Comstock Releases Shareholder Letter; Embarks on Transformational Green Shift with Climate Smart Mining and Environmental, Social and Governance (“ESG”) Projects

VIRGINIA CITY, Nev., April 13, 2021 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that its executive chairman and chief executive officer issued the following letter to Comstock’s shareholders in advance of the Annual General Shareholders Meeting.

Dear Shareholders:
On behalf of our Board of Directors, employees and partners, we would like to thank all of you for participating in a pivotal, exciting and successful year. We have repositioned our assets by acquiring new technologies, launching new businesses, liquidating non-core and non-performing assets, and eliminating our debt. We have now positioned our existing platform for extraordinary growth and high-impact value creation with clean innovations, climate smart mining, and ESG driven projects.

This transformational “green shift” began years ago and gained traction with our global mercury remediation and lithium-ion battery recycling projects. Those efforts recently culminated in the commissioning of our first commercial Mercury Clean-Up LLC (“MCU”) project in the Philippines, and the acquisition of a controlling stake in LiNiCo Corporation (“LiNiCo”), and its 20,000 ton per year lithium-ion battery recycling and 10,000 ton per year of 99.9% pure cathode production in the Tahoe Reno Industrial (“TRI”) Center located in Storey County, NV.

Each MCU system has the potential to produce more than $12 million in pre-tax operating income per year (depending on site conditions, mineral content and spot price). The LiNiCo facility, at just 33% of its capacity and 60% of applicable commodity prices, has the potential to generate more than $100 million in sales with estimated pre-tax operating income margins exceeding 30%. We’re also actively exploring expansions and acquisitions that support and accelerate LiNiCo’s growth with a hub-and-spoke model.

Comstock has historically focused on the extraction of precious and strategic metals, where the words “precious” and “strategic” were conventionally defined by magnitude of impact and relative scarcity. We now believe that the global clean energy transition, escalating population growth, and accelerating natural resource scarcity is converging into a “perfect storm” of global demand for a broader array of strategic materials, beyond metals, including anything involving carbon, energy, and water – without the corresponding global capacity to sustainably or reliably meet escalating demand. Our strategic focus is consequently expanding to include the extraction and valorization of a portfolio of critical and inevitably scarce materials, with an initial preference for high cash throughput generators that complement our existing competencies and operations. We are evaluating several potential transactions and investment opportunities, the first of which we hope to close this during this quarter.

Our employee incentive compensation is 100% linked to specific performance objectives designed to deliver $500 million in shareholder value and more than $12.00 per share by 2023. Our team is focused on achieving and exceeding those targets because the “perfect storm” of current demand isn’t the only thing on our horizon. A renaissance of green innovation is upon us and the pace is increasing worldwide.

We will be a leader in those efforts, with a focus on the systemic development and commercialization of new technologies and robust new lines-of-businesses, such as MCU and LiNiCo, among others, that have the potential to sustainably contribute to humanity’s rapidly-escalating demand for increasingly scarce natural resources, including the strategic metals and other resources needed to fuel the world-wide quantum surge in, and transition to, clean energy, carbon-neutrality, and natural products.

We are systematically strengthening our organization and positioning for continuous throughput growth. We will scale our MCU footprint, enhancing efficacy and targeting new deployments in qualified geographies. We will build our LiNiCo recycling and battery production business. We will acquire and build accretive technologies, projects, and businesses. We will measure the wealth we create comprehensively, with throughput as our primary financial measure, and by measuring and reporting the positive natural and social impacts of all of our activities. By sustainably delivering more than $500 million in shareholder value, we will have built an innovative, continuously growing, throughput-generating, ESG-based enterprise with diverse lines of businesses that rise above the scarcity challenges.

We are at the dawn of a new era. This tragic pandemic is nearing its end and it taught us how closely we are all connected. Not just to each other and the natural world that sustains us, but to the financial, natural, and social systems that have the power to save us. We will contribute to that end by positively impacting the existing systems, and building and integrating new systems and shareholder value along the way.

We look forward to our next communication and seeing those of you that can attend this year’s AGM, where we plan on showcasing our existing lines of businesses, employees and partners, including the results of our planned near-term transactions. Thank you always for your continued interest and support.

Kindest regards,
Corrado De Gasperis
Executive Chairman and Chief Executive Officer
Comstock Mining Inc.

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) (the “Company”) is an emerging leader in the sustainable extraction, valorization, and production of innovation-based, clean, renewable natural resources, with a focus on high-value, cash-generating, strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products. To learn more, please visit www.comstockmining.com.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: consummation of all pending transactions; project, asset or Company valuations; future industry market conditions; future explorations, acquisitions, investments and asset sales; future performance of and closings under various agreements; future changes in our exploration activities; future estimated mineral resources; future prices and sales of, and demand for, our products; future impacts of land entitlements and uses; future permitting activities and needs therefor; future production capacity and operations; future operating and overhead costs; future capital expenditures and their impact on us; future impacts of operational and management changes (including changes in the board of directors); future changes in business strategies, planning and tactics and impacts of recent or future changes; future employment and contributions of personnel, including consultants; future land sales, investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; the nature and timing of and accounting for restructuring charges and derivative liabilities and the impact thereof; contingencies; future environmental compliance and changes in the regulatory environment; future offerings of equity or debt securities; asset sales and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: counterparty risks; capital markets’ valuation and pricing risks; adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over title to properties; potential dilution to our stockholders from our stock issuances and recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting businesses; permitting constraints or delays; decisions regarding business opportunities that may be presented to, or pursued by, us or others; the impact of, or the non-performance by parties under agreements relating to, acquisitions, joint ventures, strategic alliances, business combinations, asset sales, leases, options and investments to which we may be party; changes in the United States or other monetary or fiscal policies or regulations; interruptions in production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors or others; assertion of claims, lawsuits and proceedings; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; inability to maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Source: Comstock Mining

Aurania Reports High-Grade Silver-Zinc from Outcrop at Tiria-Shimpia

Toronto, Ontario, April 12, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports on its first channel rock-chip sampling from the Tiria-Shimpia silver-zinc zone – a target that is over 15 kilometres (“km”) in length, in the central part of the Company’s Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.    

Seven mineralized layers have been identified, one of which is 50 metres (“m”) thick.  So far, the layers have been traced laterally, through intermittent exposures in thick jungle, for between 500m and 1,100m.  As can be appreciated, with mineralization of this magnitude it will be some time before the full surface extent is truly known and sampled, however the Company is already making plans to diamond drill several key exposures in the near term.   

Aurania’s Chairman & CEO, Dr. Keith Barron commented, “Shareholders will be aware that we have been working on Tiria-Shimpia for some time now.  Earliest indications were that we could be dealing with a simple vein system of limited mineral volume.  We are now very much aware that we are dealing with a different beast: we have traced it along trend for over 15 kilometres, and we’re starting to demonstrate continuity between one exposure and the next, Tiria-Shimpia is shaping up to be Aurania’s first discovery.  While this target is evolving, we are running our concurrent drill programs at Tsenken N1 and Kuri-Yawi, both of which give us exposure to making additional discoveries.  The Tiria-Shimpia target now extends across almost the entire width of our concession block as illustrated in Figure 1.  Our regional exploration teams are finding further extensions to the mineralized system, and our expectation is that it will grow further.”  

Additional soil sampling has expanded the area in which silver and zinc have been found in the Tiria-Shimpia target area by approximately 120% since soil results were last reported in the press release dated February 8, 2021.  

Figure 3.  Field teams measuring the true width of mineralized layers exposed in the bank of a stream.

Figure 4.  Massive sphalerite (fine-grained, brown) and galena (gray metallic) from the core of one of the high-grade layers of mineralization at Tiria-Shimpia.

Endeavour Silver Closes Sale of El Cubo Mine to VanGold Mining

VANCOUVER, British Columbia, April 12, 2021 (GLOBE NEWSWIRE) —
Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) (“Endeavour”) announces that it has now closed the sale of the El Cubo Mine in Guanajuato, Mexico to VanGold Mining Corp. (“VanGold”) for $15 million in cash and share payments plus up to $3 million in future contingent payments (all dollar amounts in US dollars unless otherwise noted) (the “Transaction”).

VanGold paid $15,000,000 to Endeavour as follows:

• $7.5 million cash on closing.
• $5.0 million (C$6,399,317.40) in VanGold common shares (“VanGold Shares”) on closing, priced at $0.2344 (C$0.30) per VanGold Share for a total of 21,331,058 VanGold Shares (“Consideration
  Shares”) representing approximately 10.9% of the issued and outstanding VanGold Shares.
• $2.5 million promissory note due 12 months from closing.

VanGold has also agreed to pay Endeavour up to an additional $3,000,000 in contingent payments based on the following:

• $1.0 million upon VanGold producing 3,000,000 silver equivalent ounces from the El Cubo mill, derived from either the El Cubo or El Pinguico project, $500,000 of which may, in VanGold’s discretion, be paid in VanGold Shares.
• $1.0 million if the price of gold closes at or above $2,000 per ounce for 20 consecutive trading days within two years after the closing date of the Transaction.
• A further $1.0 million if the price of gold closes at or above $2,200 per ounce for 20 consecutive trading days within three years after the closing date of the Transaction.

Bradford Cooke, Endeavour CEO and Director, commented, “We are pleased to close this transaction and I congratulate VanGold for helping make it a win-win deal for both companies. They are in the best position to create more value out of the El Cubo assets given their emerging El Pinguico project located very close to El Cubo, and we now become the largest shareholder of VanGold. I look forward to supporting VanGold in their efforts to become the next junior silver-gold producer in Mexico!”

On the closing of the Transaction, Endeavour acquired 21,331,058 VanGold Shares. Based on 194,931,838 VanGold Shares outstanding as of the closing date of the Transaction, the Consideration Shares represent 10.9% of the outstanding VanGold Shares on an undiluted basis. Prior to the closing date of the Transaction, Endeavour did not own any VanGold Shares or other securities of VanGold.   Endeavour has agreed to abstain from voting its shares of VanGold, other than as recommended by VanGold’s management, for a period of 2 years, and to a 12-month restriction on the resale of any VanGold shares acquired in this Transaction.

Endeavour acquired its interest in the Consideration Shares for long term investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of VanGold. Endeavour may acquire additional securities of VanGold including on the open market or through private acquisitions or sell securities of VanGold including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

Endeavour will file an early warning report in connection with the Transaction on SEDAR at www.sedar.com. A copy of the report may be obtained by contacting Galina Meleger at:  

Contact Information
Galina Meleger, Director Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Email: [email protected]
Website: www.edrsilver.com

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Cautionary Note Regarding Forward-Looking Statements

This
news release contains “forward-looking statements” within the meaning of the
United States private securities litigation reform act of 1995 and
“forward-looking information” within the meaning of applicable Canadian
securities legislation. Such forward-looking statements and information herein
include but are not limited to statements regarding future prospects of the El
Cubo and El Pinguico projects and future acquisitions or dispositions of
VanGold Shares. The Company does not intend to and does not assume any obligation
to update such forward-looking statements or information, other than as
required by applicable law. 

Forward-looking
statements or information involve known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity, production
levels, performance or achievements to be materially different from those
expressed or implied by such statements. Such factors include but are not
limited to the ultimate impact of the COVID 19 pandemic on operations and
results, changes in production and costs guidance, national and local
governments, legislation, taxation, controls, regulations and political or
economic developments in Canada and Mexico; financial risks due to precious
metals prices, operating or technical difficulties in mineral exploration,
development and mining activities; risks and hazards of mineral exploration, development
and mining; the speculative nature of mineral exploration and development and
risks in obtaining necessary licenses and permits,

Forward-looking
statements are based on assumptions management believes to be reasonable,
including but not limited to: the continued exploration and mining operations,
no material adverse change in the market price of commodities, mining
operations will operate and the mining products will be completed in accordance
with management’s expectations and achieve their stated production outcomes,
and such other assumptions and factors as set out herein. Although the Company
has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements or information,
there may be other factors that cause results to be materially different from
those anticipated, described, estimated, assessed or intended. There can be no
assurance that any forward-looking statements or information will prove to be
accurate as actual results and future events could differ materially from those
anticipated in such statements or information. Accordingly, readers should not
place undue reliance on forward-looking statements or information.  

Source: Endeavour Silver Corporation