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SOURCE Comstock Mining Inc.
VIRGINIA CITY, Nev., Dec. 31, 2013 /PRNewswire/ -- Comstock Mining Inc. (the "Company") (NYSE MKT: LODE) announced today that it has surpassed its 2013 guidance, exceeding the estimated 20,000 gold equivalent ounces, producing over 20,800 for the Company's first full year of production. Additionally, the Company has completed the construction of two new heap cells and the supporting ponds and related infrastructure. The system is now fully operational and newly stacked materials are ready for leaching and processing. Existing cells #'s 1-5 will continue under solution, as typical, until the target gold and silver recovery rates have been achieved. These modifications resulted from recent, major permit modifications.
"It is gratifying that our first full year of production was in excess of the planned 20,000 gold equivalent ounces. The completed expansion represents the next major phase of growth for our Company, enabling production growth of 100%, while reducing unit costs and increasing cash flow. We are looking forward to producing in excess of 40,000 gold equivalent ounces," stated Corrado De Gasperis, the Company's President and Chief Executive Officer.
The Company would also like to express its appreciation for being featured as the cover story in the Mining Quarterly 2013, winter edition. "It is an honor being the highlighted project amongst an outstanding Nevada group of Nevada miners, including Barrick and Newmont, but more importantly is the focus on the state's significant mining history and culture founded in The Comstock and our efforts to protect, preserve, enhance and celebrate this storied mining district that supports the State of Nevada in the celebration of its 150th birthday in 2014," stated Mr. De Gasperis. A link to the article is posted on the Company website or may be accessed at:
The Company recently spearheaded the formation of the Comstock Foundation for History and Culture for the purpose of historical preservation and cultural enhancement. The Company would also like to thank its employees, partners, the Comstock community and the State of Nevada for their efforts and collaboration enabling the Company to achieve its 2013 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. 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 and mining. The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment, derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
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. 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 that 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 discussed in Item 1A, "Risk Factors" of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from the conversion of securities that are convertible into or exercisable for shares of our common stock; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; 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 maintain the listing of our securities on any securities exchange or market; and work stoppages or other labor difficulties. 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. We undertake no obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitute an offer to sell or the solicitation of an offer to buy any securities.
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