Comstock Mining cuts quarterly loss by half |

Comstock Mining cuts quarterly loss by half

Nevada Appeal Staff Report

Comstock Mining Inc. cut its quarterly loss in half and reported record shipments of gold and silver, according to the Virginia City mining company’s Thursday announcement of results.

The firm said net loss for the third quarter this year amounted to $4.5 million, or 9 cents per common LODE share, compared with a $9 million loss for the same quarter in 2012. The decreased loss came primarily from an increase in mining revenue.

“Our ramp-up and productivity gains have yielded record production for the quarter, including a 39 percent increase in silver shipments over the prior quarter,” said Corrado De Gasperis, president and CEO.

Gold shipments were 5,214 ounces, a 6 percent boost from the previous quarter. Silver shipments, by zooming 39 percent from the previous quarter, reached 59,731 ounces.

The firm also cut debt from $13.7 million at the close of 2012 to $6.4 million on Sept. 30, according to the company news release. Cash and cash equivalents on that date were pegged at $5.9 million.