Virginia City, NV (February 4, 2014) — Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it recently secured over 300 acres of private lands adjacent to the approximately 77 acre American Flat processing area providing valuable expansion opportunities for leaching, processing, refining and potentially, milling solutions for the district. The Company now owns or controls over 7,000 acres of land, including patented and unpatented mining claims.
The Company has now commenced district-wide planning, engineering and feasibility studies for resource and reserve development and growth beyond the current Lucerne mining operations through a responsible, district-wide expansion plan. These planning, engineering and feasibility studies will produce an expanded mine plan for Lucerne, further mineral assessment for the Spring Valley and Dayton Resource Areas, and ultimately, potential mine plans. The district-wide plan will also assess centralized processing capability.
“Over the past few months, we have significantly increased the intrinsic value of our company and the Comstock communities. Our land consolidation, responsible operations and community-wide support network continue to grow in every respect. Our collaborations with these communities are centered on well-planned projects that promote responsible development in this historic, world class gold and silver mining district,” stated Corrado De Gasperis, President and CEO of Comstock Mining Inc.
Earlier this year, the Lyon County Board of Commissioners unanimously approved breakthrough zoning changes on certain Company mining claims and other properties located in the Dayton Resource Area, enabling a more comprehensive assessment. These claims represent the Company’s second largest, classified gold and silver resource and include the historic Marble, Alhambra and Kossuth lode patented mining claims. The Company previously announced the positive restructuring of the debt and royalty obligations related to these patented mining claims. The restructured transaction eliminated $2 million of debt and canceled all existing royalty obligations with respect to these mining claims.
Mr. John Winfield, Chairman of the Board of Comstock Mining Inc. commented: “The district-wide planning process will develop clear opportunities, create valuable jobs and improved qualities of life for this and future generations. We can achieve both our social and economic objectives for true sustainability. Doing good makes good business sense (cents). This is the cornerstone of our philosophy of coupling social responsibility and economic 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