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Perhaps a PR stating the VAT is in place and producing and oh btw marmar was termed would have been a PR worth waiting for to be released instead.
For those of you that have left the fold in search of greener pastures, come back and have a second look. Fresh pastures are being planted here and now. You might want to put LODE back on your watchlists.
If you are new to Comstock Mining (NYSE MKT), please take some time to visit the website at comstockmining.com and discover why some of us are excited for our future in mining in Nevada’s Historic Comstock.
The annual shareholders meeting is scheduled for May 31st and will be held at the Gold Hill Hotel (goldhillhotel.net) located in Virginia City, NV. Might see you there.
yeah, I own a few shares
Nothing since the last update. I’m compiling a list of questions to send down the line in the hope that they at least get addressed at the meeting.
Im up for hearing about daney sale for 4.4m this month
Per the comstockmining.com website PR -
Comstock Mining Advances Strategic Mining Joint Venture and Reduces Debt;
Tonogold Completes $3 million of Additional Investment, Advances Strategic Agreement
Virginia City, NV (April 9, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE), a Nevada-based, gold and silver mining company, announced today that Tonogold Resources, Inc. (“Tonogold”) has successfully completed the first phase of the Option Agreement signed on October 3, 2017, having invested approximately $1 million during the past six months toward the evaluation and assessment of the Lucerne Mine Project’s resource and preliminary economic feasibility and also having paid the Company an additional $2 million for the right to extend the option.The Option Agreement established a series of requirements, including technical and financial analysis, along with additional funding milestones for Tonogold to earn a share of the Company’s Lucerne Mine Project.
The first milestone granted Tonogold six months to conduct an initial review of the project. During this period, Tonogold invested approximately $1 million in project costs, including a due-diligence assessment of the Lucerne Resource. Tonogold commissioned Mine Development Associates of Reno, NV (“MDA”), to independently assess and begin modelling a portion of the Lucerne resource area. This work is in preparation for the intermediate objective of an NI 43-101 resource report and then towards a feasibility study.
In order to maintain and progress the option to earn-in, Tonogold will now continue investing toward a cumulative $7 million for Lucerne by October 3, 2019, and a cumulative $20 million by April 3, 2021, and must produce a technical and economic feasibility assessment for mining the Lucerne resource. Under the Agreement, when Tonogold completes the $20 million investment, and other related prerequisites, Tonogold and Comstock would then affect a joint venture for the future mining of the Lucerne mineral resource. In addition to the $2.2 million already received by the Company from Tonogold, the investments also include at least $1.2 million in annual subsidies for the Company.
Mr. Corrado De Gasperis, Executive Chairman and CEO of the Company said, “We are pleased with the geological analysis and advancement, to date, on the Lucerne resource and the diligence of our mining partner and their advisors. The next phase should accelerate the evaluation, drilling and development activities, while continuing to lower our annual costs by approximately one-third.”
The evaluation program is currently directed at producing a robust resource model for Lucerne as well as assessing a series of geological targets in the Silver City Branch of the Comstock Lode, including the Succor vein systems, the historic Woodville Bonanza system and the PQ target. These initial targets represent the core of a broader geological corridor. Previous surface drilling in the area suggests more than 1,000 feet of mineralized strike in the Succor zone, trending east from the Lucerne Cut, with good potential to yield high-grade gold and silver. The 1,000-foot plus Succor Vein Target has an average true width of 15 feet and an average dip of 65 degrees. The structure has reported historic mining grades of approximately 0.54 ounces per ton of “recovered” gold per ton and is open to the east and at depth, along the entire structure. The nearby Woodville Bonanza structure includes the same supporting historical mappings with reported historic mining grades of 0.749 ounces of gold per ton. The Woodville has significant current drill data including 116 intercepts of at least 10 feet, grading over 0.22 ounces per ton gold and 1.59 ounces per ton silver.
Tonogold is a U.S.-based mining company that is focused on advanced exploration properties in Nevada and Mexico. Tonogold’s team of mining executives and investors are working to build a portfolio of mineral properties that will give its investors a leveraged exposure to gold, silver and other minerals and metals allowing them to benefit from its exploration, mining and financial expertise.
Mr. De Gasperis, concluded, “This venture has diligently focused on developing a sustainably profitable mine. We feel the full potential of Lucerne depends on this type of technical collaboration, with the right partner and capital to enable it. Ultimately, Tonogold plans to invest over $20 million for 51% of the Lucerne Mine. Their methodical, technically diligent and credible advancement through the first phase, meeting all commitments and milestones, speaks for itself.”
The Company’s debenture obligation requires that we use 70% of these proceeds for debt reduction. The Company has now reduced long-term debt by a total of $1.6 million in April, lowering the debenture principal balance to $7.9 million. The Company also had cash and cash equivalents of $2.0 million at March 31, 2018, excluding any additional net proceeds received from the option payment that was not used to pay down debt.
Good news on jv and more debt reduction with still $2m cash on hand and further 1/3 costs reduction. Hopefully daney sale next (and soon) to drop the debt significantly more.
Things are awfully quiet around here. How’s the evaluation going?
Respectable close w/decent volume.
Read the recent posts... not really on topic. I can appreciate the collaborative effort but let’s try to keep the cross posting focused on those efforts. Do you have any info on results or whether anyone is interested in scaling up the process on the leach pad?
Should hear about the LODE/TNGL joint venture in early to mid April, if that’s what you are referring to.
Might need to get a clarification on that date
Sarcasm?
Probably resell it, maybe parcel it first. I seriously doubt they have a dedicated proposal for all the excess acreage but I could be wrong. Who knows, maybe build a city.
Lol!! That part I missed. That 500k price bump must have been a recent renovation to the 1sqft master bath. Solid gold thumb tubs arent cheap. Actually smacks of a bot mistake. I’ll send vida a heads up.
There has been one update under property history :)
Worthy of a Bloomberg article. Maybe not gibberish after all. This is great exposure for the property!
So, selling the non-mining land... to clear the debt obligation... do you really think that has no value? At the very least it should be a stabilizing catalyst, if not more.
Good job Corrado. Keep up the good work.
I do not believe this is a sham. But I do believe there are those that now have a vested interest in portraying MXSG as such. Be prepared for it. I can and will wait it out. Timelines may be altered and expectations may not be met but I was well aware of the these risks going in and, quite frankly, those were my basic expectations. That and the unwavering belief that there are some here with mining experience and knowledge that far surpasses mine and that eventually I will receive the rewards for my patience. Godspeed.
I doubt that. Someone here, can.
Gold found and gold recovered in a test run are different arguments. At 4 gpt, the question is how many tons sit on the pad and what’s in the pond. Calculations of how much was spent becomes more relevant at that point. A projected 32oz per week recovery rate is still $170k per month as it starts to ramp up.
Actually, I find these to be legitimate questions as I was under the impression that this was the case in regards to MarMar’s financial responsibility. If someone here could break that down with more detail, that would be helpful. Thanks.
You caught that too? Correct me if I’m wrong but I believe Cycladex recovers gold and Itronics recovers silver.
VIRGINIA CITY, Nev., Feb. 15, 2018 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the “Company”) (NYSE American:LODE), a Nevada-based, gold and silver mining company, announced today the election of Leo M. Drozdoff, 52, to its Board of Directors and the retirement of Robert A. Reseigh, after 9 years of service, from its Board of Directors. Mr. Reseigh will remain involved with the Company as a member of a newly established Mining Advisory Committee, to assist in all aspects of technical mining and mine development, along with Mr. Drozdoff and Mr. Dan Kappes.
Corrado De Gasperis, Executive Chairman of the Board said, “Bob was instrumental in almost every aspect of building the Company, its asset base and management team. He is one of the most genuine, direct, transparent, hardest working and caring directors that I have ever worked with and I was truly saddened when he indicated he was ready for retirement. I was equally thrilled when he agreed to stay on in an advisory role, working with us on technical matters, as we grow our assets and resources into a bigger, more meaningful company.”
The Company also welcomes Mr. Drozdoff to the Board with an extensive resume in Nevada’s mining industry, including but not limited to engineering, legislation, environmental regulation, economic development and historical preservation. He most recently served as the Director of the Nevada Department of Conservation and Natural Resources from 2010 to 2016, and was a Cabinet member reporting to two Nevada Governors, including our current Governor, the Hon. Brian Sandoval, where Mr. Drozdoff oversaw 900 state employees responsible for Mining, Environmental Protection, Water Resources, Forestry, State Parks, State Lands and the State of Nevada’s Historic Preservation Office. Mr. Drozdoff also served as lead Administrator of Nevada’s Division of Environmental Protection for over six years, and prior to that appointment, as Bureau Chief over both Mining and Water Control, two of the most critical Nevada mining regulatory bureaus. He also chaired the Nevada Public Employee Benefits Program Board, overseeing the benefits of over 30,000 public employees, retirees and their families.
Mr. De Gasperis added, “We are honored to welcome Leo Drozdoff to the Comstock team. His knowledge of Nevada mining from almost every perspective, engineering, environmental, historical preservation, legislative and permitting is second to none, and will be especially valuable to us as we embark on developing and commercializing new technologies into the industry.”
http://globenewswire.com/news-release/2018/02/15/1348671/0/en/Comstock-Mining-Announces-New-Director-and-Retirement-Establishes-Mining-Advisory-Committee.html
I actually expected that would be the response, at this time. Looking forward to the update.
Q4 year end results next tuesday the 20th
https://finance.yahoo.com/news/comstock-mining-announces-2017-end-114500632.html
Let us know what you get for a reply.
Chart showing some signs of life.
As long as its “on topic”...
Spot on
This is probably not what Corrado and Mark had in mind when it came to establishing a partnership. Just sayin.
If there is still $ available on the current facility, $2mil cash on hand and lowered quarterly costs, are you sure that’s the purpose of the meetings?
Feliz Navidad :)
It would appear that that’s not really CMI’s problem for now. CMI has to eliminate the debt and keep the costs down. Mark Ashley is the batter on deck. We’ll know soon enough if he wants to step up to the plate.
Chairman of Comstock Mining just picked up 7,000 shares
Corrado F Degasperis, Chairman of Comstock Mining and a director of the company, recently acquired 7,000 shares of the company. The buys took place at $0.30 per share, on December 20, 2017. Degasperis now owns 241,100 shares of the company. Degasperis operates out of Virginia City, NV.
https://www.sec.gov/Archives/edgar/data/1066127/000112097017000039/xslF345X03/wf-form4_151380789771295.xml
Also a Code P.
Chairman of Comstock Mining just picked up 25,000 shares
Corrado F Degasperis, Chairman of Comstock Mining and a director of the company, recently acquired 25,000 shares of the company. The buys took place at $0.31 per share, on December 19, 2017. Degasperis now owns 234,100 shares of the company. Degasperis operates out of Virginia City, NV.
https://www.sec.gov/Archives/edgar/data/1066127/000164821017000039/xslF345X03/primary_doc.xml
Note: Code P - Open market or private purchase of securities
Thanks for the post harpe5368. Im willing to bet many were not aware. I believe Lode recovered 60% of the silver from the leach pad over 4 yrs. Getting at the other 40% with ITRO’s tech would be great news and a win for cash on hand.
Hmm. I’ll ask her next time I see her post.
I read somewhere that if you dont lock your shares they make money by loaning them out to be shorted and will pay you a small fee for allowing them to do it. Dont know
Ever play connect the dots? Its fun. Its simple. Kids love it!!!