Comstock Mining Inc

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Comstock Mining Inc
Press Releases
Wednesday, February 3, 2016

Comstock Mining Receives Permit Approvals for Future Heap Leach Expansions
Enables Processing of Underground Materials

Virginia City, NV (February 3, 2016) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that the Nevada Division of Environmental Protection Bureau of Mining Regulation and Reclamation (NDEP-BMRR) has issued a Notice of Decision (NoD) approving a Major Modification to the Company's Water Pollution Control Plan for various expansions of the heap leach facility.  This modification authorizes the construction of “Cell 10,” located adjacent to and north of the existing leaching operation, and also identifies multiple, future heap leach pad expansions, south and southwest of the existing heap leach pad and existing facilities.  The modification also allows both surface and underground mine processing at the heap leach facility. 

Corrado De Gasperis, President & CEO, commented: “This proactive permitting authorizes significant future heap leach capacity on our existing private lands.  These approvals provide us all of the leaching capacity needed for the foreseeable future.”

The approved Cell 10 addition, the Company’s largest leach pad design to date, will provide an estimated 2.9 million tons of additional capacity.  It also allows for phased construction, at the Company’s preference, with an ultimate footprint of 12.27 acres.

Unique to this modification is the identification and inclusion of future expansions for Cells 11 and 12, located adjacent to and southwest of the existing facilities. Those potential expansions would cover approximately 90 acres of land located entirely within the Company’s private property.

Mr. De Gasperis concluded: “During the past year and half, we have expanded our land position, re-zoned the lands for both mining and non-mining uses, expanded our permits and eliminated substantially all material future royalties on those lands.  These enhancements dramatically increase flexibility, minimize or eliminate lead times, and reduce future risks and costs.”

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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. 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 that 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 discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. 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. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
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Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
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Thursday, January 28, 2016

Comstock Mining Announces Additional High-Grade Gold and Silver Intercepts
Including 0.391 opt Au (13.39 g/t Au) and 1.635 opt Ag (56.06 g/t Ag) over 40 Feet!

VIRGINIA CITY, NV (January 28, 2016) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) is pleased to provide an update on the first phase of the Company’s Lucerne underground exploration activities, located in the historic Comstock District in Northern Nevada.  The Company continues to define high-grade mineralization in the Quartz Porphyry mineralized mass (“PQ target”), of increasing lengths, positioned in the center of the Lucerne geological corridor and mineral resources (Figure 1).

01282016Fig1b
Figure 1

Corrado De Gasperis, President & CEO, commented: “We are now encountering longer mineralized intercepts as we move northerly toward the Succor intersection and beyond. Hole 22 delivering over 40 feet of both 0.39 opt gold and 1.635 opt silver is one good example.  We believe these types of lengths and grade, when combined with the expanded Succor target, could contribute the higher-grade reserves and ultimately, the mine plans we are targeting from this corridor.”

The following significant drill intercepts are highlights from the third and fourth drill bay stations (Figure 2) representing the first 14 holes drilled and analyzed through early January of 2016.  Additional Lucerne drilling highlights totaling 32 intercepts, including the highlights summarized below, are available in the latter part of this release (Table 1).

Drill Bay Three

  • LUGC15-018 0.479 opt (16.42 g/t) Au and 1.100 opt (37.71 g/t) Ag over 3.5 ft.
  • LUGC15-021 0.346 opt (11.86 g/t) Au and 0.315 opt (10.80 g/t) Ag over 5 ft.
  • LUGC15-034 0.743 opt (25.47 g/t) Au and 2.140 opt (73.35 g/t) Ag over 13 ft.

    Including 0.977 opt (33.48 g/t) Au and 2.428 opt (83.24 g/t) Ag over 7.5 ft.

  • LUGC15-034 0.441 opt (15.13 g/t) Au and 1.908 opt (65.40 g/t) Ag over 14 ft.

    Including 0.287 opt (9.84 g/t) Au and 1.212 opt (41.55 g/t) Ag over 6 ft.
    Including 1.209 opt (41.45 g/t) Au and 3.542 opt (121.43 g/t) Ag over 3 ft.

Drill Bay Four

  • LUGC15-011 0.386 opt (13.23 g/t) Au and 0.320 opt (10.97 g/t) Ag over 5 ft.
  • LUGC15-016 0.162 opt (5.55 g/t) Au and 7.600 opt (260.54 g/t) Ag over 5 ft.
  • LUGC15-019 0.142 opt (4.87 g/t) Au and 4.700 opt (161.12 g/t) Ag over 2 ft.
  • LUGC15-022 0.391 opt (13.39 g/t) Au and 1.635 opt (56.06 g/t) Ag over 40 ft.

    Including 0.475 opt (16.27 g/t) Au and 1.501 opt (51.47 g/t) Ag over 12 ft.
    Including 0.636 opt (21.82 g/t) Au and 2.467 opt (84.58 g/t) Ag over 13 ft.

  • LUGC15-024 0.438 opt (15.01 g/t) Au and 2.897 opt (99.32 g/t) Ag over 5.5 ft.

    Including 0.749 opt (25.68 g/t) Au and 2.522 opt (86.46 g/t) Ag over 2.7 ft.

  • LUGC15-024 0.194 opt (6.63 g/t) Au and 1.199 opt (41.10 g/t) Ag over 2.5 ft.

01282016Fig2b
Figure 2

Mr. De Gasperis continued, "The PQ represents over 600 feet of strike length in a mineralized mass with prior drilling indicating in-situ gold and silver grades of 0.23 and 1.71 ounces per ton, respectively. The expanded Succor target represents over 1,000 feet of strike length with historically superior grade profiles.  These drill results add to the known mineralization and support continued high-grade exploration.  We look forward to completing this phase of drilling in the next 10-12 days, and analyzing the results by the end of February. ”

Table 1

Drill Bay

Hole #

From (ft.)

To (ft.)

Length

Au opt (1)

Ag opt (2)

Au Grams

Ag Grams

Au Eq.
Ounces (3)

3 LUGC15-018 90.0 95.0 5.0 0.092 0.609 3.15 20.88 0.100
3 LUGC15-018 166.5 174.5 8.0 0.096 2.451 3.30 84.02 0.128
3 LUGC15-018 181.5 185.0 3.5 0.479 1.100 16.42 37.71 0.493
3 LUGC15-018 194.0 198.0 4.0 0.092 1.205 3.15 41.31 0.107
3 LUGC15-018 225.0 228.0 3.0 0.094 2.360 3.22 80.91 0.124
3 LUGC15-018 232.5 242.5 10.0 0.094 4.220 3.23 144.67 0.148
3 LUGC15-018 270.0 275.0 5.0 0.131 2.882 4.49 98.80 0.168
 
3 LUGC15-021 173.0 182.5 9.5 0.159 1.188 5.43 40.74 0.174
3 LUGC15-021 203.0 204.0 1.0 0.344 1.080 11.79 37.02 0.358
3 LUGC15-021 217.0 218.0 1.0 0.347 1.755 11.90 60.16 0.370
3 LUGC15-021 238.0 243.0 5.0 0.160 0.508 5.47 17.42 0.166
3 LUGC15-021 258.0 263.0 5.0 0.346 0.315 11.86 10.80 0.350
3 LUGC15-021 306.5 311.0 4.5 0.112 0.223 3.84 7.64 0.115
 
3 LUGC15-025 77.0 87.0 10.0 0.143 1.564 4.90 53.60 0.163
3 LUGC15-025 102.0 107.0 5.0 0.110 0.356 3.77 12.20 0.115
 
3 LUGC15-028 120.0 128.0 8.0 0.109 2.790 3.72 95.63 0.144
 
3 LUGC15-034 85.5 98.5 13.0 0.743 2.140 25.47 73.35 0.770
3 Including 85.5 93.0 7.5 0.977 2.428 33.48 83.24 1.008
3 LUGC15-034 104.0 113.0 9.0 0.148 1.663 5.06 57.00 0.169
3 LUGC15-034 138.0 152.0 14.0 0.441 1.908 15.13 65.40 0.466
3 Including 138.0 144.0 6.0 0.287 1.212 9.84 41.55
0.303
3 Including 149.0 152.0 3.0 1.209 3.542 41.45 121.43 1.254
 
4 LUGC15-011 53.0 58.0 5.0 0.386 0.320 13.23 10.97 0.390
4 LUGC15-011 217.0 220.0 3.0 0.158 2.615 5.42 89.65 0.192
4 LUGC15-011 249.0 251.5 2.5 0.137 1.939 4.70 66.47 0.162
                   
4 LUGC15-014 99.0 102.5 3.5 0.155 0.443 5.31 15.19 0.161
4 LUGC15-014 287.0 292.5 5.5 0.162 0.384 5.55 13.16 0.167
                   
4 LUGC15-016 134.0 139.0 5.0 0.162 7.600 5.55 260.54 0.259
4 LUGC15-016 213.0 219.0 6.0 0.146 0.805 5.01 27.60 0.156
4 LUGC15-016 339.0 343.0 4.0 0.124 0.076 4.25 2.61 0.125
 
4 LUGC15-019 115.0 117.0 2.0 0.142 4.700 4.87 161.12 0.202
 
4 LUGC15-022 138.0 178.0 40.0 0.391 1.635 13.39 56.06 0.412
4 Including 138.0 150.0 12.0 0.475 1.501 16.27 51.47 0.494
4 Including 165.0 178.0 13.0 0.636 2.467 21.82 84.58 0.668
 
4 LUGC15-024 112.0 117.5 5.5 0.438 2.897 15.01 99.32 0.475
4 Including 112.0 114.7 2.7 0.749 2.522 25.68 86.46 0.781
4 LUGC15-024 217.5 220.0 2.5 0.194 1.199 6.63 41.10 0.209
4 LUGC15-024 250.0 255.0 5.0 0.093 0.085 3.19 2.91 0.094

Reported values are from American Assay Labs (AAL) and Inspectorate American Corporation (Inspectorate) in Reno, NV
AAL and Inspectorate lab methods include standard fire assay with ICP finish and gravimetric finish per each labs internal protocols

(1) Au opt - Gold ounces per ton
(2) Ag opt - Silver ounces per ton
(3) Gold Equivalent ratio based on gold to silver price ratio of 78:1 Ag:Au
(4) Value reported is average of original and check assay
(5) Pending additional total digestion assay on a portion of the interval

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near-term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; restructuring, recapitalization and other capital structure modifications; capital raising; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.
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. 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 that 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 discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K.  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. We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, January 28, 2016

Comstock Mining Announces 2015 Year End Results
Cost Reductions and Higher Sustained Metal Recoveries Drive Mining Costs to Lowest Recorded

Virginia City, NV (January 28, 2016) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected strategic and financial highlights for the year ended December 31, 2015.

2015 Selected Strategic Highlights

  • Expanded land position, acquiring lands immediately adjacent to mining and processing.
  • Expanded mining, processing and reclamation permit capacity for mining and development.
  • Reduced land obligations and eliminated royalties associated within both of our resources.  
  • Restructured and simplified the overall capital structure, eliminating all preferred stock, extra voting rights, special rights and restrictions and all preferred stock dividends.
  • Constructed the “Harris” underground portal and crosscut toward the Succor target.
  • Encountered significant intercepts from Dayton and Succor surface drill programs.
  • Encountered significant high-grade intercepts in the PQ underground drill programs.
  • Completed the State Route 342 (“SR-342”’) realignment and remediation, under budget.
  • Received the “Nevada Excellence in Mine Reclamation” for Keystone mine restoration.
  • Recognized, along with the Comstock Foundation for History & Culture, for “Outstanding Rehabilitation of the Historic Upper Yellow Jacket Hoist Works.”
  • Restructured and realigned the organization, delivering over $10 million of cost reductions.

Corrado De Gasperis, President and CEO of the Company stated: “We have now completed three years of production, amassed, rezoned and permitted one of the largest land positions in the economically booming Northern Nevada Reno-Tahoe industrial quadrant and simplified our capital structure. Our high-gold yielding, low-cost operation stripped of special dividends and most royalties positions us best for the development of reserves and future mine plans. Our gold recoveries continually improved to a now 85% for the life-of-mine-to-date, enabling our lowest mining costs, below $625 cash cost per ounce, for the full year 2015.”

2015 Selected Financial Highlights

  • Mining revenue was $18.2 million for 2015, as compared to $24.7 million for 2014. The decrease resulted from lower ounces produced from the final phase of the Lucerne surface mining and lower average gold and silver prices. The Company produced 18,455 and 22,925 gold equivalent ounces in 2015 and 2014, respectively.
  • Average sales price per ounce of gold was $1,195.10 and $15.78 per ounce of silver, respectively for 2015.  In comparison, commodity market prices averaged $1,160.11 per ounce of gold and $15.70 per ounce of silver for 2015.
  • Costs applicable to mining revenue was $10.7 million, net of silver credits, for 2015, as compared to $19.1 million, net of silver credits, for 2014, a decrease of 39% without silver credits, primarily due to higher yields, lower strip ratios, and targeted cost reductions. 
  • Cost applicable to mining revenue includes $5.4 million of depreciation for 2015 and 2014.
  • General and administrative expenses were $6.8 million in 2015, as compared to $6.4 million in 2014, primarily due to higher property and net proceeds taxes.
  • Net loss for the year ended December 31, 2015, was $10.5 million or $0.14 loss per share, as compared to $9.6 million or $0.17 loss per share, for 2014, driven by an increase in exploration costs and the road development costs associated with SR-342.
  • Net cash used in operating activities for 2015, was approximately $3.0 million, including $2.9 million for the SR-342 road realignment project and $3.3 million for underground drift development and exploration, somewhat offset by the improved gross margin contribution from lower labor, blasting, fuel and equipment costs.
  • Total long-term debt and capital lease obligations were $13.3 million at December 31, 2015, including $1.6 million remaining on the Credit Facility.  
  • During 2015, the Company and Auramet agreed to increase the Credit Facility up to $10.0 million and extend the maturity from February 6, 2017 to April 28, 2018.
  • Cash and cash equivalents at December 31, 2015, were $1.7 million.

2015 Selected Operational Highlights

  1Q 2015 2Q 2015 3Q 2015 4Q 2015 YTD 2015
Mining Operations
Tons Mined 316,199 254,856 140,415 17,851 729,321
 
Processing
Tons Crushed 157,612 211,942 104,286 17,851 491,691
 
Weighted Average Grade Per Ton Au 0.039 0.030 0.021 0.023 0.031
Weighted Average Grade Per Ton Ag 0.734 0.654 0.573 0.564 0.659
 
Estimated Au Ounces Stacked 6,083 6,438 2,240 404 15,165
Estimated Ag Ounces Stacked 115,689 138,639 59,717 10,072 324,117
Estimated Au Equivalent* Ounces Stacked 7,669 8,344 3,034 540 19,587
 
Au Ounces Poured and Sold 4,695 4,575 3,847 2,334 15,451
Ag Ounces Poured and Sold 56,482 60,112 62,480 42,649 221,723
Au Equivalent* Ounces Poured 5,470 5,400 4,678 2,907 18,455
 
* Au Equivalent ounces = Au ounces (actual) + (Ag ounces (actual) ÷ the ratio of average gold to silver prices) 72.91 72.73 75.27 74.04 73.77
 
silver to gold ratio 12.0 13.1 16.2 18.3 14.4
  • Recovery rate estimate for gold, for the life of the Lucerne mine to date, has increased to 85%.
  • Weighted average gold grade was 0.031 for 2015, as compared to 0.030 for 2014, and weighted average silver grade improved 25% from 0.527 in 2014 to 0.659 in 2015.  The silver to gold production was approximately 14.4:1 for the full year.
  • Strip ratio was reduced from a 2014 average of 4.83 to less than 1.0 in 2015. 

Production

The Company both completed and initiated a number of important projects during the fiscal year 2015. Surface production commenced from the Lucerne Mine in 2012.  During the second and third quarters of 2015, the Company further expanded its activities to include a more significant amount of extraction from the historic mine dumps adjacent to and underneath the existing portion of SR-342, into the daily production schedule. The Company completed substantially all of the extraction of those materials by the end of 2015.

The removal of approximately 300,000 tons of older waste dump material suitable for heap leaching primarily occurred primarily between May and September 2015, with final materials removed and stacked during December 2015, and January 2016. The remaining phases of the realignment project, including the final waste dump removal, grading, and drainage reestablishment are scheduled for completion during the first quarter of 2016.
The Company produced 22,925 and 18,455 gold equivalent ounces in 2014 and 2015, respectively. Overall during 2015, the Company crushed and stacked 491,691 dry tons of mineralized material, delivering 15,165 estimated ounces of recoverable gold and 324,117 estimated ounces of recoverable silver to the leach pads.

The Company estimates it is currently recovering approximately 85% of the recoverable gold and 57% of the recoverable silver from the heap leach pad. Material placed on the heap leach pads remains under solution until the target recovery rates are achieved. Throughout this period, the recovery of gold and silver continues, but the most effective economic recovery of gold and silver takes between 45 to 60 days to complete. Leaching is expected to continue with the existing material well into the second quarter, likely through May 2016, or longer.

For the quarter ended December 31, 2015, the Company realized an average sales price of $1,106.71 per ounce of gold and $14.97 per ounce of silver. In comparison, commodity market prices averaged $1,104.40 per ounce of gold and $14.76 per ounce of silver.

For the year ended December 31, 2015, the Company realized an average sales price of $1,195.10 per ounce of gold and $15.78 per ounce of silver. In comparison, commodity market prices in 2015 averaged $1,160.11 per ounce of gold and $15.70 per ounce of silver.

The Harris Portal and Lucerne underground tunnel were established concurrently, during the third and fourth quarters on the north wall of the Lucerne cut floor. The drift was established to access the higher-grade PQ, Woodville and Succor targets, and developing those targets, through diamond core drilling, towards the establishment of reserves for potential future mining.

Exploration and Development of Lucerne Surface and Underground Targets

During 2015, the Company focused on exploration in the Lucerne Resource area and Dayton Resource areas. Activity within the Lucerne Resource area included both surface and underground exploration and underground drift (tunnel) development. The Company plans to conduct additional, near term exploration during 2016, within the Lucerne Resource area, including the Quartz Porphyry (PQ), Woodville and recently extended Succor targets, as well as the Dayton Resource Area. 

On September 5, 2015, the Company began construction of the Harris Portal and Drift on the floor of the Lucerne Mine (Pit), with approximately 1,250 feet of total drifting completed as of January 26, 2016.   The Harris Drift represents the first substantial underground development in the Comstock District in over thirty years, and marks a turning point for the Company. The first phase of drifting has two main objectives. First, the Harris Drift provides a central platform, within Lucerne’s broader geological corridor, for conducting an underground drilling and exploration program. Second, the Harris Drift could also serve as a central haulage level depending on the overall drill results and resultant mine plans. As of January 26, 2016, about 12,000 feet of core materials have been produced. The drill locations were specifically designed to infill and expand the areas of known, high-grade mineralization identified from previous surface drilling programs.

The Harris Drift was driven in stable footwall rocks adjacent to an 800-foot long section of the Silver City branch of the Comstock Lode that has been intruded by a mass of quartz porphyry (PQ).  The Company has 46 previous surface drill holes that had outlined the potential high-grade target within and bordering the dike-like mass of PQ. Proximity of the PQ target to the pit floor, both in terms of elevation and horizontal distance, were also crucial factors in the development of the exploration plan.

The core holes from the first four drill bays were designed to evaluate the southern lobes of the quartz porphyry, and the extent of the fractured and veined environment lying beyond and to the south. The initial drill bays also included a group of holes that targeted and penetrated the Silver City/Succor structural intersection. In general, these more southerly oriented drill holes intersected more narrow (2 to 10 feet thick) zones of high-grade mineralization. One of the most significant aspects of the intercepts is that they tend to lie along the margins of a second, previously un-described intrusive mass of intermediate composition. The Company then began encountering longer mineralized intercepts (10 to 40 feet thick) as it moved northerly toward the Silver City/Succor structuralized interaction and within or bordering the PQ mass further north. The Company is scheduled to complete the first phase of the Lucerne underground drill program in February 2016.

The Company considers the initial 800 feet of advance within the Harris Drift as a first phase of development towards a longer-term exploration and development objective targeting a three quarter mile long mineralized corridor that includes the Lucerne (including the PQ target), Woodville, Succor/Holman and high-grade Chute zone systems. Most of these systems remain open to the north and east and particularly at depth. A second phase of development has already commenced by advancing a crosscut out of Drill Bay 2, toward the structural intersection of the Silver City and Succor zone. The Succor represents an important target in conjunction with the PQ zone based on its location (perpendicular and adjacent to the PQ), past production history and the results from the Company’s recent reverse circulation drill programs. In addition, a near surface drill program was completed in 2015, within the Succor claim area that suggests that vein environments between the crosscut elevation and the surface have potential to host significant lengths of potentially high-grade mineralized resources.

Outlook

The Company commenced the underground drift tunnel and drilling, associated with the first underground exploration phase of a PQ geological target in September 2015, and expects to complete drift-sampling, drilling and ongoing metallurgical test work of the PQ target by February 2016. The Succor vein system is being considered as an easterly extension of the first phase of development beyond the high-grade PQ target. This will positively expand the scope of Phase 1, through the first half of 2016. The drift tunnels are designed to conduct an underground exploration program directed at a series of geological targets in the Silver City Branch of the Comstock Lode, including the PQ target, the Succor vein systems and the historic Woodville Bonanza system. These initial targets represent the core of a broader geological corridor where the Company is currently drilling. Previous surface drilling in the area, including the Succor-Holman drilling from 2015, had suggested that a greater than 1000 feet of mineralized strike in the Succor zone lying generally adjacent to and below the Lucerne Cut has the potential to yield high-grade gold and silver. The current program has been geared toward defining that potential. 

Drill results from the PQ drilling have begun yielding wider and longer high-grade intercepts. These results will be released as they are received and analyzed through February of 2016. During the first quarter of 2016, the Company will complete, analyze and assess the results of the PQ drilling toward its potential contribution toward mineral reserves and a mine plan. The Company will also complete the drifting to the Succor vein system in early February, and commence geological sampling and limited scope drilling in March 2016, on the Succor target to assess its potential for adding to a potential Lucerne mine plan.

The Company will also complete similar scope drilling on the Woodville target during the second quarter, to further assess its potential for Lucerne mine planning. Ultimately, these efforts are designed to develop mine plans of sufficient grade and quantities for longer-lived production plans for the Lucerne mine.

During the second quarter of 2016, the Company will commence limited core drilling in Dayton, sufficient to finalize the parameters of a mine plan and commence the permitting for the Dayton Mine. This drilling should be completed in the second quarter and allow for permitting during the second half of 2016.  The Company has developed grade shells with higher average grades and believes the Dayton to have economically feasible potential and plans on developing those mine plans in the latter half of 2016.  Infill drilling is expected to expand the reserve potential for the Dayton mine plans.

Production during 2016 is currently limited to processing of existing leach pad materials and limited stacking of new mineralized material during January and February of 2016. Considering the improved estimates of gold and silver recoveries, that is, 85% for gold and 57% for silver, the current leach cycle will continue well into the second quarter, likely through May 2016, or later. All operating costs associated with hauling, crushing and other ancillary activities have been reduced or eliminated as we transition the full organizational focus to toward the discovery, development and establishment of reserves from Lucerne and Dayton, for future mining. During our exploration and development activities in 2016, we expect to operate with less than 25 employees.  General and administrative costs are also expected to decline significantly during the first quarter of 2016, resulting in savings in all non-mining costs of over $3 million during 2016, as compared to 2015.

The Company will report the results of the Lucerne and Dayton exploration and development programs, when available, during both the first and second quarters of 2016.

The industry is experiencing a difficult downturn with many participants shutting down or deferring project activities.  Exploration is down significantly, industry wide, and new discoveries are even scarcer.  Cost reductions are pervasive and the Company has led in both reducing and transitioning to lower, more flexible systems and expanding exploration.   The Company believes exploration and development for new resources and reserves for future production, with higher yields (and during potentially higher metal prices), will deliver higher returns for us and to our investors. The Company also believe the evaluation of potential acquisitions of resources and reserves, especially in Nevada and the western United States, during this period of lower mining equity values, represents a good opportunity to grow and deliver additional returns to our investors. This is the focus of our 2016 business plans.

Mr. De Gasperis, concluded, “The industry is experiencing a difficult downturn with many participants shutting down or deferring project activities.  Valuations are at historic lows. Cost reductions are pervasive and the Company has led in both reducing and transitioning to lower, more flexible operating costs while simplifying and strengthening the balance sheet.  The Company believes exploration and development for new reserves, with higher yields and lower costs, will deliver higher returns to our investors. We also believe the evaluation of potential acquisitions of resources and reserves, especially in Nevada and the western United States, during this period of lower mining equity values, represents an excellent opportunity to grow and deliver superior value to our investors. Our foundation is strong, the Reno-Tahoe industrial complex is booming economically and land values within a 30-mile radius are rising rapidly.   We are evaluating our non-mining land values with some comparable transactions suggesting high and increasing values, even rivaling the equity of our mining claims. The focus for 2016 remains developing higher-grade reserves for safe and profitable mining, positively leveraging our lands and brands, and maintaining a stable and strong balance sheet.”

Conference Call

The Company will host a conference call today, January 28, 2016, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time.  The live call will include a moderated Q&A, after the prepared comments by the Company.  The dial-in telephone numbers for the live audio are as follows:
North American Toll Free: 1-866-253-4771
International: 1-416-849-2693

The audio will be available, usually within 24 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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. 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 that 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 discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from the conversion of securities that are convertible into or exercisable for shares of our common stock; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; 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 maintain the listing of our securities on any securities exchange or market; 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. We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
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Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
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Friday, January 22, 2016

Comstock Mining Announces Notice of 2015 Year End Results
And Business Update Conference Call

 Virginia City, NV (January 22, 2016) -- Comstock Mining Inc. (“the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, January 28, 2016, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report 2015 year end results and business update.

The live call will include a moderated Q&A, after the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

North American Toll Free: 1-866-253-4771
Canada Local / International: 1-416-849-2693

The audio will be available, usually within 24 hours of the call, at: http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, January 21, 2016

Comstock Mining Announces Multiple High-Grade Gold and Silver Intercepts
Intercepts 1.269 opt Au (43.50 g/t Au); and separately 7.100 opt Ag (243.40 g/t Ag); both over 5 Feet

VIRGINIA CITY, NV (January 21, 2016) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) is pleased to provide an update on the first phase of the Company’s Lucerne underground exploration activities, located in the historic Comstock District in Northern Nevada.  The Company continues to define High-grade mineralization in the Quartz Porphyry mineralized mass (“PQ target”) positioned in the center of the Lucerne geological corridor and mineral resources (Figure 1).

12116fig1
Figure 1

The following significant drill intercepts are highlights from the first two drill bay stations representing the first 15 holes drilled and analyzed through early December of 2015.  Additional Lucerne drilling highlights totaling 35 intercepts, including the highlights summarized below, are available in the latter part of this release (Table 1).

Drill Bay One

  • LUGC-001 1.269 opt (43.50 g/t) Au and 0.352 opt (12.07 g/t) Ag over 5 ft.
  • LUGC-001 0.175 opt (6.00 g/t) Au and 1.427 opt (48.90 g/t) Ag over 10 ft.

    Includes 0.268 opt (9.19 g/t) Au and 1.753 opt (60.10 g/t) Ag over 5 ft.

  • LUGC-002 0.767 opt (26.29 g/t) Au and 2.704 opt (92.70 g/t) Ag over 2 ft.
  • LUGC-003 0.319 opt (10.94 g/t) Au and 0.373 opt (12.79 g/t) Ag over 5 ft.
  • LUGC-005 0.290 opt (9.94 g/t) Au and 0.790 opt (27.08 g/t) Ag over 2 ft.
  • LUGC-005 0.341 opt (11.69 g/t) Au and 1.875 opt (64.28 g/t) Ag over 2 ft.
  • LUGC-007 0.391 opt (13.40 g/t) Au and 0.484 opt (16.59 g/t) Ag over 4.5 ft.

Drill Bay Two

  • LUGC-006 0.142 opt (4.88 g/t) Au and 1.452 opt (49.77 g/t) Ag over 8 ft.

    Includes 0.318 opt (10.90 g/t) Au and 1.771 opt (60.71 g/t) Ag over 2.5 ft.

  • LUGC-013 0.104 opt (3.57 g/t) Au and 4.00 opt (137.13 g/t) Ag over 4 ft.
  • LUGC-015 0.345 opt (11.83 g/t) Au and 1.140 opt (39.09 g/t) Ag over 20 ft.

    Includes 0.424 opt (14.54 g/t) Au and 1.700 opt (58.27 g/t) Ag over 3 ft.
    Includes 0.426 opt (15.30 g/t) Au and 1.352 opt (46.36 g/t) Ag over 6 ft.
    Includes 0.386 opt (13.24 g/t) Au and 1.049 opt (35.95 g/t) Ag over 7 ft.

  • LUGC-017 0.528 opt (18.10 g/t) Au and 7.10 opt (243.40 g/t) Ag over 5 ft.

Corrado De Gasperis, President & CEO, commented: “I am very encouraged with the results from these initial drill intercepts.   Drill bays 1 and 2 were positioned on the outer, most southerly margin of the PQ target, adjacent to the southerly East Zone and easterly Succor targets.  These results provide us tremendous context for our future exploration activities across most of this corridor.   We not only intercepted significant grades of gold and, especially, silver, but we identified a potentially longer, deeper, more accessible target in the historic Succor vein systems, that we are currently drifting toward (Figure 2).”

12116fig2
Figure 2

Mr. De Gasperis, continued, "These initial results significantly enhance our understanding of the structural corridor, improve our access to the Succor, Woodville and East Zone systems, and provide an improved technical foundation for the remaining PQ drill data.   Drill bays 3-6 target the heart of the PQ mineralized mass and our teams are working to complete the drilling, log the results and analyze the geological data that represents the basis of our future exploration and guide our development planning.”

Previously disclosed drill data from the PQ includes 46 intercepts of at least 10 feet that grade, on average, over 0.23 ounces of gold per ton and over 1.71 ounces of silver per ton.  The new drill results add to the known mineralization and support continued high-grade exploration.

Mr. De Gasperis, concluded: “We anticipate reporting further high-grade results from bay stations 3 and 4 in about a week, and are currently working to complete the drilling through bay 6 by the end of this month. This will result in a significant amount of additional data over the next 8 weeks.  Ultimately, our objective is to establish a long term value proposition that transition this corridor from exploration into underground development.”

Table 1

Drill Bay

Hole

From-To

Length

Au Ounces per ton

Ag Ounces per ton

Au Grams per ton

Ag Grams per ton

Au Eq. Ounces per ton

1

LUGC15-001

283-293

10.0

0.175

1.427

6.00

48.90

0.193

 

Includes

288-293

5.0

0.268

1.753

9.19

60.10

0.290

1

  LUGC15-001*

358-363

5.0

1.269

0.352

43.50

12.07

1.273

 

1

LUGC15-002

157-161

4.0

0.137

2.564

4.70

87.90

0.170

1

LUGC15-002

219-221

2.0

0.767

2.704

26.29

92.70

0.802

 

1

LUGC15-003

44-49

5.0

0.319

0.373

10.94

12.79

0.324

1

LUGC15-005

81.5-86.5

5.0

0.096

3.100

3.29

106.27

0.136

1

LUGC15-005

114-122

8.0

0.115

0.415

3.94

14.22

0.120

 

Includes

114-116

2.0

0.290

0.790

9.94

27.08

0.300

1

LUGC15-005

268-270

2.0

0.341

1.875

11.69

64.28

0.365

1

LUGC15-005

302-307

5.0

0.171

0.212

5.86

7.27

0.174

1

LUGC15-005

312-317

5.0

0.107

0.426

3.67

14.60

0.112

1

LUGC15-005

322-327

5.0

0.096

0.181

3.29

6.21

0.098

1

LUGC15-005

370-374

4.0

0.093

0.904

3.19

30.99

0.105

1

LUGC15-005

382-387

5.0

0.083

0.312

2.85

10.70

0.087

1

LUGC15-005

441-447

6.0

0.094

1.143

3.22

39.18

0.109

 

1

LUGC15-007

119-123.5

4.5

0.391

0.484

13.40

16.59

0.397

1

LUGC15-007

209-214

5.0

0.083

2.088

2.85

71.58

0.110

 

1

LUGC15-008

187.9-193

5.1

0.147

0.099

5.04

3.39

0.148

 

2

LUGC15-006

331-339

8.0

0.142

1.452

4.88

49.77

0.161

 

Includes

331-333.5

2.5

0.318

1.771

10.90

60.71

0.341

2

LUGC15-006

358.5-365.5

7.0

0.130

0.549

4.45

18.80

0.137

 

2

LUGC15-010

159-164

5.0

0.100

0.598

3.43

20.50

0.108

2

LUGC15-010

168-173

5.0

0.090

0.446

3.09

15.29

0.096

2

LUGC15-010

176.5-181

4.5

0.126

0.785

4.30

26.89

0.136

 

2

LUGC15-012

158-163

5.0

0.083

0.192

2.85

6.58

0.085

 

2

LUGC15-013

118-122

4.0

0.104

4.000

3.57

137.13

0.155

 

2

LUGC15-015

42-45

3.0

0.104

1.161

3.57

39.80

0.119

2

LUGC15-015

117.5-121

3.5

0.198

0.076

6.79

2.61

0.199

2

LUGC15-015**

169.5-171

1.5

1.416

0.848

48.56

29.08

1.427

 

Includes

169.5-170.6

1.1

1.602

0.933

54.92

31.98

1.614

2

LUGC15-015

260-280

20.0

0.345

1.140

11.83

39.09

0.360

 

Includes

260-263

3.0

0.424

1.700

14.54

58.27

0.446

 

Includes

264.5-270.5

6.0

0.446

1.352

15.30

46.36

0.464

 

Includes

273-280

7.0

0.386

1.049

13.24

35.95

0.400

2

LUGC15-015

287-288.5

1.5

0.132

1.782

4.53

61.09

0.155

2

LUGC15-015

298-308

10.0

0.087

0.904

2.99

31.00

0.099

2

LUGC15-015

317-318

1.0

0.599

1.897

20.53

65.03

0.623

2

LUGC15-015

325-333

8.0

0.093

0.732

3.17

25.11

0.102

 

2

LUGC15-017

116-121

5.0

0.159

0.501

5.45

17.18

0.165

2

LUGC15-017

248-252

4.0

0.092

0.094

3.15

3.22

0.093

2

LUGC15-017

256-261

5.0

0.199

0.499

6.82

17.11

0.205

2

LUGC15-017

478-483

5.0

0.528

7.100

18.10

243.40

0.619

Reported values are from American Assay Labs (AAL) and Inspectorate American Corporation (Inspectorate) in Reno, NV

AAL and Inspectorate lab methods include standard fire assay with ICP finish and gravimetric finish per each labs internal protocols. 

Gold Equivalent 78:1 Ag:Au

* Value reported is average of original and check assay

** Pending additional total digestion assay on a portion of the interval

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near-term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; restructuring, recapitalization and other capital structure modifications; capital raising; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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. 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 that 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 discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K.  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. We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, December 31, 2015

Comstock Mining Updates Progress of Lucerne “Harris Portal” Underground

Virginia City, NV (December 31, 2015) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) is pleased to provide an update on the Lucerne underground exploration and underground drift development.   The Company recently announced it had completed the entire 800-foot underground exploration drift (“Harris Portal”) at the north end of the existing surface mining operation. The Harris Portal runs parallel to the previously discovered dike-like masses of quartz porphyry (PQ) that have intruded into the main lode.

http://www.comstockmining.com/files/flipbooks/PQTarget/

Corrado De Gasperis, President & CEO, commented, "Our teams have now completed the targeted 800 foot segment of the Lucerne exploration drift, plus expanded the drift an additional 200 feet towards the historic Succor vein system and also completed approximately 10,000 feet of diamond core drilling. We have also begun receiving assay results and look forward to reporting on these drill results over the next few weeks and throughout January and early February.”

The Company’s transition from Lucerne’s open cut mining toward underground exploration and development (Harris Portal and tunnel) marks a significant turning point for the Company. The Lucerne Drift represents the first substantial underground development in the Comstock District in over 30 years. The tunnel, when complete, is designed to conduct an underground exploration drilling program directed at a series of geological targets in the Silver City Branch of the Comstock Lode, including the PQ target, the Succor vein systems and the historic Woodville Bonanza system. These initial targets represent the core of a broader geological corridor where the Company is currently drilling.  Previous surface drilling in the area, including the Succor-Holman drilling from earlier this year, had suggested that a zone lying generally adjacent to and below the Lucerne Cut had the potential to yield high-grade gold and silver. The current program has been geared toward defining that potential.

The Harris tunnel was driven in a northwest direction within the most stable footwall rocks. As of December 30, 2015, the total length of drifting is approximately 1,150 feet, including six drill bays and an approximately 200 foot long crosscut, out of Bay 2, into the veined system. Figure 1 depicts the underground drifting and drilling as completed thus far.

12 31 15
Figure 1 – 3D representation of underground drifting, drill bays, crosscut and drill traces

As of December 30, 2015, approximately 10,000 feet of diamond core drilling hasbeen completed from the six drill bays. Drilling takes the form of ‘fans’ that comprise a group of holes having the same azimuth but different dips (between -50 and plus 40 degrees from horizontal). Each drill bay has two or three fans of drill holes extending into the primary target, and in some cases to the Succor mineralized zone. The core locations and orientations were designed to expand areas of known high-grade mineralization identified from past surface drilling programs.

The drilling to date has been either HQ3 or NQ core, and high-polymer muds are routinely employed to enhance core recovery, which to date, has been excellent.  The planned core-portion of the program will conclude in late January 2016, with total estimated core drill footage of approximately 12,000 feet. The Company is planning an additional 10,000 feet of reverse circulation (RC) drilling, in early 2016, in portions of the PQ target area plus some surface drilling to better scope the extents of the Succor structure.

The Company remains on schedule to complete the first phase of the portal, drift, drilling, and evaluation of these results by early February.  Assay results, geological interpretations and context will be forthcoming throughout January 2016.

Corrado De Gasperis concluded: "We are focused on this transition to higher-grade targets as we conclude the production for Lucerne in 2015, including the completed SR 342 realignment.  We ended the year with good gold and silver grades, the lowest costs in our history, and exceptional final gold and silver yields, as our life of mine recoveries for Lucerne gold yields rose to an estimated 84-85%, from a previous 81%.  This positions the platform and the district well for our future growth plans.”
About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future delays or disruptions in construction or production; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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. 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 that 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 discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from the conversion of securities that are convertible into or exercisable for shares of our common stock; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; 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 maintain the listing of our securities on any securities exchange or market; 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. We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

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http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
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Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
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Friday, December 4, 2015

Comstock Mining Completes State Route Realignment Ahead of Schedule

Virginia City, NV (December 4, 2015) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE), announced today that the realignment of State Route 342 (SR 342) was completed earlier this week. SR 342 passed all relevant Nevada Department of Transportation (NDOT) inspections and has been reopened for public use.

The completion of the SR 342 realignment, including the already completed capping of the historic Silver Hills Mine shaft, provides a better route from Carson City to Virginia City and also provides a safer and more efficient passage for ongoing mining operations.  The Company also achieved significant environmental and reclamation objectives and completed the project under the original $3 million budget. 
 
The SR 342 realignment and historic environmental remediation has been completed in collaboration with the Nevada Department of Transportation (NDOT), U.S. Army Corp. of Engineers (USACE), the Nevada Division of Environmental Protection (NDEP) and the U.S. Environmental Protection Agency (EPA). 
 
These improvements will enhance the quality of life on the Comstock and reduce costs to the state and local municipalities, and thus, taxpayers.
 
Corrado De Gasperis, President & CEO, commented, “Genuine, fundamental sustainability is philosophically embedded in our ‘Comstock Responsible’ culture that helped enable the complex network of regulatory cooperation and true public-private partnerships.  These alliances made completing the road ahead of schedule and under budget possible.  These sustaining improvements in the quality of life on the Comstock, could not have been possible without the communities in both Storey and Lyon Counties, the Nevada Division of Environmental Protection, Bureau of Corrective Actions; the U.S. Army Corps of Engineers; the Nevada Dept. of Transportation; the State Historic Preservation Office; McGinley & Associates; Debra Lemke; RCI; the U.S. Army Corp of Engineers, and the Comstock Mining team who, all together, made this unprecedented achievement possible.”

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as the future quality of life on the Comstock and Comstock’s future production, operations and infrastructure.

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. 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 that 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 discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. 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. We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
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Tuesday, November 24, 2015

Comstock Mining Completes First Phase of New Lucerne Underground “Harris Portal”

Virginia City, NV (November 24, 2015) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced that, on Friday, November 20, 2015, in conjunction with American Mining and Tunneling LLC (“AMT”), it has completed construction of the first phase of the entire 800 foot underground exploration drift (“Harris Portal”) at the north end of the existing Lucerne Surface Mine.  

http://www.comstockmining.com/files/flipbooks/PQTarget/

The Company had previously completed extensive geological development and modeling, including analysis of surface drill hole results, metallurgy, proximity to the current Lucerne Mine floor, and historic mining data.  This resulted in a highly detailed geologic model for the Lucerne. The work confirmed that the lode is comprised of a group of northwest trending, sub-parallel, high-grade, mineralized structures. This structural group coalesces into a single zone in the central part of the East-side area and diverges to the north and south creating a possible structural corridor up to 600-feet. The Company also discovered dike-like masses of quartz porphyry (PQ) that have intruded into the main lode and have a direct relationship to the known mineralization.  Additionally, early this year, the Company completed extensive surface drilling on the Succor and Holman mineral patents, where structures have close proximity and potentially intersect with the PQ mass.

The first phase of the tunnel development was targeted at 800 feet and scheduled for completion by year-end. The first phase also includes approximately 20,000 feet of diamond-core and reverse circulation (R/C) definition drilling, both being closely coordinated with the drift development. Previously disclosed drill data from this PQ structure include 46 intercepts of at least 10 feet that have a grade, on average, of over 0.23 ounces of gold per ton and over 1.71 ounces of silver per ton.  The Succor vein system is being considered as an easterly extension of the first phase of development beyond the high-grade PQ target. 

Corrado De Gasperis, President & CEO, commented, "Our teams have now completed the targeted 800 foot segment of the Lucerne exploration drift about two weeks ahead of schedule and drilling activities are now moving into the heart of the PQ mass.  We have also recently identified an efficient path to connect the PQ development with the intersecting high-grade Succor vein system that we are incorporating into our development plans.  The Succor had historic production with grades greater than 0.65 ounces per ton of gold and represents an attractive addition to our underground targets.”

The Company remains on plan to invest approximately $3 million for the first phase, including the portal, drift, drilling, and certain related infrastructure for the Lucerne underground exploration and development project, scheduled for completion this December.

Corrado De Gasperis concluded: "We remain ahead of schedule on the first phase of the Lucerne underground exploration campaignboth in terms of time and budget, and we are evaluating the high-grade Succor vein system as an addition to our first phase of this exploration campaign, in advance of the Woodville. We are looking forward to updating and reporting on the drilling and advancement of this project frequently throughout year-end and into the first quarter.”

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future delays or disruptions in construction or production; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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. 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 that 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 discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from the conversion of securities that are convertible into or exercisable for shares of our common stock; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; 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 maintain the listing of our securities on any securities exchange or market; 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. We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
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Thursday, October 22, 2015

Comstock Mining Announces Third Quarter 2015 Results
Simplifies Capital Structure, Lowers Obligations and Accelerates Development

Virginia City, NV (October 22, 2015) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected unaudited financial results for the fiscal quarter ended September 30, 2015.

Strategic Highlights

  • Restructured and simplified the overall capital structure, eliminating all preferred stock, special rights and PIK dividends and permanently reducing land obligations and royalties.
  • Permitted, commenced and advanced the Lucerne underground “Harris” portal and drilling.
  • Encountered significant high-grade gold and silver intercepts in the Dayton Drill Program.
  • Received the “Nevada Excellence in Mine Reclamation” for Keystone mine restoration.
  • Recognized, along with the Comstock Foundation for History & Culture for “Outstanding Rehabilitation of the Historic Upper Yellow Jacket Hoist Works.”
  • Achieved year-over-year cost savings of $6.7 million for the nine months ended September 30, 2015, and, coupled with the recently completed restructuring activities, remain on track to save $10 million for the full year 2015, as compared to full year 2014.
  • Partnered with American Mine and Tunneling LLC and American Drilling Corp, LLC to commence key underground development and drilling access to the PQ and Woodville structures.
  • Strengthened the balance sheet, raising $6 million for the drilling and development of the Lucerne underground program, and prerequisite planning for the next phase of Dayton drilling.

Selected Financial Highlights - Nine-months Ended September 30, 2015

  • Mining revenue was $15.7 million for the nine months ended September 30, 2015, as compared to $18.1 million for the same period in 2014, a decrease of 13%, resulting from lower average price per ounce of gold realized and lower production.
  • Costs applicable to mining revenue were $10.4 million for the nine months ended September 30, 2015, as compared to $14.6 million, net of silver credits, for the same period in 2014, a decrease of 29%, primarily due to mining cost reductions, resulting in a gross margin of 34%.
  • General and administrative expenses were $5.1 million for the nine months ended September 30, 2015, as compared to $5.2 million for the same period in 2014, a decrease of 2%.
  • Net loss was $4.5 million, for the nine months ended September 30, 2015, as compared to a net loss of $8.3 million, for the same period in 2014. The $3.7 million improvement resulted primarily from $4.0 million in lower mining and operating costs offset by higher exploration and development for Lucerne and Dayton, SR-342 realignment, severance and lower revenues.
  • Net cash generated by operating activities was $0.4 million for the nine months ended September 30, 2015, as compared to a net cash use of $2.6 million in 2014, a 117% improvement.
  • Excluding the road realignment cost of $1.7 million, net cash generated by operating activities was $2.1 million for the nine months ended September 30, 2015.
  • Net cash used for investing was $4.8 million for the nine months ended September 30, 2015, including $2.8 million for land and $1.9 million for property, primarily for leach pad expansions.
  • Debt and capital lease obligations totaled $15.8 million at September 30, 2015, including $2.8 million outstanding on the revolving credit facility.  
  • Cash and cash equivalents at September 30, 2015 were $2.5 million.

Selected Financial Highlights - Three-months Ended September 30, 2015

  • Mining revenue was $4.3 million in Q3 2015 as compared to $6.5 million in Q3 2014. The decrease resulted from lower average price per ounce of gold realized and lower production.
  • Costs applicable to mining revenue were $3.5 million in Q3 2015, as compared to $4.4 million, net of silver credits, in Q3 2014, a 21% decrease primarily due to mining cost reductions.
  • Mine claims and costs decreased by $0.4 million in Q3 2015, as compared to Q3 2014.
  • Exploration and mine development costs increased by approximately $0.7 million in Q3 2015, as compared to Q3 2014.  The increase is for the underground drift-mining and drilling for the first geological target (“PQ target”) in Lucerne and for the recent Dayton drilling program.
  • Net loss was $4.3 million, for Q3 2015, as compared to a net loss of $1.0 million, for Q3 2014. The $3.3 million increase resulted from a $2.4 million decrease in revenue and a $0.7 million decrease in net other income, offset by a net increase in all other costs, including the SR-342 road realignment and Lucerne and Dayton exploration and development costs.
  • Net cash generated by operating activities was $0.1 million for Q3 2015.
  • Excluding the road realignment cost of $0.8 million, net operating cash generated for Q3 2015, was $0.9 million.

Third Quarter and Year to Date 2015 Selected Operational Highlights

  3Q 2015 2Q 2015 1Q 2015 YTD 2015 3Q 2014 2Q 2014 1Q 2014 YTD 2014
Mining Operations
Tons Mined 140,415 254,856 316,199 711,470 1,131,985 944,166 947,852 3,024,003
 
Processing
Tons Crushed 104,286 211,942 157,612 473,840 191,013 122,026 205,686 518,725
 
Weighted Average Grade Per Ton Au 0.021 0.030 0.039 0.031 0.026 0.034 0.024 0.027
Weighted Average Grade Per Ton Ag 0.573 0.654 0.734 0.663 0.564 0.546 0.345 0.473
 
Estimated Au Ounces Stacked 2,240 6,438 6,083 14,761 4,926 4,191 5,016 14,133
Estimated Ag Ounces Stacked 59,717 138,639 115,689 314,045 107,822 66,607 70,989 245,418
Estimated Au Equivalent* Ounces Stacked 3,034 8,344 7,669 19,047 6,584 5,205 6,140 17,929
 
Au Ounces Poured and Sold 3,847 4,575 4,695 13,117 5,002 4,763 4,507 14,272
Ag Ounces Poured and Sold 62,480 60,112 56,482 179,074 61,096 48,626 49,358 159,080
Au Equivalent* Ounces Poured 4,678 5,400 5,470 15,548 5,936 5,499 5,290 16,725
 
* Au Equivalent ounces = Au ounces (actual) + (Ag ounces (actual) ÷ the ratio of average gold to silver prices) 75.27 72.73 72.91 73.63 65.03 65.69 63.14 64.62

Nine-months ended September 30, 2015

  • Metallurgical yields improved to 81%, from an average of 77% in the first nine months of 2014.
  • Weighted average gold grades improved 15%, to 0.031 opt, from 0.027 opt in the first nine months of 2014. The Company sold 13,117 ounces of gold in the first nine months of 2015.
  • Weighted average silver grades improved 40%, to 0.663 opt, from 0.473 opt in the first nine months of 2014.  The Company sold 179,074 ounces of silver in the nine months of 2015.
  • Silver to gold production exceeded a 13:1 ratio, from 11:1 in the first nine months of 2014.
  • Strip ratio improved to 0.35:1 for Q3 2015, down from the full year 2014 average of 4.8:1.

Three-months ended September 30, 2015

  • Metallurgical yields have sustained at 81% throughout 2015.
  • Weighted average gold grades decreased to 0.021 from 0.026 opt in Q3 2014.
  • Weighted average silver grades improved 2%, to 0.573 opt, from 0.564 opt in Q3 2014.
  • Silver to gold production exceeded a 16:1 ratio, from 12:1 in Q3 2014.

Corrado De Gasperis, President & CEO, commented, “The achievements this year have been foundational, expanding our lands and all major permits, achieving low cost production by improving every major variable from grade to yields to strip ratios to fundamental cost and project management.  We are well into the transition with the underground drift now reaching 500 feet and the fourth drill station under development and we are looking forward to testing some high-grade material on the leach pad as early as this (fourth) quarter.”

Production
Metal pours totaled 3,847 ounces of gold and 62,480 ounces of silver, during the third quarter of 2015. The Company crushed and stacked approximately 104,000 dry tons of mineralized material, delivering 2,240 estimated ounces of recoverable gold and 59,717 estimated ounces of recoverable silver to the leach pads with weighted average gold grades of 0.021 ounces per ton.

For the nine-month period ended September 30, 2015, the Company realized an average sales price of $1,212.03 per ounce of gold and $15.96 per ounce of silver. In comparison, commodity market prices in the same period of 2015 averaged $1,178.69 per ounce of gold and $16.02 per ounce of silver.

For the quarter ended September 30, 2015, the Company realized an average sales price of $1,116.44 per ounce of gold and $14.83 per ounce of silver. In comparison, commodity market prices in the third quarter of 2015 averaged $1,124.01 per ounce of gold and $14.93 per ounce of silver.

Operating Costs and Cost Reductions
During the three months ended September 30, 2015, actual Lucerne Mine costs applicable to mining revenue were approximately $4.4 million ($3.5 million net of silver by-product credits) as compared to $5.5 million ($4.4 million net of silver by-product credits) for the three months ended September 30, 2014, representing a 21% reduction of net costs applicable to mining revenue.

During the first nine months of 2015, actual Lucerne Mine costs applicable to mining revenue were $13.2 million ($10.4 million net of silver by-product credits) as compared to $17.8 million ($14.6 million net of silver by-product credits) for the first nine months of 2014, representing a 25% reduction in costs applicable to mining when comparing the first nine months of 2015 to the same period of 2014. These costs applicable to mining revenue for the first nine months of 2015 and 2014 also include depreciation of $4.6 million and $3.9 million, respectively.

During the first nine months of 2015, the Company continued reducing costs applicable to mining revenue, targeting $7 million in reductions this year as compared to 2014. The Company has already realized $4.2 million of savings from reduced labor, drilling, and blasting and fuel and $1.7 million of cost reductions in non-mining activities in the first nine months of 2015, as compared to the same period in 2014. The Company has also identified $3.0 million of potential cost reductions in all other non-mining activities, including general, administrative, and environmental areas.  The Company incurred approximately $0.7 million in severance costs during the first nine months of 2015, in mining and general and administrative expenses, associated with organizational cost reductions.  The Company is on track to achieve its stated costs savings target.

SR-342 Realignment and Extraction of Existing Mine Dumps
In early February, the Nevada Department of Transportation, (NDOT), closed an approximate two-mile section of SR-342, south of Gold Hill, as a safety precaution following roadway cracking and area specific sinking during a weekend of heavy rains.

The realignment project has two major phases. Phase 1 of the project, realigning a portion of the state route away from the historic Silver Hill Shaft and permanently capping that historic shaft was completed on June 1, 2015, about one week ahead of the original schedule.

Phase 2 of the project, realigns the remaining portion of the road, removes additional loose dump fill and related material on the east side of the roadway and ties back into the south end of the newly constructed (Phase 1) alignment. The latter part of Phase 2 also includes plans for a restoration and stabilized storm water flow, post construction.  The project is scheduled for early completion in November 2015, with an estimated remaining cost of approximately $1 million.

In addition, during the latter part of 2014, the geological and environmental teams undertook a systematic evaluation of historic mine dumps throughout most of the central part of the District. Overall, we identified approximately 640,000 tons of mineralized dump materials. Of that total, approximately 450,000 tons were located underneath and to the east of State Route 342, with an average grade between 0.025-0.035 opt Au. These tons are being extracted as part of the SR-342 re-alignment, and stacked onto the leach pad for processing providing a significant environmental remediation and a meaningful contribution to operations and production schedule.

Lucerne Exploration and Underground Development
The Company completed extensive geological development and modeling, including analysis of surface drill hole results, metallurgy, proximity to the current Lucerne Mine floor, and past mining data.  This resulted in highly detailed geologic level plans and cross sectional analysis for the Lucerne East-side. The work confirmed that the lode is comprised of a group of northwest trending, sub-parallel, higher-grade, mineralized structures, rather than a simple vein system confined to a single fault zone. These structural groups coalesce into a single zone in the central part of the East-side area and diverge to the north and south to create zones up to 600-feet wide. The Company also discovered dike-like masses of quartz porphyry (PQ) that have intruded into the main lode and have a direct relationship to the known mineralization.

Out of this extensive geologic work, a definitive underground exploration and development target emerged, specifically that part of the lode occupied by the mineralized mass of PQ, as well as the neighboring structures.

In addition to the mineralized mass of PQ, we developed and defined the nearby Woodville Bonanza structures with the same diligent level plan and cross sectional development.  These geologic definitions include the same detail and historical mappings plus over 116 intercepts of at least 10 feet grading over 0.22 ounces per ton gold and 1.59 ounces of silver per ton.

The Company, on September 5, 2015, commenced developing a new underground access to the PQ structures and the almost adjacent Woodville Bonanza structures. The first phase of the tunnel development, with a planned investment of $3 million, is expected to be approximately 800 feet, running parallel to the PQ target. Development of the tunnel is progressing on schedule, reaching a linear distance of approximately 300 feet at September 30, 2015.

This phase includes approximately 20,000 feet of diamond-core definition drilling and is scheduled for completion before year-end.  Previously disclosed drill data from the PQ includes 46 intercepts of at least 10 feet that grade, on average, over 0.23 ounces of gold per ton and over 1.71 ounces of silver per ton.  Construction of the first drill platform was completed and the underground drilling of the previously discovered, dike-like masses of quartz porphyry (PQ), commenced. The objective of the program is to establish longer, higher-grade mine lives, with the ability to grow production from multiple mine sources, including both the PQ and the Woodville.

Dayton Drill Program
Surface drilling on the Company’s Dayton property, located in the southern part of the Comstock district, commenced in the first quarter of 2015. The program consisted of 408 holes totaling 30,818 feet of drilling that was completed in late September of 2015. The Company used an extremely efficient percussion drill rig, with total program costs of about $200,000, or about $6.50 per foot.

The Company also completed underground mapping and sampling from a number of historic mine tunnels. This work, together with the drilling, resulted in several important discoveries, including defining multiple, previously undefined mineralized zones and additional dike-like masses of quartz porphyry, similar to Lucerne.

The main objective of the program was to pinpoint the major surface structures (faults) and then explore these structures for mineralization.  This then enabled efficient infill drilling that further refined and resolved areas of structural complexity in the geologic models.  The program was successful in both defining and expanding the near-surface mineralization. The Company will update its geologic model based on the results of this drilling program and increase the gold and silver resource estimate. The Company is now finalizing a comprehensive drill program designed to deliver a mine plan, economic reserves and mine life.

Of the 408 holes drilled, 245 contained intercepts of 10 feet or more in length with gold grades exceeding or equal to 0.015 ounces per ton (opt.), and with an overall weighted average grade of 0.035 opt Au and 0.323 opt Ag. Out of those same 245 holes, a total of 32 contained intercepts of 10 feet or more in length with an average Au grade exceeding or equal to 0.100 opt Au., and with an overall average weighted grade of 0.148 opt Au and 0.694 opt Ag.

The underground mapping and sampling effort, together with the drilling, resulted in several important discoveries.  The most significant was defining mineralization along a previously undrilled, 600-foot segment of the Grizzly Hill Fault and additional mineralization at an intersection of the Grizzly Hill and Alhambra Faults with the Silver City fault. The Company also discovered additional dike-like masses of quartz porphyry, similar to Lucerne, that generally host significant mineralization. Finally, the drilling also helped to define extended mineralization along a 550-foot segment of the Mill Fault.

The Company also commenced metallurgical test-work on representative samples of mineralized rock types. The Company also commenced standard column tests on five surface-generated samples and one underground sample. These tests are ongoing. All samples, both from drilling and underground, were analyzed for gold and silver at the Company’s existing, on-site, industry standard, production assay lab. Ultimately, the objectives are the same as Lucerne, to establish longer, higher-grade mine lives, with the ability to grow production with yet another mine source.

The Dayton property includes the Dayton (Marble), Alhambra, Kossuth, Metropolitan and Gennessee patents representing a structurally controlled mineralized system hosted in tertiary volcanic rocks that, in terms of the overall geologic setting, is similar to the Company's Lucerne property. The properties are separated by approximately one mile along the Silver City branch of the Comstock Lode.

Corporate
Cash and cash equivalents on hand at September 30, 2015 totaled $2.5 million. Total debt and capital lease obligations at September 30, 2015, were $15.8 million as compared to $12.2 million at September 30, 2014. For the remainder of 2015, the Company plans on spending approximately $1.0 million in road and capital expenditures and approximately $1.4 million on the underground drift, drilling and some infrastructural development for the Lucerne underground mine plan development advancement. The Company also plans to pay down an additional $3.0 million in debt obligations, including $1.2 million on its revolving credit facility.

As announced on August 27, 2015, the Company successfully completed a restructuring of certain components of its capital structure, primarily associated with all series of its issued and outstanding Convertible Preferred Stock and certain obligations associated with the Northern Comstock joint venture associated with some its most important land holdings.  The Company successfully converted all of its preferred stock to common stock, eliminating the preferred stock, eliminating the special rights of the preferred stock holders, including extra voting rights, and eliminating future dividends associated with those instruments.  The Company also materially reduced future capital and royalty obligations associated with some of its highest prospective mineralized land claims contained in the Northern Comstock joint venture, from $31.05 million down to $9.75 million. These actions will also contribute to cost reduction efforts for 2015.

On October 19 2015, the Company issued 10,169,492 shares of common stock to investors at a price per share of $0.59. As a result of the offering, the Company received net cash proceeds of approximately $5.9 million.

Shares of Common Stock issued and outstanding at September 30, 2015 were 149,748,219.

Outlook
The Company has been cash flow positive from operations for the first nine months of 2015, and expects to be cash positive from operations for the full year 2015, notwithstanding weaker revenues in fourth quarter as the Company transitions from the final phase of surface mining in Lucerne to the expansion into an underground portal and drift development in Lucerne.  The Company is concurrently completing the road realignment during fourth quarter.

The Company commenced the underground drift-mining and drilling, associated with the first underground exploration phase of the PQ target, in September 2015, and expects to complete drift-sampling, drilling and ongoing metallurgical test work of the PQ target by December 2015.  The second major phase of drift-mining and drilling, currently planned for the Woodville target, is expected to be completed by April 2016.

The Company's goals for this year included minimizing operating and capital costs, including the elimination of legacy royalties and dividends, restructuring and simplifying the capital structure, eliminating and reducing certain liabilities, completing the SR-342 realignment project, currently scheduled for completion in November 2015, expanding the Lucerne exploration and development activities, primarily through the underground portal and drift development and commencing the final development phase of the Dayton Resource Area.

Mr. De Gasperis concluded, “With all the excitement around drilling the quartz porphyry mass at the Lucerne portal, we were thrilled at the magnitude of these same quartz porphyry-type discoveries in Dayton. These new discoveries have accelerated our preparation for developing these remarkable gold and silver resources into a second mine.  Both phases of Lucerne and Dayton represent remarkable exploration and development opportunities with the objective of establishing long-lived mines and higher grade reserves for mining.”
 
The Company will host a conference call today, October 22, 2015, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time.  The live call will include a Q&A with accredited institutions, investors and analysts immediately following the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

North American Toll Free: 1-866-253-4737
International: 1-416-849-4292

The audio will be available, usually within 24 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future delays or disruptions in construction or production; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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. 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 that 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 discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from the conversion of securities that are convertible into or exercisable for shares of our common stock; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; 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 maintain the listing of our securities on any securities exchange or market; 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. We undertake no obligation to publicly update or revise any forward-looking statement.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities. 

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Judd Merrill
Chief Financial Officer
Tel (775) 847-7325
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Monday, October 19, 2015

Comstock Mining to Receive $5.9 Million from Public Offering 

Virginia City, NV (October 19, 2015) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today a public offering of 10,169,492 shares of its common stock.  The closing of the offering is expected to occur on October 20, 2015, subject to customary closing conditions.

The gross proceeds to the Company from the offering will be approximately $6 million, $5.9 million after deducting estimated offering expenses.  The Company intends to use the net proceeds to accelerate the drilling and development of the Lucerne underground program, accelerate planning and prerequisites for the next phase of Dayton drilling and development and general corporate purposes.

Corrado De Gasperis, President & CEO, commented, "The successful launch of the Lucerne Portal, now already well over half way towards our Phase I target of 800 feet, with two underground drill rigs operating, has enabled us to accelerate our efforts for developing these remarkable gold and silver resources.  We couldn’t be more pleased with the broad shareholder support, ensuring a faster pace of drilling and development." 

The Company has scheduled a conference call on Thursday, October 22, 2015 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report results and provide a business update.

The live call will include a Q&A with accredited institutions, investors and analysts immediately following the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

North American Toll Free:      1-866-253-4737
Canada Local/International:   1-416-849-4292

The audio will be available, usually within 24 hours of the call, and for 30 days thereafter, at http://www.comstockmining.com/investors/investor-library.

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

 

 

 

 

 

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Judd Merrill
Chief Financial Officer
Tel (775) 847-7325 
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, October 15, 2015

Comstock Mining Announces Notice of Third Quarter 2015 Results and
Business Update Conference Call

Virginia City, NV (October 15, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, October 22, 2015 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Third Quarter 2015 results and provide a business update.

The live call will include a Q&A with accredited institutions, investors and analysts immediately following the prepared remarks. The dial-in telephone numbers for the live audio are as follows:

North American Toll Free: 1-866-253-4737
Canada Local/International: 1-416-849-4292

The audio will be available, usually within 24 hours of the call, and for 30 days thereafter, at http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

Contact information for Comstock Mining Inc.:
PO Box 1118
Virginia City, NV  89440

 

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
http://www.comstockmining.com

 

 

 

 

 

 

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
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