Comstock Mining Pours First Gold and Silver Doré

Comstock Mining brought production back to the historic Comstock mining district south of Virginia City, Nevada, at the end of September 2012 when it began smelting Merrill Crowe precipitate from its heap leaching operations. The first pour pro-duced six doré bars containing 3,414 oz of silver and 329 oz of gold. Five doré bars were sold for more than $700,000, repre-senting a gold price of $1,777.25/oz and a silver price of $34.61/oz, with one bar held in reserve to produce 1-oz commem-orative bars celebrating the event.

The Nevada Territorial Mint in Lyon county Nevada produced 250 of the commemorative bars, and the bars sold out within days of their introduction to the market.

Comstock Mining has constructed an operation that includes surface mining, hauling, crushing, stacking, leaching, processing, filtering, drying, smelting and pouring. Further refining to produce final gold and silver bullion is completed at a contracted refinery.

Resources on the company’s properties are estimated at 20.4 million oz of silver and 2.4 million oz of gold.

Comstock Mining President and CEO Corrado De Gasperis said, “We are cur-rently operating at a rate of approximate-ly 1 million dry tons per year. This should result in an annualized production rate of approximately 20,000 gold equivalent ounces per year and stabilized cash flow. Once stable, we intend to further increase production levels during 2013.”

Comstock Mining began acquiring properties in the Comstock district in 2003 and as of August 2012 had consol-idated 5,869 acres. The company contin-ues acquiring properties in the district, expanding its footprint and creating oppor-tunities for further exploration and mining.

As featured in Womp 2012 Vol 11 -