Virginia City, NV (May 25, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) reported today it has significantly advanced two strategic venture discussions this week and anticipates that at least one transaction will occur during the second quarter. The Company will also host its Annual Meeting on June 1, 2017, at the Gold Hill Hotel, in Gold Hill Nevada.
Additionally, the Company advanced metallurgical column tests from the Dayton Resource Area, for the purpose of assessing optimum metallurgical feasibility for the Dayton mineralized material. The Company has established four, full metallurgical column tests, two cyanide and two non-cyanide, running parallel, that support and advances the feasibility study for establishing proven and probable reserves at the Dayton Mine. The samples were crushed, agglomerated and loaded into four ten-foot columns for leach pad simulation. These simulations are entering their third week of testing on-site, in the Company’s metallurgical labs, and are funded by U.S. National Science Foundation research grants through Cycladex Inc., a strategic investee and partner.
Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “To date, both gold and silver yields are exceeding expectation and tracking exceptionally well against the cyanide parallel columns. We are encouraged on yields and speed, and look forward to assessing the specific consumption of the non-cyanide materials for economic feasibility. Preliminary results from these columns will be available mid-July.”
The Company also updated that the new USA Parkway, an 18-mile-long, four-lane state route between Interstate 80 and U.S. 50 will further link the greater Reno/Sparks area with the U.S. 50 Silver Springs corridor, remains on schedule for completion in 2017. The $75.9 million project is expected to reduce travel times by as much as 38% for those traveling between I-80 and U.S. 50 in Storey and Lyon counties. As part of the USA Parkway project, the State is also constructing a roundabout at the future USA Parkway/U.S. 50 intersection in Silver Springs. Next year in March, the Nevada Department of Transportation (NDOT) plans on investing an estimated $45 million to complete the final 10 miles of widening U.S. 50 from two lanes into four lanes between Silver Springs and Carson City.
Mr. De Gasperis noted, “Nevada’s commitment to economic development has gone well beyond just supporting Tesla, Switch, Apple and Google. These are staggering commitments to the economies that also support the local communities as roads, stores, hotels and other investments are being announced almost weekly. The roundabout is in the immediate vicinity of our recently certified Comstock Industrial Site, driving value and interest toward our non-mining properties.”
The Company believes the three primary value drivers for the Company’s valuation are the advancements of its Comstock properties toward feasibility, including the Dayton Mine, Joint Ventures that expand or accelerate these mine developments toward feasibility and the completion of the new USA Parkway and its roundabout connection into U.S. 50, both scheduled for completion this year. NDOT has separately announced more than $125 million in infrastructure road projects directly associated with the USA Parkway extension and/or U.S. 50 connections and expansions.
About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment, derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.
The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy the Debenture or any other securities of the Company.