Comstock Mining Reports $6.8 million cash as of June 30, 2015

Comstock Mining Inc. (NYSEMKT:LODE) reported that mining revenue was $11.4 million for H1 2015, with a net cash generated by operating activities was a positive $0.4 million. Cash and cash equivalents at June 30, 2015, were $6.8 million. The Company also reported a lower net loss, at $0.2 million for H1 2015, compared to $7.2 million for H1 2014.
Comstock Mining also announced that an additional 155 holes is scheduled to be completed in the Dayton project area. To date, 241 holes have been completed on the southern end of the property.
As quoted in the press release:

Second Quarter 2015 Selected Strategic Highlights

1. Received unanimous approval for a major modification to the Company’s operating plan, to develop an underground tunnel (a “drift”) alongside highly mineralized, high-grade structures.
2. Completed, ahead of schedule, the first phase of State Route 342’s (‘SR-342’) realignment.
3. Filed all requisite permit modifications for commencing the Lucerne underground drift tunnel.
4. Engaged American Mining & Tunneling LLC to commence underground drifting and drilling.
5. Commenced drilling on the Dayton Resource Area, with significant high-grade intercepts.
6. Elected Robert C. Kopple as an independent director and member of the audit committee.
7. Received federal authorization, enabling the ongoing realignment and remediation SR-342.

First Half 2015 Selected Financial and Operating Highlights

1. Mining revenue was $11.4 million for H1 2015. The Company shipped 9,270 ounces of gold and 116,594 ounces of silver (10,870 gold equivalent ounces) in H1 2015.
2. Costs applicable to mining revenue were $6.9 million for H1 2015, a $3.3 million reduction, or 32%, from H1 2014, resulting in a gross margin of over 39% for H1 2015.
3. Net cash generated by operating activities was a positive $0.4 million for H1 2015, or a positive $1.2 million before the road realignment costs of $862k.
4. Net loss was $0.2 million for H1 2015, as compared to a net loss of $7.2 million for H1 2014.
5. Cash and cash equivalents at June 30, 2015, were $6.8 million.

Comstock Mining CEO, Corrado De Gasperis, said:

We continue delivering lower costs, resulting in operating cash flow, a cash cost for mining of $615 per ounce and a 41% gross margin, all records for us in the second quarter and enabling us to increase our cost reduction target to $10 million.

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