Comstock Mining announced selected unaudited financial results for the second quarter ended June 30, 2015. Mining revenue was approximately $11.4 million for the six months ended June 30, 2015 as compared to $11.6 million for the same period in 2014.
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The decrease resulted from lower average gold price per ounce slightly offset by higher gold ounces produced.
Costs applicable to mining revenue were approximately $6.9 million for the six months ended June 30, 2015, as compared to $10.2 million for the same period in 2014. The decrease of 32% is due to mining cost reductions and lower strip ratios, resulting in a gross margin of over 39%.
General and administrative expenses were approximately $3.5 million for the six months ended June 30, 2015, as compared to $3.7 million for the same period in 2014.
Net loss was approximately $0.2 million for the six months ended June 30, 2015, as compared to a net loss of $7.2 million for the same period in 2014, driven by lower costs and liabilities.
Net cash generated by operating activities was a positive $0.4 million for the six months ended June 30, 2015, including a use of $862 thousand spent on the first phase of the SR-342 road realignment, as compared to a cash use of $2.3 million for the six months ended June 30, 2014.
Excluding the road realignment costs, net cash generated by operating activities was over $1.2 million for the six months ended June 30, 2015.
Net cash used for investing was approximately $3.7 million for the six months ended June 30, 2015, primarily from $1.7 million for strategic land purchases and $1.7 million for the expansion of the heap leach processing facility and related infrastructure.
Net cash provided by financing activities for the six months ended June 30, 2015, was approximately $4.8 million, with $9.4 million provided by financings (both equipment financing and revolver draws), offset by $4.6 million in pay downs of other long-term debt obligations.
Cash and cash equivalents at June 30, 2015, were approximately $6.8 million. ■