Comstock Mining Advances Strategic Mining Joint Venture and Reduces Debt; Tonogold Completes $3 million of Additional Investment, Advances Strategic Agreement
Comstock Inc. (LODE)
NASDAQ:AMEX Investor Relations:
comstockmining.com/investors/investor-relations
Company Research
Source: GlobeNewswire
VIRGINIA CITY, Nev., April 09, 2018 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the “Company”) (NYSE American:LODE), a Nevada-based, gold and silver mining company, announced today that Tonogold Resources, Inc. (“Tonogold”) has successfully completed the first phase of the Option Agreement signed on October 3, 2017, having invested approximately $1 million during the past six months toward the evaluation and assessment of the Lucerne Mine Project’s resource and preliminary economic feasibility and also having paid the Company an additional $2 million for the right to extend the option. The Option Agreement established a series of requirements, including technical and financial analysis, along with additional funding milestones for Tonogold to earn a share of the Company’s Lucerne Mine Project. The first milestone granted Tonogold six months to conduct an initial review of the project. During this period, Tonogold invested approximately $1 million in project costs, including a due-d
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