Monday, July 27, 2015

Comstock Mining, Inc. (LODE) Cuts Costs, Records Improved Gross Margins in Second Quarter 2015

Comstock Mining (NYSE MKT: LODE) is a Nevada-based gold and silver mining company with extensive, contiguous property in the historic Comstock and Silver City mining districts. Additionally, the company is an emerging leader in sustainable, responsible mining practices – including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations. In 2012, LODE completed infrastructure construction and initiated production at its Comstock property, leveraging the largest known repository of geological data on the region in order to achieve maximized stockholder value.

In recent months, LODE has continued to make considerable production progress in the region, promoting strong financial results. Despite gold prices falling nearly 18 percent over the past year, the company achieved mining revenue of $5.4 million in the second quarter of 2015, which was just an 11 percent year-over-year decrease. In order to offset the decline in revenue, LODE successfully decreased the costs associated with mining operations by 42 percent from the previous year, helping the company achieve an impressive gross margin of more than 41 percent for the period while demonstrating the immense value of its experienced management team.

Moving forward, LODE is turning its attention toward its Lucerne underground drilling and development project. The company recently completed extensive geological development and modeling through the use of previously collected drilling data and historic underground mining maps, allowing it to locate a definitive underground development target that presents significant opportunity for immediate exploration. LODE plans to partner with American Mine and Tunneling LLC and American Drilling Company, Inc. to commence development of underground access to the site in the coming weeks.

“Our goals for this year are minimizing operating costs and expanding the Lucerne exploration and development activities,” Corrado De Gasperis, chief executive officer of LODE, stated in a news release. “We expect to be cash positive from operations for the full year 2015, while transitioning our mining activities during the third quarter and initiating underground development.”

For prospective shareholders, LODE’s recent financial growth – despite slumping commodity prices – demonstrates the tremendous potential for the company when gold prices begin to rebound. Look for LODE to make strong progress toward the development of its Lucerne project in the months to come, providing a platform for continued market growth for the foreseeable future.

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