Comstock Mining Inc. (“Comstock Mining” or “the Company”) announced today that it received unanimous approval from the Storey County Board of Commissioners to extend its landmark Special Use Permit for mining and processing for the Lucerne Mine Project for the maximum allowable, 20-year term, extending the original 10-year term and permit until September 2, 2034.
The full Board of County Commissioners was present and voted unanimously to approve Comstock Mining’s application. This permit represents one of the most significant, progressive and collaborative permit approvals in the Company’s history, and its extension strengthens the foundation for the future growth of the Company and its partner in Lucerne’s development, Tonogold Resources Inc.
Comstock Mining applied for amendments to significantly extend the duration of the permitted and allowable uses for its entire Lucerne Mine Project, including the Lucerne Mine and resource area and the fully permitted American Flat processing area. The permit applies to both surface and underground mining, processing and milling, mine definition, exploration and development, and other ancillary uses with some of the more salient features highlighted below.
Strategic Permit Highlights
- Permits over 1,200 acres, allowing for substantial expansion of mining and processing.
- Permits over 400 acres to the south and west of the existing processing facility in American Flat.
- Allows for ongoing mine definition and exploration for the assessment of mineral deposits, including their location, extent, depth and grade for the next phase of mine development.
- Continues environmental best practices, including concurrent reclamations, modern monitoring and restorations of one of Nevada’s most historic and progressive mining districts.
- Continues funding for historic protection, preservation and restoration of the Comstock Lode’s historic mining landmarks and cultural assets in both Virginia City and Gold Hill, Nevada.
- Supports the ongoing development of the county’s significant mineral resources without impeding the growth of the tourism-based economy of the Comstock region.
Corrado De Gasperis, Executive Chairman and CEO commented:
The ongoing development of Lucerne, led by Tonogold, has been very thorough and diligent, especially in terms of resource development, enhanced focus on quality, mineable ounces and defining sustained economic feasibility. We and Tonogold can now invest, with even greater confidence, in responsible, economical mine development and plans for returning Lucerne back into production.
The Company and Tonogold have invested significant efforts and dollars in the redevelopment of gold and silver resources in the Lucerne Resource Area with a dedicated focus on enhanced economic feasibility. Tonogold anticipates publishing an updated resource report within 4-6 weeks.
Mr. De Gasperis concluded:
The extension of this permit is not only unprecedented in our Company’s history but an outstanding example of a true public-private partnership, focused on creating and sustaining a diverse Nevada economy. Storey County has played a pivotal role in supporting responsible, sustainable, streamlined and profitable economic development by listening to, understanding and meeting the needs of the entire community. We sincerely appreciate their confidence in us and the approval of a 20 year term.