Comstock Mining Inc. and a subsidiary (collectively, the “Company”
or “Comstock”) (NYSE American: LODE) announced today that it has
entered into a definitive agreement with Mercury Clean Up LLC
(“MCU”), in collaboration with Oro Industries Inc. (“Oro”), 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 derived from mining and other industrial
applications. Oro owns all of the intellectual property and MCU has
the exclusive worldwide rights to the proprietary mercury treatment
system (the “Mercury Remediation System.”) MCU, in partnership with
Comstock, will deploy that solution globally.
Worldwide unregulated activity has released thousands of tons of
mercury into the environment. The continued worldwide use of
mercury in unregulated activities, primarily outside of the United
States, is polluting air, soils, and waters and poisoning marine
life and endangering lives. Ongoing, unregulated artisanal mining
outside of the U.S. represents more than 40% of the ongoing mercury
contamination and represents an enormous opportunity for cleaning
up the environment in a sustainable, profitable manner.
The almost 140-nation, globally-sponsored, 2017 Minamata
Convention on Mercury represents a relatively new
international treaty designed to prioritize, support and
protect human health and the environment from releases
of mercury. This treaty is uniting governments, scientists,
non-government organizations and now MCU, in eliminating the use of
mercury in mining. Mercury will not go away by itself and must be
removed to stop the pollution. Mercury can’t be broken down or
destroyed, and MCU, in collaboration with Oro and Comstock, is
pioneering the solution for removing the mercury efficiently and
effectively.
Over the past seven years, Comstock has implemented several
approved plans, by the Nevada Division of Environmental Protection
(“NDEP”), intended to address NDEP’s and the U.S. Environmental
Protection Agency (“EPA”) protocols, guidance and goals for
sampling, characterizing, transporting and managing mercury within
the Carson River Mercury Superfund Site. These plans and
Comstock’s existing permitted infrastructure provide an ideal
platform for evaluating and fine-tuning the MCU process. MCU will
work closely with NDEP for any additional approvals, engineering
design changes (EDC) or permits.
From 2013 to 2016, Oro conducted a series of scientific,
international studies that tested over 50 samples of mine tailings
from wide-spread uses of Mercury in numerous artisanal mining
sites. The study developed a safe and economical Mercury
recovery process that remediates historic contamination and prevent
new contaminations. The study showed that gold recoveries could
self-sustain the remediation.
Comstock will invest $2 million in MCU, with the Right of First
Refusal on both business and capital investments. Comstock will own
up to 25% of MCU and separately, 50% of a new 50-50 venture called
Comstock Mercury Remediation LLC, effectively resulting in a 62.5%
profit interest for Comstock.
Mr. Corrado De Gasperis, Executive Chairman and CEO stated, “The
goal of eliminating mercury contamination from the environment and
current, ongoing mining processes profitably is a staggering
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 and processes, and our partners are already receiving
and analyzing domestic and international inquiries.”
MCU’s Immediate Next Steps
MCU will demonstrate the feasibility of the Mercury Remediation
System within the historic, world-class, Comstock Lode mining
district. Comstock will provide the platform for testing the
Mercury Remediation System and MCU will conduct the initial trials
starting with a 2 ton per hour pilot operation that could scale up
to 25 ton per hour and deliver the final feasibilities. Comstock
and MCU would enable the 50-50 venture called Comstock Mercury
Remediation LLC for pursuing these global business
opportunities.
Oro will commence manufacturing for the deployment of the 2-25
ton per hour mercury recovery plant coupled with a 200
gallon-per-minute dissolved air flotation water recycling treatment
plant and field laboratory. The entire system will be mounted
on three separate trailers for mobility. Initial equipment setup
will rest on the Company’s fully contained, double-lined processing
facility.
- Samples from the within the Comstock and identified Carson
River mercury sites, will be analyzed, extracted and transported
per the SAP to the MCU processing facility located at Comstock’s
American Flat processing facility located in Storey County,
Nevada;
- Comstock and MCU will work closely with the NDEP on all
protocols, including test areas, documentation standards and
routine, periodic reporting; and
- Full technical and economic feasibility processes will continue
for 12 to 18 months.
Mr. Paul Clift, founder of Oro and Co-founder of MCU stated,
“Both parties have a proven track record of environmental
excellence and innovation and we welcome this partnership for
solving a critical, global contamination problem. We have
been bombarded with requests for a mercury solution and Oro has
been committed to chemical free, safe solutions for global miners.
Together, through MCU, we will deliver the only safe, efficient and
economically feasible solution for what is truly a global
dilemma.”
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. 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 completed its first phase of production. The Company 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. About Oro Industries Inc.
Oro Industries Inc., led by its founder Mr. Paul Clift, is a
third-generation, forty-year plus, gold mining equipment
manufacturer that exclusively manufactures chemical-free,
environmentally safe gold mining equipment. Oro Industries
has successfully developed its own line of unique mineral
concentrators, including the innovative “Low-G” Horizontal
Centrifuge (a primary concentrator) and the “Martin” Multi-Helix
Spiral (a secondary concentrator) that are extremely efficient at
the recovery of mercury in its elemental form (more than 99%
removal). Oro’s equipment designs also includes core Mobile
Placer Plants specifically designed for container storage and
efficient movement anywhere in the world, that form that platform
for enhanced technological and environmental recoveries.
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, 2017, 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.
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
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