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Conference Call today at 11am EST...
The Company will host a conference call today, March 11, 2021, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time. The live call will include a moderated Q&A, after the prepared comments by the Company. The Webcast will include a moderated Q&A, after the prepared remarks. Please join the event 5-10 minutes prior to the scheduled start time. The link and/or dial-in telephone numbers for the live Webcast are as follows:
Join Zoom Meeting
https://us02web.zoom.us/j/7437013377
Meeting ID: 743 701 3377
One tap mobile
+12532158782,,7437013377# US (Tacoma)
+13462487799,,7437013377# US (Houston)
Dial by your location
+1 253 215 8782 US (Tacoma)
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+1 301 715 8592 US (Washington DC)
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+1 646 558 8656 US (New York)
Meeting ID: 743 701 3377
Find your local number: https://us02web.zoom.us/u/kGBcBXcOw
The recording of the Webcast will be available, within 24 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library
Comstock Mining Announces 2020 Year End Results and Recent Updates; Launches Climate Smart Mining and Valorization to Fuel Clean Energy Transition
VIRGINIA CITY, Nev., March 11, 2021 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (“Comstock” and the “Company”) (NYSE American: LODE), a diversified natural resource production and processing company, announced its full year 2020 results and its plans for meeting the rapidly escalating demand for natural resources and increasingly scarce metals for clean energy technologies.
Select Strategic Highlights
Acquired majority stake rights in LiNiCo, a lithium-ion battery recycling company;
Acquired an indirect strategic stake in Green Li-Ion, innovator of 99.9% pure cathode recycling technology.
Launched Philippine-based mercury remediation and gold reclamation ("MCU-P") joint venture.
Launched MCU’s Nevada-based mercury remediation pilot and gold reclamation project.
Secured exploration lease with historic Sutro Tunnel Company, targeting gold and silver resources.
Acquired option to purchase all properties, rights, and royalties associated with Sutro’s properties.
Completed full scale geophysical surveys and initial interpretations for the entire Comstock Lode District.
Executed agreements to sell two non-mining properties in Silver Springs for $10.1 million in 2021.
Executed a lease with the option to sell the Daney Ranch property for $2.7 million.
Completed a mine sale to Tonogold Resources, Inc., recording a gain of $18.3 million.
Launched a three-year strategic plan and aligned 100% performance incentives with the Company’s goal.
Raised $15 million in net equity proceeds in 2021, extinguishing all debt obligations and funding new growth initiatives.
Select Financial Results
Net income was $14.9 million, or $0.49 per common share, due to an $18.3 million gain on Tonogold sale.
Debt obligations were $3.6 million at December 31, 2020, all of which was extinguished in 2021.
Cash and equivalents was $2.4 million on December 31, 2020, and $12.1 million on March 5, 2021.
On March 4, 2021, the Company closed on a $16 million registered direct sale of 4 million common shares at a price of $4.00 per share. Net proceeds were approximately $15 million, after commissions and expenses. The Company now has 42,455,515 common shares outstanding, including the 4 million registered shares sold in the March 2021 offering, and 3 million restricted shares issued as consideration to LiNiCo in connection with the LiNiCo share acquisition. On March 5, 2021, the Company extinguished all of its debt obligations totaling $3.6 million, saving over $0.3 million in interest expense over the next 6 months.
“We have successfully restructured our business over the past three years by eliminating debt and dramatically reducing costs, while repositioning our assets to build stakeholder value with transformative, high value, high impact, climate smart mining and valorization projects, in large part to meet rapidly escalating demand for the increasingly scarce metals and other raw materials needed to fuel the global transition to clean energy,” stated Corrado DeGasperis, Executive Chairman and CEO. “Our first valorization project launched in 2020 with the MCU global mercury remediation system. Our second valorization project recently closed, with our entry into lithium-ion battery recycling through our large stake in LiNiCo, and we are only just beginning, as we are currently evaluating several very exciting, strategically aligned, high-growth, high-impact, valorization projects.”
Outlook Moving Forward
The Company’s strategic plan is designed to deliver significant shareholder value over the next three years. The plan objectives include operating and growing existing and new Environmental, Social and Corporate Governance (“ESG”) driven projects, including MCU and LiNiCo, while monetizing over $20 million more in non-strategic assets, and funding this new growth.
Mr. De Gasperis continued: “We have directly linked employee compensation incentives with performance objectives designed to increase shareholder value. If we do not perform, then our shareholders are not rewarded, and neither are we. The objectives are designed to deliver $500+ million in equity value by 2023, or more than $12 per share, while positioning the Company for accelerated growth and cash flows thereafter. We will provide updates regarding our progress in the coming weeks and months.”
Additional Disclosure on the Company’s Valorization Projects
Comstock Secures Majority Stake in LiNiCo; Indirect Stake in Green Li-Ion
On February 17, 2021, the Comstock announced transactions securing a large equity stake in LINICO Corporation (“LiNiCo”), a lithium-ion battery (“LIB”) recycling company who recently acquired a state-of-the-art battery metal recycling facility from Aqua Metals, Inc. (“Aqua Metals”) located in the Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada. The Company will pay up to $4,500,000 in cash and delivered 3,000,000 restricted common shares, representing up to $10,750,000 in consideration for up to a 64% stake in LiNiCo while Aqua Metals is investing $2,000,000 for a 10% stake.
LiNiCo has used a portion of those proceeds to increase its direct strategic investment in Green Li-ion Pte, Ltd. (“Green Li-ion”) to just over 20%, acquire the state-of-the-art battery metal recycling facility from Aqua Metals, and purchase Green Li-ion’s patented process equipment enabling the production of 99.9% pure lithium-ion cathodes in the U.S. LiNiCo’s new facility was designed for, and well situated to, receive, crush, and separate battery materials into black mass. Green Li-ion’s technology has been proven to convert black mass into rejuvenated, high purity, battery grade metals and essentially pure cathodes for a fraction of the cost and time of conventional solutions.
LiNiCo has commenced securing permits, feedstock arrangements and 99.9% pure sample cathode materials and plans on commencing production late this year, building toward cathode production capacity of about 10,000 tons per year. At just 33% of that rate and 60% of applicable commodity prices, the LiNiCo facility should generate more than $100 million in sales with pre-tax operating income margins exceeding 30%, adding 40 good paying Nevada jobs and making a landmark contribution to Comstock’s ESG-based Product and Process Stewardship and Climate Smart Mining objectives.
Mercury Clean Up LLC (“MCU”) and the Launch of MCU Philippines Inc. (“MCU-P”) Operations
During 2019, the Company entered into a Mercury Remediation Pilot, Investment and Joint Venture Agreement (the “MCU Agreement”) with MCU. Pursuant to the MCU Agreement, the Company paid $2 million of capital contributions in exchange for 15% of the fully-diluted membership interest of MCU. The Company also has a 50% in MCU Philippines Inc., the first international mercury remediation joint venture in the Philippines (MCU-P) that officially commenced processing this week in the province of Davao D’ Oro, Philippines, with a full political and regulatory support of the eco-system-wide mercury clean up.
The Company has exercised it rights to coordinate up to an additional $3 million in secured financing for MCU-P, and recently completed the first $2 million of loans to MCU-P, earning another 10% of MCU (for a total of 25%), resulting in the Company securing the rights to 62.5% of the economics for all of the mercury remediation projects.
Gold and Silver Developments
Dayton and Spring Valley Gold and Silver Mineral Property Development
The Dayton resource area ranks as the Company’s top exploration and potential mine development target. Our geology team has been completely updating the interpretive model of the Dayton resource area, continuing into Spring Valley. The Company plans to generate a resource estimate based on a standalone, S-K 1300 technical report summary, and then follow up with additional drilling and technical work leading to an economic feasibility report.
During the third quarter of 2020, the Company engaged Geotech Ltd ("Geotech") of Aurora, Canada, to conduct an airborne geophysical survey of the Dayton resource area, Spring Valley exploration targets, and the rest of the Company's Comstock District properties. The survey included both magnetic and Geotech's proprietary Versatile Time-Domain Electromagnetic ("VTEM") surveys. The survey was flown from September 19 through October 3, 2020, with 1,161 line-kilometers. The interpreted, three-dimensional results are scheduled to be delivered in early 2021. The results will greatly increase the Company’s understanding of the Dayton resource area and Spring Valley resource expansion potential, along with the Company’s other exploration targets in Lyon and Storey Counties.
Lucerne Gold and Silver Mineral Properties – Revenue and Royalties
On September 8, 2020, the sale of Comstock Mining LLC, the entity that owed the Lucerne properties was closed, and Tonogold acquired 100% of the membership interests. The Company recorded a gain on the sale of the transaction of $18.3 million, agreed to receive reimbursements of approximately $2 million per annum from a lease option agreement for future processing of Lucerne mine ores, and also retained a 1.5% Net Smelter Return (“NSR”) royalty on all of the Lucerne mineral properties. Tonogold plans on publishing an initial NI 43-101 resource report for the Lucerne properties during 2021.
Occidental and Gold Hill Gold and Silver Mineral Properties – Exploration and Mining Lease
The Occidental and Gold Hill group of exploration targets represent longer-term exploration target areas that contain many historic mining operations, including the Overman, Con Imperial, Caledonia, and Yellow Jacket mines. The Company entered into a renewable mineral lease with Tonogold for these mineral properties owned or controlled by the Company in Storey County, Nevada (the "Exploration Lease"). The Exploration Lease grants the right to use these properties for mineral exploration and development, and ultimately the production, removal and sale of minerals and certain other materials. The lease requires exploration spending, permitting, and engineering commitments for a minimum of $1.0 million per year and a cumulative total of $20.0 million over 20 years. Tonogold has committed to specific milestones for issuing technical and feasibility reports on their results. Tonogold pays a quarterly lease fee of $10 thousand, in advance. The lease fee escalates by 10% each year plus reimbursing the Company for all costs associated with owning the properties. The lease also provides for royalty payments after mining operations commence starting at the rate of 3% of NSR for the first year following the commencement of mining and 1.5% of NSR thereafter for all of the properties.
Mr. DeGasperis continued: “While we have historically focused on metals, our philosophy has always been about extracting and processing precious and strategic natural resources, where the words “precious” and “strategic” were defined to include high value metals based on market drivers and prevailing commodity prices. Today, however, as we think through the inevitabilities of the “perfect storm” of demand from the world-wide transition to clean energy, increasing population, and increasing natural resource scarcity, our targets are expanding to encompass additional and emerging high value commodities. We are currently evaluating several very exciting ESG-based, nature-based, highly accretive, valorization projects and investments.”
Specific Moving Forward Objectives for Existing Projects
Specific performance objectives for the Company’s existing operations include:
Commercialize a global, ESG-compliant, profitable, mercury remediation and other critical mineral systems:
Establish the technical efficacy of MCU’s Comstock Mercury System, and protect the intellectual property;
Deploy and operate the first international mercury remediation project by deploying MCU’s first, second and at least third mercury remediation systems into the Philippines;
Identify, evaluate and prioritize a pipeline of potential mercury remediation projects; then deploy the third and fourth mercury remediation projects, producing extended, superior cash flow returns; and,
Assess and acquire accretive, ESG-based, strategic expansion opportunities.
Establish and grow the value of our mineral properties:
Establish the Dayton Resource area’s maiden, stand-alone mineral resource estimate;
Expand the Dayton-Spring Valley Complex through exploration drilling and geophysical modelling;
Develop the expanded Dayton-SV Complex toward full economic feasibility, supporting a decision to mine;
Entitle the Dayton-SV Complex with geotechnical, metallurgical, environmental studies and permitting; and,
Validate the Comstock NSR Royalty portfolio, i.e., Comstock and Occidental Lodes, Lucerne, etc.
Monetize non-strategic assets and build a quality organization:
Monetize our third-party, junior mining securities responsibly, for $12.5 million or more;
Monetize our non-mining assets for $12.5 million, excluding the Gold Hill Hotel;
Grow the value of our Opportunity Zone investments to over $30 million; and,
Deploy a systemic organization, capable of accelerating growth and handling complexity.
Mr. De Gasperis concluded, “We have directly linked our strategic performance objectives with our goal of delivering $500 million in shareholder value (or at least $12 per share) and then aligned all of our people with 100% performance-based, stock-based compensation based on both delivering these objectives, funding them and delivering at least that value to our shareholders. Again, if our shareholders are not rewarded, then neither are we.”
See press release with images at https://www.comstockmining.com/press-releases/comstock-mining-…nergy-transition/
They tried a $500k short at 3.77ish and that didnt work out when it bounced at 3.60 back up 4.70. So they tried again with a huge wall on the ask and placed another $500k at 4.38ish in the afternoon. That wasnt working out so well either. Was back up to 4.80 at open today... suddenly a hit piece smear campaign to try and help the short cause. Im pissed off as this has no merit. A short with a mouthpiece and an agenda is dangerous weapon. Personally, other than the inconvenience of it all, im still bullish and remain long and strong. I believe in this company and the direction we’re headed.
COMSTOCK MINING ANNOUNCES NOTICE OF 2020 YEAR END RESULTS AND BUSINESS UPDATE WEBCAST VIA ZOOM
Virginia City, NV (March 8, 2021) Comstock Mining Inc. (the “Company”) (NYSE American: LODE), an emerging leader in climate-smart, sustainable mineral development and production, will host a conference call on Thursday, March 11, 2021 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report its 2020 year end results and provide a business update. The Webcast will include a moderated Q&A, after the prepared remarks. Please join the event 5-10 minutes prior to the scheduled start time. The link and/or dial-in telephone numbers for the live Webcast are as follows:
Join Zoom Meeting
https://us02web.zoom.us/j/7437013377
Meeting ID: 743 701 3377
One tap mobile
+12532158782,,7437013377# US (Tacoma)
+13462487799,,7437013377# US (Houston)
Dial by your location
+1 253 215 8782 US (Tacoma)
+1 346 248 7799 US (Houston)
+1 669 900 9128 US (San Jose)
+1 301 715 8592 US (Washington DC)
+1 312 626 6799 US (Chicago)
+1 646 558 8656 US (New York)
Meeting ID: 743 701 3377
Find your local number: https://us02web.zoom.us/u/kGBcBXcOw
The recording of the Webcast will be available, within 24 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library
Comstock Mining Announces Closing of Registered Direct Offering of Common Stock
VIRGINIA CITY, Nev., March 04, 2021 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the “Company”) (NYSE American: LODE) today announced the closing of its previously announced $16 million registered direct offering representing 4 million shares at a price of $4.00 per common share. Net proceeds are approximately $15 million, after deducting underwriting commissions and offering expenses.
Noble Capital Markets, Inc. acted as placement agent for the offering.
“This equity placement enables the accelerated growth of all of our Climate Smart Mining initiatives, including global mercury remediation, lithium-ion battery recycling and our precious and critical metal portfolio said Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “We have substantially enhanced our base of keen institutional investors and very much appreciate the coordination and execution by Noble Capital Markets in this transaction.”
The offering was made pursuant to an effective shelf registration statement (No. 333-229890) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A final prospectus supplement and accompanying base prospectus relating to the offering were filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
https://www.globenewswire.com/news-release/2021/03/04/2187707/0/en/Comstock-Mining-Announces-Closing-of-Registered-Direct-Offering-of-Common-Stock.html
I treated it as a buying op in PM. 4 mil shares seems like a small price to pay for a double down on the MCU units, Linico and cash to further us along on Dayton. Closes on Thursday and we should be back above $5 by then.
Link to the updated 424(b)(5)
https://www.sec.gov/Archives/edgar/data/1120970/000112097021000040/prospectussupplementmarch_.htm
Its 4mil at $4.00
Comstock Mining Announces a $16 Million Registered Direct Offering of Common Stock
VIRGINIA CITY, Nev., March 02, 2021 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the “Company”) (NYSE: LODE) announced that it has entered into securities purchase agreements for the sale of 4,000,000 shares of its common stock at a price of $4.00 per share in a registered direct offering. No warrants will be issued in connection with the transaction. The closing of the offering is expected to occur on or about March 4, 2021, subject to the satisfaction of customary closing conditions.
Noble Capital Markets, Inc. is acting as the sole placement agent for the offering.
The Company intends to use the net proceeds from the offering to fund the LINICO Corporation acquisition, previously announced on February 17, 2021, investments in Mercury Clean Up LLC, mineral acquisition and development, and general corporate purposes.
The share offering will be made under the Company’s effective shelf registration statement on Form S-3 (File No. 333-229890) previously filed with the Securities and Exchange Commission (“SEC”). A prospectus supplement describing the terms of this proposed offering will be filed with the SEC. When available, electronic copies of the prospectus supplement and accompanying base prospectus may be obtained from Noble Capital Markets, Inc. at 225 N.E. Mizner Boulevard, Suite 150, Boca Raton, Fl 33431 Attn. Prospectus Department, or by telephone at 561-994-1191, or by email at info@noblecapitalmarkets.com. Before investing in this offering, interested parties should read the other documents that the company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have been or will be filed with the SEC.
About Comstock Mining Inc.
Comstock Mining Inc. (NYSE: LODE) (the “Company”) is an emerging leader in sustainable mineral development and production of environment-enhancing, increasingly scarce strategic and precious metals, focused on conservation-based waste, high-value, cash-generating, mineral and metals essential to meeting the rapidly increasing demand for clean energy technologies. The Company has extensive, contiguous property in the historic, world-class Comstock Lode mining district with fully permitted, metallurgical labs and an operational, mineral processing and beneficiation platform that includes a growing portfolio of mercury remediation, gold and silver extraction facilities. To learn more, please visit www.comstockmining.com.
http://www.globenewswire.com/news-release/2021/03/02/2185049/0/en/Comstock-Mining-Announces-a-16-Million-Registered-Direct-Offering-of-Common-Stock.html
Completely agree.
Hey! Thats a nice suprise. Honestly I hadnt checked in on them in over a year. The green machine keeps on rolling our way! Im glad we have a slice of that tech too. Thanks for the link.
Someone please correct me if I’m wrong but didn’t Corrado say they (the old miners) walked away from and left anything below 5 gpt?
I keep the low float in mind when considering upward potential and at some point I believe that even that float will get locked up somewhat as soon as we show the MCU projects are viable. I think the lithium recyling is a given money maker even if TSLA wasnt interested in a deal, which I suspect they eventually will be.
Itronics: I believe they will be involved in our green focus at some point. Don’t forget about Cycladex either.
He needs to adjust his numbers in that article. Maybe he was just excited
Low float, no patience, herd think, no dd. Take your pick. EOY this is going to be beautiful.
COMSTOCK SECURES MAJORITY INTEREST IN LITHIUM-ION BATTERY RECYCLING COMPANY; FACILITY PLANS 10,000 TONS PER YEAR OF 99.9% PURE LITHIUM-ION CATHODES FOR CLEAN ENERGY TRANSITION
Virginia City, NV (February 17, 2021) – Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced transactions securing the rights to a majority equity stake in LINICO Corporation (“LiNiCo”), a lithium-ion battery (“LIB”) recycling company who recently acquired a state-of-the-art battery metal recycling facility from Aqua Metals, Inc. (“Aqua Metals”) (NASDAQ: AQMS) located in the Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada. The Company will pay $4,500,000 in cash and 3,000,000 shares of its restricted common stock, representing up to $10,750,000 in consideration for up to a 64% ownership stake in LiNiCo. Aqua Metals is investing $2,000,000 for a 10% stake in LiNiCo.
LiNiCo will use the proceeds to increase its direct strategic investment in Green Li-ion Pte, Ltd. (“Green Li-ion”), purchase Green Li-ion’s patented process equipment, with exclusive rights for the U.S. market, enabling the production of 99.9% pure lithium-ion cathodes. LiNiCo’s Chief Executive Officer and Founder, Michael Vogel commented, “Our agreements accelerate the race towards reducing carbon emissions by valorizing critical metals and supporting the increasingly high demand for electric vehicles (“EVs”). Aligning ourselves with Comstock, Green Li-ion and Aqua Metals creates a unique ecosystem of complimentary companies.”
LiNiCo’s facility was designed for, and perfectly situated to receive, crush, and separate battery materials into black mass. Green Li-ion’s technology has been proven to convert black mass into rejuvenated, high purity, battery grade metals and essentially pure cathodes for a fraction of the cost and time of conventional solutions.
Extraordinary Growth
Lithium-ion battery production capacity has increased tenfold in the past decade. According to a recent report from the International Energy Agency (“IEA”), demand for lithium is expected to significantly increase to fill global demand for electric vehicles (“EVs”). ARK Invest recently concluded that EV sales will increase to about 40% of global auto sales within five to six years. Tesla (NASDAQ: TSLA) CEO Elon Musk recently provided a similar estimate, tweeting his view that the industry could produce 30 million EVs per year by 2027.
Hitting that output will require about 1.8 million tons per year of lithium carbonate equivalent (“LCE”), or about five times more than the entire lithium mining industry produces today, and fifteen times the total LCE used in new EVs in 2020. The miners and manufacturers can scale up to meet that demand, however, according to a January 2020 USGS mineral commodity summary, there are only about 80 million tons of identified lithium resources worldwide, and EV batteries are typically landfilled after eight to ten years of use. A recent report by independent analysts, Yole Développement estimated that expired LIBs are landfilled annually with over $300 million in strategic metals, an amount estimated to grow to over $1.2 billion in strategic metals by 2025 and $24 billion by 2040.
Creating Closed Loop Systems for Clean Energy with Climate Smart Mining
“Continued advances in energy storage are inevitable, but no resource is infinite, and most of that lithium will need to be recovered and reused at some point,” said Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “We see spent lithium-ion batteries as a potent industrial mineral, and – as with any resource, we need the right team, technology, and infrastructure to extract and process it. This transaction assembles all three into an ecosystem of aligned partners, operating systemically on a common goal.”
LiNiCo plans to commence production later this year, building toward cathode production capacity of about 10,000 tons per year. At just 33% of that rate and 60% of applicable commodity prices, the LiNiCo facility should generate more than $100 million in sales with pre-tax operating income margins exceeding 30%, adding 40 good paying Nevada jobs and making a landmark contribution to Comstock’s Environmental, Social and Corporate Governance (“ESG”), Product and Process Stewardship and Climate Smart Mining goals.
Mr. De Gasperis concluded, “We believe that this acquisition builds on Comstock’s strategy for developing high-cash generating, conservation-based processes that valorize these increasingly strategic, critical resources. We have now diversified into the critical electrification metals, including silver, lithium, nickel and cobalt, complementing and expanding on our existing precious metal processing competencies. Our objective is to renew these scarce resources while driving sustained value growth for all of our stakeholders – financial, natural and social. We are passionate stewards of our environment, developing closed loop projects that offset the environmental and social costs of conventional mining practices.”
Remarkably, each ton of conventionally mined lithium extraction can require nearly 2,000 tons of water utilization whereas LiNiCo’s process and the existing water recycling system in LiNiCo’s state-of-the art facility only consumes a tiny fraction of that amount to produce the same output, significantly enhancing conservation.
LiNiCo’s battery recycling facility is located in the immediate vicinity of Tesla’s Gigafactory #1 in TRI Center.
About LINICO Corporation (“LiNiCo”)
LINICO Corporation is a cleantech startup, with a state-of-the art battery metals recycling facility focused on commercializing economically viable and environmentally sustainable technologies for lithium-ion battery recycling. LiNiCo’s goal is to alleviate the global reliance on harmful mining activities that are used in the production of critical metals, to support the increasingly high demand and shortage of these critical metals, to close-the-loop on sustainable practices for end-of-life lithium-ion batteries and to support a clean energy economy. To learn more, please visit www.linico.io.
About Green Li-Ion Pte, Ltd.
Green Li-Ion solves the existential risk to the precious metals industry and the environment. With patented deep technology that is cleaner, faster and four times more profitable than current lithium ion battery recycling. Green Li-Ion technology is the only closed loop technology to fully rejuvenate the lithium ion battery cathode for the circular economy. Green Li-Ion’s Multi-Cathode technology and GLMC-1 control unit enhances current lithium ion battery recycling lines to produce 99.9% pure cathodes. To learn more please visit www.greenli-ion.com.
About Aqua Metals, Inc.
Aqua Metals, Inc. (NASDAQ: AQMS) is a leading innovator in lead battery metal recycling with its patented hydrometallurgical AquaRefining™ technology. The modular Aqualyzers™ cleanly generate ultra-pure metal one atom at a time, closing the sustainability loop for the rapidly growing energy storage economy. Aqua Metals’ offerings include equipment supply, services and licensing of the AquaRefining technology to recyclers across the globe. Aqua Metals is based in McCarran, Nevada. To learn more, please visit www.aquametals.com.
About Comstock Mining Inc.
Comstock Mining Inc. (NYSE: LODE) (the “Company”) is an emerging leader in sustainable mineral development and production of environment-enhancing, increasingly scarce strategic and precious metals, focused on conservation-based waste, high-value, cash-generating, mineral and metals essential to meeting the rapidly increasing demand for clean energy technologies. The Company has extensive, contiguous property in the historic, world-class Comstock and Silver City mining districts (collectively, the “Comstock District”) with fully permitted, metallurgical labs and an operational, mineral processing and beneficiation platform that includes a growing portfolio of mercury remediation, gold and silver extraction facilities. To learn more, please visit www.comstockmining.com.
ARE WE HAVING FUN YET????
Do not cite the Deep Magic to me, Witch! I was there when it was written. — Aslan
Not me, but I was reminded of the quote.
Comstock and MCU Ready Launch of Mercury Remediation Operations; First Regional Remediation and Extraction Facility Expected to Begin Full Operations in March 2021
VIRGINIA CITY, Nev., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) and Mercury Clean Up LLC (“MCU”), announced today that construction is nearly complete in their Clean Mercury Remediation Technologies (“CMRT”) joint venture, representing the first mercury remediation and gold extraction facility in the province of Davao D’ Oro, Philippines, with initial operations launching next week.
Artisanal and Small-Scale Gold Mining (ASGM) Dilemma
Mercury-dependent ASGM uses a process known as amalgamation to dissolve gold from natural deposits. The amalgam is then typically isolated by hand and then heated to distill the mercury and isolate the gold. Problematically, mercury is hazardous to human health and the environment, where residual ASGM wastes contaminate water and soil and ultimately bioaccumulate into food chains. Mercury risks to children are particularly acute, with mercury emissions from ASGM disabling both physical and mental development. The process was regulated into near extinction by most countries, but upwards of 20 million people still use mercury to mine for gold in more than 70 countries, making mercury pollution from ASGM a U.N. prioritized global issue through the Minamata Convention.
Proprietary Remediation and Extraction Process
The MCU mercury remediation system is the first of several planned by MCU, Comstock and CMRT in the region. Each system is mobile and specifically designed for remote deployment, to remediate mercury from existing amalgamation wastes while extracting residual by-products, including gold, cleaned sand, soil and gravel for commercial use. The mercury wastes are disposed in a safe and compliant manner, thereby repairing and enhancing local ecosystems, while the extracted gold and cleaned by-products provide multiple high-margin revenue streams.
“Each facility is expected to produce positive cash flow within a few months of start-up, with fast returns on capital deployed, typically in less than a year, depending on processing rates and the various by-products extracted from environment,” said Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “Our deployment plan involves several additional systems once the first remediation activities are up and running, so we are very much looking forward to achieving that objective and moving into positive cash flows and sustained growth.”
http://www.globenewswire.com/news-release/2021/02/10/2173021/0/en/Comstock-and-MCU-Ready-Launch-of-Mercury-Remediation-Operations-First-Regional-Remediation-and-Extraction-Facility-Expected-to-Begin-Full-Operations-in-March-2021.html
The 8k is a yearly renewal of the shelf with Leviston. It’s backup $ just in case we need it. I dont believe we’ve yet to draw on it.
Looking forward to that price as well.
Comstock Focuses on Climate Smart Mining; Develops Existing and New Precious and Strategic Metals Projects to Fuel Clean Energy Transition
VIRGINIA CITY, Nev., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (“Comstock” and the “Company”) (NYSE American: LODE), a diversified precious and strategic metals production and processing company, today updated its plans for meeting the escalating demand for clean energy technologies. The Company and our partners, including Mercury Clean-Up, LLC (“MCU”) started with the deployment of new metals extraction and processing technologies that remediate soils and more efficiently extract and process gold at the Company’s existing facilities and abroad and we have targeted new development projects that efficiently reprocess and renew silver and other strategic metals.
Comstock’s shift to climate-smart mining started with technologies that target tailings, leach pads, and other mining wastes, in order to capture residual precious metals. The Company’s partnerships, projects and technologies, involve proprietary processes for remediating mercury and other metals from abandoned and leached mining sites and the surrounding eco-systems, while more efficiently extracting silver, gold and other strategic metals.
Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer stated, “Our ongoing work with remote mercury recovery and gold extraction provides an immediate example of our approach. MCU’s mercury remediation equipment is currently deployed in the Philippines, with processing operations commencing this month. We have coordinated with the community, landed the equipment, assembled the team, and prepped for start-up. Our joint venture partners are collaborating to begin removing toxic mercury contamination from U.S. and international eco-systems, while efficiently extracting gold from contaminated and abandoned mining sites.”
The Company plans to build and improve on these mineral and metal developments by introducing additional technologies that maximize recoveries from the Company’s existing gold and silver resources in Nevada, as well as other conservation-based projects that the Company and its partners plan on introducing in the coming months.
Quantum Surge in Global Demand for Metals
Comstock believes that its approach is especially timely and important. A recent report from the World Bank, entitled Mineral Intensity of the Clean Energy Transition, reported that the production of graphite, cobalt, lithium and many other strategic minerals and metals are expected to increase dramatically by 2050, as an estimated 3 billion tons of minerals and metals are used to deploy energy storage and renewable energy production projects.
“The world is becoming increasingly aware of the current risks and realities presented by climate change,” concluded Mr. De Gasperis. “A quantum surge of investment is expected in conservation-based energy storage and renewable energy projects worldwide. We cannot rely on conventional mining methods to meet critical mineral and metal needs and we are energized by these new opportunities, and the prospect of deploying these technologies to build shareholder value by meeting the increasing higher demand for these strategic, critical and precious metals.”
http://www.globenewswire.com/news-release/2021/02/04/2169734/0/en/Comstock-Focuses-on-Climate-Smart-Mining-Develops-Existing-and-New-Precious-and-Strategic-Metals-Projects-to-Fuel-Clean-Energy-Transition.html
I have no problems with PRs being posted here that are companies that have a direct business relationship with LODE. (TNGL, ITRO, etc.)
TONOGOLD VERIFIES GOLD AND SILVER MINERALIZATION BELOW THE LEVEL OF THE SUTRO TUNNEL ON THE COMSTOCK LODE AND HITS 25 METERS AT 13.5 G/T GOLD AND 38.4 G/T SILVER ON THE OCCIDENTAL/BRUNSWICK LODE
http://tonogold.com/en/tonogold-verifies-gold-and-silver-mineralization-below-the-level-of-the-sutro-tunnel-on-the-comstock-lode-and-hits-25-meters-at-13-5-g-t-gold-and-38-4-g-t-silver-on-the-occidental-brunswick-lode/
I can’t imagine why posting this would be a TOS issue. Yeah, different company... that will have to fork over to LODE royalties for what they mine on those properties. More power to them!
I see someone is grumpy Good job folks! Still waiting for 10.00 here. PRs could help with that.
Thanks. It will be nice to have that sitting at the top of the comments so that people can reference the info in the future. Honestly it was just a copy paste of the pr but it was lengthy.
Comstock Announces 2020 Achievements; Updates Progress on MCU Ownership, Philippines Deployment and Strategic Objectives
VIRGINIA CITY, Nev., Jan. 07, 2021 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the “Company”) (NYSE American: LODE) announced 2020 business achievements, 2021-2023 strategic plan and the Company’s outlook for 2021:
Selected 2020 Strategic Achievements (unaudited)
Completed corporate realignment, positioning Comstock for precious and strategic metal-based growth;
Completed first phase of mercury remediation pilot, purchasing 15% of Mercury Clean Up LLC (“MCU”):
Formed Philippine mercury remediation joint venture, receiving 50% of MCU Philippines Inc. (“MCU-P”);
Acquired 25% of Pelen LLC, 100% owner of the Sutro Tunnel Company mineral properties and royalties;
Formed Comstock Royalty LLC for aggregating a growing portfolio of gold and silver NSR royalties;
Completed the sale of the Lucerne mine, recognizing a gain of $18.3 million;
Completed an airborne geophysical survey over all of the Company’s Comstock District properties;
Leased the Daney Ranch with an option to sell for $2.7 million;
Reduced annual operating expenses by approximately $4 million per annum, as compared to 2017;
Monetized $5.6 million in Tonogold common and preferred stock;
Repaid the remaining $4.8 million portion of the Company’s former senior secured debenture;
Ended 2020 with 34,980,766 shares outstanding, including 540,000 in restricted directors’ shares; and
Ended 2020 with approximately $2.4 million in cash and cash equivalents.
Mr. Corrado De Gasperis, Executive Chairman and CEO stated, “We sustained all of our scheduled cost reductions and subsidies, repaid our senior secured debt and implemented our realignment objectives in 2020, positioning ourselves for new, high-growth, activities. The successful sale of Lucerne enabled the repayment of all of our senior secured debt and, together with monetizing non-strategic assets, funds the implementation of our strategic plan.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37ae2500-39b3-4a92-a5bd-d9575a7385cc
Strategic Performance Objectives 2021-2023
The Company’s goal is to grow our equity value by commercializing environment-enhancing, precious and strategic-metal-based products and processes that generate a rate of predictable cash flow (throughput) from our metal processing operations and royalties and increase the long-term enterprise value of our mineral properties. The next three years are dedicated to delivering that value by achieving the performance objectives listed below:
Commercialize a global, ESG-compliant, profitable, mercury remediation system:
Establish the technical efficacy of MCU’s mercury remediation system, and protect the intellectual property;
Operate the second and third mercury remediation systems internationally, profitability, in the Philippines;
Identify, evaluate and prioritize a pipeline of potential mercury remediation projects; then deploy the fourth and fifth mercury remediation projects, with the goal of producing significant cash flow returns; and
Assess and capitalize on value enhancing expansion opportunities.
Establish and grow the value of our mineral properties:
Establish the Dayton Resource area’s maiden, stand-alone mineral resource estimate;
Expand the Dayton-Spring Valley Complex through geophysical modelling and exploration drilling;
Develop the Dayton-Spring Valley Complex toward full economic feasibility, supporting a mine decision;
Entitle the Dayton-Spring Complex with geotechnical, metallurgical, and environmental permitting; and
Exploit the Comstock smelter royalty portfolio (e.g., Occidental Lode, Comstock Lode, Lucerne Mine).
Monetize non-strategic assets and build a quality organization:
Monetize our third-party, junior mining securities responsibly, for $12.5 million or more;
Monetize our non-mining assets for $12.5 million, excluding the Gold Hill Hotel;
Grow the value of our Opportunity Zone investments to over $30 million; and
Deploy a systemic organization, capable of accelerating growth and handling complexity.
On January 4, 2021, the Company granted 1,260,000 performance share units to key employees of the Company. Vesting of the awards is 100% conditioned upon the achievement of strategic performance objectives of the Company described in the Comstock 2020 Equity Incentive Plan, for half of the award, and achieving a per share price of $12 per share or greater, for the other half of the award. If the objectives and the values are not achieved, the shares will not vest and revert back to the Company. The Executive Chairman and CEO of the Company was among the recipients of such performance share units, with a grant of 500,000 of the performance share units.
Mr. De Gasperis continued, “We have sharpened our performance objectives, strengthened our alignment with all stakeholders, with our board taking the substantial majority of their compensation in stock over the next three years and all of our employees participating in a 100% performance-based, stock-based compensation plan. The Company’s leadership is fully aligned with shareholder interests and focused on the goal of delivering over $500 million of value, or at least $12 per share, from the Company’s existing assets and the commercialization of environmentally friendly precious and strategic metal processing technologies, partnerships and ventures.”
Commercialize a Global, ESG-compliant, Mercury Remediation System
On December 4, 2020, the Company’s closed on its first investment objective, purchasing 15% of MCU and adding Mr. De Gasperis to the MCU board, representing the Company’s 15% membership interest. The Company also received its full 50% interest in MCU-P, the Company’s first joint venture project for the commercialization of MCU’s mercury remediation technologies. The Company has committed to fund up to $3 million in secured loans for the Philippine joint venture and receives an additional 10% of MCU when the Company has loaned the initial $2 million to MCU-P (of which, approximately $1.2 million was funded during 2020).
Oro Industries Inc., MCU’s exclusive manufacturing partner, has delivered and MCU has now tested the 25-ton-per-hour mercury recovery plant for its pilot operations on Comstock mineral properties, including a 200 gallon-per-minute dissolved air flotation water treatment plant. These pilot trial operations continued into early December and achieved operating balance for all parts of the system, generally operating at 2-3 tons per hour. Our teams are currently sampling and validating mercury-contaminated materials throughout the Carson River Mercury Superfund Site, using a sampling protocol accepted by environmental regulatory bodies, with the objective of identifying and sourcing mercury-contaminated test materials for the continuance of the pilot program. MCU will resume pilot processing later in the first quarter, and continue throughout 2021, at the Company's American Flat processing facility. The Company’s goals are to validate and fine-tune the mercury remediation process, with the objective of evaluating its economic feasibility on the Comstock materials and capitalizing on the global growth opportunities.
The first of those opportunities is in the Philippines. MCU-P has already delivered its first international system to the Philippines and has commenced operations, led by Mr. Paul Clift, MCU’s CEO, who is on the ground in the province of Davao D’ Oro. MCU-P is coordinating its efforts with its joint venture partner Clean Ore Solutions, a Philippine company, and the Department of Environment and Natural Resources. This represents the first real international opportunity for large-scale mercury remediation and environmental reclamation and for establishing MCU as a leader in mercury remediation, and in particular, contamination caused by small-scale artisanal miners.
Establish and Grow the Value of Our Mineral Properties
During the third and fourth quarter of 2020, the Company engaged Geotech Ltd ("Geotech") of Aurora, Canada, to conduct an airborne geophysical survey of the Dayton resource area, Spring Valley exploration targets, and the rest of the Company's Comstock District properties. The survey included both magnetic and Geotech's proprietary Versatile Time-Domain Electromagnetic ("VTEM") surveys. The three-dimensional results have been recently delivered to the Company and its geological team continues to assess a deep trove of geophysical and geological data. The results will greatly increase the Company’s understanding of the Dayton resource area, the Spring Valley resource expansion potential, and the rest of the Company's Comstock District properties.
During the fourth quarter, the Company’s technical staff also completed a detailed structural interpretation of the Dayton resource area, which provides the framework for a completely new resource model. The detailed interpretation has resulted in a highly prospective drill targets to further define and expand the mineral resource.
The Company’s first performance objective includes establishing the Dayton Resource area’s maiden, stand-alone mineral resource estimate, with plans to initiate a stand-alone S-K 1300 compliant, initial assessment technical report for the Dayton resource area. We expect the new technical report to provide not only a new resource estimate, but also a phased drilling plan for further defining and expanding the resource for sustainable, profitable mining. The Company’s performance objectives will then include expanding the Dayton-Spring Valley Complex through exploration drilling and geophysical modelling, further developing the expanded Dayton-Spring Valley Complex toward full economic feasibility, and ultimately supporting a decision to mine.
Monetize Non-strategic Assets and Outlook
The Company’s most near-term performance objectives includes monetizing our third-party, junior mining securities responsibly, for $12.5 million or more, and monetize our non-strategic assets for $12.5 million, excluding the Gold Hill Hotel. During the third quarter of 2020, the Company began monetizing its investments in Tonogold. During the second half of 2020, the Company received over $5.6 million in cash proceeds from the sale of these shares and still holds over 13 million common shares in shares as of December 31, 2020. The Company also holds approximately $4.5 million, in Tonogold 12% senior secured notes receivable, due on September 20, 2021.
The Company expects to monetize the remainder of these non-strategic assets over the next three to nine months, expecting in excess of $18 million in gross proceeds. This includes closing on the sale of the Silver Springs properties for proceeds of over $10 million, to Sierra Springs Enterprises, Inc., monetizing the remainder of our Tonogold shares for total proceeds of over $4.1 million, and collecting on the Tonogold note of over $4.4 million. The Company will use the proceeds to extinguish over $3.5 million in debt and fund its growth initiatives.
At December 31, 2020, cash and cash equivalents were approximately $2.5 million and total common shares outstanding were 34,980,766 shares, including 540,000 unvested, restricted shares representing board compensation over the next three years, with one-third of such shares vesting on January 1, 2022, 2023 and 2024, respectively.
Mr. De Gasperis concluded, “All of our objectives are designed and aligned toward one goal, for creating over $500 million in value by commercializing environmentally friendly metal processing technologies, like those of MCU, and validating and expanding our mineral resources and royalties. Our monetization objectives allow us to fund and accelerate accretive growth toward our initial goal of $500 million of equity value, or at least $12 per share.”
http://www.globenewswire.com/news-release/2021/01/07/2154763/0/en/Comstock-Announces-2020-Achievements-Updates-Progress-on-MCU-Ownership-Philippines-Deployment-and-Strategic-Objectives.html
Performance bonuses kicked in. 2021 may be the year for us.
Director Leo Drozdoff buys 50,000 shares @ .99
https://www.sec.gov/Archives/edgar/data/1120970/000112097020000065/xslF345X03/wf-form4_160592580930119.xml
As suggested, please stay on topic. Thanks.
Q3 Conf. Call is today at 10am CST.
Toll Free: 1-800-367-2403
Direct: 1-334-777-6978
Confirmation Code: 2739116
I agree. Very good ER.
COMSTOCK MINING ANNOUNCES POSITIVE NINE-MONTHS EARNINGS OF $0.63 PER SHARE: RECOGNIZES $18.3 MILLION GAIN ON LUCERNE SALE
https://www.comstockmining.com/press-releases/comstock-mining-announces-positive-nine-months-earnings-of-0-63-per-share-recognizes-18-3-million-gain-on-lucerne-sale/
Waiting for Nov 17th like everyone else.
A close on silver springs would be ideal but i fear the current economic conditions are hampering that. I think we might hear about the geomagnetic survey and probably will hear about the mcu updates. Not sure about hearing anything regarding tono.
Comstock Mining Announces Notice of Q3 2020 Results and Business Update Conference Call
VIRGINIA CITY, Nev. -- Comstock Mining Inc. (the “Company”) (NYSE American: LODE) announced today the Company will host a conference call on Tuesday, November 17, 2020 at 8:00 a.m. Pacific Standard Time/11:00 a.m. Eastern Standard Time to report its Third Quarter financial results and provide a business update. The live call will include a moderated Q&A, after the prepared remarks. Please join the event 5-10 minutes prior to scheduled start time. When prompted, provide the confirmation code. The dial-in telephone numbers for the live audio are as follows:
Toll Free: 1-800-367-2403
Direct: 1-334-777-6978
Confirmation Code: 2739116
The audio will be available, usually within 24 hours of the call, at the Investor’s tab of the Company’s website:
www.comstockmining.com/investors/investor-library
Have to keep things moving. I would have preferred we waited until after their TSXV listing. Fund needs some good news.
Our geomagnetic survey results on the dayton/ spring valley areas should be coming up this month as well. A lot of activity to process for Q3.
Tonogold Resources Inc. Progress Update Announcement October 2020
LA JOLLA, CA / ACCESSWIRE / October 7, 2020 / TONOGOLD RESOURCES, INC. (OTC:TNGL) ("Tonogold" or the "Company") advises of the following.
Preference Share redemption
As part of the consideration of Tonogold's acquisition of Comstock Mining Inc.'s mining and exploration assets in Storey County, Nevada, Tonogold issued CMI $6.1 million redeemable convertible preference shares ("Pref Shares").
The terms of the Pref Shares provided CMI the right to convert some or all of the Pref Share into Common Shares in Tonogold at a conversion price of 18 cents per share and provided Tonogold the right to redeem the Pref Shares (not previously converted) at a 20% premium over the face value remaining.
In May 2020 and September 2020, CMI elected to convert a total of $3.92 million of the Pref Shares into 21,777,778 Common Shares in Tonogold, leaving $2.18 million of Pref shares remaining (that would have required a further 12.1 million Common Shares to be issued in the event that CMI elected to covert).
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A group of Australian investors recently agreed to subscribe for up to $2.5 million in Tonogold Common shares at a subscription price of 35 cents per share requiring 7 million new shares to be issued. The proceeds from this issue have been used to redeem the remaining Pref Shares from CMI (including the 20% premium).
This transaction has eliminated the Pref Shares with around 5 million fewer shares being issued than previously expected - a favorable dilution impact for all shareholders.
The 7 million new shares issued will have the requisition 12-month trading restriction imposed pursuant to Rule 144 of the Securities Act. No warrants or similar instrument is required to be issued as part of this 35-cent share placement.
As a result of the conversions and new shares issues discussed above, Tonogold currently has 309 million Common Shares on issue.
Drilling Update
On Sept. 8, 2020, Tonogold advised that it had commenced a $7 million drill program focused on the historically significant Comstock Lode located in Storey County, Nevada.
The first hole of the program ("TC001D") has been completed at the South Overman site using a core rig. Assays for the hole are currently pending. The hole was drilled vertically (-90 degrees) and encountered the Comstock structure (host of mineralization in the area) from approximately 149 meters (489 feet) to 206 meters (675 feet) down the hole. This represents a true-thickness of approximately 42 meters (138 feet). Within this structure, two zones of moderate to strong quartz veining were identified with a true thickness estimated to be 9 and 2 meters respectively.
Significant brecciation and fracturing was encountered in the core hole, both within the quartz vein zones and in the surrounding rock. Although this is encouraging as historic reports commonly document a direct correlation between mineralization and strong fracturing, these zones of quartz veining may not contain precious metal mineralization and caution is recommended until assay results are received.
An illustrated cross section is provided below.
Importantly, in terms of "Proof of Concept," the first hole intersected Comstock Lode within 1-foot of that anticipated by the geological model developed and at 42-meter true width, was ~5 meters wider.
The core rig has commenced the second hole which is targeting the deeper East Yellow Jacket area of the Comstock Lode. The hole is currently at approximately 275 meters (900 feet) with the target zone projected at 562 meters (1,845 feet) down hole.
An RC rig arrived on site yesterday and is being prepared to commence drilling today.
https://www.benzinga.com/pressreleases/20/10/ac17828650/tonogold-resources-inc-progress-update-announcement-october-2020
Hope y’all ready.
MERCURY CLEAN UP PILOT PROJECT COMMENCES IN NEVADA; MCU’S SECOND UNIT SHIPPED TO PHILIPPINES
Virginia City, NV (October 8, 2020) Comstock Mining Inc. (NYSE American: LODE) and its wholly-owned subsidiary, Comstock Processing LLC (collectively, the “Company” or “Comstock”) and partner Mercury Clean Up LLC (“MCU”), a strategic investee, announced today, that it has commenced its Mercury Clean Up Pilot Study targeting the old Baltimore-Maryland waste dumps located on American Flat, in immediate proximity of MCU’s mercury remediation technology and system. This follows approval from the Nevada Division of Environmental Protection (“NDEP”) that granted a final Engineering Design Change (“EDC”) associated with an As-Built Report for the Mercury Clean Up Pilot operating within Comstock’s existing Water Pollution Control Permit – NEV2000109, including the application of process solution and within its fully contained, double-lined platform.
Mr. Paul Clift, MCU CEO stated, “Our setup of the MCU process plant and DAF components is now complete, including all connections on the recycle pump to the DAF unit and the ‘Bag Filtration’ unit and the landing and installation of our operating, on-site containerized Lab. With NDEP’s approval now in hand, we are ready to start test processing mercury contaminated materials and proving our efficacy.”
The Baltimore-Maryland dumps area to the left, near MCU’s Comstock Mercury Remediation System Pilot Project
Oro Industries has also manufactured a second unit, a state-of-the-art mercury remediation system, scheduled to arrive into Davao City on October 12, 2020 (pictured below as it was being prepared for and loaded into the shipping container), for our newly created entity, MCU Philippines Inc (“MCU-P”). Comstock previously announced that it had formed MCU-P, a new 50-50 joint venture between the Company and MCU, and has invested its first $1 million into this venture. MCU-P, in a joint venture with Clean Ore Solutions (“COS”), have joint ventured to establish Clean Mineral Recovery Technologies (“CMRT”) for the remediation and rehabilitation of the mercury contaminated Naboc River on Mt. Diwata, in Davao D’Oro, Philippines. CMRT will work in direct collaboration with the Philippine Department of Environment and Natural Resources (DENR) and the provincial government of Davao D’Oro for accelerated rehabilitation of this mine-waste contaminated river.
Mr. Corrado De Gasperis, Executive Chairman and CEO stated, “The MCU team has the Comstock system installed and ready for operation while the second system is en route to Davao. We expect the arrival of the second system into Davao City next week and we are coordinating start up activities with our joint venture partner. We are excited to commence operations, remediate mercury, prove efficacy, and generate sustained growth and positive cash flows.”
https://www.comstockmining.com/press-releases/mercury-clean-up-pilot-project-commences-in-nevada-mcus-second-unit-shipped-to-philippines/