Saildone-they are still purchasing the Lucerne (Comstock Mining LLC).
"Under the agreement, Comstock will sell the membership interest in Comstock Mining LLC to Tonogold for $15 million plus the assumption of certain liabilities and a retained 1.5% NSR royalty on Lucerne. The amended purchase agreement allows Tonogold to close by October 15, 2019, with an additional cash payment at closing of at least $3.625 million. This results in total cash payments at closing of $7.55 million for a 50.3% ownership. The remaining cash purchase price of $3.95 million will be held as a secured obligation with monthly scheduled payments of at least $650 thousand, between January 2020, and June 2020. Once the final payment is made, Tonogold would then own 100% of Comstock Mining LLC, the owner of Lucerne assets and its mining permits."
If they actually close on the 16th, they will have slightly over 50% ownership. This latest amendment allows them to buy the remaining interest in the Lucerne via payments made from January to June of 2020. The acceleration is in LEASING the other Storey County claims (Comstock Northern Exploration LLC) allowing them to start drilling in areas that Comstock never touched. They were not supposed to be able to do that until full ownership was transferred. If they thought the Lucerne was a bust, they would not continue to pump money into the purchase just for the privilege of spending more money to drill on land they are leasing. BTW - they haven't drilled a single hole in the Lucerne, either. All of their analysis is based on Comstock data.
Have you ever heard Mark Ashley give a presentation? He makes me want to kill myself. His PR's are equally mind numbing. Basically, my point was and remains that thinking that TNGL is the salvation for Comstock is fallacy. It always was.
Keep focused on the Opportunity Zone Fund (Silver Springs) and the MCU partnership. That is where your income stream will come from. Much sooner than TNGL.
