Comstock Mining Inc

NYSE MKT: LODE
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Comstock Mining Inc
Press Releases
Thursday, September 18, 2014

Comstock Mining to Present at the Singular Research Ninth Annual Best of the Uncovereds Investment Conference 2014

Virginia City, NV (September 18, 2014) -- Comstock Mining Inc. (NYSE MKT: LODE), a producing, Nevada-based gold and silver mining company with extensive, contiguous property in the historic, world-class Comstock District, today announced that Corrado De Gasperis, President and CEO, will present at the Singular Research Ninth Annual Best of the Uncovereds Investment Conference.  The conference is September 22, 2014, at the Luxe Hotel in Los Angeles, California.

Mr. De Gasperis will provide a Company update during the live presentation, including the recently announced landmark permit expansions, and participate in one-on-one meetings.  Institutional investors that wish to request a meeting with Comstock Mining should send an email request to Bill Jones at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. or call (267) 987-2082.  The presentation will take place on Monday, September 22, 2014 at 1:00 p.m. Eastern Time.  A live audio webcast of the presentation will be available at: http://wsw.com/webcast/sr3/lode

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: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities and production capacity and operations.  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. 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, including those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. 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

 

Kimberly Shipley

President & CEO

 

Manager of Investor Relations

Tel (775) 847-4755

 

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

 
Thursday, September 4, 2014

Comstock Mining to Present at the 2014 Precious Metals Summit Colorado

Virginia City, NV (September 4, 2014) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE), a producing, Nevada-based gold and silver mining company with extensive, contiguous property in the historic, world-class Comstock District, today announced that Corrado De Gasperis, President and CEO, will present at the 2014 Precious Metals Summit Colorado.  The conference is September 10-12, 2014, at the Park Hyatt in Beaver Creek.

Mr. De Gasperis will provide a Company update during the live presentation, including the recently announced landmark permit expansions, and participate in one-on-one meetings with registered conference investors.  Registration is by invitation only to qualified investors, portfolio managers, and private wealth and family office managers. If you would like to register to attend, please click here and complete the form.

The presentation will take place on Thursday, September 11, 2014 at 11:15 a.m. Eastern Time.  A live audio webcast of the presentation will be available at:
http://www.gowebcasting.com/conferences/2014/09/10/precious-metals-summit/day/2

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 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

 

Kimberly Shipley

President & CEO

 

Manager of Investor Relations

Tel (775) 847-4755

 

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

 
Wednesday, September 3, 2014

Comstock Mining Receives Landmark Permit Expansion

Virginia City, NV (September 3, 2014) -- 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 expand mining and processing capability through an application to amend and expand the Company’s existing Special Use Permit No. 2000-222-A-3.  The full board was present and all voted to approve Comstock Mining’s application.  This permit represents one of the most significant and collaborative permit approvals in the Company’s history and lays a tremendous foundation for future growth.

Comstock Mining applied for 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 its recently expanded 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 are highlighted below.

Permit Expansion Highlights

  • Expands the overall permitted boundary to over 1,200 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 approximately 400 acres (from 78 acres) for processing to the south and west of the existing processing facility in American Flat, consistent with recent strategic acquisitions of adjacent private lands.
  • Allows for ongoing mine definition and exploration for the assessment of mineral deposits, including their location, extent, depth, and grade, for the subsequent phasing of the active mine.
  • Allows for the re-alignment of State Route 342, enabling access to significant resources both under and just east of the current alignment.
  • Establishes new and best practices for environmentally responsible mining, including concurrent land reclamation, restoration and preservation of one of the most historically significant and progressive mining districts in Nevada.
  • Supports the ongoing development of the county’s significant mineral resources without impeding the growth of the tourism-based economy of the Comstock Lode.

Comstock's Chief Executive Officer, Corrado De Gasperis commented, “This permit is not only unprecedented in our Company’s history but is also an outstanding example of a true public-private partnership, focused on creating and sustaining a diverse Nevadan economy.  Storey County has played a pivotal role in supporting responsible, sustainable, streamlined and profitable economic development by listening to, understanding and meeting the needs of the entire community.”

The Company has invested significant efforts in the exploration and development of gold and silver resources in the Lucerne Resource Area.  This permit, coupled with additional drilling and geological interpretation and development, will lead to expanded resources and mine plans, including both at-surface, from west to east, and newly developing underground opportunities, including near the historic Woodville patents and the more recently discovered Chute Zone.

Mr. DeGasperis continued: “Our development of Lucerne has been very efficient, especially in terms of the low rate of investment per ounce discovered to date.  Our geological and engineering teams are now developing significant, new geological interpretation and resource expansion on the east-side of the Lucerne Area, with remarkable extensions of the geology.  We can now invest, with even greater confidence, in the drilling and development of the plans for expanding eastward.”  

Additionally, the Company announced that Corrado De Gasperis, President and CEO, will present at the 16th Annual Rodman & Renshaw Global Investment Conference, sponsored by H.C. Wainwright & Co., LLC.  The conference is September 8-10, 2014, at the New York Palace Hotel.

Mr. De Gasperis will provide a Company update during the live presentation, including the landmark permit expansions, and participate in one-on-one meetings with registered conference investors.  If you are an investor, and would like to attend the Company’s presentation, please click on the following link (www.rodm.com) to register for the Rodman & Renshaw conference.  Once your registration is confirmed, you will be prompted to log into the conference website to request a one-on-one meeting with the Company.

The presentation will take place on Tuesday, September 9, 2014 10:00 a.m. Eastern Time in the Louis Salon located on the fourth floor.  A live audio webcast of the presentation will be available at http://wsw.com/webcast/rrshq24/lode and will subsequently be available on the company's investor relations website 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.

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 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

 

Kimberly Shipley

President & CEO

 

Manager of Investor Relations

Tel (775) 847-4755

 

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

 
Tuesday, July 22, 2014

Comstock Mining Announces Second Quarter 2014 Results

Virginia City, NV (July 22, 2014) -- Comstock Mining Inc. (the “Company” or “CMI” or “we”) (NYSE MKT: LODE) today announced selected unaudited financial results for the quarter ended June 30, 2014.

2014 Second Quarter Highlights

  • Nevada Mining Association’s 2014 Safety Awards Honors Comstock Mining with a first place Safety Award.  Barrick and Newmont were the only other winners in the medium-sized category.
  • Mining revenue from the sale of gold for the current quarter was $6.0 million.
  • Gold and silver shipments totaled 4,645 ounces and 48,621 ounces, respectively, in the current quarter, with silver netting $1.0 million in by-product credits.
  • Weighted average gold grade was 0.034 ounces per ton and silver gold grade was 0.546.
  • Net loss for Q2 2014 was $3.4 million, as compared to $5.5 million for Q2 2013. 
    The $2.1 million decrease in net loss primarily resulted from a $2.9 million decrease of costs applicable to mining and operating expenses, offset by lower revenue of $0.8 million resulting primarily from a lower average price of gold.
  • Costs applicable to mining were $5.5 million for Q2 2014, as compared to $8.2 million for Q2 2013.
    The decrease of $2.7 million from Q2 2013 to Q2 2014, resulted from lower mining, maintenance and material costs from specific cost reduction actions and stabilized operations since last years start up, more reliable production scheduling and a slightly lower production rate.
  • Metallurgical yields improved to 76%, from a previous average estimate of 74%.
  • Operating expenses, excluding costs applicable to mining, totaled $3.8 million for Q2 2014, as compared to $4.4 million for Q2 2013.  The decrease is primarily the result of lower third party legal and advisory expenses, including external relations, and lower stock-based compensation expense.
  • Cost reductions, when comparing 2014 to 2013, totaled $3.3 million, with a run rate for the second quarter achieving a higher rate and approaching our stated annual targets of over $6 million from mining and $3.5 million from administration.  
  • Cash and cash equivalents were $12.2 million at June 30, 2014.


2014 Year-to-Date Highlights

  • For the six months ended June 30, 2014, the Company poured 9,152 ounces of gold and 97,979 ounces of silver, as compared to 7,182 ounces of gold and 58,591 ounces of silver during the same period in 2013, an increase of over 27% for gold ounces and over 67% for silver ounces.
  • Net cash used in operating activities was $2.3 million for the six months ended June 30, 2014, as compared to a use of $8.4 million for the six months ended June 30, 2013, an improvement of $5.1 million.  Operating activities during the second quarter, including working capital, provided a positive cash increase.
  • Net cash used in investing activities was $1.9 million for the six months ended June 30, 2014, primarily as the result of $1.5 million purchase of land and mining vehicles, and bond increases of $0.6 million, offset by $0.2 million of proceeds from the sale of equipment previously used in our mining activities. 
  • Net cash provided by financing activities for the six months ended June 30, 2014, was $14.0 million, comprised of net proceeds of $11 million from sale of securities and proceeds of  $4.6 million from the revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC, partially off-set by the pay-down of our long-term debt obligations of approximately $1.5 million.

Comstock’s Chief Executive Officer, Corrado De Gasperis commented, “We achieved significant progress in four focus areas so far this year: lowering our costs, strengthening our balance sheet, enhancing our mine plan and operations, including grades and scheduling, and expanding our land position.  Cash cost of mining for the second quarter was below $900 per ounce despite challenging strip ratios so far this year, boding very well for the second half.”

Production
During the second quarter of 2014, the Company poured 4,645 ounces of gold and 48,621 ounces of silver, averaging over 423 gold equivalent ounces poured per week.  The Company mined approximately 944 thousand tons of material (mineralized material and waste) as it continued persistently moving through higher stripping ratios.  Total mineralized material delivered to the leach pad was over 122 thousand tons and represented some of the highest gold and silver grades crushed to date. 

Gold and silver grades continued improving and the weighted average for the second quarter of 2014, was 0.034 ounces per ton gold and 0.546 ounces per ton silver as compared to a weighted average for the second quarter of 2013 of 0.017 ounces per ton gold and 0.284 ounces per ton silver.  April 2014, represented our best month to date, with an average of 0.049 ounces of gold per ton and almost 0.749 ounces of silver per ton.

During the first six months of 2014, the Company poured 9,152 ounces of gold and 97,979 ounces of silver, as compared to 7,182 ounces of gold and 58,591 ounces of silver in the first half of 2013, an increase of over 27% for gold ounces produced and over 67% for silver ounces produced when compared to the first six months of 2013.

Throughout the first six months of 2014, the Company realized an average price of $1,269.35 price per ounce of gold and a $20.25 average sales price per ounce of silver.  In comparison, commodity market prices in the first six months of 2014, averaged $1,291.25 per ounce of gold and $20.05 per ounce of silver.

Operating Costs
During the first six months of 2014, actual Lucerne Mine costs applicable to mining revenue were approximately $12.2 million, $10.2 million net of silver credits as compared to $13.5 million, $12.1 million net of silver credits, during the first six months of 2013.  Costs applicable to mining revenue include mining and processing labor, maintenance, drilling and blasting, and assaying costs, among others.  Costs applicable to mining revenue for the first six months of 2014 and 2013, also include $2.6 million of depreciation and $1.5 million of depreciation, respectively.

During the second quarter, the Company continued reducing costs applicable to mining, targeting over $6 million in reductions for 2014, as compared to 2013, and an additional $3.5 million in administration and all other costs.  The Company has already realized annual savings of approximately $3.3 million from reduced staffing in crushing, related maintenance, mining and administrative, drilling and blasting, logistics and administration cost reductions, with second quarter run rates well exceeding these achieved levels.  Costs applicable to mining have been reduced over the past six quarters, with second quarter costs of sales, on a cash cost per ounce basis, at the lowest since inception, at slightly under $840 per ounce.

2014 Production Outlook
Through the end of 2013, the Company began transitioning into production at higher rates and grades with lower sustainable costs.  The recently acquired permit now allows processing rates of up to 4 million tons of mineralized material to be placed on the leach pad per annum, and the Company’s 2014 business plan calls for processing at the rate of 40,000 gold equivalent ounces.  Two additional cells were constructed in late 2013 and stacking on these cells commenced during the fourth quarter of 2013.  The Company is also fully permitted to add an additional cell when needed.
           
Under our current mine plan, we anticipate doubling the rate of ounces produced when compared to 2013, for both gold and silver, targeting a production rate of 40,000 gold equivalent ounces in the latter half of 2014.  These increases come with lower costs applicable to mining due to focused cost reduction efforts, as well as lower non-mining operating expenses.  Once stabilized at the 40,000 ounce per annum run rate, the operating expenses per ounce mined will be significantly lower.  The Company expects cash costs per ounce of gold mined of less than $750 per ounce.  The Company updated its financial analysis for the Lucerne Mine and anticipates annual operating expenses, including all mining and processing costs, of less than $25 million per annum, a more than a $6 million reduction over prior year 2013.  The Company has also identified $3.5 million of cost reductions in all other non-mining activities, including general, administrative and environmental areas.

Exploration and Development
The Company continues to evaluate high priority targets, including in the nearer term, the East Side of the Lucerne and Dayton Resource Areas and also the Spring Valley Target Area.  Future programs would include the Occidental, Oest and the Northern Target areas.

The proposed evaluation of the East Side Target areas includes continuing infill drilling, metallurgical testing and geotechnical analysis to confirm the mineral potential and expand the mine plan on the East Side of State Route 342.  In addition, the Company is designing a new phase of exploration drilling to include its highest-potential targets, including scoping studies of the Chute Zone in the Lucerne Resource area and plans for expanded exploration and development drilling in the Dayton Resource area that will allow for proper mineral assessment and mine plan development.  The drill program is currently being expanded with approximately 100,000 feet of reverse circulation and 20,000 feet of core drilling, for both Lucerne and Dayton, planned at an investment of approximately $7 million.

The Company completed a successful phase of exploration drilling in Spring Valley in 2012.  The drilling in the northern portion of Spring Valley was partially predicated to confirm buried mineralization by drilling specific magnetic geophysical anomalies that had similar magnetic signatures as defined by mineralized drill holes, drilled prior to the geophysical surface survey.  The drill program is currently being expanded to test the full extent of the geophysical target with approximately 35,000 feet of reverse circulation and 5,000 feet of core drilling planned at an investment of approximately $2 million.

The total 2014-2015, drilling programs, including Lucerne, Dayton and Spring Valley would represent approximately 135,000 feet of reverse circulation drilling, and approximately 25,000 feet of core drilling at a total investment of approximately $9 million.  The drilling would be planned to start in the latter half of 2014.

Corporate
The Company had total current assets of $15.5 million at June 30, 2014.  Cash and cash equivalents on hand at June 30, 2014 totaled $12.2 million.  Inventories, stockpiles, and mineralized material on leach pad totaled $1.1 million.  

For the six months ended June 30, 2014, the Company incurred an operating loss of $6.5 million, used $2.3 million of cash in operations, and used $1.5 million for debt repayments.  The Company continues its efforts to increase production, reduce costs and working capital needs, improve efficiencies, and maximize funds available for working capital.

In May 2014, the Company raised $11.9 million in gross proceeds (approximately $11 million, net of issuance costs) through an underwritten public offering of 7,475,000 shares of our common stock at a price of $1.59 per share.

During 2013, the Company's first full year of production, it was limited, by permit, to up to 1 million tons of stacked and processed mineralized material.  In late November 2013, the Company modified the permit, increasing the limit to up to 4 million tons per annum, and accordingly, the Company's current business plans reflect increased production, reduced costs and improved efficiencies, and generating prospective, positive cash flows.  The Company continues reducing costs applicable to mining, targeting over $6 million in reductions for 2014, as compared to 2013.  The Company has already realized annualized savings of approximately $3.3 million from reduced staffing in crushing, related maintenance, mining and administrative, drilling and blasting, logistics and administration cost reductions.  The Company's 2014 goal remains doubling the rate of year over year production ounces and increasing cash flow, while reducing costs and achieving a cash cost applicable to mining of less than $750 per ounce.

For the remainder of 2014, the Company plans on spending up to $3.0 million in capital expenditures, primarily infrastructure and development needs for the expansion of the Lucerne Mine and related heap leach processing capacity.  The Company also plans to pay down an additional $5.3 million in debt obligations, including $3.9 million on the Revolving Credit Facility.  

Land Enhancements and Zoning
During the second quarter, the Storey County Board of Commissioners unanimously approved important zoning changes on certain mining claims and other properties located in the Lucerne Resource Area, enabling a more comprehensive mine plan and completing a critical prerequisite for proceeding with a request for an expanded Special Use Permit.  These rezoned properties are situated in the Lucerne Resource Area, that includes the historic Justice and Keystone mining claims and near the Historic Woodville Bonanza.  Earlier this year, the Lyon County Board of Commissioners unanimously approved break-through zoning changes on certain Company mining claims and other properties located in the Dayton Resource Area.  These claims represent the Company's second largest, classified gold and silver resource and include the historic Marble, Alhambra and Kossuth lode patented mining claims. 

All the zoning in the Company’s resource areas are now zoned consistently with the Company’s goals and objectives. These zoning changes position the Company for immediate permit expansion in the Lucerne Resource Area and intermediate planning for similar permitting opportunities in the Dayton Resource Area.

Comstock’s Chief Executive Officer, Corrado De Gasperis concluded, “Our second half mine plan is significantly enhanced, with continued good grades, lower strip ratios and significantly lower costs.   The recent zone changes in the district reflect tremendous local support for our responsible efforts and have positioned us for further growth in 2015.”

Conference Call
As previously announced, the Company will host a conference call on July 22, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report the Second Quarter 2014 results, business update and outlook.

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: 416-849-4292

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

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District.  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 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

 

Kimberly Shipley

President & CEO

 

Manager of Investor Relations

Tel (775) 847-4755

 

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

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Tuesday, July 15, 2014

Comstock Mining Announces Notice of Second Quarter 2014 Results and
Business Update Conference Call

Virginia City, NV (July 15, 2014) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Tuesday, July 22, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Second Quarter 2014 results and provide a business update.

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

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

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

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District.  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 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

 

Kimberly Shipley

President & CEO

 

Manager of Investor Relations

Tel (775) 847-4755

 

Tel (775) 847-0545

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Wednesday, July 2, 2014

Comstock Mining Receives Unanimous Approvals for Lucerne Zoning Changes

 

Virginia City, NV (July 2, 2014) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that the Storey County Board of Commissioners unanimously approved important zoning changes on certain mining claims and other properties located in the Lucerne Resource Area, enabling a more comprehensive mine plan and completing a critical prerequisite for proceeding with a request for an expanded Special Use Permit.

“During the first six months of 2014, we’ve increased the intrinsic value of our company and the Comstock communities by positioning and preparing our land for more productive uses.   Our collaborations with these communities are centered on well-planned projects that promote responsible development, accelerated reclamation and unprecedented preservation activities in this historic, world class gold and silver mining district. These achievements are the results of a true public-private collaborations, working to achieve our common objectives,” stated Corrado De Gasperis, President and CEO of Comstock Mining Inc. 

These rezoned properties are situated in the Lucerne Resource Area, that includes the historic Justice and Keystone mining claims and near the Historic Woodville Bonanza.  The Lucerne Resource Area is the Company's largest, classified gold and silver resource area.   Earlier this year, the Lyon County Board of Commissioners unanimously approved break-through zoning changes on certain Company mining claims and other properties located in the Dayton Resource Area.  These claims represent the Company's second largest, classified gold and silver resource and include the historic Marble, Alhambra and Kossuth lode patented mining claims.  All the zoning in the Company’s resource areas are now zoned consistently with the Company’s goals and objectives.

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 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

 

Kimberly Shipley

President & CEO

 

Manager of Investor Relations

Tel (775) 847-4755

 

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

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Wednesday, May 14, 2014

Comstock Mining Completes $11.9 Million Public Offering


Virginia City, NV (May 14, 2014) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today the successful completion of its previously announced public offering of 6.5 million shares of its common stock. The Company also announced that the underwriters exercised their over-allotment option to purchase an additional 975,000 shares.

The net proceeds to the Company from the offering and the over-allotment will be approximately $11 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for production expansion, exploration and development drilling and general corporate purposes.

H.C. Wainwright & Co., LLC and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NHLD), acted as Joint Book-Running Managers for the offering.

 

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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

Kimberly Shipley

President & CEO

Manager of Investor Relations

Tel (775) 847-4755

Tel (775) 847-0545

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  This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
 
Friday, May 9, 2014

Comstock Mining Announces Pricing of Public Offering of Common Stock


VIRGINIA CITY, NV (May 9, 2014) – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has priced its previously announced public offering of 6.5 million shares of common stock at a price of $1.59 per share. The offering is expected to close on May 14, 2014. The Company has also granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock to cover over-allotments, if any.

The net proceeds to the Company from the offering will be approximately $9.5 million, after deducting underwriter discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for production expansion, exploration and development drilling and general corporate purposes.

The offering is being made pursuant to the Company’s effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission (“SEC”). A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained at the SEC’s website at http://www.sec.gov or by request from either H.C. Wainwright & Co., LLC, at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. or National Securities Corporation, at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

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

 

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District. 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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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

Kimberly Shipley

President & CEO

Manager of Investor Relations

Tel (775) 847-4755

Tel (775) 847-0545

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Thursday, May 8, 2014

Comstock Mining Announces Public Offering of Common Stock


VIRGINIA CITY, NV (May 8, 2014) – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it plans to make a public offering of its common stock. H.C. Wainwright & Co., LLC and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NHLD), will act as Joint Book-Running Managers for the proposed offering.

The Company intends to use the net proceeds from the offering for production expansion, exploration and development drilling and general corporate purposes.

The offering of the shares will be made under the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The Company intends to file a prospectus supplement with the SEC for the common stock offering to which this communication relates. When available, the prospectus supplement and accompanying base prospectus may be obtained at the SEC’s website at http://www.sec.gov or by request at:

H.C. Wainwright & Co., LLC
430 Park Avenue
New York, New York 10022
Telephone: (212) 356-0527
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

The prospectus supplement may also be obtained by contacting National Securities Corporation at:

National Securities Corporation
410 Park Ave, 14th Floor
New York, NY 10022
Attn: Kim Addarich
Telephone: (212) 417-8164
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.


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

 

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District. 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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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

Kimberly Shipley

President & CEO

Manager of Investor Relations

Tel (775) 847-4755

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

  This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
 
Tuesday, April 29,2014

COMSTOCK MINING ANNOUNCES FIRST QUARTER 2014 RESULTS

Virginia City, NV (April 29, 2014) -- Comstock Mining Inc. (the “Company” or “we”) (NYSE MKT: LODE) today announced selected unaudited financial results for the fiscal quarter ended March 31, 2014.

First Quarter 2014 Highlights

  • Revenue from mining for the first quarter 2014 was approximately $5.6 million, a 53% increase as compared to the first quarter 2013, with average revenue of $1,251.39 per ounce of gold and $20.73 per ounce of silver.
  • Shipments for the first quarter 2014, totaled 4,546 ounces of gold and 49,292 ounces of silver as compared to 2,261 ounces of gold and 15,599 ounces of silver in the first quarter of 2013, respectively, increases of over 100% and 215% year-over-year.
  • Costs applicable to mining for the first quarter 2014, totaled $4.8 million, as compared to $3.8 million for the first quarter 2013. Although ounces shipped more than doubled, costs increased only 24% due to lower fixed operating expenses, lower labor-related expenses and higher productivity since the early stage of production.
  • General and administrative expenses for the first quarter 2014, totaled $2.2 million as compared to $3.4 million for the first quarter 2013, a 35% decrease. The $1.2 million decrease resulted primarily from a decrease in compensation, legal and other administrative expenses.
  • Net loss for the first quarter 2014, totaled $3.8 million, as compared to $5.8 million for the first quarter 2013. The decrease of $2.0 million, or 34%, was primarily the result of increased production coincident with cost efficiencies in mine planning, mining, crushing, maintenance, and certain administrative costs.
  • Net cash used in operations was reduced to $2.4 million during the first quarter 2014, as compared to $5.6 million during the first quarter 2013. Our higher use of cash in the first quarter 2013, was primarily driven from operating losses associated with higher mining and hauling costs relative to revenue due to a relatively higher ratio of waste to mineralized material, somewhat offset by increased grade and less mineralized material crushed for the first quarter 2014.
  • Net cash used in investing activities during the first quarter 2014, was $1.3 million, primarily from $1.1 million for purchases of mining vehicles.
  • Net cash provided by financing activities during the first quarter 2014, was $3.9 million, including proceeds of $4.6 million from the revolving credit facility and payments of $0.8 million on other debt obligations.
  • Cash and cash equivalents at March 31, 2014 were $2.6 million compared to $2.4 million at December 31, 2013.

Comstock’s Chief Executive Officer, Corrado De Gasperis commented, “We are encouraged by the convergence of our results and mine plan. Higher grades combined with lower strip ratios expected in the second half of this year, support our overall 2014 business objectives. Cost reductions resulted in an increase in cash and cash equivalents from $2.6 million at March 31, 2014 to $2.8 million at April 29, 2014.”

Exploration and Development

The Company has finalized its plans for near term, high priority targets, including The East Side, Dayton and Spring Valley exploration areas. The East Side Drill Program includes infill drilling, metallurgical testing, and geotechnical analysis to enhance the known mineralization on the East Side of State Route 342 for near term expansion.

In addition, the Company has designed a new phase of exploration drilling to include its highest-potential targets, including scoping studies of the Chute Zone in the Lucerne Resource area, and plans for expanded exploration and development drilling in the Dayton Resource area that will

allow for mineralization assessment, resource expansion and mine plan development in the latter half of 2014. The Company anticipates that the drill program will include 100,000 feet of reverse circulation and 20,000 feet of core drilling, for both Lucerne and Dayton, requiring an estimated investment of approximately $7 million.

The Company completed a successful phase of exploration drilling in Spring Valley in 2012. The drilling in the northern portion of Spring Valley was in part designed to confirm mineralization by drilling specific magnetic geophysical anomalies that had similar magnetic signatures as defined by mineralized drill holes, drilled prior to the geophysical surface survey. The Company anticipates that the planned future drill program will include approximately 35,000 feet of reverse circulation and 5,000 feet of core drilling requiring an estimated investment of approximately $2 million.

The total 2014-2015, drilling programs, including Lucerne, Dayton and Spring Valley would represent approximately 135,000 feet of reverse circulation drilling, and approximately 25,000 feet of core drilling. The drilling would be planned to start in the latter half of 2014.

Production

Metal sales in the first quarter of 2014 totaled $6.6 million, with gold revenues of $5.6 million. We also sold $1.0 million of silver. Silver is accounted for as a by-product credit in costs applicable to mining revenue for financial reporting purposes. For the first quarter of 2014, the Company poured 4,546 ounces of gold and 49,292 ounces of silver. The Company mined approximately 950,000 tons of material (mineralized material and waste) as it continued transitioning into higher-grade segments of the mine plan while expeditiously moving through areas of the mine with higher stripping ratios.

Total mineralized material delivered to the leach pad was 205,686 tons and represented some of the highest gold and silver grades crushed to date. The weighted average grade for the entire

quarter was .024 ounces per ton gold and .345 ounces per ton silver. The average for the month of March alone was over .034 ounces of gold per ton and over .50 ounces of silver per ton.

Throughout the first three months of 2014, the Company realized an average price of $1,251.39 per ounce of gold and a $20.73 average sales price per ounce of silver. In comparison, commodity market prices in the first three months of 2014 averaged $1,293.67 per ounce of gold and $20.49 per ounce of silver. The Company has priced over 2,800 ounces of gold scheduled for future delivery in May at an average price of approximately $1,310 per ounce.

Operating Costs

During the first three months of 2014, actual Lucerne Mine costs applicable to mining revenue were approximately $5.8 million, $4.8 million net of silver credits. Costs applicable to mining include mining and processing labor, maintenance, drilling, blasting and assaying costs. Although ounces poured doubled from the first quarter of 2013, to the first quarter of 2014, costs increased only 24%, resulting from production stabilization efforts throughout 2013 continuing into 2014, and cost reductions.

During the first quarter, the Company continued reducing costs applicable to mining, targeting over $6 million in reductions for 2014, as compared to 2013. The Company has already realized annual savings of approximately $1 million from reduced staffing in crushing, related maintenance, mining and administrative cost reductions with further opportunities in drilling, blasting, logistics and administration. Costs applicable to mining have been reduced over the past five quarters, with first quarter 2014 costs of sales, on a cost per ounce basis, at the lowest since inception, at slightly over $1,000 per ounce.

The Company has also identified $3.5 million of cost reductions in all other non-mining activities, including general, administrative and environmental expenses.

Corporate

The Company had total current assets of $7.5 million at March 31, 2014. Cash and cash equivalents on hand at March 31, 2014 totaled $2.6 million. Cash and cash equivalents on hand at April 29, 2014, is expected to be approximately $2.8 million. Inventories, stockpiles, and mineralized material on leach pads totaled $2.0 million, including $0.2 million in finished goods.

Net cash used in operations was reduced to $2.4 million during the first quarter 2014, as compared to $5.6 million during the first quarter 2013. Our 2014 use of cash, was reduced due to higher revenues, somewhat offset by losses associated with higher mining and hauling costs relative to revenue due to a relatively higher ratio of waste to mineralized material.

In February 2014, the Company entered into a $5 million revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC, pursuant to which the Company may borrow up to $5 million outstanding at any one time. The Company also reduced its operating costs by entering into two low cost financing agreements with Caterpillar in the amount of $1.3 million for the purchase of mining equipment and eliminating higher rental costs.

For the remainder of 2014, we are planning capital expenditures of approximately $3.5 million, primarily to accelerate the expansion of the Lucerne Mine, including targeted drilling on the East side of the Lucerne Resource area. We will also pay down an additional $6 million in debt obligations, including about $4 million of the Auramet Facility.

2014 Outlook

Under our mine plan, we anticipate doubling the rate of ounces produced when compared to 2013, for both gold and silver, targeting a production rate of 40,000 gold equivalent ounces in 2014. These increases come with lower costs applicable to mining due to focused cost reduction efforts, as well as lower non-mining operating expenses. Once stabilized at the 40,000 ounce per annum run rate, the operating expenses per ounce mined will be significantly lower. The Company expects costs per ounce of gold mined of less than $750 per ounce. The Company anticipates annual operating expenses, including all mining and processing costs, of less than $25 million per annum, a more than a $6 million reduction from fiscal year 2013.

Comstock’s Chief Executive Officer, Corrado De Gasperis concluded, “April was a positive cash month for us and we look forward to generating positive cash flow in the future, mining higher grades, with lower strip ratios and at overall lower costs. Our efforts are solely focused on lowering costs and expanding both our production and our resource base, and it is happening, every day.”

Conference Call

As previously announced, the Company will host a conference call, today, April 29, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report First Quarter 2014 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: 1-866-544-4625
Canada Local / International: 416-849-2726

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

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District. 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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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

Kimberly Shipley

President & CEO

Manager of Investor Relations

Tel (775) 847-4755

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

  This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

 
Monday, April 28, 2014

Comstock Mining Announces Annual Meeting and Record Dates

Virginia City, NV (April 28, 2014) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that its 2014 Annual Meeting of Stockholders is scheduled for Friday, June 27, 2014, at the Gold Hill Depot, 1420 Main St, Gold Hill, Nevada. The meeting will begin at 9:30 a.m. Prior to this meeting, on June 26, 2014, the Company will host an Investor Day that will include a Company update at the Gold Hill Depot and an overview tour of the process facility via the V&T Railroad.

Guests arriving on Wednesday, June 25, 2014 are invited to attend a Comstock History Day that includes a guided tour of Virginia City and a Gold Hill reception, coordinated by the Comstock Foundation for History and Culture. Stakeholders are invited to register for these events beginning May 1, 2014 at http://www.comstockmining.com/investors/investor-relations.

The record date for the Annual Meeting is April 28, 2014. Only stockholders of record at the close of business on April 28, 2014, may vote at the meeting. The Company anticipates making its proxy statement available to these stockholders, which will include the time and location of the Annual Meeting, as well as a description of the matters to be considered.

As previously announced, the Company will host a conference call, Tuesday, April 29, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report First Quarter 2014 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: 1-866-544-4625
Canada Local / International: 416-849-2726

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

 


About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District. 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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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

Kimberly Shipley

President & CEO

Manager of Investor Relations

Tel (775) 847-4755

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

  This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
 
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