Comstock Mining Inc

Pure Comstock Silver Nevada Sesquicentennial Medallion This limited edition medallion commemorates Nevada’s Sesquicentennial and is the first substantial minting of Comstock Silver since the Carson City Mint closed in 1893.
Comstock Benefits
Gold Hill Hotel
Comstock Foundation
Pure Comstock Silver Nevada Sesquicentennial Medallion

NYSE MKT: LODE
Note: stock price above is delayed

Kitco Kitco

Comstock Mining Inc
Press Releases
Monday, April 20, 2015

Comstock Mining to Participate at the Third Annual Trends in Mining Finance
Hosted By The Society for Mining, Metallurgy & Exploration Inc.

Virginia City, NV (April 20, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that Corrado De Gasperis, President & CEO, will participate at the upcoming "Current Trends in Mining Finance" conference hosted by the Society for Mining, Metallurgy & Exploration Inc. together with the New York Section of the SME.

Mr. De Gasperis will discuss Comstock Mining’s recent drilling, development and feasibility work on both underground and surface mining targets, and the importance of advanced production and reclamation planning and leveraging all available and prerequisite knowledge to advance exploration, development and achieve sustainability, both socially and economically.   Comstock Mining is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, cultural asset protection, soil sampling, voluntary air monitoring and historical restorations.  

The conference, taking place in New York City from April 26-29, 2015, is designed for mining executives and industry specialists, analysts and investors.  Covering a wide range of key topics and industry trends, this is a unique opportunity to get current on important issues that affect project finance, investment, strategic planning and to network with fellow professionals.

For more information and to register for this event, please see: http://www.smenet.org.

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to 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, April 16, 2015

Comstock Mining Announces First Quarter 2015 Results
Positive Net Income and Positive Operating Cash Flows from Increased Cost Reduction

Virginia City, NV (April 16, 2015) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected unaudited financial results for the fiscal quarter ended March 31, 2015.

First Quarter 2015 Selected Strategic and Operational Highlights

  • Costs applicable to mining revenue were reduced by 22% when comparing Q1 2015, to Q1 2014.
  • Weighted average gold grades improved 63% to 0.039 opt in Q1 2015, from 0.024 opt in Q1 2014.
  • Weighted average silver grades improved 113%, to 0.734 opt in Q1 2015, from 0.345 opt in Q1 2014.
  • Silver to gold production exceeded an 11:1 silver:gold ratio in Q1 2015, up from 9:1 in Q1 2014.
  • Metallurgical yields improved to 81% in Q1 2015, from 74% in Q1 2014.
  • Strip ratio improved to 1:1 for the first quarter of 2015, down from the 2014 average of 4.8:1.
  • Encountered significant high grade intercepts from Succor-Holman mineral patents drilling program.
  • Commenced moving State Route 342 (‘SR-342’), accelerating operational and community benefits.
  • Expanded our landmark special use permit for mining and mine development.
  • Expanded our land position, acquiring lands immediately adjacent to our mine area and leach pad.
  • Expanded our existing heap leach pad consistent with recently expanded Water Control Permit.
  • Enhanced Senior Mining, Financial and Environmental Management, adding operational, environmental and financial strengths to our team while reducing overall costs.

 

First Quarter 2015 Selected Financial Highlights

  • Mining revenue was $5.9 million in Q1 2015 as compared to $5.6 million in Q1 2014, an increase of 6%, resulting from higher gold ounces produced and higher average gold price per ounce.
  • Costs applicable to mining revenue was $3.7 million in Q1 2015, as compared to $4.8 million, net of silver credits, in Q1 2014, a decrease of 22%, primarily due to mining cost reductions.
  • General and administrative expenses were $2.1 million in Q1 2015, as compared to $2.2 million in Q1 2014, primarily due to lower labor costs of $0.5 million, offset by severance of $0.4 million.
  • Net income was $1.3 million, or $0.01 per share for Q1 2015, as compared to a loss of $3.8 million, or $(0.07) per share, for Q1 2014. The improvement resulted from lower costs, higher revenue and the elimination of certain liabilities that strengthened our balance sheet.
  • Net cash generated by operating activities was a positive $0.2 million in Q1 2015, as compared to a cash use of $2.4 million from operations in Q1 2014, or a 109% improvement.
  • Net cash used for investing was $3.1 million for the first quarter of 2015, primarily from $1.7 million for strategic land purchases and $1.1 million for the expansion of the processing facility.
  • Net cash provided by financing activities for the first quarter of 2015, was $1.8 million comprised of proceeds of $4.4 million from the Revolving Credit Facility, partially off-set by a $2.7 million pay-down of other long-term debt obligations. Cash and cash equivalents at March 31, 2015 were $4.2 million.
  • Total long-term debt and capital lease obligations were $14.1 million at March 31, 2015, including $5 million outstanding on the Revolving Credit Facility.  


First Quarter 2015 Selected Production Highlights

 

1Q 2015

1Q 2014

 

 

 

Mining Operations

 

 

Tons Mined

316,199

947,852

 

 

 

Processing

 

 

Tons Crushed

157,612

205,686

 

 

 

Weighted Average Grade Per Ton Au

0.039

0.024

Weighted Average Grade Per Ton Ag

0.734

0.345

 

 

 

Estimated Au Ounces Stacked

6,083

5,016

Estimated Ag Ounces Stacked

115,689

70,989

Estimated Au Equivalent* Ounces Stacked

7,669

6,140

 

 

 

Au Ounces Poured and Sold

4,695

4,507

Ag Ounces Poured and Sold

56,482

49,358

Au Equivalent* Ounces Poured

5,470

5,290

 

 

 

* Au Equivalent ounces = Au ounces (actual) + Ag ounces (actual) ÷ the ratio of average gold to silver prices

72.91

63.14

“We have continued our crusade for lower costs into 2015, with substantially improved grades, yields and strip ratios while reducing absolute spending wherever possible.  We also commenced the re-routing of SR- 342, and have safely accelerated many operating, environmental and community benefits.  These achievements have positioned us for profitability throughout 2015,” stated Corrado De Gasperis, CEO of Comstock Mining.

Production
Metal pours totaled 4,695 ounces of gold and 56,482 ounces of silver, during the first quarter of 2015, as compared to 4,507 ounces of gold and 49,358 ounces of silver in the first quarter of 2014, a 4.2% increase for gold ounces and a 14.4% increase for silver ounces. The Company crushed and stacked 157,612 dry tons of mineralized material, delivering 6,083 estimated ounces of recoverable gold and 115,689 estimated ounces of recoverable silver to the leach pads with weighted average gold grades of 0.039 ounces per ton.

For the quarter ended March 31, 2015, the Company realized an average sales price of $1,280.25 per ounce of gold and $15.94 per ounce of silver. In comparison, commodity market prices in the first quarter of 2015 averaged $1,219.22 per ounce of gold and $16.72 per ounce of silver.

Operating Costs and Cost Reductions
During the first three months of 2015, actual Lucerne Mine costs applicable to mining revenue were $4.6 million, $3.7 million net of silver by-product credits as compared to $5.8 million, $4.8 million net of silver by-product credits in the first three months of 2014, representing a 22% reduction of costs applicable to mining revenue.
These costs applicable to mining revenue also include depreciation of $1.5 million and $1.3 million, for the first quarter of 2015 and 2014, respectively.

During 2015, the Company continued reducing costs applicable to mining revenue, targeting over $5 million in reductions this year as compared to 2014. The Company has already realized $1.0 million of savings from reduced labor, drilling and blasting and fuel in the first quarter of 2015, as compared to the first quarter of 2014. 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 and has already realized $0.3 million in the first quarter of 2015, as compared to the first quarter of 2014.  The Company incurred $0.4 million in severance costs during the first quarter, in mining and general and administrative expenses, associated with organizational cost reduction activities.

Exploration and Development (including Underground)
During the first quarter, the Company announced that the drill program on the East-side of the Lucerne continues to reveal 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:

 

Table 1: Summary of Drill Program

 

Succor

Holman

No. Holes Drilled

80

39

Strike Length Drilled (ft)

700

575

No. 10’ intervals with intercepts >.015 Au opt.

166

55

No. 10’ interval with intercepts >.100 Au opt.

22

3

No. drill holes with intercepts >.100 Au opt.

20

2

 

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

 

Succor

Holman

Avg Au opt.

0.056

0.047

Avg Ag opt.

0.259

0.333

 

Underground Development
The Company recently completed extensive geological development and modeling, incorporating all available data, including existing drill holes and historic underground mine maps, amongst other geological information and is preparing to develop the underground portion of the drill program.  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 zone in the central part of the East-side area and diverge to the north and south to create zones up to 600-feet wide. The Company also discovered dike-like masses of quartz porphyry that have intruded into the main lode and have a direct relationship to the known mineralization.

Out of this extensive geologic work, a definitive underground target has emerged, specifically that part of the lode occupied by the above described mineralized mass of quartz porphyry, as well as the neighboring wall rocks. This conclusion is based on surface drill hole results, metallurgy, and proximity to the current Lucerne Mine floor, as well as past mining knowledge.

The results from the underground program will be incorporated into existing sectional data and, along with newly derived grade shells and grade models, an initial, phased internal reserve model will be created for this area. Developing a new underground access to the quartz porphyry structures and the almost adjacent Woodville Bonanza structures represents a significant opportunity for an accelerated, efficient underground mine plan in the Lucerne Area.
http://www.comstockmining.com/files/flipbooks/Proposed-Underground-Drill-ProgramLooking-NW-From-Top/

Evaluation of Existing Mine Dumps
During late summer through autumn of 2014, the geological and environmental teams undertook a systematic evaluation of historic mine dumps throughout most of the central part of the District. Quantifying and understanding the nature of legacy contaminants and identifying the extent of mineralization with the potential to increase mineable resources were the two primary objectives. Overall, significant tonnages of mineralized dump materials were quantified. Most tonnages are directly to the east of the Lucerne mine and average around 0.025-0.035 opt Au. Dumps sampled for this evaluation are located within Gold Canyon, Storey County, on the east side of SR-342, and west of Silver City in Lyon County. Dumps sampled include the Silver Hills-Donovan (Eastside), Woodville, Lady Washington, Keystone, New York, and Oest. Total tonnages inventoried total over 640,000 tons.

"These near-surface drill results represent exceptionally higher grades than our current average mine grades.  These discoveries of near surface, high-grade minerals on the East-side of Lucerne, the development of high-grade vein structures for underground feasibility and the discovery of good grading historic dump materials all provide immediate potential for expanding our operations," continued  Mr. De Gasperis.

HOPE Gold Coin
On March 30, 2015, the Company received 300,000 coins (“HOPE Coins”) issued by the HOPE Gold Coin Charitable Trust (the “Trust”) as payment (and partial pre-payment) on the Mineral Rights License Agreement entered into by the Company with the Trust on October 9, 2014.   The HOPE coins are considered a cryptographic currency. The Trust represents one of the first organizations effectively leveraging existing block-chain technologies and was recently named one of the top 25 companies on the Sand Hill Bitcoin Innovative Disrupters list. The HOPE Coins are being sold by the Trust for $10 each.

Hospitality Segment
Effective April 1, 2015, the Company entered into an agreement to lease the Gold Hill Hotel. The Company retains ownership to the land and Gold Hill Hotel properties while leasing the facilities to independent operators. Historically, the hospitality segment operated at a net loss but based on the current lease agreement, the Company does not expect any future net losses and more likely, prospective net lease and rental income.

SR-342 Realignment
In early February, NDOT closed an approximate two-mile section of SR-342, south of Gold Hill, as a safety precaution following roadway cracking and area specific sinking during a weekend of heavy rains. The area of sinking is above a historic mine-shaft dating back to the early 1900's, and that portion of the road sits on old mine dumps and looser fill, that has a history of instability and, in some cases failure. The Company owns the land, with NDOT granted prescriptive rights to operate the state roadbed over that private land.  Storey County, NDOT, the Company, and other applicable regulatory agencies evaluated several remedies for the realignment of SR-342. The route will be realigned to the east of the historic shaft, enabling safe travel, continuing operations and important reclamations, while positioning the area for future mining and development.

The realignment will occur over two phases, with Phase 1 completion taking approximately 10-12 weeks and Phase 2 requiring an additional six months. Phase 1 begins with the Company removing the unconsolidated fill that now exists above the base bedrock level and beneath the existing road followed by construction of a bypass road upon the base bedrock. Additionally, the historic Silver Hill Shaft will be capped permanently. 
http://comstockmining.com/sr-342-construction-2015

Once Phase 1 is complete in June, the road will be reopened during construction of the second phase. Phase 2 includes removal of additional material on the east side of the canyon and will conclude with a tie in of the south end of the newly constructed alignment. A short closure will be necessary toward the end of Phase 2 for the tie in and completion of the realignment. The project is estimated to last through December of 2015, with an estimated cost of $3 million.

Corporate
Cash and cash equivalents on hand at March 31, 2015 totaled $4.2 million. Total long-term debt and capital lease obligations at March 31, 2015, were $14.1 million as compared to $13.5 million at March 31, 2014. For the remainder of 2015, the Company plans on spending approximately $3.5 million in capital expenditures, primarily the road realignment project and some infrastructural development. The Company also plans to pay down an additional $6.6 million in debt obligations, including $3.4 million on the Revolving Credit Facility.

Outlook
The Company expects to be cash positive from operations throughout 2015, while expanding our mining activities during the third quarter, including exploration and development of an underground Lucerne mine, a second Dayton mine plan and commencing the Dayton permitting.

Mr. De Gasperis concluded, “Our goals for this year are to ensure the lowest cost operating parameters and expand Lucerne, including a tremendous underground opportunity, while developing and commissioning Dayton. We expect to be cash positive from operations throughout 2015, while expanding our mining activities during the third quarter, including the initial underground target.”

The Company will host a conference call today, April 16, 2015, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time.  The live call will include a Q&A with accredited institutions, investors and analysts immediately following the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

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

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

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to 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, April 9, 2015

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

Virginia City, NV (April 9, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, April 16, 2015 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report First Quarter 2015 results and provide a business update.

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

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

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

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations. The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to 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.

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.

 
Wednesday, April 8, 2015

Comstock Mining Reports High-grade Intercepts from Updated Drilling in Lucerne

Virginia City, NV (April 8, 2015) -- Comstock Mining Inc. (the ‘Company’) (NYSE MKT: LODE) announced that the drill program to determine the near-surface mineralized zones on the Succor and Holman mineral patents has been completed (Map Figure 1). Since reporting the initial high-grade intercepts in February, 2015, based on 30 additional drill holes, the Company has further defined a zone of high-grade mineralization on these patents. The drill holes targeted near-surface vein outcrops, their down-dip extensions and certain infill objectives. All data to date suggest the Succor and Holman claims have excellent potential for economic mining and metal recovery.The next phase consists of core and reverse circulation drilling, both on the surface and underground, expanded resource estimation and extended mine plans.

The current drill program resulted in the following summary of intercepts (as of April 6, 2015):

Table 1: Summary of Drill Program

Succor Holman
No. Holes Drilled 80 39
Strike Length Drilled (ft) 700 575
No. 10’ intervals with intercepts >.015 Au opt. 166 55
No. 10’ interval with intercepts >.100 Au opt. 22 3
No. drill holes with intercepts >.100 Au opt. 20 2

 

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

Succor Holman
Avg Au opt. .056 .047
Avg Ag opt. .259 .333

"The near-surface portion of this drill program continues to intersect high-grade mineralization over widths that are supportive for economic mining. This recent drilling results included seven intercepts with greater than 0.100 ounce per ton of gold," stated Comstock Mining’s President and CEO, Corrado De Gasperis

Map Figure 1

4-8-15

 

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

Drill Hole No. Depth Interval (ft) Au opt Ag opt
SL-001 10-20 .264 1.110
SL-004 10-20 .142 .649
SL-013 60-67 .213 1.134
SL-015 70-82 .123 .535
SL-019 0-10 .145 .412
SL-023 40-50 .131 .154
SL-029 10-20 .309 .368
SL-069 0-10 .205 .262
SL-099 20-30 .191 .561
SL-099 40-50 .111 .681
SL-104 30-40 .145 .287
SL-105 70-80 .170 .564
SL-112 10-20 .112 .054
SL-112 20-30 .114 .207
SL-115 110-120 .166 .129
SL-117 70-80 .181 1.123
SL-125 100-105 .595 .742
SL-127 60-70 .121 .124
SL-129 30-40 .114 .078
SL-206 60-70 .105 .636
SL-223 70-82 .142 .243
SL-228 0-10 .408 .413
SL-228 20-30 .311 .224
SL-229 0-10 .184 .839
SL-232 50-60 .108 .069

 

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 parts of the mineralized system lying within a short distance of current Lucerne operations (the Eastside operations). The Company’s current resource estimate does not include any of the results of the 2014 and 2015 drill holes.

Lucerne’s eastern exploration commenced in December 2014, with the completion of 119 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. The primary objective of the Eastside drilling program was to accurately define the near-surface 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. The drilled strike lengths along the Succor and Holman zones totaled approximately 700 feet and 575 feet, respectively. The average depth of drilling was approximately 100 feet.

Due to the shallow nature of the program, the Company utilized a standard blast-hole rig. All samples were analyzed for gold and silver at the Company’s existing, on-site production assay lab utilizing standard fire assay techniques. 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. That drilling, utilizing primarily core drilling standards, is planned for the spring of 2015. Preliminary geological and engineering evaluation, including the development of grade shells and a block model, will be conducted concurrently with the drill program. Preliminary metallurgical work has also been initiated on representative drill samples from the Succor and Holman drill program. This work includes standard bottle-roll procedures to test the mineralized materials’ amenability to existing heap-leach processes.

Comstock Mining has recently expanded its near-surface drilling and development program to include the Dayton Resource Area, south of Lucerne, in Lyon County. The first phase of Dayton drilling will mirror the sample procedures of the Succor and Holman area using an efficient blast-hole rig to define near-surface mineralization. Preliminary results are pending; however, the drilling has clearly outlined a southerly extension to one of the principle Dayton structures that hosts an expanded deposit. Once complete, further core and reverse circulation definition and infill drilling, including third-party laboratory sample analysis, will commence later this spring, followed by resource estimation and final mine planning.

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to 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); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, "Risk Factors" of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.

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

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

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

Corrado De Gasperis
President & CEO 
Tel (775) 847-4755 
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.

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

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

 
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
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.

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

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

 
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>
Page 1 of 15