Comstock Mining Inc

Pure Comstock Silver Nevada Sesquicentennial Medallion This limited edition medallion commemorates Nevada’s Sesquicentennial and is the first substantial minting of Comstock Silver since the Carson City Mint closed in 1893.
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NYSE MKT: LODE
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Comstock Mining Inc
Press Releases
Thursday, April 28, 2016

Comstock Mining Announces Notice of First Quarter 2016 Results
and Business Update Conference Call

Virginia City, NV (April 28, 2016) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, May 5, 2016 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report First Quarter 2016 results and provide a 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: 866-253-4737
Canada Local / International: 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.

Forward-Looking Statements
Some of the information presented in this press release, including, without limitation, statements with respect to the transaction between the Company and the American Group, strategic plans and industry prospects, and all other information relating to matters that are not historical facts, may constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are based on our current expectations, which are in turn based on assumptions that we believe are reasonable based on our current knowledge of our business and operations. We have used words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and variations of such words and similar expressions to identify such forward-looking statements. There can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ materially include, without limitation: the receipt and timing of necessary stock exchange, regulatory or other approvals; industry and market conditions affecting the Company and its suppliers; and the other factors detailed from time to time in the reports of the Company filed with the Securities and Exchange Commission, including those described under “Risk Factors” in the Company’s most recent annual report on Form 10-K.  These forward-looking statements speak only as of the date of this communication. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

 

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, March 31, 2016

Comstock Mining Announces Closing of Public Offering of Common Stock

Virginia City, NV (March 31, 2016) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced the closing of its previously announced underwritten public offering of 10,000,000 shares of its common stock at an offering price of $0.35 per share of common stock.  Gross proceeds to the Company from this offering are approximately $3,500,000 before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The Company granted the underwriter a 45-day option to purchase up to an aggregate of 1,500,000 additional shares of its common stock to cover over-allotments, if any.

Aegis Capital Corp. acted as sole book running manager for the offering.

Northland Capital Markets and Tectonic Advisory Partners (acting through Ecoban Securities Corporation) acted as financial advisors to the Company.

The offering was made pursuant to an effective shelf registration statement (No. 333-208824) previously filed with the U.S. Securities and Exchange Commission (the “SEC”).  A final prospectus supplement and accompanying base prospectus relating to the offering were filed with the SEC.

Copies of the final prospectus supplement and accompanying prospectus relating to this offering may be obtained from the SEC’s website at www.sec.gov or from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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, 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 the Company’s business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from the Company’s first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of the Company’s 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 industry market conditions; future changes in the Company’s exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; 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 the Company’s 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 the Company’s annual report on Form 10-K.  Occurrence of such events or circumstances could have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows or the market price of the Company’s securities. All subsequent written and oral forward-looking statements by or attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by these factors. The Company undertakes no obligation to publicly update or revise any forward-looking statement.

 

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.

 
Tuesday, March 29, 2016

Comstock Mining Prices $3,500,000 Public Offering of Common Stock

VIRGINIA CITY, NV (March 29, 2016). – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE), today announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $0.35 per share. The gross proceeds to the Company from this offering are expected to be approximately $3,500,000 before deducting underwriting discounts and commissions and other estimated offering expenses. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on March 31, 2016, subject to customary closing conditions.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

Northland Capital Markets and Tectonic Advisory Partners (acting through Ecoban Securities Corporation) are acting as financial advisors to the Company.

This offering is being made pursuant to an effective shelf registration statement (No. 333-208824) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and accompanying prospectus describing the terms of the proposed offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov, and a final prospectus supplement and accompanying base prospectus will be filed with the SEC.  Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about Company and such offering.

Copies of the preliminary prospectus supplement and final prospectus supplement relating to this offering may be obtained, when available, from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have been filed with the SEC.

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, 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 the Company’s business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from the Company’s first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of the Company’s 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 industry market conditions; future changes in the Company’s exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; 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 the Company’s 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 the Company’s annual report on Form 10-K.  Occurrence of such events or circumstances could have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows or the market price of the Company’s securities. All subsequent written and oral forward-looking statements by or attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by these factors. The Company undertakes no obligation to publicly update or revise any forward-looking statement.

 

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.

 
Tuesday, March 29, 2016

Comstock Mining Partners with American Mining for Mining Services

Virginia City, NV (March 29, 2016) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has entered into an agreement with its strategic partner, American Mining and Tunneling, LLC and American Drilling Corp, LLC , (together the “American Group”) for $5 million in underground mine development, drilling and mining services.  These services will be provided in exchange for the issuance of up to 9,000,000 shares of its common stock, at a value of at least $0.56 per share.

The shares to be issued to the American Group will be issued in exchange for future drilling, mine development and underground mining services in connection with, but not limited to, the Company’s construction of an underground exploration portal, mining infrastructure and development of the Company’s Lucerne and Dayton Mine projects.  When such shares are issued, they will be restricted shares subject to a minimum six-month holding period by AMT, during which time the issued shares may not be sold.

Mr. Corrado De Gasperis, President & CEO of Comstock Mining, commented, “We consider the American Group as the best all-around partner for underground drilling and development competencies as we both strengthen our commitments and grow our mutual investment in Nevada mining. By investing with and in us, the collaboration with the American Group has achieved another level of strategic partnering as we position our Nevada-based platform for the next level of performance.” 

The Company has previously partnered with the American Group based on their broad underground drilling, development and underground mining expertise and quality services to the mining industry, and especially in North America, with a special focus in Nevada.

Mr. Steve Elloway, President & CEO of American Group, commented, “Our industry is emerging from three tough years of rationalized exploration and underdevelopment.  We continue partnering with companies in good jurisdictions, having broad development opportunities and high quality, growth-minded, management teams that have invested in their district and positioned themselves for growth.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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.

About the American Group
American Mining and Tunneling LLC and American Drilling Corp, LLC is a mining services and exploration drilling group headquartered in Spokane Valley, Washington. The Company provides mine development and construction services to the mining industry ranging from beginning stage exploration to the end of mine life reclamation. International services are provided through its North American divisions in Elko, Nevada, Winnemucca, Nevada, Spokane Valley, Washington and Hermosillo, Mexico. Emphasis at the American Group is on maintaining the highest quality, experienced and professional personnel supported by a safety first companywide culture.

www.AmericanMT.com
www.AmericanDrillingCorp.com

Forward-Looking Statements
Some of the information presented in this press release, including, without limitation, statements with respect to the transaction between the Company and the American Group, strategic plans and industry prospects, and all other information relating to matters that are not historical facts, may constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are based on our current expectations, which are in turn based on assumptions that we believe are reasonable based on our current knowledge of our business and operations. We have used words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and variations of such words and similar expressions to identify such forward-looking statements. There can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ materially include, without limitation: the receipt and timing of necessary stock exchange, regulatory or other approvals; industry and market conditions affecting the Company and its suppliers; and the other factors detailed from time to time in the reports of the Company filed with the Securities and Exchange Commission, including those described under “Risk Factors” in the Company’s most recent annual report on Form 10-K.  These forward-looking statements speak only as of the date of this communication. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

 

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.

 
Tuesday, March 29, 2016

Comstock Mining Announces Public Offering of Common Stock

VIRGINIA CITY, NV (March 29, 2016). – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE), today announced an offer for sale of its common stock in an underwritten public offering. The Company intends to use the net proceeds from this offering for exploration and development of the Lucerne and the Dayton mine projects, the payoff of the Company's senior revolving credit facility and general corporate purposes. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
 
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
 
Northland Capital Markets and Tectonic Advisory Partners (acting through Ecoban Securities Corporation) are acting as financial advisors to the Company.

This offering is being made pursuant to an effective shelf registration statement (No. 333-208824) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.  Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about Company and such offering.

Copies of the preliminary prospectus supplement and final prospectus supplement relating to this offering may be obtained, when available, from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have or will be filed with the SEC.

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, 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 the Company’s business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from the Company’s first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of the Company’s 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 industry market conditions; future changes in the Company’s exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; 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 the Company’s 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 the Company’s annual report on Form 10-K.  Occurrence of such events or circumstances could have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows or the market price of the Company’s securities. All subsequent written and oral forward-looking statements by or attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by these factors. The Company undertakes no obligation to publicly update or revise any forward-looking statement.

 

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, March 17, 2016

Comstock Mining Announces 2016 Annual Meeting and Record Dates

Virginia City, NV (March 17, 2016) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that its 2016 Annual Meeting of Stockholders is scheduled for Tuesday, May 10, 2016, at the historic Delta Saloon banquet facility, 18 C Street, Virginia City, Nevada.  The meeting will begin at 9:00 a.m., and will include an update on the Company’s geological developments and the gold industry. 

The 2016 Annual Meeting schedule is as follows:

Tuesday, May 10, 2016:
8 a.m. – 9 a.m. - Continental Breakfast
9 a.m. – Noon - 2016 Annual Shareholder Meeting, Company Presentations, Q & A

Lunch to be served at the Delta Saloon following the presentations.
Stakeholders are invited to register for this event via the Company website:

http://www.comstockmining.com/investors/investor-relations

The record date for the Annual Meeting is March 18, 2016.  Only stockholders of record at the close of business on March 18, 2016, may vote at the meeting.  The Company’s proxy statement will be sent to stockholders of record and will describe the matters to be voted upon.

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, includes 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: our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities; and environmental compliance and changes in the regulatory environment.

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.

 
Tuesday, March 08, 2016

Comstock Mining Announces Best Intercepts and Widths To-Date
Lucerne Underground Intercepts 0.429 opt Au (14.72 g/t) 1.217 opt Ag (41.73 g/t) over 37 ft (11.2m)

VIRGINIA CITY, NV (March 08, 2016) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) is pleased to announce today, some of the highest grade and thickest gold and silver core intercepts, to date, from the higher-grade mineralization hosted in the Quartz Porphyry mass (“PQ Target”). These results represent the completion of the first phase of underground exploration and illustrate an increase in mineralization thickness, grade quality, and continuity as exploration has continued north in this highly-mineralized corridor.  

figure1

Figure 1

These intercepts are currently being modeled to provide grade shells that will contribute to an underground mine plan for the broader Lucerne mineralized resource (Figure 1). 

Corrado De Gasperis, President & CEO, commented: “Initially, drilling from bays 1 & 2 of the PQ Target produced exceptional grades mainly defined by thin widths but as we continue to drill north of the Succor vein, we have continuously identified higher-grade intercepts of thicker widths, consistent with our expectations and strongly supporting continued northerly exploration.  We have defined a second phase of efficient drilling, enabled by our new underground drifts, extending north for evaluation of the PQ and Woodville targets and east for the Succor target.”

In September 2015, the Company began construction of the Harris Portal and Drift on the floor of the Lucerne Mine with two objectives. First, the Harris Drift provides a central platform within Lucerne’s broader geological corridor to conduct an underground drilling and exploration program, targeting a three quarter mile long mineralized corridor that includes the PQ target, Woodville, Succor/Holman and high-grade Chute zone systems. Second, the Harris Drift could also potentially serve as a central haulage level depending on the overall drill results and resultant mine plans.

The initial phase included approximately 12,400 feet of diamond core drilling that is in the form of ‘fans’ that comprise a group of holes having different dips (between -50 and +40 degrees from horizontal). Each drill bay has two or three fans of drill holes extending into the primary target. The core locations and orientations were specifically designed to infill and expand the areas of known, higher-grade mineralization identified from previous surface drilling programs.

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 Succor structural intersection. In general, the initial southerly oriented drill holes intersected more narrow (2 to 10 feet thick) zones of higher-grade mineralization. The subsequent intercepts continue to illustrate an increase in mineralization thickness, grade quality, and continuity as exploration continues north in this highly mineralized corridor.  The intercepts also tend to lie along the margins of a second, previously un-described intrusive mass of material that is proving more consistent higher-grade results.

The following significant drill intercepts are selected highlights from drill bay 6 only. Additional Lucerne drilling highlights from drill bay 6, totaling 25 intercepts, including those summarized below, can be found in the latter part of this release (Table 1). 

Drill Bay Six Highlights

  • LUGC15-032: 0.429 opt Au (14.72 g/t) and 1.217 opt Ag (41.73 g/t) over 37 ft. (11.3 m).
    • Includes 1.116 opt Au (38.26 g/t) and 2.496 opt Ag (85.55 g/t) over 7 ft. (2.1 m).
    • Includes 0.668 opt Au (22.88 g/t) and 1.141 opt Ag (39.13 g/t) over 8 ft. (2.4 m).
  • LUGC16-043: 0.384 opt Au (13.17 g/t) and 0.858 opt Ag (29.41 g/t) over 20 ft. (6.0 m).
    • Includes 0.473 opt Au (16.22 g/t) and 0.865 opt Ag (29.65 g/t) over 15 ft. (4.5 m).
  • LUGC16-047: 0.894 opt Au (30.65 g/t) and 0.280 opt Ag (9.60 g/t) over 3 ft. (0.9 m)
  • LUGC16-048: 0.321 opt Au (10.99 g/t) and 11.55 opt Ag (395.95 g/t) over 5 ft. (1.5 m)
    • Includes 0.404 opt Au (13.85 g/t) and 17.700 opt Ag (606.79 g/t) over 2.5 ft. (0.8 m)
  • LUGC16-048: 0.346 opt Au (11.85 g/t) and 0.737 opt Ag (25.28 g/t) over 17.5 ft. (5.3 m).
    • Includes 0.352 opt Au (12.07 g/t) and 0.623 opt Ag (21.34 g/t) over 10 ft. (3.0 m).
    • Includes 0.640 opt Au (21.94 g/t) and 0.666 opt Ag (22.81 g/t) over 2.5 ft. (0.8 m).
  • LUGC16-049: 0.716 opt Au (24.56 g/t) and 1.003 opt Ag (34.4 g/t) over 10 ft. (3.0 m).

Mr. De Gasperis continued: “These intercepts reflect the higher grade epithermal mineralization the Comstock is known for and, not coincidently are being targeted by us in the historic Succor and Woodville systems.  Historical production grades from the Succor and Woodville mines averaged over 0.650 and 0.900 opt Au, respectively.”

Table 1

Drill Bay

Hole

From (ft.)

To (ft.)

Interval (ft.)

Au      opt

Ag      opt

From (m)

To          (m)

Interval (m)

Au        g/t

Ag         g/t

AuEq        Oz.

6

LUGC15-029

62.0

63.0

1.0

1.598

16.200

18.9

19.0

0.3

54.78

555.37

1.806

 

6

LUGC15-032

233.0

237.5

4.5

0.102

1.896

71.0

72.4

1.4

3.50

65.00

0.126

 

LUGC15-032

247.0

253.0

6.0

0.173

2.909

75.3

77.1

1.8

5.93

99.72

0.210

 

Includes

250.5

253.0

2.5

0.299

3.600

76.4

77.1

0.8

10.25

123.41

0.345

 

LUGC15-032

263.0

300.0

37.0

0.429

1.217

80.2

91.4

11.3

14.72

41.73

0.445

 

Includes

263.0

270.0

7.0

1.116

2.496

80.2

82.3

2.1

38.26

85.55

1.148

 

Includes

286.0

294.0

8.0

0.668

1.141

87.2

89.6

2.4

22.88

39.13

0.682

 

6

LUGC15-039

170.5

185.0

14.5

0.092

1.835

52.0

56.4

4.4

3.16

62.92

0.116

 

LUGC15-039

212.0

216.5

4.5

0.100

0.359

64.6

65.8

1.4

3.43

12.29

0.105

 

LUGC15-039

224.0

248.0

24.0

0.184

0.500

68.3

75.6

7.3

6.29

17.14

0.190

 

Includes

234.0

237.0

3.0

0.414

0.671

71.3

72.2

0.9

14.19

23.00

0.423

 

6

LUGC16-043

156.0

163.5

7.5

0.157

0.488

47.5

49.7

2.3

5.38

16.72

0.163

 

LUGC16-043

175.0

188.0

13.0

0.323

0.700

53.3

57.3

4.0

11.08

24.01

0.332

 

Includes

181.0

188.0

7.0

0.506

0.668

55.2

57.3

2.1

17.35

22.89

0.515

 

LUGC16-043

198.0

218.0

20.0

0.384

0.858

60.4

66.4

6.1

13.17

29.41

0.395

 

Includes

198.0

213.0

15.0

0.473

0.865

60.4

64.9

4.6

16.22

29.65

0.484

 

6

LUGC16-045

61.0

66.0

5.0

0.091

0.309

18.6

20.1

1.5

3.12

10.59

0.095

 

LUGC16-045

145.0

149.0

4.0

0.126

0.887

44.2

45.4

1.2

4.32

30.39

0.137

 

6

LUGC16-047

92.0

95.0

3.0

0.894

0.280

28.0

29.0

0.9

30.65

9.60

0.898

 

LUGC16-047

203.0

223.5

20.5

0.149

0.604

61.9

68.1

6.2

5.11

20.71

0.157

 

LUGC16-047

241.5

245.5

4.0

0.332

0.793

73.9

74.8

1.2

11.38

27.19

0.342

 

LUGC16-047

248.0

249.0

1.0

0.290

0.805

75.6

75.9

0.3

9.94

27.60

0.300

 

LUGC16-047

251.0

252.0

1.0

0.248

1.138

76.5

76.8

0.3

8.50

39.01

0.263

 

LUGC16-047

305.0

318.5

13.5

0.160

0.314

93.0

97.1

4.1

5.49

10.77

0.164

 

Includes

305.0

309.0

4.0

0.267

0.394

93.0

94.2

1.2

9.15

13.51

0.272

 

6

LUGC16-048

96.5

101.5

5.0

0.321

11.550

29.4

30.9

1.5

10.99

395.95

0.469

 

Includes

96.5

99.0

2.5

0.404

17.700

29.4

30.2

0.8

13.85

606.79

0.631

 

LUGC16-048

149.5

167.0

17.5

0.346

0.737

45.6

50.9

5.3

11.85

25.28

0.355

 

Includes

149.5

159.5

10.0

0.352

0.623

45.6

48.6

3.0

12.07

21.34

0.360

 

Includes

164.5

167.0

2.5

0.640

0.666

50.1

50.9

0.8

21.94

22.81

0.649

 

LUGC16-048

176.0

181.0

5.0

0.169

0.788

53.6

55.2

1.5

5.79

27.01

0.179

 

LUGC16-048

280.0

286.0

6.0

0.126

1.015

85.3

87.2

1.8

4.32

34.78

0.139

 

6

LUGC16-049

134.0

135.0

1.0

0.266

10.200

40.8

41.1

0.3

9.12

349.67

0.397

 

LUGC16-049

177.5

183.0

5.5

0.236

0.515

54.1

55.8

1.7

8.09

17.66

0.243

 

LUGC16-049

185.0

195.0

10.0

0.716

1.003

56.4

59.4

3.0

24.56

34.40

0.729

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 ratio based on gold to silver price ratio of 78:1 Ag:Au.

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.

 

 
Wednesday, February 24, 2016

Comstock Mining Announces Additional High-Grade Intercepts and Succor Breakthrough
Includes 0.823 opt Au (28.23 g/t) over 36.5 ft. and separately 7.500 opt Ag (257.11g/t) over 5 ft.

VIRGINIA CITY, NV (February 24, 2016) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) is pleased to provide additional updates 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).

22316 fig1Figure 1

Corrado De Gasperis, President & CEO, commented: “We continue encountering longer and higher grade mineralized intercepts as we move north past the Succor intersection and beyond. We see this trend continuing and we are analyzing these results towards new, high-grade reserves.”
The following significant drill intercepts are selected highlights from the fifth drill bay only. Additional Lucerne drilling highlights 24 intercepts from drill bay 5, including those summarized below, are available in the latter part of this release (Table 1).

Drill Bay Five

  • LUGC15-038 0.823 opt Au (28.23 g/t) 0.820 opt Ag (28.12 g/t) over 36.5 ft.
    • Includes 0.487 opt Au (16.71 g/t) 0.756 opt Ag (25.91 g/t) over 9 ft.
    • Includes 1.831 opt Au (62.77 g/t) 1.117 opt Ag (38.30 g/t) over 13 ft.
  • LUGC15-023 0.183 opt Au (6.27 g/t) 1.419 opt Ag (48.63 g/t) over 10 ft.
    • Includes 0.271 opt Au (9.29 g/t) 2.149 opt Ag (73.67 g/t) over 5 ft.
  • LUGC15-026 0.130 opt Au (4.45 g/t) 4.164 opt Ag (142.73 g/t) over 8.5 ft.
  • LUGC15-030 0.120 opt Au (4.11 g/t) 4.782 opt Ag (163.95 g/t) over 8.5 ft.
  • LUGC15-030 0.136 opt Au (4.66 g/t) 1.620 opt Ag (55.55 g/t) over 8.5 ft.
    • Includes 0.317 opt Au (10.87 g/t) 2.315 opt Ag (79.35 g/t) over 2 ft.
  • LUGC15-033 0.144 opt Au (4.94 g/t) 4.607 opt Ag (157.94 g/t) over 4 ft.
  • LUGC15-033 0.276 opt Au (9.47 g/t) 1.422 opt Ag (48.74 g/t) over 12 ft.
    • Includes 0.310 opt Au (10.61 g/t) 1.399 opt Ag (47.94 g/t) over 8 ft.
  • LUGC15-035 0.450 opt Au (15.43 g/t) 7.000 opt Ag (239.97 g/t) over 3.5 ft.
  • LUGC15-035 0.711 opt Au (24.37 g/t) 1.858 opt Ag (63.70 g/t) over 18 ft.
    • Includes 0.939 opt Au (32.20 g/t) 2.414 opt Ag (82.74 g/t) over 13 ft.
  • LUGC15-040 0.626 opt Au (21.46 g/t) 1.493 opt Ag (51.18 g/t) over 1 ft.
  • LUGC15-040 0.290 opt Au (9.94 g/t) 2.407 opt Ag (82.51 g/t) over 5.5 ft.
    • Includes 0.340 opt Au (11.66 g/t) 3.900 opt Ag (133.70 g/t) over 3 ft.
  • LUGC15-040 0.531 opt Au (18.20 g/t) 0.507 opt Ag (17.38 g/t) over 4.5 ft.
  • LUGC16-042 0.240 opt Au (8.23 g/t) 7.500 opt Ag (257.11 g/t) over 5 ft.


22316 fig2Figure 2

Mr. De Gasperis continued: “The Succor crosscut (see Figure 2) also reached its objective of breaking through to historic Succor mine workings, placing us exactly where we need to be for the most efficient drilling of these high-grade mineral targets. We believe the results to date, when combined with the expanded Succor target, will contribute higher-grade reserves and ultimately, a mine plan for this corridor.”

Table 1

Drill Bay

Hole

Intervals
From-To

Length (ft.)

Au
opt

Au
g/t

Ag
 opt

Ag
g/t

Au
Equiv. Oz.

5

LUGC15-023

23-33

10.0

0.183

6.27

1.419

48.63

0.201

 

Includes

23-28

5.0

0.271

9.29

2.149

73.67

0.299

                 
 

5

LUGC15-026

245-253.5

8.5

0.130

4.45

4.164

142.73

0.183

                 
 

5

LUGC15-030

133-141.5

8.5

0.120

4.11

4.782

163.95

0.181

5

LUGC15-030

194.5-210

15.5

0.116

3.98

0.482

16.52

0.122

5

LUGC15-030

250-254

4.0

0.115

3.94

0.965

33.08

0.127

5

LUGC15-030

261-264

3.0

0.174

5.97

0.207

7.10

0.177

5

LUGC15-030

267-275.5

8.5

0.136

4.66

1.620

55.55

0.157

 

Includes

267-269

2.0

0.317

10.87

2.315

79.35

0.347

5

LUGC15-030

313-317

4.0

0.099

3.39

0.843

28.90

0.110

5

LUGC15-030

319-322

3.0

0.100

3.43

0.219

7.51

0.103

                 
 

5

LUGC15-033

124-129

5.0

0.085

2.91

2.456

84.18

0.116

5

LUGC15-033

136-140

4.0

0.144

4.94

4.607

157.94

0.203

5

LUGC15-033

198-210

12.0

0.276

9.47

1.422

48.74

0.294

 

Includes

198-206

8.0

0.310

10.61

1.399

47.94

0.327

                 
 

5

LUGC15-035

99.5-103

3.5

0.450

15.43

7.000

239.97

0.540

5

LUGC15-035

167-185

18.0

0.711

24.37

1.858

63.70

0.735

 

Includes

167-180

13.0

0.939

32.20

2.414

82.74

0.970

                 
 

5

LUGC15-037

20-25

5.0

0.113

3.86

1.473

50.50

0.131

                 
 

5

LUGC15-038

221.5-258

36.5

0.823

28.23

0.820

28.12

0.834

 

Includes

226-235

9.0

0.487

16.71

0.756

25.91

0.497

 

Includes

240-253

13.0

1.831

62.77

1.117

38.30

1.845

 

Includes

251-252

1.0

Void

       
                 
 

5

LUGC15-040

7-8

1.0

0.626

21.46

1.493

51.18

0.645

5

LUGC15-040

194.5-200

5.5

0.290

9.94

2.407

82.51

0.321

 

Includes

194.5-197.5

3.0

0.340

11.66

3.900

133.70

0.390

5

LUGC15-040

223.5-228

4.5

0.531

18.20

0.507

17.38

0.538

5

LUGC15-040

252-265.5

13.5

0.154

5.29

0.130

4.45

0.156

                 
 

5

LUGC16-042

5-10

5.0

0.240

8.23

7.500

257.11

0.336

                 
 

5

LUGC16-044

106-111

5.0

0.098

3.36

2.284

78.30

0.127

5

LUGC16-044

116-120

4.0

0.094

3.22

1.908

65.41

0.118

5

LUGC16-044

161-167

6.0

0.178

6.10

1.936

66.36

0.203

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 ratio based on gold to silver price ratio of 78:1 Ag:Au.

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, includes 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 (includes 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.

 
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
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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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