Comstock Mining Completes Award Winning Reclamations and State Route Realignment
Reduces Bonding from $4.5 million down to $565 thousand
Virginia City, NV (June 1, 2016) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE), announced today that it has materially reduced two bonding requirements previously totaling $4.5 million down to a combined $565 thousand, associated with the realignment of State Route 342 (SR 342), and local county reclamations requirements on mining activities for the Lucerne Mine. The bond reduction will also save the Company almost $100,000 per annum in bonding fees and related monitoring costs.
The completion of the SR 342 realignment, including the already completed capping of the historic Silver Hills Mine shaft, provides a better route from Carson City to Virginia City and a more efficient passage for ongoing mining operations. The Company also achieved significant environmental and reclamation objectives. The SR 342 realignment and historic environmental remediation were substantially completed in collaboration with the Nevada Department of Transportation (NDOT), Storey County, Nevada, U.S. Army Corp. of Engineers (USACE), and the Nevada Division of Environmental Protection (NDEP).
Separately, the Company completed significant reclamation objectives within the Lucerne Mine area, including, but not limited to, the full restoration of the Keystone section of the Lucerne surface mine. The Company received the Excellence in Mine Reclamation Award for the Keystone Mine restoration.
The Excellence in Mine Reclamation Awards recognize some of the most progressive Nevada miners, elevating the standards of excellence in mine reclamations and restorations.
Corrado De Gasperis, President & CEO, commented, “Genuine, fundamental sustainability is embedded in our ’Comstock Responsible‘ culture that enabled the complex network of regulatory cooperation and true public-private partnerships. Now, we have significantly strengthened our balance sheet by reducing the bonding obligations by almost $4 million and significantly reducing ongoing operating expenses, consistent with our 2016 objectives.”
About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations. 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 commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating 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 validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.
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