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Comstock Mining Inc. (NYSEMKT:LODE) reported strategic, financial, and operational results for the year ended December 31, 2014. Highlights include a 3% increase in mining revenue compared to 2013, cash and cash equivalents at $5.3 million, and expansion of mining and processing Special Use Permit boundary to nearly 1,300 acres, as well as expanded land holdings in Lyon and Storey County.
As quoted in the press release:
2014 Selected Strategic Highlights
- Significantly expanded the Company’s landmark mining and processing Special Use Permit boundary to nearly 1,300 acres (up from 180 acres) establishing a tremendous foundation for future resource, surface and underground mining growth in Storey County.
- Received strategic zoning change approvals from both Lyon and Storey County on critical mining claims and other properties located in the Dayton and Lucerne Resource Areas, supporting accelerated resource and mine
- Expanded land holdings in Lyon and Storey County, bringing the total to approximately 8,300 acres, and securing an option on an additional 1,300 acres.
- Expanded Air Quality Permit allowing for material processing of up to 7.3 million tons per annum and increasing the hours of operation up to 20 hours per day.
- Expanded the renewed Water Pollution Control Permit, that now has the crushing and processing capacity to operate at a rate of up to 4.0 million tons of material, crushed and stacked, per annum and authorizing additional cell expansion of the heap leach facility.
- Obtained MSHA mining Identification Number for a Lucerne underground mine.
- Honored by the Nevada Mining Association with a first place 2014 Safety Award.
- Engineered and obtained approval for an at-grade crossing that enables efficient access to mine areas east of the Lucerne Resource Area without major infrastructural changes.
2014 Selected Financial Highlights
- Mining revenue was $24.7 million in 2014 as compared to $24.1 million in 2013, an increase of 3%, resulting primarily from higher gold ounces produced in 2014, as compared to 2013, somewhat offset by lower average gold price per ounce.
- Net loss for the year ended December 31, 2014, was $9.6 million or $0.17 loss per share, as compared to $21.3 million, or $0.42 loss per share, for 2013.
- Cash and cash equivalents at year-end 2014 were $5.3 million.
Comstock Mining President and CEO, Corrado De Gasperis, said:
Over the past year, we significantly increased the intrinsic value of our company through significant land consolidations, strategic land re-zonings and major permit expansions across the expanded system, , despite most difficult market conditions. These enhancements, coupled with extensive geological modeling completed during 2014 and ongoing drilling activities have positioned the Company for substantial resource developments and growth in 2015.
Click here to read the Comstock Mining Inc. (NYSEMKT:LODE) press release