Comstock and MCU Ready Launch of Mercury Remediation Operations; First Regional Remediation and Extraction Facility Expected...
February 10 2021 - 6:45AM
Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”)
and Mercury Clean Up LLC (“MCU”), announced today that construction
is nearly complete in their Clean Mercury Remediation Technologies
(“CMRT”) joint venture, representing the first mercury remediation
and gold extraction facility in the province of Davao D’ Oro,
Philippines, with initial operations launching next week.
Artisanal and Small-Scale Gold Mining
(ASGM) DilemmaMercury‐dependent ASGM uses a process known
as amalgamation to dissolve gold from natural deposits. The amalgam
is then typically isolated by hand and then heated to distill the
mercury and isolate the gold. Problematically, mercury is hazardous
to human health and the environment, where residual ASGM wastes
contaminate water and soil and ultimately bioaccumulate into food
chains. Mercury risks to children are particularly acute, with
mercury emissions from ASGM disabling both physical and mental
development. The process was regulated into near extinction by most
countries, but upwards of 20 million people still use mercury to
mine for gold in more than 70 countries, making mercury pollution
from ASGM a U.N. prioritized global issue through the Minamata
Convention.
Proprietary Remediation and Extraction
ProcessThe MCU mercury remediation system is the first of
several planned by MCU, Comstock and CMRT in the region. Each
system is mobile and specifically designed for remote deployment,
to remediate mercury from existing amalgamation wastes while
extracting residual by-products, including gold, cleaned sand, soil
and gravel for commercial use. The mercury wastes are disposed in a
safe and compliant manner, thereby repairing and enhancing local
ecosystems, while the extracted gold and cleaned by-products
provide multiple high-margin revenue streams.
“Each facility is expected to produce positive
cash flow within a few months of start-up, with fast returns on
capital deployed, typically in less than a year, depending on
processing rates and the various by-products extracted from
environment,” said Corrado De Gasperis, Comstock’s Executive
Chairman and Chief Executive Officer. “Our deployment plan involves
several additional systems once the first remediation activities
are up and running, so we are very much looking forward to
achieving that objective and moving into positive cash flows and
sustained growth.”
About Comstock Mining Inc.
Comstock Mining Inc. is an emerging leader in sustainable, mineral
development and production of environment-enhancing, increasingly
scarce strategic and precious metals, focused on conservation-based
waste, high-value, cash-generating, mineral and metals essential to
meeting the rapidly increasing demand for clean energy
technologies. The Company has extensive, contiguous property in the
historic, world-class Comstock and Silver City mining districts
(collectively, the “Comstock District”) with fully permitted,
metallurgical labs and an operational, mineral processing and
beneficiation platform that includes a growing portfolio of mercury
remediation and gold extraction facilities. Additional information
on Comstock is available online at www.comstockmining.com.
Forward-Looking StatementsThis
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: consummation of all pending transactions; project,
asset or Company valuations; future industry market conditions;
future explorations, acquisitions, investments and asset sales;
future performance of and closings under various agreements; future
changes in our exploration activities; future estimated mineral
resources; future prices and sales of, and demand for, our
products; future impacts of land entitlements and uses; future
permitting activities and needs therefor; future production
capacity and operations; future operating and overhead costs;
future capital expenditures and their impact on us; future impacts
of operational and management changes (including changes in the
board of directors); future changes in business strategies,
planning and tactics and impacts of recent or future changes;
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; the nature and timing
of and accounting for restructuring charges and derivative
liabilities and the impact thereof; contingencies; future
environmental compliance and changes in the regulatory environment;
future offerings of equity or debt securities; asset sales 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 our filings with the SEC and
the following: counterparty risks; capital markets’ valuation and
pricing risks; 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 title to
properties; potential dilution to our stockholders from our stock
issuances and 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 businesses;
permitting constraints or delays; decisions regarding business
opportunities that may be presented to, or pursued by, us or
others; the impact of, or the non-performance by parties under
agreements relating to, acquisitions, joint ventures, strategic
alliances, business combinations, asset sales, leases, options and
investments to which we may be party; changes in the United States
or other monetary or fiscal policies or regulations; interruptions
in 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 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 or others; assertion of claims, lawsuits and
proceedings; 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, the solicitation of an
offer to buy or a recommendation with respect to any securities of
the Company, the fund or any other issuer.
Contact information: |
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Comstock Mining Inc.P.O. Box
1118 Virginia City, NV 89440ComstockMining.com |
Corrado De GasperisExecutive
Chairman & CEOTel (775)
847-4755degasperis@comstockmining.com |
Zach SpencerDirector of
External RelationsTel (775) 847-5272
Ext.151questions@comstockmining.com |
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