The mellifluous tones of Corrado De Gasprias (with puppet strings pulled by the masterful hands of John Winfield) have once again lured another chump into the pit of broken dreams and empty wallets.
This time it’s Tonogold Resources.
From the October 5th CMI SEC filing (and not the flowery press release passed around by the local fishwrap):
On October 3, 2017, Comstock Mining Inc. (the “Company”), entered into an Option Agreement (the “Agreement”) with Tonogold Resources, Inc. (“Tonogold”). Under the terms of the Agreement, Tonogold will have the right to participate in certain activities, including but not limited to, engineering, development, drilling and test-work, towards completing a technical and economic feasibility assessment on certain properties within the Company’s Lucerne resource area (the “Lucerne Property”), and if all obligations and prerequisites are satisfied and subject to compliance with the Agreement, Comstock and Tonogold may effect a joint venture for the future development and mining of mineral resources on the Lucerne Property.Under the terms of the Agreement, Tonogold can earn a 51% interest in the Company’s wholly-owned subsidiary, Comstock Mining LLC, which owns the Lucerne Property, by making capital expenditures on the Lucerne Property of $20 million prior to 42-months following signing of the Agreement and payments of $2.2 million to the Company. The initial payment of $0.2 million was paid immediately with another $2 million within 6-months, in the event that Tonogold elects to extend the option. In addition, Tonogold is granted the option to purchase 51% of certain equipment and property located at the Company’s American Flat property for a purchase price of $25 million. If Tonogold does not elect to extend the option beyond the initial 6-months, it will be required to make a further payment to Comstock equal to $1 million less actual costs incurred on the Lucerne Properties during the initial 6-month period.
With this news and the previous announcement that Comstock Mining Inc plans to pursue mining operations towards Dayton means that once again industrious dust borne from the wallets of swindled dreamers will be wisping throughout the Comstock.
For the record, below is the tale of woe that is the track record of Mr. De Gaspries, Mr. Winfield, and CMI:
Spoiler Alert: They have lost $ 182 Million perpetrating the most magnificent hustle on the Comstock since forever.
The below information came from the Securities Exchange Commission; the trail of tears can be accessed here…
|03/31/15||losing streak broken –> $1,289,114.00|
|12/31/10||A Record! –> -$33,690,619.00|
|Total Money Lost||-$182,889,744.00|