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EXPLORATION AGREEMENTAND OPTION TO CONVERT TO
MINING AGREEMENT

THIS EXPLORATION AGREEMENT AND
OPTION TO CONVERT TO MINING AGREEMENTdated as of 28 November, 2007,
is between Revett Metals Associates ("Grantor"), and NEW JERSEY MINING COMPANY
("Grantee").

RECITALS

A. Grantor is the agent for the
owner of certain mineral property more particularly described in Exhibit A
attached hereto and by this reference made a part hereof ("Premises").

B. The parties agree for the
purposes of this Agreement that the Premises shall be deemed to include, without
limitation, the subsurface of the Premises, all mines, ores, metals, mineral
rights and minerals thereon and thereunder, all veins, lodes, extralateral
rights and mineral deposits now owned or hereafter acquired by Grantor extending
from or onto or contained in the Premises; and all water and water rights
therein, thereon or thereunder.

C. Grantor and Grantee desire to
  enter into this Agreement covering the Premises.

D. Grantor also desires to grant
to Grantee an option to convert to a Mining Agreement.

AGREEMENT

IN CONSIDERATION of the sum of
$10.00 and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and the promises and covenants contained herein,
the parties agree as follows:

|1. | TITLE TRANSFER. Grantor hereby delivers a quitclaim deed
      from the owner to Grantee transferring title of the Premises to Grantee
      during the term of this Agreement. Grantor retains a Net Smelter Return
      royalty further defined in Exhibit B. Grantor guarantees that corner posts
      are in place marking the claims and will replace any posts found to be
      missing within one year of the date of this agreement.                                   
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|2. | OPTION TO CONVERT TO A MINING AGREEMENT. Grantor hereby
      grants to Grantee the irrevocable and exclusive option during the term
      hereof to commence a mining phase according to a Mining Agreement on the
      Premises, which Mining Agreement shall be in the form of Exhibit B,
      attached hereto and by this reference made a part hereof, and herein
      referred to as "Said Mining Agreement," subject to the terms and
      conditions herein set forth.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   | Lessee may exercise the Option to Convert to a Mining
      Agreement at any time prior to the expiration of this Agreement. If and
      when Grantee shall elect to enter into Said Mining Agreement, it shall
      forward to Grantor executable copies of Said Mining Agreement and within
      fifteen (15) days of receipt, Grantor shall execute and deliver
  Said                                                                                                      

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Mining Agreement to Grantee.

|3. | TERM. This Agreement is granted for a five (5) year term,
      commencing on the date hereof, unless sooner terminated under any of the
      provisions herein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
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|4. | PAYMENTS. Upon the signing of this Agreement, Grantee
      agrees to pay Grantor the sum of $4,500 and 30,000 shares of its common
      stock. At each anniversary of this Agreement, Grantee agrees to pay
      Grantor the sum of $3,000 plus 30,000 shares of its common stock.
      Grantees common stock will be restricted under Rule 144. The amount of
      common stock to be paid to Grantor will be subject to appropriate
      adjustment should Grantee split its stock. Grantee will facilitate the
      process of converting the restricted stock, if asked, after the
      restrictive period and will not require a legal opinion for Grantees
      transfer agent.

A. Cash payments will be made to the
order of Revett Metals Associates at the address designated in Section 15,
Notices of this Agreement.

B. Annual stock payments (30,000
shares) will be apportioned to four persons in the following amounts and
respective mailing addresses:

1. Ted Antonioli - 5907 Longview,
Missoula, MT 59803 - 9,500 shares. 2. Bruce E. Cox - 737 S. 5th St. W.,
Missoula, MT 59801 - 9,500 shares. 3. Robert L. Foster - C-352, Sea Island,
GA 31561 - 9,500 shares.4. Richard Sherry - 603 Redwood, Missoula, MT 59802
- 1,500 shares.

|5. | OBLIGATION TO KEEP UNPATENTED CLAIMS. Grantee shall pay
      annual maintenance fees or perform assessment work required to maintain
      all unpatented claims included in the Premises in good standing with the
      Bureau of Land Management and the state in which the Premises are located.
      Grantee will provide to Grantor evidence of all required annual filings or
      payments no less than 15 days prior to the time any such filings or
      payments are due. Such evidence will be sent to the address designated in
      Section 15, Notices of this Agreement. Grantee will have the right to
      amend or relocate the claims listed in Exhibit A. However, all the terms
      of this Agreement and Said Mining Agreement will apply to the amended or
      relocated claims.
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|6. | INSPECTION OF PROPERTY. Grantor, or its authorized agents
      or representatives, shall have the right to enter in or upon the Premises
      during the term of this Agreement, but shall enter at their own risk and
      shall not unreasonably interfere with Grantee's activities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
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|7. | TECHNICAL DATA. Grantee shall furnish Grantor, upon
      termination of this Agreement, with copies of all technical data
      pertaining to its operations hereunder, including but not limited to all
      geological, geophysical, geochemical, mapping, drilling, sampling, assay,
      and other data or information pertaining to Grantee's exploration
      operations hereunder. Notwithstanding the foregoing, Grantee shall not be
      obligated to disclose to Grantor any interpretive data or
    information.                                                                                                                                                                                                                                                                                  

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|8.  | CONTROL OF EXPLORATION. Grantee shall have full
      discretion in the exploration of the Premises and shall in no event be
      obliged to explore for, develop, or drill Minerals.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
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|9.  | INDEMNITY. Grantee shall assume all liability in
      connection with its operations on the Premises and shall hold Grantor
      harmless from any and all liability which may arise out of Grantee's
      operations on the Premises. Grantee shall use its best efforts to ensure
      that the work performed by Grantee hereunder shall be in compliance with
      applicable environmental, safety and health requirements of federal, state
      and local governments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
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|10. | AREA OF MUTUAL INTEREST. If, during the term of this
      Agreement, either Party or their representative or agent shall locate or
      acquire any interest in any mining claim or property which lies within 1⁄2
      mile to any of the property described on Exhibit A, all such claims and
      property shall be subject to this Agreement, without any additional
      consideration therefor payable to Grantor, and all references in this
      Agreement to the Premises shall be deemed to include all such claims and
      property. Each Party agrees to notify the other Party promptly upon the
      location of each such claim or acquisition of property. Grantee and
      Grantor agree to execute and acknowledge an amendment to this Agreement to
      include and describe each such claim or property and to file such
      amendment for recording in the real property records of the county where
      said claim or property is located. Notwithstanding the above portion of
      this Paragraph, if Grantee locates or acquires an interest in property
      which lies within 1⁄2 mile to any of the property described in Exhibit A,
      Grantee shall not be required to execute an amendment to this Agreement to
      include such property, provided the property is primarily valued for its
      gold mineralization. Further, should additional property in the Area of
      Mutual Interest be added and become subject to this Agreement, the Area of
      Mutual Interest will not be expanded beyond 1⁄2 mile from the property
      described in Exhibit A at the date of this Agreement.                           
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|11. | FORCE MAJEURE. Grantee shall not be liable or in default
      under any provisions of this Agreement for failure to perform any of its
      obligations hereunder during periods in which performance is prevented by
      any cause reasonably beyond Grantee's control, which causes hereinafter
      are called "force majeure." For the purposes of this Agreement the term
      "force majeure" shall include, but not be limited to, fires, floods,
      windstorms and other damage from the elements; strikes, war, insurrection,
      mob violence and riots; unavailability of materials, labor and
      transportation; unavailability of smelting or refining facilities;
      interference, action, legislation or regulation by governmental or
      military authority, including a requirement by such authority that an
      environmental impact statement, plan of operation or similar statement or
      document be prepared or approved; litigation; and acts of God or acts of
      the public enemy. The duration of this Agreement and of the time for
      completion of performance by Grantee of its rights and obligations
      hereunder shall be extended for a period equal to the period of disability
      as a result of the event of force majeure, provided Grantee gives Grantor
      written notice of the existence of the event of force majeure. All periods
      of force majeure shall be deemed to begin at the time Grantee stops
      performance hereunder by reason of force majeure. Notwithstanding the
      foregoing, the parties understand that an event of force majeure shall not
      excuse any

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obligation to make a payment of money
or common stock required by this Agreement.

|12. | FIRST RIGHT OF REFUSAL. If, at any time during the term
      of this Agreement, Grantor shall, in response to a bona fide offer to
      purchase all or part of its interest in the Premises from a third party,
      desire to sell or otherwise dispose of such interest, it shall notify
      Grantee in writing of the party to whom it desires to sell such interest
      and the price at which and the terms upon which it desires to sell the
      same, and Grantee shall, within 30 days of receipt of the notice, notify
      Grantor in writing whether it wishes to purchase such interest at the
      price and on the terms set forth in the notice. If Grantee elects to
      purchase such interest, Grantor shall be bound to convey, assign, or
      otherwise transfer such interest to Grantee promptly thereafter at such
      price and on such terms. If Grantee elects not to purchase such interest
      or fails to give notice of its intention within the 30- day period,
      Grantor shall be free to convey, assign, or otherwise transfer such
      interest to the third party at a price not less than stated in the notice
      or on terms more favorable than those stated in the notice. Any conveyance
      by Grantor to a third party shall be subject to the terms of this
      Agreement, including without limitation Grantee's right to explore and
      mine on the Premises. If Grantor shall not have so disposed of such
      interest to said third party within 90 days after receipt of notice that
      Grantee elects not to exercise its right of first refusal or after
      expiration of that party's 30-day period within which to give notice, the
      provisions of this Section shall again apply to the disposition by Grantor
      of any such interest.
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|13. | ASSIGNMENT. Subject to the provisions of Section 12
      above, the rights of either party hereunder may be assigned in whole or in
      part and the provisions hereof shall extend to their successors and
      assigns, but no change or division in ownership of the Premises, however
      accomplished, shall operate to enlarge the obligations or diminish the
      rights of either party under this Agreement, and neither Grantee nor its
      successors or assigns shall ever be required to make payments or to render
      reports or notices to more than one party. In the event Grantor's interest
      in the Premises is now or hereafter owned by more than one party, Grantee
      may withhold further payments until all such owners have designated a
      single party to act for all of them hereunder in all respects, including
      but not limited to the giving and receiving of all notices and the receipt
      of all payments and reports. No such change or division in the ownership
      of the Premises shall be binding upon Grantee for any purpose until such
      person acquiring any interest has further furnished Grantee with the
      instrument or instruments, or certified copies thereof, constituting his
      claim of title from the original Grantor. Grantee shall have the right to
      subcontract with others for the performance of exploration work hereunder,
      subject to all of the terms of this Agreement, but no such subcontract
      shall relieve Grantee of its obligations to Grantor hereunder.                                                                                                                                                                                                                                               
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|14. | TERMINATION OF AGREEMENT.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

14.1 By Grantor. If Grantee fails to
keep and perform all of the terms and conditions of this Agreement on its part
to be kept and performed, then Grantor may notify Grantee of the default in
writing specifying the default. If within ten

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days after Grantee's receipt of such
notice, in case of default arising through failure to make any payments required
by this Agreement, and within 30 days in the case of any other default, Grantee
shall make such payments, or commence and diligently thereafter proceed to
correct such other default, this Agreement shall continue in good standing.
However, upon failure of Grantee to make such payment within ten days or to
commence within 30 days to cure any other default and diligently thereafter
proceed to correct the same, Grantor may then, by written notice or demand,
forthwith terminate this Agreement and fully repossess itself of the Premises,
and without prejudice to any other rights which might otherwise accrue to
Grantor for the violation of the terms hereof. After such default and
termination of this Agreement, Grantee shall have no further rights in or right
to the possession of the Premises or any part thereof or to exercise the Option
to Lease.

14.2 By Grantee. Grantee may terminate
this Agreement in whole or in part at any time upon delivering written notice to
Grantor. Said notice shall be effective upon delivery. Upon such termination,
all right, title and interest of Grantee under this Agreement shall terminate as
to that part of the Premises covered by the notice, and Grantee shall not be
required to make any further payments, or to perform any further obligations
hereunder as to said portion of the Premises, except payments or obligations
which then have accrued under the express provisions of this Agreement and which
have not been paid or performed. Furthermore, if Grantee terminates this
Agreement as to the entire Premises, then at Grantor's option, Grantee agrees to
quitclaim all of its right, title, and interest in the Premises to Grantor.

|15. | NOTICES. Any notice required or permitted to be given
      hereunder shall be in writing and shall be delivered in person or sent by
      registered or certified mail, return receipt requested. Notices so mailed
      shall be deemed effective on the third business day after mailing. Until
      change of address is communicated, all notices shall be addressed
    to:
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|Grantor: | Revett Metals Associates 
|-------- | -------------------------
|         | 737 S. 5thSt. W.         
|         | Missoula, MT 59801       
|         |                          
|Grantee: | New Jersey Mining Company
|         | P. O. Box 1019           
|         | Kellogg, Idaho 83837     

|16. | GENERAL.
|--- | --------

16.1 Modification. The parties hereto
by mutual written agreement may, at any

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time and from time to time, amend this
Agreement and any of the terms hereof.

16.2 Further Documents. The parties
hereto further agree to execute all such further documents and do all such
further things as may be necessary to give full effect to these presents.

16.3 Entire Agreement. This is the
entire Agreement between the parties and no modification shall be effective
unless in writing and executed by the parties hereto.

16.4 Law. The terms and provisions of
this Agreement shall be interpreted in accordance with the laws of the state
where the Premises are located.

IN WITNESS WHEREOF, this instrument is
executed as of the date above written.

|GRANTOR:                 | GRANTEE:                 
|------------------------ | -------------------------
|                         |                          
|REVETT METALS ASSOCIATES | NEW JERSEY MINING COMPANY

|By: | /s/
      Ted Antonioli           |  | By: | /s/
      Fred W. Brackebusch 
|--- | --------------------------------- |  | --- | ------------------------------
|    | Ted Antonioli                     |  |     | Fred W. Brackebusch, President
|    |                                   |  |     |                               
|    |                                   |  |     |                               
|By: | /s/
      Bruce E. Cox   11-30-07 |  |     |                               
|    | Bruce E. Cox                      |  |     |                               

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|STATE OF MONTANA   | )    
|------------------ | -----
|                   | ) ss.
|COUNTY OF MISSOULA | )    

On this 30th day of
November, 2007, before me, the undersigned, a Notary Public in and for
the State of Montana, personally appeared Bruce E. Cox, known to me and
to me known to be a principal associates of REVETT METALS ASSOCIATES, An
individual whose name is subscribed to the foregoing instrument and acknowledged
to me that said individual executed the same.

IN WITNESS WHEREOF, I have
hereunto set my hand and affixed my notarial seal the day in this certificate
first above written.

| | /s/
      Sharon Sneberger             | 
| | -------------------------------------- | 
| | Notary Public for the State of Montana | 
| | Residing at Alberton, MT               | 
| | My commission expires: 9/25/2008       | 

|STATE OF MONTANA   | )    
|------------------ | -----
|                   | ) ss.
|COUNTY OF MISSOULA | )    

On this 30th day of
November, 2007, before me, the undersigned, a Notary Public in and for
the State of Montana, personally appeared Ted Antonioli, known to me and
to me known to be a principal associate of REVETT METALS ASSOCIATES, An
individual whose name is subscribed to the foregoing instrument and acknowledged
to me that said individual executed the same.

IN WITNESS WHEREOF, I have
hereunto set my hand and affixed my notarial seal the day in this certificate
first above written.

| | /s/ Shera Corona                       | 
| | -------------------------------------- | 
| | Notary Public for the State of Montana | 
| | Residing at Florence, MT               | 
| | My commission expires: 05-31-2010      | 

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|STATE OF IDAHO     | )    
|------------------ | -----
|                   | ) ss.
|COUNTY OF SHOSHONE | )    

|On this day of 23rd day of
      November, 2007, before me, the undersigned, a Notary Public in and
      for the State of Idaho, personally appeared Fred Brackebusch, known
      to me and to me known to be the President of NEW JERSEY MINING
      COMPANY, a corporation whose name is subscribed to the foregoing
      instrument and acknowledged to me that said officer executed the same.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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|                                                                                                                                                                                                                                                                                                                                                                                                      
|IN WITNESS WHEREOF, I have hereunto set
      my hand and affixed my notarial seal the day in this certificate first
      above written.                                                                                                                                                                                                                                                             
|

| | /s/
      Cary A. Spoor              | 
| | ------------------------------------ | 
| | Notary Public for the State of Idaho | 
| | Residing at: Shoshone Cty.           | 
| | My commission expires: May 2011      | 

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EXHIBIT A

TO EXPLORATION AGREEMENT AND OPTION TO CONVERT TO MINING
AGREEMENT

List of Unpatented Claims which comprise the Premises:

Claim Name
    IMC No.MR
    1
    187558MR
    2
    187559MR
    3
    187560MR
    4
    187561MR
    10
    187562MR
    11
    187563MR
    12
    187564MR
    13
    187565MR
    14
    187566


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