Comstock Mining Inc (NYSEMKT:LODE) held its yearly meeting of stockholders in Gold Hill, Nevada. The firm used the chance to showcase its updated strategic plan and list major drivers of success to its shareholders.
Comstock communicated a vision of establishing a top, value-generating, multi-project, viable mining firm by establishing upon the firm’s portfolio of silver and gold mining properties and by creating a network of collaborative strategic associations that can responsibly advance and manage the complexities of development, sustained and exploration production.
The objective is to offer up to $500 million of accretive value by 2020, by exploring, developing and acquiring reserves and resources capable of sustaining production of over 100,000 ounces annually.
Corrado De Gasperis, the CEO and Executive Chairman of Comstock, said that on behalf of their entire firm, its board and management, they appreciate everyone’s support throughout a tough 2016. They have listed three main objectives that they consider will drive the firm toward accomplishing this valuation. First, they intend to develop their mining resources toward feasibility, both internally and via joint ventures they are at present in final stages of talks with.
Second, they intend to support the sale of their non-mining assets in conjunction with the closure of the new USA Parkway and its indirect connection into United States 50, both planned for closure this year. Third, they intend to reduce their remaining debt within the imminent twelve months.
Comstock also recently mined additional mineralized tasters from the Dayton Resource Area, for the objective of evaluating optimum metallurgical viability for the Dayton mineralized material. These samples were crushed, formed and loaded into four 10-foot columns for leach pad replication.
These simulations are based on-site, in the firm’s metallurgical labs, and supported by U.S. National Science Foundation grants through Cycladex Inc., a strategic partner and investee. This simulation is concentrated on assessing cyanide-based leaching to a Cycladex Lixiviant based leaching to offer a preliminary evaluation of whether the non-cyanide procedure solution provide comparable efficiency, speed and economic feasibility.