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July 22, 2014
08:13 EDTLODEComstock Mining anticipates doubling rate of ounces produced in 2014
Targets production rate of 40,000 gold equivalent ounces in the latter half of 2014. These increases come with lower costs applicable to mining due to focused cost reduction efforts, as well as lower non-mining operating expenses. Once stabilized at the 40,000 ounce per annum run rate, the operating expenses per ounce mined will be significantly lower. The Company expects cash costs per ounce of gold mined of less than $750 per ounce. The Company updated its financial analysis for the Lucerne Mine and anticipates annual operating expenses, including all mining and processing costs, of less than $25 million per annum, a more than a $6 million reduction over prior year 2013. The Company has also identified $3.5 million of cost reductions in all other non-mining activities, including general, administrative and environmental areas.
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July 29, 2015
07:18 EDTLODEComstock Mining reaches positive agreement to favorably amend JV
Comstock Mining announced that it has reached a definitive agreement with John Winfield to amend the terms of the operating agreement for its Northern Comstock joint venture, that will reduce the company's remaining capital contributions from $31.05M down to $9.75M and permit such capital contributions to be made in the form of cash, or in certain circumstances, the company's common stock, par value $0.000666 per share and defer certain payments to a more suitable schedule. In addition, any prior or future royalty commitments for the Northern Comstock properties and Winfield will be eliminated. There are no provisions for any issuances of preferred stock, in any form. Additionally, the company will mail notices and consent solicitations to all the holders of the company's outstanding shares of convertible preferred stock, pursuant to which the company is seeking written authorization from a majority of the holders of the company's outstanding 7 1/2% Series A-1 Convertible Preferred Stock, 7 1/2% Series A-2 Convertible Preferred Stock and 7 1/2% Series B Convertible Preferred Stock to amend the certificates of designation of rights, preferences, rights and limitations of the Preferred. If adopted, the amendments to the Charters will result in the automatic conversion of the Preferred into shares of Common Stock. In addition, if the amendments to the Charters are approved, each holder of the Preferred will receive a one-time dividend of 127 shares of Common Stock, per share of Preferred. Adoption of the amendments requires approval of affirmative vote of the holders of a majority of the then outstanding shares of the Preferred and submission of the amendments to the Charters with the Secretary of State of the State of Nevada.
July 21, 2015
08:17 EDTLODEComstock Mining raises FY15 cost reduction target to $10M
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08:17 EDTLODEComstock Mining reports 254,856 tons mined in Q2
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