into a royalty agreement with Mine Systems Design, Inc.
(MSD). The agreement states that MSD will pay all of the accounts payable,
expenses, and yearly lease obligations in exchange for use of the Company's
equipment. During 2002, the total royalties received were $2,000. Following
are the future minimum lease payments and net capital lease obligations at
December 31, 2002:

            Years Ending December 31                  Amount
            ------------------------                  -------
            2003                                      $     0
                                                      -------
            Noncurrent capital lease obligations      $     0

Interest expense totaled $547 for 2002.

NOTE 6 - INCOME TAXES

At December 31, 2002, the Company had deferred tax assets of $26,500, which
were fully reserved by valuation allowances. For the year ended December 31,
2002, the Company has recognized the net tax benefit for its operating loss
in the statement of operations, as valuation allowances offset such benefit.

The Company has a tax-basis operating loss carry-forward of approximately
$176,864 that is available to offset future taxable income through 2017.

NOTE 7 - GOING CONCERN

The accompanying financial statements have been prepared on the basis that
the Company will continue as a going concern, although the Company is in the
development stage.  As shown in the accompanying statement of operations, the
Company incurred a net loss of $51,307 in 2002.  The ability of the Company
to recover its capitalized costs of assets and continue as a going concern is
dependent upon the Company's evolution to the operating stage, the success of
future operations, and obtaining additional capital and financing.  The
financial statements do not include any adjustments that might be necessary
if the Company is unable to continue as a going concern.

<page>                                24

                                    ITEM 8.

                CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                     ACCOUNTING AND FINANCIAL DISCLOSURE

None.

                                  PART III

                                   ITEM 9.

   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
WITH SECTION 16(a) OF THE EXCHANGE ACT


Directors and Executive Officers
============================================================================
Name & Address          Age        Position        Date First        Term
                                                    Elected         Expires
----------------------------------------------------------------------------
Fred W. Brackebusch     58         President        7/18/96
P.O. Box 1019                      Director
Kellogg, Idaho 83837               Treasurer
----------------------------------------------------------------------------
Grant A. Brackebusch    33         Vice President   7/18/96
P.O. Box 131                       Director
Silverton, ID 83867
----------------------------------------------------------------------------
Charles F. Asher        78         Director          1/1/97
15 Alvarado
Rancho Viejo
TX 78575
----------------------------------------------------------------------------
Tina C. Brackebusch     33         Secretary         1/1/97
P.O. Box 131
Silverton, ID 83867
----------------------------------------------------------------------------
Ronald Eggart           81         Director          1/1/97
HC-01 Box 187
Kellogg, ID 83837
----------------------------------------------------------------------------
============================================================================

Directors are elected by shareholders at each annual shareholders meeting to
hold office until the next annual meeting of shareholders or until their
respective successors are elected and qualified.

Fred W. Brackebusch, P.E. is the President and a Director of the Company.  He
has a B.S. and an M.S. in Geological Engineering both from the University of
Idaho. He is a consulting engineer with extensive experience in mine
development, mine backfill, mine management, permitting, process control and
mine feasibility studies.  He has over 25 years of experience in the Coeur
d'Alene Mining District principally with Hecla Mining Co.  He has been the
principal owner of Mine Systems Design, Inc., a mining consulting business,
since 1987.  Mr. Brackebusch is also on the Board of Directors of Mascot
Silver-Lead Mines, Inc.

<page>                                25

Grant A. Brackebusch, P.E. is the Vice President and a Director of the
Company. He holds a B.S. in Mining Engineering from the University of Idaho.
He worked for Newmont Gold Co. in open pit mine planning and pit supervision
for 3 years. Since that time he as worked with Mine Systems Design performing
various engineering and geotechnical tasks. He also supervised New Jersey
Mining Co.'s mining and milling operations prior to the suspension of
operations.

Charles Asher is a Director of the Company.  He is also President and a
Director of Mascot Silver-Lead Mines Inc.  He was formerly President of
Plainview Mining Co. and Silver Trend Mining Co.  Mr. Asher has extensive
experience as an underground mine operator in the Coeur d'Alene Mining
District.

Tina C. Brackebusch is Secretary of the Company.  She has served as Office
Manager for the Company.  She holds a B.S. in Secondary Education from the
University of Idaho.

Ronald Eggart is a Director of the Company.  He is a retired CPA with a long
record of experience with Coeur d'Alene Mining District mining ventures.  He
is also a Director and Secretary for Mascot Silver-Lead Mines Inc.

Family Relationships

Fred W. Brackebusch is the father of Grant A. Brackebusch.  Tina C.
Brackebusch is the wife of Grant A. Brackebusch.

                                   ITEM 10.

                           EXECUTIVE COMPENSATION

SUMMARY COMPENSATION TABLE
============================================================================
Name &      Year    Salary     Bonus    Other      Restrct.  Options    LTIP
Principal            ($)       ($)      Annual     Stock      SARs     Payout
Position                                Comp.($)   Awards($)             ($)
----------------------------------------------------------------------------
F.          2000     -0-        -0-       -0-        188        -0-      -0-
Brackebusch 2001     -0-        -0-       -0-        300        -0-      -0-
President   2002     -0-        -0-       -0-        450        -0-      -0-
----------------------------------------------------------------------------
G.          2000     -0-        -0-       -0-        188        -0-      -0-
Brackebusch 2001     -0-        -0-       -0-        300        -0-      -0-
Vice Pres.  2002     -0-        -0-       -0-        450        -0-      -0-
----------------------------------------------------------------------------
C. Asher    2000     -0-        -0-       -0-        188        -0-      -0-
Director    2001     -0-        -0-       -0-        300        -0-      -0-
            2002     -0-        -0-       -0-        450        -0-      -0-
----------------------------------------------------------------------------
T.          2000     -0-        -0-       -0-        188        -0-      -0-
Brackebusch 2001     -0-        -0-       -0-        300        -0-      -0-
Secretary   2002     -0-        -0-       -0-        450        -0-      -0-
----------------------------------------------------------------------------
R. Eggart   2000     -0-        -0-       -0-        188        -0-      -0-
Director    2001     -0-        -0-       -0-        300        -0-      -0-
            2002     -0-        -0-       -0-        450        -0-      -0-
----------------------------------------------------------------------------
============================================================================

There been no accruance for, any Officer or Director of the Company for cash
remuneration for services which are related to the duties of those Officers
or Directors.  There are no immediate plans to pay any cash remuneration to
any Officers or Directors related to their respective duties until the
Company is able to afford payment.

<page>                                26

The Board of Directors agreed to pay Officers and Directors for their
services 3,000 shares of restricted common stock per year for the years 2000,
2001 and 2002. There are no plans at this time to change the number of shares
awarded to Directors and Officers of the Company. A value of $0.0625 per
share was ascribed to the shares in 2000, $0.10 per share in 2001, and $0.15
per share in 2002. The Company does not have a standard arrangement pursuant
to which Directors or Officers are compensated for their services.

                                   ITEM 11.

               SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
                                  MANAGEMENT


The following table sets forth information on the ownership of the Company's
voting securities by Officers, Directors and major shareholders as those who
own beneficially more than five percent of the Company's common stock through
the most current date - March 11, 2003.

Security Ownership of Certain Beneficial Owners and Management
============================================================================
Title Of     Name and Address of         Amount & Nature of       Percent of
Class         Beneficial Owner            Beneficial Owner          Class
----------------------------------------------------------------------------
Common       Fred W. Brackebusch           7,891,072 indirect(a)      47.34%
             President & Director             25,000 direct
             P.O. Box 1019
             Kellogg, Idaho 83837
----------------------------------------------------------------------------
Common       Grant A. Brackebusch            915,928 indirect(b)       5.71%
             Vice Pres. & Director            39,276 direct
             P.O. Box 131
             Silverton, ID 83837
----------------------------------------------------------------------------
Common       Terry & Marguerite Tyson         875,000                  5.23%
             County Road U
             Lipscomb, TX 79056
----------------------------------------------------------------------------
Common       Charles F. Asher, Director        61,000                  0.37%
             15 Alvarado
             Rancho Viejo, TX 78575
----------------------------------------------------------------------------
Common       Tina C. Brackebusch, Secretary    15,000                  0.09%
             P.O. Box 131
             Silverton, ID 83867
----------------------------------------------------------------------------
Common       Ronald Eggart, Director           54,332                  0.33%
             HC-01 Box 187
             Kellogg, ID 83837
----------------------------------------------------------------------------
============================================================================

(a) Fred Brackebusch owns 89.6% of Mine Systems Design, Inc.(MSD) which is a
Schedule S corporation that owns 8,807,000 common shares of New Jersey Mining
Co. Neither MSD nor Fred Brackebusch have the right to acquire any securities
pursuant to options, warrants, conversion privileges or other rights.

<page>                                27

(b) Grant Brackebusch owns 10.4% of Mine Systems Design, Inc.(MSD) which is a
Schedule S corporation that owns 8,807,000 common shares of New Jersey Mining
Co. Neither MSD nor Grant Brackebusch have the right to acquire any
securities pursuant to options, warrants,
conversion privileges or other rights.

None of the directors or officers have the right to acquire any securities
pursuant to options, warrants, conversion privileges or other rights.

                                    ITEM 12.

                  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Company exchanged 255,000 shares of its Common Stock for all the
outstanding shares of Roughwater Mining Company, an Idaho corporation, on
September 10, 2001.  Roughwater's sole asset was its nine unpatented mineral
claims in the Clark Fork Mining District of northern Idaho.  Mine Systems
Design, Inc., owned 50% of Roughwater Mining Co. and received 125,000 shares
of New Jersey Common Stock for its interest.  Mine Systems Design, Inc. is
the majority shareholder of the Company.  The co-owners of Mine Systems
Design, Inc. are Fred and Grant Brackebusch.

On September 12, 2001, the Company entered into a mineral lease agreement
with Mine Systems Design, Inc. for property near the New Jersey mine in
exchange for 1,000,000 shares of the Company's Common Stock.  The lease
covers 68 acres.  Mine Systems Design, Inc. is the majority shareholder of
the Company.  The co-owners of Mine Systems Design, Inc. are Fred and Grant
Brackebusch.


                                   ITEM 13.

                      EXHIBITS AND REPORTS ON FORM 8-K

Exhibit 3.1    Articles of Incorporation - Filed as an exhibit to the
registrant's registration statement on Form 10-SB (Commission File No. 000-
28837) and incorporated by reference herein.

Exhibit 3.2    Bylaws - Filed as an exhibit to the registrant's registration
statement on Form 10-SB (Commission File No. 000-28837) and incorporated by
reference herein.

Exhibit 10.1   Lease Agreement with Gold Run Gulch Mining Company - Filed as
an exhibit to the registrant's registration statement on Form 10-SB
(Commission File No. 000-28837) and incorporated by reference herein.

Exhibit 10.2   Lease Agreement with William Zanetti - Filed as an exhibit to
the registrant's registration statement on Form 10-SB (Commission File No.
000-28837) and incorporated by reference herein.

Exhibit 10.3   Articles of Merger For Plainview Mining Company Inc. and New
Jersey Mining Co. - Filed as an exhibit to the registrant's registration
statement on Form 10-SB (Commission File No. 000-28837) and incorporated by
reference herein.

Exhibit 10.4  Lease Agreement with Mine Systems Design, Inc. - Filed as an
exhibit to the registrant's annual report on Form 10-KSB for the year ended
December 31, 2001 and incorporated by reference herein.

<page>                                28

Exhibit 10.5  Articles of Merger for Gold Run Gulch Mining Company and New
Jersey Mining Co.  Filed as an exhibit to the registrant's annual report on
Form 10-KSB for the year ended December 31, 2002.

Exhibit 99.1  Certification Pursuant to 18 U.S.C Section 1350, As Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 99.2  Certification Pursuant to 18 U.S.C Section 1350, As Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Reports on Form 8-K

A Form 8-K report was filed on May 28, 2002 and referenced a press release
stating the Company had raised funds through a private placement.

SIGNATURES

In accordance with 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: March 25, 2003                  By /s/  FRED W. BRACKEBUSCH
      -----------------               ---------------------------------
                                      Fred W. Brackebusch, President,
                                      Treasurer & Director


Date: March 25, 2003                  By /s/ GRANT A. BRACKEBUSCH
      ------------------              ---------------------------------
                                      Grant A. Brackebusch, Vice President
                                      & Director


<page>                                29

                        CERTIFICATION PURSUANT TO
                SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

     I, Fred W. Brackebusch, President of New Jersey Mining Company,(the
"registrant"), certify that:

     1.  I have reviewed this annual report on Form 10-KSB of New Jersey
Mining Company;

     2.  Based on my knowledge, this annual report does not contain any
     untrue statement of a material fact or omit to state a material fact
     necessary to make the statements made, in light of the circumstances
     under which such statements were made, not misleading with respect to
     the period covered by this annual report;

     3.  Based on my knowledge, the financial statements, and other financial
     information included in this annual report, fairly present in all
     material respects the financial condition, results of operations and
     cash flows of the registrant as of, and for, the periods presented in
     this annual report;

    4.  The registrant's other certifying officer and I are responsible for
    establishing and maintaining disclosure controls and procedures (as
    defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
    have:

        a)  designed such disclosure controls and procedures to ensure that
            material information relating to the registrant, including its
            consolidated subsidiaries, is made known to us by others within
            those entities, particularly during the period in which this
            annual report is being prepared;

        b)  evaluated the effectiveness of the registrant's disclosure
            controls and procedures as of a date within 90 days prior to the
            filing date of this annual report (the "Evaluation Date"); and

        c)  presented in this annual report our conclusions about the
            effectiveness of the disclosure controls and procedures based on
            our evaluation as of the Evaluation Date;

    5.  The registrant's other certifying officer and I have disclosed, based
    on our most recent evaluation, to the registrant's auditors and the audit
    committee of registrant's board of directors (or persons performing the
    equivalent functions):

        a)  all significant deficiencies in the design or operation of
            internal controls which could adversely affect the registrant's
            ability to record, process, summarize and report financial data
            and have identified for the registrant's auditors any material
            weaknesses in internal controls; and

        b)  any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls; and

    6.  The registrant's other certifying officer and I have indicated in
        this annual report whether or not there were significant changes in
        internal controls or in other factors that could significantly affect
        internal controls subsequent to the date of our most recent
        evaluation, including any corrective actions with regard to
        significant deficiencies and material weaknesses.


Date:  March 25, 2003


/s/Fred W. Brackebusch
----------------------
Fred W. Brackebusch
President

<page>                                30


                         CERTIFICATION PURSUANT TO
                SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

     I, Grant A. Brackebusch, Vice President of New Jersey Mining Company
(the           "registrant"), certify that:

     1.  I have reviewed this annual report on Form 10-KSB of New Jersey
     Mining Company;

     2.   Based on my knowledge, this annual report does not contain any
     untrue statement of a material fact or omit to state a material fact
     necessary to make the statements made, in light of the circumstances
     under which such statements were made, not misleading with respect to
     the period covered by this annual report;

     3.  Based on my knowledge, the financial statements, and other financial
     information included in this annual report, fairly present in all
     material respects the financial condition, results of operations and
     cash flows of the registrant as of, and for, the periods presented in
     this annual report;

    4.  The registrant's other certifying officer and I are responsible for
    establishing and maintaining disclosure controls and procedures (as
    defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
    have:

        a)  designed such disclosure controls and procedures to ensure that
            material information relating to the registrant, including its
            consolidated subsidiaries, is made known to us by others within
            those entities, particularly during the period in which this
            annual report is being prepared;

        b)  evaluated the effectiveness of the registrant's disclosure
            controls and procedures as of a date within 90 days prior to the
            filing date of this annual report (the "Evaluation Date"); and

        c)  presented in this annual report our conclusions about the
            effectiveness of the disclosure controls and procedures based on
            our evaluation as of the Evaluation Date;

    5.  The registrant's other certifying officer and I have disclosed, based
    on our most recent evaluation, to the registrant's auditors and the audit
    committee of registrant's board of directors (or persons performing the
    equivalent functions):

        a)  all significant deficiencies in the design or operation of
            internal controls which could adversely affect the registrant's
            ability to record, process, summarize and report financial data
            and have identified for the registrant's auditors any material
            weaknesses in internal controls; and

        b)  any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls; and

    6.  The registrant's other certifying officer and I have indicated in
        this annual report whether or not there were significant changes in
        internal controls or in other factors that could significantly affect
        internal controls subsequent to the date of our most recent
        evaluation, including any corrective actions with regard to
        significant deficiencies and material weaknesses.


Date:  March 25, 2003


/s/Grant A. Brackebusch
--------------------
Grant A. Brackebusch
Vice President

<page>                                31