CEO Blog - July 30, 2012
Monday, July 30 2012 16:41
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Comstock Establishes Strategic, Industry Leading Alliances

Today we announced two positive financing transactions totaling $10 million.  Our business plan has always contemplated some form of equipment financing and/or working capital facility and, although the market has been and remains very difficult for accessing this type of capital, we are thrilled to have consummated attractive equipment financing with Caterpillar Financial Services Corporation. Caterpillar is the world’s leading manufacturer of construction, mining and other industrial equipment and is also a leading services provider through Caterpillar Financial Services.

We are also proud to have established a $5 million revolving credit facility through Auramet Trading LLC, and funding working capital needs.  Both of these companies represent, outstanding, reputable, industry-leading, sustaining production partners who are enabling and supporting our growth and the development of the Comstock. Considering the difficulty our industry sector has had accessing the capital markets efficiently, we couldn’t be more pleased with the timing of this funding and the strength of our balance sheet as we commence production.

 

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We have already begun mining operations in the mine and we have commissioned our new Crushing facility.  We will commence commissioning the Merrill-Crowe facility this week and plan on hauling ore on or before the first full week of August.  After crushing and stacking this ore to sufficient quantity, we will then commence leaching and recovering the contained precious metals through the Merrill-Crowe zinc precipitation process.

 

Kindest regards,

Corrado De Gasperis

President and CEO