VIRGINIA CITY, Nev., May 23, 2017 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the “Company”) (NYSE:LODE), announced today that the State Route (SR) 342 realignment project is complete and has been accepted by both the Nevada Department of Transportation and Storey County. SR 342 is a critical connecting component to the northern Nevada quadrant, connecting Reno, Virginia City, and together with Highway 50, Carson City. The USA Parkway project, scheduled for completion this summer, further connects the northern Nevada quadrant by connecting Highway 80 with Highway 50, opening up the entire quadrant to significant commercial expansions.
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Corrado De Gasperis, Executive Chairman & CEO, commented, “Genuine sustainability is embedded in our ‘Comstock Responsible’ culture. We facilitated a complex network of regulatory cooperation to rebuild and realign a critical section of SR 342 that ultimately connects Virginia City and Gold Hill with Highway 50, and the explosive growth we are experiencing in northern Nevada. This project has enhanced the quality of safety of transport through our community, supporting tourism and commerce for its many expanding businesses.”
Comstock Mining coordinated and collaborated with communities in both Storey and Lyon Counties; Nevada Division of Environmental Protection; Nevada Department of Transportation; State Historic Preservation Office; McGinley & Associates; Debra Lemke; Resource Concepts; and U.S. Army Corps of Engineers.
Mr. DeGasperis added, “The SR 342 realignment provided several sustainable advantages, including the removal and remediation of abandoned mercury-contaminated mine dumps, the capping and sealing of an historic 1000-foot vertical mine shaft, and the creation of a scenic, rock-lined waterway. This provided a safer and more efficient passage for commerce, a safe separation for Comstock Mining’s modern mining operations and one of the most profound voluntary reclamation projects in northern Nevada.”
The successful rebuilding and realignment of SR 342 is a testament to the leadership and sustainable philosophy demonstrated by Comstock Mining and its “Comstock Responsible” culture.
One of the most profound voluntary reclamation projects in northern Nevada, the SR 342 realignment provided several sustainable advantages, including the removal and remediation of abandoned mercury-contaminated mine dumps and the capping and sealing of an historic 1000-foot vertical mine shaft.
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 that are economically feasible and socially responsible.
Forward-Looking Statements
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, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.
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. 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.
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