Comstock Metals Announces Disposition of Old Cabin Property and its Interest in the Corona Property
Vancouver, BC / TheNewswire / December 3rd, 2018 - Comstock Metals Ltd. (TSX-V: CSL) ("Comstock" or the "Company") is pleased to announce that it has recently sold its mining claims making up the Old Cabin gold project located 80 km northeast of Wawa, Ontario for a total purchase price of Cdn$96,000. The Company had determined that the Old Cabin gold project was no longer a core asset.
The Company is also pleased to announce that Desarrollos Mineros El Aguila, S.A. de C.V., a wholly owned subsidiary of Fresnillo Plc, has exercised the option agreement to acquire the 1,370 hectare Corona project located approximately 270 km southwest of Chihuahua, Mexico. Comstock held a 50% interest in the property and last week received cash proceeds of approximately US$164,000 for its interest in the property. Comstock continues to own a 0.5% NSR in the Corona property.
Comstock has completed its previously announced shares for debt arrangements, pursuant to which it issued an aggregate of 500,000 common shares in satisfaction of $25,000 of indebtedness. This indebtedness is owing to the optionor of the Company's QV Property for the 2018 advance royalty payments. The deemed issue price of the common shares for this indebtedness is $0.05 per share.
About Comstock Metals Ltd.
Comstock Metals Ltd. is an exploration company with several resource projects located in North America. Presently evaluating opportunities in the battery metal space Comstock recently secured the Rawhide Cobalt-Silver Project in Ontario adding to its 2 advanced gold projects: Preview SW Project in Saskatchewan and the QV Project located in the White Gold district of the Yukon.
Comstock also has a joint venture and equity investment with E3 Metals Ltd. (TSX.V: ETMC) a Petro-Lithium company located in Alberta Canada. For more information about E3 Metals, please visit their website: www.e3metalscorp.com
For more information about Comstock Metals Ltd., please visit www.comstock-metals.com or contact:
Steven H. Goldman
President, CEO and Director
Phone: (416) 867-9100
Email: s.goldman@goldmanhine.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
Copyright (c) 2018 TheNewswire - All rights reserved.