Comstock Mining Updates Mercury Remediation Venture
VIRGINIA CITY, Sept. 04, 2019 - Comstock Mining Inc. (the “Company” or “Comstock Mining”) (NYSE American: LODE) announced a number of salient updates on its collaboration with Oro Industries Inc. (“Oro”), and the newly formed company called Mercury Clean Up LLC (“MCU”), for the manufacture and global deployment of mercury remediation systems with proprietary mechanical, hydro, electro-chemical and oxidation processes to reclaim, treat and remediate mercury from tailings and industrial effluents.
In June 2019, announced that it would, through MCU, demonstrate the feasibility of a mercury remediation system within the historic, world-class, Comstock Lode mining district. Comstock Mining provides the platform for testing the mercury remediation system, and MCU conducts the initial trials starting with a 2 ton per hour pilot operation that could scale up to 25 tons per hour.
Oro has commenced the manufacturing for the deployment of the 2 to 25 ton per hour mercury recovery plant in July 2019, and recently completed the critical “Reverse-Helix Spiral Concentrator” component of the system. The entire system will be mounted on three separate trailers for mobility and will be set up on the Company’s fully contained, double-lined processing facility during the fourth quarter with an expected start date in December 2019.
In addition to completing the Reverse-Helix Spiral Concentrator the Company, Oro and MCU have;
- Identified sample locations within the Carson River Mercury Superfund Site (“CRMSS”), which will be sampled per an updated Sampling and Analysis Plan (“SAP”). Once suitable sites have been identified, bulk samples will be extracted and transported to the MCU mercury remediation system located at Comstock’s American Flat processing facility located in Storey County, Nevada;
- Coordinated and met with the Nevada Division of Environmental Protection (“NDEP’) in mid-August, identifying project objectives, preliminary sampling plans and prerequisite approvals of engineering design changes, documentation standards, and periodic reporting requirements; and
- Ordered the 200 gallon-per-minute dissolved air flotation (“DAF”) water recycling treatment plant, also scheduled for delivery in December.
Oro’s Helix Spiral concentrators can achieve the highest concentration ratio and recoveries possible with almost any types of material that can be concentrated by gravity. The design and engineering principles of the multi-helix spirals embedded inside the concentrator allows for full adjustment to concentrate mercury and other heavy-metal contaminants, yielding the peak concentration ratio with virtually no loss of material. This unique characteristic means higher production rates and higher yields.
Mr. De Gasperis concluded, “MCU is moving full speed ahead. Our experience in eliminating mercury contamination from the environment, coupled with their technology and processing know-how, positions a tremendous opportunity for our planet, our partners, and our company and represents a significant step forward in our strategy for delivering conservation-based, economically enhancing mining technologies.”
The Company will provide additional updates in October 2019. MCU, our process technologies, and the team, will be showcased during our Annual General Meeting (AGM) scheduled for November 12, 2019, at the historic Gold Hill Hotel, 1540 S Main St, Virginia City, NV 89440.
About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold, and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. Comstock Mining began acquiring properties in the Comstock District in 2003. Since then, Comstock Mining 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 completed its first phase of production. Comstock Mining continues evaluating and acquiring properties inside and outside the district, expanding its footprint and exploring all of our existing and prospective 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 continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans and developments that are economically feasible and socially responsible.
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the board of directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; including the nature and timing and accounting for restructuring charges, derivative liabilities and the impact thereof; contingencies; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities; including asset sales and the redemption of the debenture and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and the following: adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; business opportunities that may be presented to, or pursued by, us; acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; inability to maintain the listing of our securities; and work stoppages or other labor difficulties. The occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us, or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy the Debenture or any other securities of the Company.
Contact information:
Comstock Mining Inc.
P.O. Box 1118
Virginia City, NV 89440
ComstockMining.com
Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
degasperis@comstockmining.com
Zach Spencer
Director of External Relations
Tel (775) 847-5272 ext.151
questions@comstockmining.com