Comstock Mining production update
Friday, Feb 01, 2013
VIRGINIA CITY, Nev., Jan. 31, 2013 /PRNewswire/ -- Comstock Mining Inc. (the "Company") (NYSE MKT: LODE) announced unaudited production, revenues and operational costs for 2012, and its 2013 outlook.
The Company commenced full mining activities in August 2012, and began pouring gold and silver in late September 2012. Metal shipments in the fourth quarter 2012 totaled $5.4 million, with gold revenues of $4.5 million and silver revenues of $0.9 million. Silver is accounted for as a by-product credit for financial reporting purposes. The Company is ramping up its production and plans to achieve a sustained production rate of 400 gold-equivalent ounces poured per week, or over 20,000 gold-equivalent ounces per annum. Since pouring commenced, the Company has averaged 223 gold-equivalent ounces poured per week. During the past eight weeks, the Company averaged 250 gold-equivalent ounces poured per week and in the past two weeks averaged over 300 gold-equivalent ounces poured per week. The Company is successfully and continuously adjusting its operations to improve grade, maximize yields and increase tons crushed and stacked. The Company continues to advance activities in each of these areas on a weekly basis keeping it on track for achieving the 400 gold-equivalent ounce target rate, by late April 2013.
About Comstock Mining Inc.
Comstock Mining Inc. is a 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 goal of its strategic plan is to deliver stockholder value by validating qualified resources (at least measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces and commencing commercial mining and processing operations with annual production rates of 20,000 gold equivalent ounces.
SOURCE Comstock Mining Inc.