Virginia City, NV (October 29, 2013) — Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that the Bureau of Mining Regulation and Reclamation of the Nevada Division of Environmental Protection (NDEP-BMRR) has notified the Company that it has approved a major modification to the Company’s Water Pollution Control Permit. This modified permit increases the amount of mineralized material the Company may process annually from the previous 1 million tons of material per annum to a new limit of 4 million tons per annum and authorizes the expansion of the Company’s existing heap leach pad facilities.
“Nevada continues to represent one of the most supportive mining jurisdictions in the world, with world class regulation and thorough due process. We are pleased with the diligence of NDEP-BMRR’s process, ensuring public safety while advancing our sustainable business objectives,” stated Corrado De Gasperis, the Company’s President and Chief Executive Officer. “This is a critical permit modification that enables our production expansion goals for the remainder of this year, next year and beyond. We will move expeditiously to complete our current heap leach expansion from five to eight cells, increase our rates of production, significantly drop our unit costs associated with producing our planned 40,000 gold equivalent ounces for next year.”
For the three months ending September 30, 2013, the Company crushed and stacked over 288,000 dry tons of mineralized material and shipped a record 5,214 ounces of gold and 59,731 ounces of silver. Gold grades onto the pad averaged 0.025 ounces per ton in the third quarter and the Company remains on track for delivering 20,000 gold equivalent ounces for 2013.
As previously announced, the Company will host a conference call on Thursday, October 31, 2013 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Third Quarter 2013 results and business update.
The live call will include a moderated Q&A, after the prepared remarks. The dial-in telephone numbers for the live audio are as follows:
United States/Canada Toll free: 1-866-544-4625
International Toll: 416-849-2726
The audio will be available, usually within 24 hours of the call, and for 30 days thereafter, at http://www.comstockmining.com/investors/investor-library.
About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration and mining. The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.