Virginia City, NV (October 1, 2018) Comstock Mining Inc. (the “Company” or “Comstock”) (NYSE American: LODE) announced today that it received the United States Bureau of Land Management’s (BLM) 2018 Reclamation and Sustainable Mineral Development Award, in recognition of the complex reclamation, deep shaft sealing and restoration of the Historic Silver Hill Mine shaft, that was completed in conjunction with the realignment and rebuilding of a major portion of Nevada’s State Route (SR) 342. This project included capping of a hazardous, historic mine shaft, the realignment of a major state route away from that mine shaft, safe removal of hazardous materials from legacy mining and the reclamation and beautification of historic mine features and historic mining landscapes in the Historic Comstock Lode Mining District.
Corrado De Gasperis, Executive Chairman and CEO of the Company, stated, “Our Comstock team successfully led an unprecedented, multi-agency partnership and process that resulted in an accelerated, efficient, safe and beautifying realignment of State Route 342 that enabled a massive environmental remediation, mining and enhanced tourism, all in one project. This was a truly remarkable accomplishment.”
The BLM’s Reclamation and Sustainable Mineral Development Awards Program showcases the best of the more than 2 million acres of mined land that has been reclaimed by the U.S. mining industry. It also demonstrates how cooperative conservation can be put to use to provide Americans with energy and minerals that are vital to our economic and national security while restoring the land for use by future generations.
Mr. De Gasperis added, “We thank the BLM and the National Mining Association for being great partners and for recognizing Comstock Mining and our entire extended team with this award for excellence in reclamation and sustainability. This is our third environmental excellence recognition in the past four years, so for us, this achievement represents the consistent, reliable commitment of our ‘Comstock Responsible’ team and culture.”
This BLM award was presented in Washington, DC last week during a luncheon hosted by the National Mining Association. In 2015 and 2017, the Company received recognition from the Nevada Excellence in Mine Reclamation Awards program. In 2015, the recognition award was for Site Restoration and Outstanding Rehabilitation and in 2017 the award recognized the Company for Abandoned Mine Lands Hazard Mitigation.
COMSTOCK MINING RECEIVES NATIONAL BLM AWARD—On Thursday, September 27 Comstock Mining received the 2018 BLM Reclamation and Sustainable Mineral Development Award. From left to right: Scott Jolcover, Director of Business Development; Corrado De Gasperis, Executive Chairman and CEO; Kathy Benedetto, Senior Advisor to the Director at BLM; Zach Spencer, Director of External Relations.
The Company has been operating in the Comstock District since 2003. Through public-private partnerships, the Company coordinated and collaborated with communities in both Storey and Lyon Counties, the Nevada Division of Environmental Protection, the Bureau of Corrective Actions; the Nevada Department of Transportation (NDOT); the State Historic Preservation Office; McGinley & Associates; Debra Lemke; RCI; and the U.S. Army Corps of Engineers. Cooperative partnerships coupled with relationships built over time on trust are extremely important when a large project must be undertaken, permitted and completed in a timely fashion to benefit the public.
Following a weekend of heavy precipitation, cracks in SR 342 were detected and NDOT temporarily closed it on February 8, 2015. In early March, 2015 NDOT announced that this section of SR 342 would remain closed until a temporary by-pass could be built by Comstock Mining that would be opened to the public in June of 2015 and that the mining company had stepped forward to fund and build the entire project with oversight provided by NDOT and Storey County. SR 342 was re-opened to the public ahead of schedule in early December of 2015, with final acceptance by NDOT and Storey County in May of 2017.
Working cooperatively with state and federal agencies, Comstock Mining’s project to fill and cap the legacy Silver Hill Mine shaft was also an opportunity to remediate legacy mine dumps that contained imported elemental mercury. In fact, Comstock Mining recovered 1,000 pounds of this imported elemental mercury from pre-1904 mine tailings and captured it for proper disposal. Funded by Comstock Mining, this $3 million reclamation project included the rebuilding and realignment of SR 342 and it reduced costs to the state and local municipalities, and thus, taxpayers. It also provided a safer and more efficient passage for mining operations. It features a scenic rock-lined waterway and enhances the quality of life for residents throughout the northern Nevada region by providing a safe route to and from Virginia City and offers tourists an easy route to visit our historic region and its many businesses.
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 and developments 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. 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. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the board of directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; including the nature and timing and accounting for restructuring charges, derivative liabilities and the impact thereof; contingencies; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities; including asset sales and the redemption of the debenture and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
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, many of which are unforeseeable and beyond our control and 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 set forth in this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and the following: adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; business opportunities that may be presented to, or pursued by, us; acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; inability to maintain the listing of our securities; and work stoppages or other labor difficulties. 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. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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.