Golden Chest Quarterly Record Of Ore Mined From Underground Stopes

COEUR D'ALENE, ID - Idaho Strategic Resources's (IDR) CEO and President, John Swallow said, "We exceeded $6M in revenue and $2M in net income, and every employee shared financially in our philosophy. It has become increasingly apparent that our business approach, asset mix and production experience are somewhat of a rarity as we have not suffered from the "bifurcation" so many look to as an explanation instead of the possibility of having yesterday's business plan.

This quarter we had three drills turning, the paste backfill (new mill) building construction, tailings permitting and other work underway.

At the mine our geologists are literally buried in core and we should have six total geologists on staff this month to help lighten the load, grow production potential, prepare for MGB and Eastern Star drilling, advance Lemhi Pass and continue to look to the future. Needless to say, there are a lot of moving parts at IDR and the rapid growth is being handled in a logical and straightforward manner. We continue to look into asset growth for the near-term, intermediate and over the longer term. Including taking a global view toward planting trees that may not bear fruit for some time. This was the approach and ‘common thread' set of assumptions we began with 10 years ago and see no reason to change, except to leverage what we have learned and focus on the same, but more of it.”

At the Golden Chest, ore mined from underground stopes totaled approximately 10,500 tonnes with all of the tonnage coming from H-Vein stopes. A total of 3,820 cubic meters of cemented rockfill (CRF) were placed during the quarter which is a new quarterly record. The Main Access Ramp (MAR) and associated attack ramps were advanced by approximately 154 meters during the quarter.

For the quarter ended a total of 10,470 dry metric tonnes (dmt) were processed at the New Jersey mill with a flotation feed head grade of 9.32 gpt gold and gold recovery of 93.1%.

An exploration program consisting of both underground and surface core drilling was continued during the third quarter. Underground drilling was focused on exploring the Klondike area and targeting the newly found Red Star zone and northerly projections of the H-vein. Surface drilling was completed in Butte Gulch and this rig was moved to the northern area of the Golden Chest. A third drill rig was moved to Wesp Gulch to drill down-dip on the Idaho fault and associated veining during the quarter.