Comstock reports loss | NevadaAppeal.com

Comstock reports loss

Nevada Appeal staff report

VIRGINIA CITY — Comstock Mining, Inc., reported a $4.3 million loss for the third quarter of 2015, which compared with a $1 million loss the same quarter in 2014.

Mining revenue was $4.3 million, down from $6.5 million the same quarter of last year, with much of the declines attributed to a lower average price per ounce of gold realized, as well as lower production.

The mining firm, however, also reported highlights that included restructured and simplified capital underpinning by eliminating preferred stock and other actions, advances in permits and the achievement in year-over-year cost savings of $6.7 million for the nine months ended on Sept. 30, 2015.

For the quarter ended on that same date, the firm said, costs applicable to mining revenue were $3.5 million or a 21 percent decrease.

Corrado De Gasperis, company president and CEO, said the year’s achievements have been foundational.

Among the accomplishments were “expanding our lands and all major permits, achieving low cost production.”

The company has said it was closing a secondary stock offering on Tuesday to raise nearly $6 million.

Comstock Mining trades on the American Stock Exchange under the symbol LODE. It closed Wednesday at 61 cents per share, up a penny.