Movers and SHAKERS
Comstock Mining Contracts to Lease and Sell Daney Ranch for $2.7 Million; Positions Strategic Drilling Services for the Dayton Resource Area and Spring Valley Exploration Targets
Virginia City, NV (September 2, 2020) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) announced that it has contracted to lease and sell one of its three major non-mining assets, the Daney Ranch property, located near Dayton, Nevada, for a purchase price of at least $2.7 million. The Company entered into an agreement with the owner of an established exploration and mine development drilling services company, to lease the facility for $9,000 per month, for up to 24 months, and the assumption of all maintenance, upgrades and repairs as the responsibility of the lessor. If the transaction closes within two years, the lease payments are creditable to the purchase price. If not, the lease payments increase to $10,000 for a third year, and prior payments no longer apply to the $2.7 million purchase price.
Mr. Corrado De Gasperis, Executive Chairman and CEO stated, “We now have all three major non-mining assets under contract with contracted sales prices totaling nearly $14 million. This transaction validates our assessment of the land values, while providing monthly cash income, reducing monthly expenses and freeing maintenance resources as we ramp up MCU. We have also created a truly strategic and local drilling partner for us, enhancing the liquidity, speed and likelihood of both closing this favorable transaction, and commencing exploration and development drilling on our Dayton Resource.”
The Daney Ranch is a 225-acre ranch in Dayton, NV, bordering the Company’s historic Daney patent, at the southern end of the Company’s three-mile contiguous mineralized trend starting at the Dayton resource area, near Silver City, down through the southern tip of the Spring Valley exploration targets.
The Company recently announced its plans to conduct airborne geophysical surveys of its wholly owned Dayton resource area and adjacent Spring Valley exploration targets. Geotech expects to begin flying its proprietary Versatile Time-Domain Electromagnetic (“VTEM”) geophysical system later next week and plans to deliver three-dimensional interpreted results by mid-October. The results will greatly increase the Company’s understanding of the Dayton resource area and Spring Valley resource expansion potential, along with the Company’s other exploration targets in Lyon County.
The entire press release can be read here.
Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
Comstock Mining Inc.
1200 American Flat Rd
PO Box 1118
Virginia City, NV 89440
Director of External Relations
Tel (775) 847-5272 ext.151