Virginia City, NV (December 31, 2013) — Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has surpassed its 2013 guidance, exceeding the estimated 20,000 gold equivalent ounces, producing over 20,800 for the Company’s first full year of production. Additionally, the Company has completed the construction of two new heap cells and the supporting ponds and related infrastructure. The system is now fully operational and newly stacked materials are ready for leaching and processing. Existing cells #’s 1-5 will continue under solution, as typical, until the target gold and silver recovery rates have been achieved. These modifications resulted from recent, major permit modifications.
“It is gratifying that our first full year of production was in excess of the planned 20,000 gold equivalent ounces. The completed expansion represents the next major phase of growth for our Company, enabling production growth of 100%, while reducing unit costs and increasing cash flow. We are looking forward to producing in excess of 40,000 gold equivalent ounces,” stated Corrado De Gasperis, the Company’s President and Chief Executive Officer.
The Company would also like to express its appreciation for being featured as the cover story in the Mining Quarterly 2013, winter edition. “It is an honor being the highlighted project amongst an outstanding Nevada group of Nevada miners, including Barrick and Newmont, but more importantly is the focus on the state’s significant mining history and culture founded in The Comstock and our efforts to protect, preserve, enhance and celebrate this storied mining district that supports the State of Nevada in the celebration of its 150th birthday in 2014,” stated Mr. De Gasperis. A link to the article is posted on the Company website or may be accessed at:
The Company recently spearheaded the formation of the Comstock Foundation for History and Culture for the purpose of historical preservation and cultural enhancement. The Company would also like to thank its employees, partners, the Comstock community and the State of Nevada for their efforts and collaboration enabling the Company to achieve its 2013 objectives.
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.
Contact information for Comstock Mining Inc.:
P.O. Box 1118
Virginia City, NV 89440
Corrado De Gasperis
President & CEO
Manager of Investor Relations
Tel (775) 847-4755
Tel (775) 847-0545