Benzinga | Sep 2, 2020 06:45AM EDT

Comstock Mining Contracts To Lease And Sell Daney Ranch For $2.7M

VIRGINIA CITY, Nev., Sept. 02, 2020 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the "Company") (NYSE:LODE) announced that it has contracted to lease and sell one of its three major non-mining assets, the Daney Ranch property, located near Dayton, Nevada, for a purchase price of at least $2.7 million. The Company entered into an agreement with the owner of an established exploration and mine development drilling services company, to lease the facility for $9,000 per month, for up to 24 months, and the assumption of all maintenance, upgrades and repairs as the responsibility of the lessor. If the transaction closes within two years, the lease payments are creditable to the purchase price. If not, the lease payments increase to $10,000 for a third year, and prior payments no longer apply to the $2.7 million purchase price.