Comstock Mining's Merrill-Crowe Plant Fully Operational
VIRGINIA CITY, Nev., Sept. 19, 2012 /PRNewswire/ -- Comstock Mining Inc. (the "Company" or "Comstock") (NYSE MKT: LODE) announced today that its Merrill-Crowe Plant has been fully commissioned and the Company has been running solution containing robust concentrations of gold and silver through the Merrill Crowe process. The plant is operating in equilibrium with the current heap flow rate of approximately 500 gallons per minute. After the gold and silver precipitate sufficiently accumulates in the filters, the Company will proceed with pouring Dorè bars. The first pour is expected to take place this month.
"Our team is in the process of activating the entire "Dirt to Dorè system," stated Corrado De Gasperis , President and CEO of Comstock, "making the first gold and silver pour, our revenue stream and cash inflows imminent. We anticipate announcing the first pour and celebrating the rich history of The Comstock with all of our stakeholders thereafter."
The Merrill-Crowe process is used to recover the gold and silver in solution after leaching. Solution containing gold and silver (pregnant solution) flows into our 3 million gallon pregnant pond. The solution is then pumped through one of two clarifying filters to remove suspended impurities and then into a de-aeration tower where a vacuum process removes the oxygen. After the oxygen is removed, an Accurate Volumetric Feeder meters zinc into a mixing cone where it is injected into the pregnant solution stream. The zinc addition immediately causes a chemical reaction, thus precipitating the gold and silver.
The solution is then pumped into one of three filters, trapping the precious metal precipitate, between the filter press plates. When sufficient precipitant has accumulated, the precipitate is removed from the filters into a pan and placed into a drying oven. The oven is part of the Mercury Abatement System and connected to the Mercury Retort that safely removes any existing mercury. Once dry, the precipitate is mixed with flux, placed in the T-200 Melting Furnace, melted and poured into gold and silver Dorè bars.
The liquid solution, that passes through the precipitate filters after the gold and silver precipitate has been extracted, recycles back into the barren pond. This is where cyanide levels are adjusted to ensure the proper concentration before being circulated back onto the heap to begin the cycle all over again. The solution runs continuously within a fully contained and lined system.
The Merrill Crowe Process Facility has been significantly expanded and upgraded to not only accommodate the current Lucerne Mine production plan, but to handle significantly increased production capacity of an expanded mine.
About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District. 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 commenced production. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration and mining. The goal of its strategic plan is to deliver stockholder value by validating qualified resources (at least measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces in 2013, and commencing commercial mining and processing operations with annual production rates of 20,000 gold equivalent ounces.
This press release and any related calls or discussions may contain forward-looking statements. 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, timing and accounting for restructuring charges, gains or losses on debt extinguishment, derivative liabilities and the impact thereof; productivity, business process, rationalization, restructuring, investment, acquisition, 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; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
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 set forth in our SEC filings and the following: the current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our recapitalization and balance sheet restructuring activities; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to or pursued by us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; 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; 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. We undertake no obligation to publicly update or revise any forward-looking statement.
Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.
Contact information for Comstock Mining Inc.:
P.O. Box 1118
Virginia City, NV 89440
Director of External Relations
Manager of Investor Relations
Tel (775) 847-7376
Tel (775) 847-0545
SOURCE Comstock Mining Inc.
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