Comstock Mining Inc

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NYSE MKT: LODE
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Comstock Mining Inc
Press Releases
Wednesday, March 18, 2015

Comstock Mining Announces 2015 Annual Meeting and Record Dates

Virginia City, NV (March 18, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that its 2015 Annual Meeting of Stockholders is scheduled for Thursday, May 7, 2015, at the historic Delta Saloon banquet facility, 18 C Street, Virginia City, Nevada.  The meeting will begin at 9:00 a.m. 

The 2015 Annual Meeting event schedule is as follows:

Wednesday, May 6, 2015:
1 p.m. – 3 p.m. Comstock Mining Tour in Gold Hill
6 p.m. – 9 p.m. Company Update & Dinner at the Delta Saloon (upstairs banquet room)

Thursday, May 7, 2015:
9 a.m. - 12 noon Breakfast & Annual Shareholder Meeting at the Delta Saloon (upstairs banquet room)
2 p.m. – 4 p.m. Comstock Mining Tour in Gold Hill

Stakeholders are invited to register for these events beginning March 23, 2015 at http://www.comstockmining.com/investors/investor-relations.

The record date for the Annual Meeting is March 19, 2015.  Only stockholders of record at the close of business on March 19, 2015, may vote at the meeting.  The Company’s proxy statement sent to these stockholders will describe the matters to be voted upon by stockholders.

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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through coordinated, district wide 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.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Tuesday, March 3, 2015

Comstock Mining Bolsters Senior Mining and Environmental Team

Enabling and Continuing its Cost Savings Targets for 2015

Virginia City, NV (March 3, 2015) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced four management advances.  Mr. R. Kenneth (“Ken”) Joy has been promoted to Director of Mining and Mine Development.  Mr. Joy has worked for the Company since 2012, and served most recently as Director of Strategic Project Management, responsible for all mining, mine and site development and construction, and brings over 12 years of experience in heavy industry and commercial civil engineering, above and underground utility and earthwork construction, permitting and complex project and multi-project construction, including projects for the United States Forest Service.  Mr. Joy holds a Bachelor of Science Degree in Civil Engineering from the University of Nevada, Reno.

The Company also announced that Ms. Alissa Sanchez joined the Company as Director, Permitting and Compliance. Ms. Sanchez brings over 15 years of technical and operational experience, including most aspects of permit acquisition,  compliance and monitoring.  She also specializes in Nevada-based state and federal permitting, including the National Environmental Protection Act (NEPA).  Ms. Sanchez has managed large scale baseline monitoring and mitigation projects, and developed and managed ambient air quality monitoring programs and is considered an expert in air quality research and analysis. She joins Ms. Rachel Yelderman, the Company’s Director of Environmental Affairs, to lead the Company into its next phases of expansions, while continuing to establish new standards in environmental reclamation and restoration.

Ms. Sanchez holds a Bachelor of Science Degree in Chemistry from Northland College, Ashland, Wisconsin and a Master of Science Degree in Atmospheric Science with an emphasis in Chemistry from University of Nevada, Reno.

“As our mine and geology expansions begin to proliferate and as we accelerate the development of specific underground opportunities, Ken and Alissa not only provide outstanding competencies, but their dedication to safe, responsible development and strong interdependent teamwork, combined with our existing professionals, provides us with the needed, higher level of technical and operational capacity,” stated Corrado DeGasperis, President & CEO Of Comstock Mining Inc.

During 2014, the Company further enhanced the team with two outstanding engineers.  Mr. Timothy George, as its Senior Mine Engineer, bringing nearly 10 years of experience in mine design, modeling and optimization and Mr. Robert Tracy, Mine Engineer, with experience in mine design, both surface and underground, production scheduling and grade control.  Both Mr. George and Mr. Tracy hold Bachelor of Science Degrees in Mining Engineering, from the University of Arizona.

Mr. Troy Hawkins has also joined the team, as its Mine Superintendent.  Mr. Hawkins has over 20 years experience in mining, mobile maintenance, and supervision of the safe and efficient operation of heavy equipment.  A veteran of the Comstock Mine, Mr. Hawkins has led major mine teams for Allied Nevada Gold and Coeur Rochester, among others, and received the 2014 Nevada Mining Association Middle Management Safety Award.

“The high level of technical competency, energy, and passion for the Comstock makes this team, in my opinion, one of the best in Nevada, especially in terms of the conscientious environmental precedents, achievements and quality standards that they have and continue to establish for us.  This positions us to deliver our cost savings objectives by eliminating high-cost, third-party advisors, and drive our own development and permitting projects, including recently exposed high grade underground targets.” concluded Mr.  De Gasperis.

The Company also previously announced that Judd Merrill was promoted to Chief Financial Officer.  Mr. Merrill joined the Company in 2011, and previously worked at Fronteer Gold Inc. and Newmont Mining Corp., both in Nevada, and Deloitte & Touche LLP.  The Company remains on track to reduce mining and processing costs to less than $18 million per annum, a more than $5 million reduction over fiscal year 2014. The Company has also identified $1.5 million of potential cost reductions in all other non-mining activities, including general, administrative and environmental areas.

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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through coordinated, district wide 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.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Thursday, February 26, 2015

Comstock Mining Reports High-grade Intercepts from Initial Drilling

Virginia City, NV (February 26, 2015) -- Comstock Mining Inc. (the ‘Company’) (NYSE MKT: LODE) announced that the drill program commencing on the Eastside of the Lucerne continues to discover higher-grade gold intercepts that further define a near-surface, broadening zone of high-grade gold mineralization in the Succor and Holman mineral patents. These results represent significant progress towards the first major objective in the 2014-2015, exploration and development drilling program (the ‘Program’), representing a comprehensive drilling and evaluation of high priority targets including the Succor and Holman.  All data to date suggests these claims have excellent potential for economic mining and metal recovery. The current drill program resulted in the following summary of intercepts (as of February 3, 2015):

Table 1: Summary of Drill Program


Table 2: Average Grades for Drill Intercepts Greater than .015 Au opt.




Succor Valley Drill Program Update Map

"These near-surface drill results represent exceptionally higher grades than our current average mine grades, with a significant number of intercepts grading higher than 0.100 ounce per ton of gold and higher than 0.500 ounce per ton of silver.  We also had multiple near surface hits grading higher than a quarter (0.250) ounce per ton of gold and over one (1.00) ounce per ton of silver, with outstanding potential for expanding our mine plans," stated Comstock Mining’s CEO and President, Corrado De Gasperis.

Table 3: Drill Intercepts Greater than .100 Au opt.

The Company commenced production in 2012, from a surface mining operation along a half-mile long segment of the Silver City branch of the lode and, in 2014, began shifting to the exploration and development of near-surface indicators of the mineralized systems.  The Company’s current resource estimate does not include any of the 2014 and 2015 drill holes.

Lucerne’s eastern exploration commenced in December 2014, with the completion of 89 drill holes in an area encompassed by the historic Succor and Holman mines. In the case of both mines, mineralization takes the form of moderately dipping quartz-calcite stock-work veining within the Miocene Alta Andesite formation.

The primary objective of the Eastside drilling program was to accurately define the known mineralization in the Succor and Holman areas because surface outcrops are limited. Drill hole spacing was also tightened where practical to 50 feet or less in order to gauge previously mined stopes such that meaningful volumes and tonnages could be derived. The drilled strike lengths along the Succor and Holman zones totaled approximately 700 feet and 575 feet, respectively. The average depth of drilling was 100 feet.

This drill program was intended to complement previous work from 2011 and 2012 which generated significant drill intercepts up to 300 feet down-dip on a portion of the Succor mineralized system. Additional drilling on both the Succor and the Holman is required to define the extent and continuity of mineralization below depths of 100 feet.  Due to the shallow nature of the drill program, CMI utilized a standard blast-hole rig for maximum efficiency. Sampling procedures typically involved collecting the entire sample over 5 or 10 foot sample intervals, followed by coning and quartering the entire sample to obtain 7 to 10 pound representative splits. All samples were analyzed for gold and silver at the Company’s existing, on-site production assay lab utilizing standard fire assay techniques. The laboratory protocol includes the regular use of blanks and standards.

“We continue our mining activities in Lucerne and look forward to accelerating these mineral developments with continued exploration drilling and development activities, including high-grade underground opportunities.  We have also maintained an exceptional working collaboration with Storey County and NDOT, for a near term and permanent solution for the re-opening of State Route 342, and feel confident a solution is imminent,” concluded Mr. De Gasperis.

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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through coordinated, district wide 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
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

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

 
Thursday, February 5, 2015

Comstock Mining Promotes Judd Merrill to Chief Financial Officer

Significant Progress Made on 2015 Cost Reduction Program

Virginia City, NV (February 5, 2015) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced that it has promoted Judd Merrill to the position of Chief Financial Officer.  Judd joined the Company in 2011, as Controller, and became Chief Accounting Officer in 2014. Mr. Merrill brings strong financial planning, treasury and cash management experience in the mining sector in addition to his broader financial accounting, reporting and internal control experience, having worked as Controller of Fronteer Gold Inc. and as an Assistant Controller at Newmont Mining Corp., both in Nevada. He also worked for Meridian Gold Company and Deloitte & Touche LLP.  Mr. Merrill holds a Bachelor of Science in Accounting from Central Washington University and a Masters of Business Administration from the University of Nevada, Reno and is a Certified Public Accountant.

“Judd is a seasoned, reliable professional that has already supervised significant cost and cycle time reductions while improving quality, transparency and reliability of our financial processes, including the maintenance of our capital structure, system of internal controls and accelerated reporting cycle. He will be instrumental in facilitating further efficiencies in our system,” stated Corrado De Gasperis, President and CEO of the Company.

Synchronizing Operations and Further Reducing Costs

The Company continues to focus on increasing production and expects to realize additional 2015 cost savings by synchronizing and consolidating operations, improving strip ratios, eliminating and/or lowering non-mining operating expenses.  

During fiscal 2014, actual Lucerne Mine costs applicable to mining revenue were $23.3 million, or $19.1 million net of silver by-product credits as compared to $30.6 million, or $26.5 million net of silver by-product credits in 2013, a 24% reduction. The Company has guided to additional cost reductions of $5 million in 2015, expecting to reduce the $23.3 million to $18.3 million, before silver credits. The Company has also identified $1.5 million of potential cost reductions in all other non-mining activities, including general, administrative, land and environmental areas. 

“We are synchronizing our mining and mine development activities, eliminating most third party consulting dependencies and consolidating responsibilities.  In addition to Judd’s expanded role, we are bolstering our permitting competencies, consolidating mining, mine development and construction activities, optimizing our cycle times and shifts and related maintenance activities, reducing land and claim maintenance costs while already experiencing significantly improved fuel costs.  Our actions to date have reduced our workforce, sustainably, by over 30 people across the system, already achieving well over half of our targeted savings,” continued Mr. De Gasperis.

The Company expects positive net income and positive cash flow from all operating and investing activities during the first half of 2015, while also commencing expansion and mining activities to the east of the Lucerne mine, development of an underground Lucerne mine, finalizing a Dayton mine plan and commencing permitting for the Dayton Resource Area.

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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through coordinated, district wide 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
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

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

 
Thursday, January 29, 2015

Comstock Mining Announces 2014 Year End Results

Cost Reductions Exceed $11 Million, Additional $6+ Million Targeted

Virginia City, NV (January 29, 2015) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected financial results for the year ended December 31, 2014.

2014 Selected Strategic Highlights

  • Significantly expanded the Company’s landmark mining and processing Special Use Permit boundary to nearly 1,300 acres (up from 180 acres) establishing a tremendous foundation for future resource, surface and underground mining growth in Storey County.
  • Received strategic zoning change approvals from both Lyon and Storey County on critical mining claims and other properties located in the Dayton and Lucerne Resource Areas, supporting accelerated resource and mine development.
  • Expanded land holdings in Lyon and Storey County, bringing the total to approximately 8,300 acres, and securing an option on an additional 1,300 acres.
  • Expanded Air Quality Permit allowing for material processing of up to 7.3 million tons per annum and increasing the hours of operation up to 20 hours per day.
  • Expanded the renewed Water Pollution Control Permit, that now has the crushing and processing capacity to operate at a rate of up to 4.0 million tons of material, crushed and stacked, per annum and authorizing additional cell expansion of the heap leach facility.
  • Obtained MSHA mining Identification Number for a Lucerne underground mine.
  • Honored by the Nevada Mining Association with a first place 2014 Safety Award.
  • Engineered and obtained approval for an at-grade crossing that enables efficient access to mine areas east of the Lucerne Resource Area without major infrastructural changes.

 

2014 Selected Operational Highlights

  • Weighted average gold grade improved to 0.030 for 2014, or a 50% improvement from 0.020 for 2013, and weighted average silver grade improved to 0.527 in 2014, from 0.363 in 2013.  Silver to gold production exceeded a remarkable 11:1 ratio for the full year.
  • Metallurgical yields improved to 81%, from a 2013 average estimate of 68%.
  • Strip ratio improved to 2.9:1 for November and December 2014, down from a peak of 6:7:1 in Q2, 2014, and down from the fourth quarter 2014 average of 4.8:1. 
  • Costs applicable to mining improved by 24% when comparing 2014 to 2013.  The Company fully realized annual savings of approximately $8.4 million from reduced staffing, maintenance, mining, drilling, blasting, logistics and mine development cost reductions and another $3.3 million in general and administrative savings.

2014 Selected Financial Highlights

  • Mining revenue was $24.7 million in 2014 as compared to $24.1 million in 2013, an increase of 3%, resulting primarily from higher gold ounces produced in 2014, as compared to 2013, somewhat offset by lower average gold price per ounce.
  • Cost applicable to mining revenue was $19.1 million, net of silver credits, in 2014, as compared to $26.5 million, net of silver credits, in 2013, a decrease of 28%, primarily due to the realization of targeted mining cost reductions.
  • General and administrative expenses were $6.4 million in 2014, as compared to $9.6 million in 2013, a decrease of 34% from targeted cost reductions. 
  • Net loss for the year ended December 31, 2014, was $9.6 million or $0.17 loss per share, as compared to $21.3 million, or $0.42 loss per share, for 2013.
  •  Net loss for the fourth quarter of 2014, was $1.4 million or $0.02 loss per share, as compared to $5.5 million, or $0.09 loss per share, for the fourth quarter of 2013.
  • Net cash used in operations was $2.4 million for fiscal year 2014, as compared to $10.3 million for fiscal 2013, an improvement of $7.9 million, or 76%.
  • Net cash used for investing was $3.3 million for fiscal 2014, primarily as the result of capital asset purchases of $2.6 million and bond deposit increases of $0.8 million.
  • Net cash provided by financing activities for fiscal year 2014, was $8.6 million, comprised of proceeds of approximately $11 million from the sale of securities, offset by net debt reductions of approximately $2.4 million.
  • Total long-term debt and capital lease obligations were $11.6 million at December 31, 2014, including $1.1 million remaining on the Credit Facility.  
  • Cash and cash equivalents at year-end 2014 were $5.3 million.

“Over the past year, we significantly increased the intrinsic value of our company through significant land consolidations, strategic land re-zonings and major permit expansions across the expanded system, , despite most difficult market conditions.  These enhancements, coupled with extensive geological modeling completed during 2014 and ongoing drilling activities have positioned the Company for substantial resource developments and growth in 2015,” stated Corrado De Gasperis, President and CEO of the Company.

Production

Metal pours totaled 19,601 ounces of gold and 222,416 ounces of silver, during 2014, as compared to 17,739 ounces of gold and 186,482 in 2013, a 10% increase for gold ounces and a 19% increase for silver ounces.

During 2014, the Company crushed and stacked 700,754 dry tons of mineralized material, delivering 21,243 estimated ounces of recoverable gold and 369,110 estimated ounces of recoverable silver to the leach pads with weighted average gold grades of 0.030 ounces per ton.

For the year ended December 31, 2014, the Company realized an average sales price of $1,272.28 per ounce of gold and $18.93 per ounce of silver. In comparison, commodity market prices in 2014 averaged $1,266.20 per ounce of gold and $19.08 per ounce of silver.
For the quarter ended December 31, 2014, the Company realized an average sales price of $1,232.79 per ounce of gold and $16.70 per ounce of silver. In comparison, commodity market prices averaged $1,200.36 per ounce of gold and $16.47 per ounce of silver.

The Company averaged over 440 gold-equivalent ounces poured per week in 2014, and averaged 705 gold-equivalent ounces poured per week during the month of December 2014.

On November 6, 2014, the Company received a revised Nevada Division of Environmental Protection (NDEP) Bureau of Air Pollution Control permit, allowing for longer operating hours and increased material processing of up to 7.3 million tons per annum.

Additionally, the Company received a five-year renewal of its Water Pollution Control Permit (WPCP), NEV2000109, from the NDEP Bureau of Mining Regulation and Reclamation. The permit, effective October 22, 2014, authorizes construction, operation, and closure of the approved heap leaching facilities in Storey County. The permit allows for the construction of an additional cell to the existing heap leach facility. The Company currently has eight active cells and anticipates construction of an additional cell in the first quarter of 2015.

The Company has also engineered and received approvals for an at-grade crossing that enables it to more efficiently access mine areas east of the Lucerne Resource Area without major infrastructural changes to the State Route 342 ("SR 342"). The modification allows the Company's haul trucks to move material from the East-side Lucerne resource area across SR 342 to the Company's American Flat processing facilities. The Company is in the process of assessing mine opportunities and preparing mine plans for parcels to the east of SR 342. 

Operating Costs and Cost Reductions

During fiscal year 2014, actual Lucerne Mine costs applicable to mining revenue were $23.3 million,  $19.1 million net of silver by-product credits as compared to $30.6 million, $26.5 million net of silver by-product credits in 2013, representing a 24% reduction of cost applicable to mining when comparing 2014 to 2013, despite pouring more gold and silver in 2014. Costs applicable to mining revenue includes mining and processing labor, maintenance, drilling, blasting and assaying, hauling, crushing and related maintenance cost, among others.
 
Cost applicable to mining revenue also includes $6.7 million and $4.7 million of depreciation for 2014 and 2013, respectively.

During the year ended December 31, 2014, the Company continued focusing on reducing costs applicable to mining, targeting $6.5 million in reductions for 2014, as compared to 2013, and an additional reduction of $3.5 million in administration and all other costs. The Company realized annual savings of approximately $8.4 million from reduced staffing in crushing, related maintenance, mining, drilling and blasting, logistics, mine development and related cost reductions and another $3.3 million in savings from reductions in general and administrative costs, exceeding the combined target of $10 million.

Outlook

The Company expects positive net income and positive cash flow from operations and investing activities during the first half of 2015, while also commencing expansion and mining activities to the east of the Lucerne mine, development of an underground Lucerne mine, finalizing a Dayton mine plan and commencing permitting for the Dayton Resource Area.

Throughout 2014, the Company increased production rates and grades decreasing costs per ounce poured. Under our current mine plan, the Company anticipates expanding operations to the east side of the Lucerne pit accessing material at lower stripping ratios and consistent and higher grades. The Company continues to focus on increasing production and expects to realize additional cost savings into 2015 by synchronizing operations, lower strip ratios and additional savings in non-mining operating expenses.

The Company updated its financial analysis for the remainder of the Lucerne Mine and anticipates annual operating expenses, including all mining and processing costs, of less than $18 million per annum, a more than $5 million reduction over fiscal year 2014. The Company has also identified $1.5 million of potential cost reductions in all other non-mining activities, including general, administrative and environmental areas.

Exploration and Development

The Company launched the 2014-2015 exploration and development drilling program (the “Program”) in December 2014, and is actively drilling on the Lucerne East-side, having recently completed approximately 100 holes of near surface drilling.   Initial assay results are expected later this month and early February, with excellent geological characteristics to date. Over the next few weeks and months we will report and provide updates for all of the following  major objectives: 1) expanding the Lucerne East-side gold and silver resources, mine plan and current surface mining into the Company’s newly permitted area; 2) accelerating underground feasibility studies and developing high-grade, underground mine plans for that same newly permitted area; 3) expanding the Dayton gold and silver resources and developing a mine plan for potential future production; and 4) establishing a third major resource in the Spring Valley target area.

Innovations

The Company also agreed to license an initial five metric tons of gold (or gold-equivalent) of validated, measured, and indicated resources to support the value of the initial 50 Million HOPE Gold Coins being sold. The HOPE Gold Coin is a new cryptographic currency being launched by the HOPE Gold Coin Charitable Trust (the "HOPE Charitable Trust") to support charitable, aid and other humanitarian causes worldwide. Ultimately, the maximum number of HOPE Gold Coins in circulation will be supported by 100 metric tons of physical gold bullion, preferably purchased from Comstock by The HOPE Charitable Trust.

Corporate

Cash and cash equivalents on hand at December 31, 2014 totaled $5.3 million.

Total long-term debt and capital lease obligations at year-end 2014 were $11.6 million as compared to $7.9 million at year-end 2013. For 2015, the Company plans on spending up to $2.8 million in capital expenditures, primarily infrastructure and development needs for the expansion of the Lucerne Mine and related heap leach processing capacity, including expansion for cell 9 of approximately $1.5 million and the at-grade crossing of $0.4 million for mining of the East Side of the Lucerne resource area. The Company also plans to pay down an additional $5.9 million of long-term debt obligations, including $1.1 million on the Revolving Credit Facility.  The Facility will be fully undrawn on February 6, 2015.  On January 27, 2015, Auramet agreed to increase the facility up to $8.0 million and extend the facility from the current maturity of February 6, 2015 to February 6, 2017 (subject to certain conditions).

Comstock's Chief Executive Officer, Mr. Corrado De Gasperis, concluded, “Our most significant accomplishments this year relate to proving the economic feasibility of Lucerne through improved mining rates, we stacked at an annual rate of over 35,000 ounces in the fourth quarter, with substantially lower costs.  The expansion of the footprint, through land and permits, exceeded our original plans and we believe that we will leverage these achievements in 2015.”

The Company will host a conference call today, January 29, 2014, 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: 1-866-253-4737
International: 1-416-849-4292

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

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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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Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Wednesday, January 21, 2015

Comstock Mining Enables Efficient Access to Lucerne’s East-Side Expansion

Virginia City, NV (January 21, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that it has engineered an at-grade crossing that enables it to more efficiently access mine areas east of the Lucerne Resource Area without any major infrastructural changes to the State Route 342 (“SR 342”).  The modification allows the Company’s haul trucks to move material from the East-side Lucerne resource area across SR 342 to the Company’s American Flat processing facilities.  The Company is in the process of assessing mine opportunities and preparing mine plans for parcels to the east of SR 342.  Storey County’s Board of Commissioners found, unanimously, that these plans conform to the Company’s existing Special Use Permit N0. 2000-222-A-5.
 
The Company has already performed an extensive amount of environmental and cultural asset impact assessments on the East-side patented properties.  Additionally, the Company is assessing the amount of gold and silver grades contained in the legacy Silver Hill waste dumps from past surface and underground operations.  The Company recently completed soil sampling of this material and, depending on the results, these waste dumps could represent a significant source of mineralized material for processing while also enabling significant, concurrent environmental reclamation of previous dumpsites.

The East-side of Lucerne encompasses a nearly half-mile long segment of the Gold Hill/Silver City extension of the Comstock Lode and already has an extensive amount of drilling.  This includes historic and more recent drilling that represents an aggregate total footage of 270,000 feet (that is, over 51 miles), that the Company is using to evaluate the eastward projection of the Silver City fault zone.

Lucerne’s, near-surface, mineralized area represents the Company’s most significant, ongoing development, with active drilling and development in process. The historic Woodville Bonanza and the Chute Zone, identified in 2012, both represent near surface, intermediate and deeper, higher grade, primarily oxidized mineralized targets that have been intersected in drill holes to depths of about 800 feet.

Comstock Mining's Chief Executive Officer, Corrado De Gasperis commented: “This design represents a breakthrough in our planning for efficient expansion of the Lucerne mine while allowing for concurrent processing of mineralized material and reclamations.  Doing it profitably is a significant net benefit for us and another example of integrating mining activities with concurrent, reclamation actions.”

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.  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 and mining.  The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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: mining and processing capability; future heap expansion opportunities; future mine planning and exploration; future efficiency; near and long-term expansion; and future environmental protection practices.

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, including operational or technical difficulties in connection with exploration or mining activities. 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 constitute an offer to sell or the solicitation of an offer to buy any securities.

 

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

 

 

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

 

 

 

 

 

 

 

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

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Tuesday, January 20, 2015

Comstock Mining Announces Notice of 2014 Year End Results And Business Update Conference Call

Virginia City, NV (January 20, 2015) -- Comstock Mining Inc. (“the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, January 29, 2015, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report 2014 year end results and business update.

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

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

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

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide plans that are economically feasible and socially responsible.

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

 

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

 

 

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

 

 

 

 

 

 

 

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

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Thursday, January 15, 2015

Comstock Mining Inc. Licenses Mineral Rights for the HOPE Gold Coin

With Five Metric Tons of Validated Measured and Indicated Resources

hope-smallVirginia City, NV (January 15, 2015) – Comstock Mining Inc. (“Comstock Mining” or “Comstock”) (NYSE MKT: LODE) a producing, gold and silver mining company, based in Nevada’s historic Comstock Lode District and representing more than 150 years of mining history and mining innovation, has agreed to license an initial five metric tons of gold (or gold-equivalent) of validated, measured, and indicated resources to support the value of the initial 50 Million HOPE Gold Coins being sold. The HOPE Gold Coin is a new cryptographic currency being launched by the HOPE Gold Coin Charitable Trust (the “HOPE Charitable Trust”).  Ultimately, the maximum number of HOPE Gold Coins in circulation will be supported by 100 metric tons of physical gold bullion, preferably from Comstock, purchased and directly owned by the HOPE Charitable Trust.


Proceeds from the sale of HOPE Gold Coins will be expressly used by the HOPE Charitable Trust to support charitable, aid and other humanitarian causes worldwide. By purchasing HOPE Gold Coins, buyers are directly helping others while acquiring a valuable asset that can also be donated or used for other worthy purposes, effectively increasing the benefit to charities or others.

“Philosophically, we believe that gold is the ideal asset for this purpose because of its universal acceptance as a precious metal store of value and its strong historical association with currencies around the world. Initially, we prefer using gold resources as it represents the safest, most efficient and environmentally friendly approach, plus there seems no safer vault than the earth itself.” – Peter Hsu, a member of the Protector Committee of the HOPE Gold Coin Charitable Trust.

Comstock Mining is a socially responsible, actively producing gold and silver mining company that is simultaneously advancing both its environmental and economic objectives.  Comstock’s philosophies are fully aligned with the HOPE Charitable Trust’s philanthropic mission and purpose. The Comstock Lode has a long and profound association with technological, monetary and industry innovations dating back over 150 years.

Corrado De Gasperis, President and CEO of Comstock Mining Inc., stated: “HOPE Charitable Trust is an exceptional opportunity for us to safely and responsibly enhance revenue, support a charitable endeavor of the highest purpose, and sustain Comstock innovations that define our brand.  We are extremely selective with our strategic alliances and the Comstock brand and proud to partner with this exceptional organization.”

The gold and silver produced by Comstock is responsibly mined with reclamation and restoration standards, far exceeding minimum compliance requirements.  Comstock Mining has an internal policy as well as a legal commitment to practice concurrent reclamation as part of its on-going operations.  The company is committed to full preservation and restoration of historic structures either directly or through its support of the Comstock Foundation for History and Culture. 

Comstock Mining owns or controls over 8,000 acres in the Comstock Historic District, a 14,000-acre historic, world-class mining district that includes the Comstock Lode, one of the world’s richest and most important gold and silver discoveries, having produced over 8 million ounces of gold and over 192 million ounces of silver.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company.  The company has extensive, contiguous property in the historic Comstock and Silver City mining districts and adheres to socially conscious and environmentally sustainable mining practices.  Because of the Comstock District’s historic significance and its historic, world-class bonanza precious metal grades, the geology is well known and has been extensively studied by global industry, academic and regulatory experts.

About the HOPE Gold Coin Charitable Trust
The HOPE Gold Coin Charitable Trust is a charitable trust under UK law with built-in checks-and-balances designed to ensure its management and operational integrity and transparency.  The Charitable Trust was expressly established to undertake the development, production, sale and management of the HOPE Gold Coin as well as to ensure that proceeds from the sale of HOPE Gold Coins will be used for charitable causes and activities.

Contact Information

Corrado De Gasperis
President & CEO, Comstock Mining Inc.
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
+1.775.847.4755

 

Peter Hsu
Protector, HOPE Gold Coin Charitable Trust
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
+1.312.929.2229

www.comstockmining.com   /  www.hopegoldcointrust.org  /  www.hopegoldcoin.org

Cautionary Note
The HOPE Gold Coin was created and is administered by The HOPE Gold Coin Charitable Trust (the “Charitable Trust”).  All proceeds derived from the HOPE Gold Coin will be solely used by the Charitable Trust to support philanthropic and charitable activities.  The HOPE Gold Coin is a cryptographic currency created by the Charitable Trust. To support the value of the HOPE Gold Coin, the Charitable Trust has entered agreements to license mineral resources residing in the ground that are validated according to industry standards, but not physical gold. 

The estimated quantities and amount of mineral resource licensed for each HOPE Gold Coin is equal to the value of 1/10th of one gram of gold or gold equivalent.

The mineral resources licensed are categorized according to industry standards as inferred, indicated and/or measured mineral resources that may or may not be a probable or proven reserve.  Factors preventing inferred, indicated and/or measured mineral resources from also being designated a probable or proven reserve include economically unfeasible high extraction and processing cost and/or the lack of required permits.

The Charitable Trust chose gold as the commodity to be licensed because of its recognized value as well as historic association with and/or use as a medium of exchange.  Mineral resources believed to contain gold and silver were chosen for security and for equally important environmental reasons.  There is no better vault on earth than the earth itself and coincidentally preserves land for other use.

IMPORTANT
The purchase, ownership and/or use of HOPE Gold Coins does not in any way or form imply, infer or in any way grant or entitle the purchaser, owner and/or user any interest in or ownership of any mineral resource licensed.  The HOPE Gold Coin cannot be redeemed or exchanged for any real, physical gold or any other precious metal.

THE HOPE GOLD COINS ARE NEITHER INTERESTS IN NOR THE RESPONSIBILITIES OR OBLIGATIONS OF ANY MINING COMPANY LICENSING MINERAL RESOURCES TO THE HOPE GOLD COIN CHARITABLE TRUST AND/OR, ANY OF THEIR SUBSIDIARIES, AFFILIATES OR ANY OF THEIR ASSETS, AND ARE NOT REDEEMABLE OR OTHERWISE EXCHANGEABLE FOR GOLD, SILVER OR ANY OTHER REAL PROPERTY, PERSONAL PROPERTY OR INTELLECTUAL PROPERTY OF ANY MINING COMPANY.  MEASURED, INDICATED and INFERRED GOLD-EQUIVALENT RESOURCES ARE NOT EQUIVALENT TO GOLD OR SILVER RESERVES.

 

 

 
Tuesday, January, 6 2015

Comstock Mining Further Expands Strategic Operating Permit

Virginia City, NV (January 6, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that it received unanimous approval from the Storey County Board of Commissioners to further expand mining and processing capability of the Company’s existing, recently expanded, landmark Special Use Permit No. 2000-222-A-4.  The full board was present and all voted to approve Comstock Mining’s application.  This permit incorporates recently acquired strategic land additions, totaling approximately 100 additional acres, into the existing SUP, increasing the overall permitted boundary to over 1,300 acres.

Comstock Mining's Chief Executive Officer, Corrado De Gasperis commented: “These land acquisitions border our planned mine expansions on the East-side of the Lucerne Mine, in close proximity to where current exploration and development drilling is ongoing and also along the northern borders of our existing heap leach operation, making future heap expansions more practical and efficient.”

In 2014, Comstock Mining applied for and received amendments to significantly modify and expand permitted and allowable uses throughout its entire Lucerne Resource Area, containing the Company's largest, classified gold and silver resources and throughout its American Flat processing area. The amendment applies to both surface and underground mining; processing and milling; mine definition; exploration; development and other ancillary uses. Some of the more salient features include:

  • Expands the overall permitted boundary to over 1,300 acres (from 180 acres), allowing for substantial expansion of mining and processing operations, including the East-side of Lucerne;
  • Expands the permitted private property boundary to over 425 acres (from 78 acres) for processing to the south and west of the existing processing facility in American Flat; and
  • Enhances ongoing mine planning and exploration for the assessment of mineral deposits, including their location, extent, depth, and grade, for the subsequent phasing of the active mine.

Mr. De Gasperis concluded: “We continue expanding our strategic land position and permitted footprint to improve the efficiency of both near and longer-term expansions while implementing best practices for environmentally responsible mining, including concurrent land reclamation, restoration and preservation of one of the most historically significant and currently progressive mining districts in Nevada.”

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.  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 and mining.  The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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: mining and processing capability; future heap expansion opportunities; future mine planning and exploration; future efficiency; near and long-term expansion; and future environmental protection practices.
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, including operational or technical difficulties in connection with exploration or mining activities. 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 constitute an offer to sell or the solicitation of an offer to buy any securities.

 

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

 

 

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

 

 

 

 

 

 

 

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

 

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

 
Thursday, December, 18 2014

Comstock Mining Launches 2014-2015 Exploration & Development Program

Drilling Begins on the East-side of the Lucerne Resource Area

Virginia City, NV (December 18, 2014) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has launched its 2014-2015 exploration and development drilling program (the “Program”).  Drilling on the East-side of Lucerne commenced this week. The Program has four major objectives, 1) expanding the Lucerne East-side (“Lucerne”) gold and silver resources, mine plan and current surface mining into the Company’s newly permitted area, 2) accelerating underground feasibility and developing high-grade, underground mine plans for that same newly permitted area, 3) expanding the Dayton gold and silver resources and developing a mine plan for potential future production, and 4) establishing a third major resource in the Spring Valley target area. 

The first phase is expected to include 35 reverse circulation (RC) drill holes totaling approximately 11,000 feet and 11 core holes totaling approximately 5,000 feet on the Lucerne East-side. The planned initial investment of approximately $1 million will allow for the expansion of surface mining and help assess the feasibility of specific underground mining opportunities we have identified. The subsequent phases of exploration drilling for the Lucerne will extend farther south and east and will likely consist of an additional 30,000 feet of RC drilling for an additional investment of $1 million.
 
The Company recently completed a five month, extensive, dedicated geological exercise, started in May 2014, that included compiling, interpreting, and feasibility modeling for expanded surface mining and initial underground mine development. The effort started with the construction of detailed, 50-foot spaced geologic cross-sections covering the entire length of the East-side (approximately 2,400 feet). The models incorporate all available data, including existing drill holes, historic underground mine maps, current western mine development and the Company’s detailed surface geologic maps.
The sectional compilation resulted in several important findings. The work confirmed that the lode is comprised of a group of northwest trending, sub-parallel mineralized structures, rather than a simple vein system confined to a single fault zone. These structural groups coalesce into a single 150-foot wide zone in the central part of the East-side area. The faults (structures) diverge to the north and south to create zones up to 600-feet wide.  The Company also discovered dike-like masses of quartz porphyry that have intruded into the main lode and may have a direct relationship to the known mineralization.
 
“We are thrilled to move into the next phase of resource expansion and mine development based on the completion of a significant geological development exercise and recently received permits,” stated Corrado De Gasperis, the Company’s President and Chief Executive Officer.  “Our last major resource expansion was the most efficient drilling program in our history, with a discovery cost of just $6 per gold-equivalent resource ounce.  This program will add significantly more geological data, analysis, interpretation and control that will position the Company for even greater productivity.”

The Company has also utilized the sectional data to develop level plans at elevations between 4800’ and 5340’, spaced 20 feet apart vertically, and extending along the entire length of the East-side.  The Company has also configured and integrated the underground mine workings into the plans. The drilling program will be significantly complemented and enhanced by the near-term access into the historic adits and tunnels from the Woodville Bonanza.  Our team is preparing to access those former mines to sample, map and validate known extensions to these geological structures.  The results from the underground program will be incorporated into the sectional data along with newly derived grade shells and grade models and an initial, phased reserve model will be created for this area.

“The new access to the Woodville Bonanza structures represents a remarkable data trove for us that positions us for an accelerated second mine plan in Lucerne while creating a remarkable efficiency that avoids unnecessary drilling into those targets,” continued Mr. De Gasperis.

The East-side of Lucerne encompasses a nearly half-mile long segment of the Gold Hill/Silver City extension of the Comstock Lode. The East-side already has an extensive amount of drilling, including historic and more recent drilling that represents over 740 drill holes with an aggregate total footage of 270,000 feet (that is, over 51 miles), that the Company is using to evaluate the eastward projection of the Silver City fault zone. Our data also includes historic production records from mines within the East-side area (from the years 1860 to 1940) that totaled approximately 295,495 gold equivalent ounces from about 551,576 tons of material, or an average gold equivalent grade of 0.535 ounces per ton. Most of this production came from underground workings. These East-side, near-surface, mineralized areas represent the Company’s most significant, ongoing development. The historic Woodville Bonanza and Chute Zone represent near surface, intermediate and deeper, higher grade, primarily oxidized mineralized targets that have been intersected in drill holes to depths of about 800 feet. In addition, the East-side development also includes the evaluation of a significant amount of grade-containing tonnage from historical waste dumps from past surface and underground operations.
 
The total Program also includes the Dayton Resource Area and Spring Valley. These areas are scheduled for approximately 80,000 feet of RC drilling and approximately 20,000 feet of core drilling at a total investment of approximately $2.9 million and $2.0 million, respectively.
 
Mr. DeGasperis concluded: “Operationally, we are progressing well.  We stacked a record number of ounces in November, achieving our targeted run rate, lowered our mining and non-mining costs, lowered our strip ratio to below 4:1, and paid down debt.  We are very much looking forward to the results of these drilling and development programs and their contribution to 2015’s overall growth plans.”

 

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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 include statements about matters such as: expanding resources; anticipated construction; capital expenditures and related investments; developing drilling and mine plans; and future productivity and growth plans.

The words “allows,” “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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Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Tuesday, November, 11 2014

Comstock Mining Announces Progress on Permit Expansions NDEP Expands Air and Water Permits; BLM Announces Public Workshop for New Right of Way

Virginia City, NV (November, 11 2014) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced progress on major permit modifications and enhancements, including the issuance of an expanded Class 1 Air Quality Operating Permit to Construct (OPTC)  and Water Pollution Control Permit (WPCP) from the Nevada Division of Environmental Protection (NDEP) and the commencement of the public notice period for a draft Environmental Assessment (EA) by the Bureau of Land Management (BLM) to amend Right-of-Way (ROW) grant NVN 091237. 

NDEP
The Company submitted an application to revise its existing OPTC, AP1041-2761, allowing for longer operating hours and increased throughput.  The revisions allow the Company to increase the maximum allowable throughput of gold bearing material to 7,300,000 tons per 12-month rolling period and increase the hours of operation to 20 hour per day from the current limit of 12.  NDEP Bureau of Air Pollution Control issued the revised permit November 6, 2014.

The Company also received a five-year renewal of its WPCP, NEV2000109, from the NDEP Bureau of Mining Regulation and Reclamation. The permit, effective October 22, 2014, authorizes construction, operation, and closure of the approved heap leaching facilities in Storey County.  Additionally, the permit allows for the construction of an additional cell to the existing heap leach facility.  The Company currently has eight active cells and anticipates construction of an additional cell in 2015.

BLM
The Company has submitted an application to amend ROW grant NVN 091237, submitted to the BLM’s Sierra Front Field Office along with a draft Plan of Development.  The ROW amendment would provide an expanded roadway that can accommodate oversized haul trucks, and allow the Company to deliver material from the mine to the processing facility, both located on private land.  To evaluate this proposal, the BLM has prepared the American Flat Road/Lucerne Access Right-of-Way Draft EA.  The BLM recently announced that it is accepting public comments on the Draft EA from November 10th through December 9, 2014.

The Company is currently mining in the Lucerne Mine that includes, among others, the Lucerne and Billie the Kid mining patents. Mined material is currently hauled, on a non-exclusive-use road, to the heap-leach processing facility under an existing right-of-way that was just recently extended to December 31, 2017.  

The Company's Chief Executive Officer, Corrado De Gasperis commented, "We have achieved significant progress in expanding our land, geology and mine operations, while continuously expanding our production permits, for both current and future operations.  Our air quality permit modifications, among other things, significantly expands the hours of operation for crushing and allows for simultaneous operation of our retort and furnace and at increased throughput rates.  The solid progress on our ROW application will ultimately allow for the most productive and efficient haul routes from our mines.”

To comply with the National Historic Preservation Act, the BLM and consulting parties are preparing a Memorandum of Agreement (MOA) to resolve the potential adverse effects to historic properties.  A separate public workshop on the MOA will be held in January 2015.

 

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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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 include statements about matters such as: anticipated construction; increases to the maximum allowable throughput of gold bearing material; expansion of the hours of operation for the Company’s crushing facility from 12 hours per day to 20 hours per day; simultaneously operation of the Company’s retort and furnace at increased flow rates; and future productivity and efficiency of haul routes..

The words “allows,” “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.

 

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

 
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