VIRGINIA CITY, Nev., July 18, 2017 (GLOBE NEWSWIRE) — Comstock Mining Inc. (the “Company”) (NYSE MKT:LODE) reported today that recent metallurgical column tests on mineralized material from the Dayton Resource Area (the “Dayton”) have exceeded already high yield expectations and contribute to the advancement of a full feasibility assessment for the mine, updating prior metallurgical test work and the technical resource report published in January 2013.
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Over the past several months, the technical staff has been conducting column tests of both cyanide and non-cyanide solutions. They established four, full metallurgical column tests, two cyanide and two non-cyanide, running parallel, that supports and advances the feasibility study for establishing proven and probable reserves at the Dayton. The samples were crushed, agglomerated and loaded into four ten-foot columns for leach simulation. These simulations were conducted on-site, in the Company’s metallurgical labs, and are coordinated through Cycladex Inc., (“Cycladex”) a strategic investee, and funded by U.S. National Science Foundation grants.
The Cyanide columns leached exceptionally high and fast for gold, higher than prior tests and expectations.
Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “Our expectations for the cyanide columns started high, at about 80%, so the 82-85% result in just 25 days was exceptional and much faster than any previous test. Cycladex yields exceeded expectations for both gold and silver and tracked exceptionally well against the cyanide parallel columns. Although still in the early stages, we are pleased with the Cycladex yields and speed and look forward to assessing the specific consumption and cost efficiency in the next few phases.”
Mr. De Gasperis, continued, “Perhaps the most surprisingly positive outcome was that the Cycladex exceeded cyanide in these first tests for yields on silver, where we had very low starting expectations. We stopped that test at 67 days with nearly a 50% yield, far better than expected for silver.”
The technical staff has already designed and established new column tests for the primary purpose of assessing the specific consumption of the new materials and material cost for processing. This is important for assessing ultimate economic feasibility of these solutions. These simulations will also be conducted on-site, in the Company’s metallurgical labs, and are still funded by U.S. National Science Foundation research grants.
This updated metallurgical testing compliments extensive metallurgical testing for Dayton completed and published in 2011. The Company is advancing the Dayton Resource Area to full feasibility, with expectations for a production ready mine plan within the next two years.
In-house Dayton engineering and mine planning have resulted in profiling various economic pit shells with multiple cutoff grade scenarios. Multiple layout plans for the mine and corresponding processing facilities have been conceptually developed and located on lands 100% privately held by the Company, thus simplifying and shortening the critical permitting chain. We performed due diligence assisted by SRK Consulting that resulted in confirmation of the scoping level mine plans and the associated feasibility assessments.
The Company is also in the final stages of two joint ventures that can enhance liquidity, accelerate mining activities and enhance and validate the value of our mineral resources and properties. We expect to announce these ventures as soon as they are completed, likely during the second quarter reporting process.
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.
Forward-Looking Statements
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.
| Contact information for Comstock Mining Inc.: | ||
| PO Box 1118 Virginia City, NV 89440 |
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| http://www.comstockmining.com | ||
| Corrado De Gasperis | Zach Spencer | |
| President & CEO | Director of External Relations | |
| Tel (775) 847-4755 | Tel (775) 847-5272 ext. 151 | |
| [email protected] | [email protected] | |