In comparison, commodity market prices in the first three months of 2016 averaged $1,181.21 per ounce of gold and $14.83 per ounce of silver.ĭuring the first three months of 2016, actual costs applicable to mining revenue were approximately $1.8 million, $1.4 million net of silver credits, as compared to $4.9 million, $3.7 million net of silver credits, during the first three months of 2015. During the 2016 first quarter, the Company poured 1,702 ounces of gold and 29,438 ounces of silver.ĭuring the 2016 first quarter, the Company realized an average price of $1,184.91 price per ounce of gold and a $14.13 average sales price per ounce of silver. We now expect that the leaching process and resulting gold and silver pours will continue well into the 2016 third quarter, as compared to previous estimates of June 2016. This increases our estimated recoverable gold ounces on the pad by approximately 1,317 ounces of gold. We continue processing the mineralized material stacked on our leach pad with recent metallurgical yield estimates increasing to over 87.5% as compared to the previous estimate of 85%. The re-alignment was completed in the fourth quarter of 2015. The Company completed substantially all of the surface mining of the Lucerne West-side and the extraction and remediation of the historic dump materials relating to the re-alignment of State Route 342 during the second half of 2015. The Company paid down an additional $1.5 million in debt obligations on April 1, 2016.Total long-term debt and capital lease obligations at March 31, 2016, were $10.8 million as compared to $13.3 million at December 31, 2015.Cash and cash equivalents at March 31, 2016, were $3.6 million.
Secured $5M in underground drilling, mine development, and mining services with our strategic partner, American Mining and Tunneling, LLC and American Drilling Corp, LLC.įirst Quarter 2016 Selected Financial Highlights.Encountered significant higher-grade intercepts from the Lucerne underground exploration.
Cost reduction targets for non-mining costs were increased from $3 million to $5.5 million, or over 80% improvement based on actions taken to date and other reductions planned for 2016.(the “Company”) (NYSE MKT: LODE) today announced selected unaudited financial results for the fiscal quarter ended March 31, 2016.įirst Quarter 2016 Selected Strategic and Operational Highlights Virginia City, NV (May 5, 2016) Comstock Mining Inc.