Comstock and MCU Ready Launch of Mercury Remediation Operations;
First Regional Remediation and Extraction Facility Expected to Begin Full Operations in March 2021
Virginia City, NV (February 10, 2021) – Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) and Mercury Clean Up LLC (“MCU”), announced today that construction is nearly complete in their Clean Mercury Remediation Technologies (“CMRT”) joint venture, representing the first mercury remediation and gold extraction facility in the province of Davao D’ Oro, Philippines, with initial operations launching next week.
Artisanal and Small-Scale Gold Mining (ASGM) Dilemma
Mercury‐dependent ASGM uses a process known as amalgamation to dissolve gold from natural deposits. The amalgam is then typically isolated by hand and then heated to distill the mercury and isolate the gold. Problematically, mercury is hazardous to human health and the environment, where residual ASGM wastes contaminate water and soil and ultimately bioaccumulate into food chains. Mercury risks to children are particularly acute, with mercury emissions from ASGM disabling both physical and mental development. The process was regulated into near extinction by most countries, but upwards of 20 million people still use mercury to mine for gold in more than 70 countries, making mercury pollution from ASGM a U.N. prioritized global issue through the Minamata Convention.
Proprietary Remediation and Extraction Process
The MCU mercury remediation system is the first of several planned by MCU, Comstock and CMRT in the region. Each system is mobile and specifically designed for remote deployment, to remediate mercury from existing amalgamation wastes while extracting residual by-products, including gold, cleaned sand, soil and gravel for commercial use. The mercury wastes are disposed in a safe and compliant manner, thereby repairing and enhancing local ecosystems, while the extracted gold and cleaned by-products provide multiple high-margin revenue streams.
“Each facility is expected to produce positive cash flow within a few months of start-up, with fast returns on capital deployed, typically in less than a year, depending on processing rates and the various by-products extracted from environment,” said Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “Our deployment plan involves several additional systems once the first remediation activities are up and running, so we are very much looking forward to achieving that objective and moving into positive cash flows and sustained growth.”
About Comstock Mining Inc.
Comstock Mining Inc. is an emerging leader in sustainable, mineral development and production of environment-enhancing, increasingly scarce strategic and precious metals, focused on conservation-based waste, high-value, cash-generating, mineral and metals essential to meeting the rapidly increasing demand for clean energy technologies. The Company has extensive, contiguous property in the historic, world-class Comstock and Silver City mining districts (collectively, the “Comstock District”) with fully permitted, metallurgical labs and an operational, mineral processing and beneficiation platform that includes a growing portfolio of mercury remediation and gold extraction facilities. Additional information on Comstock is available online at www.comstockmining.com.
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|Comstock Mining Inc.|
P.O. Box 1118
Virginia City, NV 89440
|Corrado De Gasperis|
Executive Chairman & CEO
Tel (775) 847-4755
Director of External Relations
Tel (775) 847-5272 Ext.151