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Comstock Mining Inc

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Comstock Mining Inc
Press Releases
Tuesday, August 1, 2017

Comstock Mining Announces Second Quarter 2017 Results Advances Dayton Feasibility and Multiple Strategic Ventures

Virginia City, NV (August 1, 2017) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) today reported selected unaudited financial results for the fiscal quarter ended June 30, 2017, and provided business updates.

Second Quarter 2017 Selected Strategic and Operational Highlights 

  1. Conducted column testing of Dayton mineralized materials, with federally funded research grants through Cycladex Inc., a strategic investee, for, faster, cheaper, safer leaching solutions, yielding 82-85% gold.
  2. Advanced strategic discussions associated with accelerating the development of our Lucerne Mine project, towards assessing economic feasibility, establishing proven and probable reserves and production plans.
  3. Established a joint collaboration with a strategic partner and began metallurgical testing on Lucerne mineralized material from the existing leach pad to assess additional silver yield extraction potential.
  4. Renewed all 6,345 acres of Unpatented Lode Claims controlled by the Company.
  5. Completed State Route 342 Alignment and Nominated for 2017 Nevada Reclamation Excellence Award.
  6. Nevada Announced over $125 Million in Infrastructure Investments, including USA Parkway’s Grand Opening Celebration on August 28, 2017, directly benefiting Comstock’s Certified Industrial Site.
  7. Nevada Announced that Apple Inc. will invest an additional $1 billion in northern Nevada, doubling the size of its existing data center near the Tahoe Reno Industrial (TRI) Center.
  8. Tesla announced expansion plans for its $6 billion Giga factory investment in the (TRI) Center to also include Model 3 powertrain production in addition to existing planned battery cells and battery packs.
  9. Accelerated activities associated with monetization of non-mining lands for 2017, including our site certified, shovel ready industrial land and water rights in the immediate vicinity of the Tahoe Reno Industrial (TRI) Center, where the new USA Parkway intersects with Highway 50 via a new roundabout.

Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “Our second quarter was very productive as we signed one new strategic agreement and advanced three others.   These ventures are designed to enhance liquidity, accelerate mining activities, strengthen and grow our land position and reduce costs, all with the goal of delivering $500 million of accretive share value in the next 2-3 years.”   

Selected Financial Highlights – Six Months Ended June 30, 2017

  1. General and administrative expenses reached a record low of $1.6 million  for the six months ended June 30, 2017, a 21% reduction as compared to the 2016 period of $2.0 million, driven by lower payroll and administrative expenses, despite higher costs associated with transaction and mineral title diligence.
  2. Real Estate operating costs maintained a record low for the six months ended June 30, 2017, a 79% reduction compared to the 2016 period, and a positive year to date cash flow and profit for this segment.
  3. Mine claims costs reached a record low of $0.5 million for the six months ended June 30, 2017, an 11% reduction compared to the 2016 period, despite growing and further entitling the land position.
  4. Environmental and reclamation expenses reached a record low of $0.5 million for the six months ended June 30, 2017, a 29% reduction as compared to the 2016 period of $0.7 million, despite higher costs associated with unusual precipitation and related enhanced water management activities.
  5. Exploration and mine development expenses were $0.5 million for the six months ended June 30, 2017, as compared to the 2016 period of $3.4 million, in part from subsidizing certain mine development costs through partners and the completion of the underground drift developments in 2016.
  6. Net loss was $5.7 million, or a loss of $0.03 per share for the six months ended June 30, 2017, as compared to a net loss of $6.9 million, or a loss of $0.04 per share, for the comparable 2016 period.
  7. Net cash used in operations was $3.6 million for the six months ended June 30, 2017, primarily for operating expenses, interest expenses and other net uses for working capital.
  8. Net cash provided by financing activities, was $4.6 million, primarily from equity and debt issuances.
  9. Total long-term debt at June 30, 2017, was $11.4 million, with all but $0.6 million being long term, the positive result from the Company’s first quarter refinancing.
  10. Cash and cash equivalents at June 30, 2017, were $1.0 million.  The Company anticipates maintaining a cash balance of at least $1.0 million throughout 2017.

Mr. De Gasperis added, “Our cost performance in the first half of this year puts us at all time lows, and we are focused on even lower costs. Our refinancing extended maturities until 2021 and with NDOT completing USA Parkway early, we are looking forward to completing our land sales and eliminating this debt within the next twelve months. These foundational improvements combined with our progressing strategic ventures to accelerate mining activities, have enhanced the interest in our Company and dramatically improved our share liquidity.”

Strategic Ventures

Lucerne Mine Project – Accelerated Development
During the second quarter, the Company advanced strategic discussions associated with accelerating the development of our Lucerne Mine project, including a re-scoping assessment that includes assessing economic feasibility, establishing proven and probable reserves and production plans. The Company, in conjunction with the potential partner, has assessed alternative mine plans, including the feasibility of expanding the surface mine operation, establishing proven and probable reserves and designing a mine plan for production and expects to provide an update on this progress during the current quarter.

Silver Extraction Enhanced Feasibility Project
During the second quarter, the Company entered into a joint collaboration agreement to test an alternative extraction technology, with multiple objectives.  First, the company has provided leached material from the existing Lucerne leach pad for reprocessing and analysis to determine if additional silver extraction of existing material is economically feasible.  Additionally, the Company has delivered new mineralized material from the Dayton Resource area, for processing and analysis on both gold and silver yields.  These materials are being processed and tested in the Reno, Nevada area, at both independent metallurgical labs and further within our joint collaboration.  The Company expects to provide an update on these process tests during the current quarter.

Cycladex Inc.
During the second quarter, our technical staff conducted column tests, in direct collaboration with Cycladex Inc., (“Cycladex”) a strategic investee, of both cyanide and non-cyanide solutions. The teams established four, full metallurgical column tests, two cyanide and two non-cyanide, running parallel, that supports and advances the feasibility study for establishing proven and probable reserves at the Dayton. The samples were crushed, agglomerated and loaded into four ten-foot columns for leach simulation.   These simulations were conducted on-site, in the Company’s metallurgical labs, and are coordinated through, and funded by U.S. National Science Foundation grants.

The Cyanide columns leached exceptionally high and fast for gold with cyanide, higher than prior tests and expectations. The Company’s expectations for the cyanide columns started high, at about 80%, so the 82-85% result in just 25 days was higher and faster than expected.  Cycladex yields exceeded expectations for both gold and silver and tracked exceptionally well against the cyanide parallel columns. Although still in the early stages, the Company is pleased with the Cycladex yields and speed and looks forward to assessing the specific consumption and cost efficiency in the next few phases.  The next phase of consumption and cost testing is scheduled for completion in late September 2017.

Other Strategic Ventures

The Company has also progressed discussions in two other joint venture opportunities, including agreement in principle on one of them. These ventures are designed to enhance our mining interests, improve feasibility and accelerate mine planning activities toward full economic feasibility.  We will update on these activities, as completed, during the third quarter and the remainder of 2017. 

Dayton and Spring Valley Drilling Target Areas

The Company is working to advance the Dayton Resource area to full feasibility, with a production ready mine plan within the next two years. The new targets are based on the Company's updated analysis of previous geophysical studies with current interpretations of the geology (see Figure 1).

These ground magnetic geophysical surveys identified a linear anomalous corridor, defined by a series of relative magnetic lows. Limited drilling has already identified several mineralized zones. Additionally, a wide zone (up to 500 feet wide) beginning at the Dayton resource and continuing southerly, all the way down to the Daney mineralized patent can be traced by following the north/south trending vein swarms (see again, Figure 3).  The veins depicted by distinct traces colored red.   The increased occurrences and density of the combined structures has been indicative in the Dayton resource to host the higher grades and larger volumes of economic mineralization.  This will be part of the exploration model and has generated a multiple drill target environment.

The Dayton exploration program is designed to target the projected trend of known mineralization southerly.  The magnetic geophysical survey has been studied and a structural interpretation was developed  that illustrates multiple cross cutting structures (colored green) that are oblique to the southerly projected vein trend (colored red).  Though rare, due to alluvial cover, the outcropping quartz veins and outcropping crosscutting structures had definitive diagnostic magnetic signatures. Similar structures have been identified in the Dayton resource area and were found to be important components for the development of economic grades of mineralization.  In the Dayton resource area, geologic observations made on the surface and in accessible underground workings have identified the north/south and the crosscutting structures to carry gold and silver values with different silver to gold ratios. Comparisons of selected sample geochemistry, the north/south veins commonly have higher silver to gold ratios.

The Company also recently completed metallurgical column tests on mineralized material from the Dayton Resource Area that contribute to the advancement of a full feasibility assessment for the mine, updating prior metallurgical test work and the technical resource report published in January 2013. During the second quarter of 2017, the Company conducted column tests of both cyanide and non-cyanide solutions. They established four, full metallurgical column tests, two cyanide and two non-cyanide, running parallel, that supports and advances the feasibility study for establishing proven and probable reserves at the Dayton. The samples were crushed, agglomerated and loaded into four ten-foot columns for leach simulation.   These simulations were conducted on-site, in the Company’s metallurgical labs, and are coordinated through Cycladex Inc., (“Cycladex”) a strategic investee, and funded by U.S. National Science Foundation grants.

The Cyanide columns yielded between 82-85% gold in just 25 days.  The Company has already designed and established new column tests for the primary purpose of assessing the specific consumption of the new materials and material cost for processing.  This is important for assessing ultimate economic feasibility of these solutions.  These simulations will also be conducted on-site, in the Company’s metallurgical labs, and are still funded by U.S. National Science Foundation research grants.  These updated metallurgical testing compliment extensive metallurgical testing results for Dayton that were previously published in 2011. 


Figure 1 - Dayton and Spring Valley Magnetic Geophysics
In house Dayton engineering and mine planning have now resulted in profiling various economic pit shells with multiple cutoff grade scenarios. We also performed due diligence, assisted by SRK Consulting.  The due diligence resulted in confirmation of the scoping level mine plans and agreement on the conceptual processing layout.

Costs and Outlook
Total operating expenses for the second half of 2017 are expected to be $2.1 million, including exploration and mine development, mine claims, environmental and reclamation, and general and administrative costs but excluding depreciation and amortization. Interest expense is expected to be approximately $1.3 million. The Company expects to continue operating with approximately 10 employees, including expert land, permitting, geology, engineering and metallurgical professionals.
Operating expenses for the full year 2017, in part due to higher expenses associated with restructuring and refinancing activities and environmental mitigation activities associated with inclement weather, both of which are now substantially complete, are anticipated to be $4.5 million. Operating expenses are anticipated to be $3.6 million for the full year 2018, consistent with the now-current run rate.

Northern Nevada Economic Development and Non-mining lands
The Company plans to sell non-mining related lands, buildings and water rights, for expected net cash proceeds of more than $14 million during the next twelve months resulting in net profit of more than $8 million. These proceeds will be free of income taxes and they will first be used to eliminate debt obligations due under the Debenture (including principal, accrued interest, and make whole amounts), and to fund certain exploration activities in Dayton, all while strengthening the financial position of the Company.  During the past six months, the Company highlights the following northern Nevada developments:

  • Nevada Announced over $125 Million in Infrastructure Investments, including USA Parkway’s S79 million Grand Opening Celebration on August 28, 2017, benefiting our Certified Industrial Site;
  • Completion of the $8 plus million roundabout for connecting USA Parkway with Highway 50; in immediate proximity of the Company’s property.
  • Apple Inc. announced its anticipated investment of an additional $1 billion in northern Nevada, doubling the size of its existing data center near the TRI Center;
  • Tesla announced that it will expand its $6 billion Giga factory investment in the TRI Center to also include Model 3 powertrain production with already planned battery cells and battery packs;
  • Google announced that it has invested in the second largest parcel in the Tahoe-Reno Industrial (TRI) Center Nevada;
  • Switch announced the opening of the largest, most advanced colocation Data Center in the world, known as The Citadel Campus, designed for up to 7.2 million square feet of data center space; and
  • Storey County has issued over 400 new business licenses through July 2017.

The recent announcement  by the Nevada Department of Transportation, that the USA Parkway will celebrate its ribbon cutting on August 28, 2017, and be fully open for business on September 8, 2017, months ahead of schedule, represents the single largest catalyst for the value of the Company’s properties along Highway 50, and has already increased interest and activity in purchasing industrial lands in Silver Springs, Nevada, where the Company’s Industrial Site and water rights are located and residential properties along the entire Highway 50 corridor, where the 225 acres, Daney Ranch is located.  These milestones have increased the interest and activities in and around these properties.

Corporate and Outlook

The Company enhanced its liquidity with a long-term, strategic refinancing during the first quarter and more efficient access to equity capital during the second quarter. The longer-term debt and equity allows the Company to participate in the dramatic economic boom currently surging throughout northern Nevada and provide an effective bridge prior to any land sales or completed ventures.  Cash and cash equivalents at June 30, 2017, were $1.0 million.  The Company plans on maintaining a cash balance of at least $1.0 million, prior to the non-mining land sales or the benefits from the strategic ventures.

 

Conference Call

The Company will host a conference call today, August 1, 2017, 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: 866-253-4737; confirmation code 8660971
International: +1 416-849-2693; confirmation code 8660971

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 Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
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Thursday, July 20, 2017

Comstock Mining Announces Notice of Second Quarter 2017
Results and Business Update Conference Call

Virginia City, NV (July 20, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) will host a conference call on Tuesday, August 1, 2017 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report  Second Quarter 2017 results and provide a business update. The live call will include a moderated Q&A, after the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

North American Toll Free: 866-253-4737; confirmation code 8660971
International: +1 416-849-2693; confirmation code 8660971
The audio will be available, usually within 24 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

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, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Tuesday, July 18, 2017

Comstock Mining Metallurgical Yield Testing Exceeds Expectations
Both Cycladex and Cyanide Yield Higher and Faster Metal Returns

Virginia City, NV (July 18, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) reported today that recent metallurgical column tests on mineralized material from the Dayton Resource Area (the “Dayton”) have exceeded already high yield expectations and contribute to the advancement of a full feasibility assessment for the mine, updating prior metallurgical test work and the technical resource report published in January 2013.    

Over the past several months, the technical staff has been conducting column tests of both cyanide and non-cyanide solutions. They established four, full metallurgical column tests, two cyanide and two non-cyanide, running parallel, that supports and advances the feasibility study for establishing proven and probable reserves at the Dayton. The samples were crushed, agglomerated and loaded into four ten-foot columns for leach simulation.   These simulations were conducted on-site, in the Company’s metallurgical labs, and are coordinated through Cycladex Inc., (“Cycladex”) a strategic investee, and funded by U.S. National Science Foundation grants.

The Cyanide columns leached exceptionally high and fast for gold, higher than prior tests and expectations.

CN Gold

Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “Our expectations for the cyanide columns started high, at about 80%, so the 82-85% result in just 25 days was exceptional and much faster than any previous test.  Cycladex yields exceeded expectations for both gold and silver and tracked exceptionally well against the cyanide parallel columns. Although still in the early stages, we are pleased with the Cycladex yields and speed and look forward to assessing the specific consumption and cost efficiency in the next few phases.”

Cycladex Silver

Mr. De Gasperis, continued, “Perhaps the most surprisingly positive outcome was that the Cycladex exceeded cyanide in these first tests for yields on silver, where we had very low starting expectations. We stopped that test at 67 days with nearly a 50% yield, far better than expected for silver.”

The technical staff has already designed and established new column tests for the primary purpose of assessing the specific consumption of the new materials and material cost for processing.  This is important for assessing ultimate economic feasibility of these solutions.  These simulations will also be conducted on-site, in the Company’s metallurgical labs, and are still funded by U.S. National Science Foundation research grants.
           
This updated metallurgical testing compliments extensive metallurgical testing for Dayton completed and published in 2011.  The Company is advancing the Dayton Resource Area to full feasibility, with expectations for a production ready mine plan within the next two years.

In-house Dayton engineering and mine planning have resulted in profiling various economic pit shells with multiple cutoff grade scenarios.  Multiple layout plans for the mine and corresponding processing facilities have been conceptually developed and located on lands 100% privately held by the Company, thus simplifying and shortening the critical permitting chain. We performed due diligence assisted by SRK Consulting that resulted in confirmation of the scoping level mine plans and the associated feasibility assessments.

The Company is also in the final stages of two joint ventures that can enhance liquidity, accelerate mining activities and enhance and validate the value of our mineral resources and properties.  We expect to announce these ventures as soon as they are completed, likely during the second quarter reporting process. 

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Monday, June 26, 2017

Comstock Mining Announces Early Payment on Debt Service;
Updates Strategic Plan and Strategic Activities

Virginia City, NV (June 26, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced it made its regularly scheduled interest payment to GF Comstock 2 LP under its Debenture one week early. The interest payment is due on July 1, 2017, but was paid on June 23, 2017.    

Corrado De Gasperis, Executive Chairman and CEO of the Company said, “We completed this strategic refinancing earlier this year so that we could extend maturities, strengthen and simplify our balance sheet and provide improved liquidity, facilitating us to monetize our non-mining properties optimally and payoff the debt. Our costs have never been lower and our liquidity remains excellent.”    

The Company plans to pay off the Debenture from the monetization of its non-mining properties positioned on Highway 50, in conjunction with the completion of Nevada’s new State Route 439 (aka, USA Parkway), connecting Interstate 80 right through the Tahoe Reno Industrial Center to its roundabout intersection with U.S. 50, in almost immediate proximity to the Company’s industrial site property.

AVAILABLE NOW FOR PURCHASE & DEVELOPMENT
98-acre site certified, shovel ready industrial property strategically located in direct vicinity of the world renowned Tahoe Reno Industrial Center as well as key U.S. highway transportation routes and adjacent to the airport in Silver Springs, Nevada.
During an update to Storey County Commissioners on Tuesday, June 20, 2017, the Nevada Department of Transportation’s (NDOT) deputy director, Bill Hoffman reported that the USA Parkway is scheduled for completion this September, three months ahead of the original schedule. Mr. Hoffman also acknowledged Comstock Mining for its successful completion of the re-alignment of State Route 342 and the recent release of its remaining $65,000 surety bond by Storey County.

Mr. De Gasperis added, “We are looking forward to NDOT’s ribbon cutting later this year as the new USA Parkway connects with U.S. 50 and creates additional economic opportunities and access for our communities.  U.S. 50 also connects with the SR 342 realignment that represented an extraordinary public-private cooperation between us and the local, State and Federal governments, who, all together, made this unprecedented, regionally impacting achievement possible.”

The Company is also in the final stages of finalizing two joint ventures that will enhance liquidity, accelerate mining activities and enhance and validate the value of our mineral resources and properties.  We expect to announce these ventures as soon as they are completed, and certainly during the second quarter reporting process, if not sooner.  

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, June 1, 2017

Comstock Mining Hosts Annual Meeting at the Gold Hill Hotel
Updates Strategic Plan and Strategic Activities, Elects Directors

Virginia City, NV (June 1, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today held its Annual Meeting of Stockholders (the “Annual Meeting”) at the Gold Hill Hotel in Gold Hill, Nevada. The Company used the opportunity to present its updated strategic plan and identify key drivers of success to its investors.

The Company communicated a vision of creating a “premium, value-generating, multi-project, sustainable mining company” by building upon the Company’s portfolio of gold and silver mining properties and by building a network of collaborative strategic partnerships that can responsibly handle and advance the complexities of exploration, development and sustained production. The goal is to deliver up to $500 million of accretive value (over $2.00 per share) by 2020, by acquiring, exploring and developing resources and reserves capable of sustaining production of more than 100,000 ounces per annum.

Corrado De Gasperis, Executive Chairman and CEO of the Company stated: “On behalf of our entire company, its management and board, we thank you for your support throughout a difficult 2016. We have identified three primary objectives that we believe will drive the Company toward achieving this valuation. First, we plan to advance our mining properties toward feasibility, both internally and through joint ventures we are currently in final stages of discussions with. Second, we plan to accelerate the sale of our non-mining properties in conjunction with the completion of the new USA Parkway and its roundabout connection into U.S. 50, both scheduled for completion this year. Third, we plan to eliminate our remaining debt within the next twelve months.”

The Company also recently extracted additional mineralized samples from the Dayton Resource Area, for the purpose of assessing optimum metallurgical feasibility for the Dayton mineralized material. The samples were crushed, agglomerated and loaded into four ten-foot columns for leach pad simulation. These simulations are located on-site, in the Company’s metallurgical labs, and funded by U.S. National Science Foundation research grants through Cycladex Inc., a strategic investee and partner. This simulation is focused on comparing cyanide- based leaching to a non-cyanide “Cycladex Lixiviant” based leaching to provide a preliminary assessment of whether the non-cyanide process solution offers comparable (or better) speed, efficiency and economic feasibility.

Mr. De Gasperis, continued, “We are conducting parallel tests using both solutions and current results show that recoveries of gold and silver are exceeding expectations regardless of what solution is used, both in terms of yields and speed. We are encouraged; however, that “Cycladex Lixiviant” can be a paradigm shifting recovery agent, and look forward to assessing the specific consumption of the non-cyanide materials for economic feasibility. Preliminary results from these columns will be available mid-July.”

The Company believes the biggest catalyst and value driver for the sale of its non-mining lands is the completion of the new USA Parkway and its roundabout connection into Highway 50, scheduled for this year. The Nevada Department of Transportation has already announced over $125 million in infrastructure road projects directly associated with the new Parkway and/or Highway 50 connections and expansions.

As of the record date for the Annual Meeting, April 11, 2017, there were 187,740,176 shares of common stock outstanding and entitled to vote. During the Annual Meeting, stockholders of the Company were asked to consider and vote upon four proposals: (1) election of the four Board of Directors nominees set forth in the Company's 2017 Proxy Statement, (2) ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2017, (3) approval of a non-binding advisory resolution approving the compensation of the Company’s named executive officers and (4) a vote on a non-binding advisory proposal as to the frequency of approving the aforementioned compensation resolution. The four proposals were voted on and approved by shareholders, who also elected for the annual frequency for approving non-binding advisory compensation.

The Company recently received notification from the NYSE MKT LLC that the Company’s securities have been selling at or below $0.20 per share since April 27, 2017, and that the Company’s continued listing is predicated on demonstrating sustained price improvement or effecting a reverse stock split within the next six month period, that is, no later than November 27, 2017. The Company currently meets all other listing requirements and its common stock will continue to be listed on the NYSE MKT and believes its business strategy and plans for 2017, will be sufficient for regaining sufficient share price levels. Otherwise, the Company would effect a reverse stock split to regain minimum price levels. The Company does not see any scenario where it would be unable to maintain its listing on the NYSE Market.

Mr. De Gasperis, concluded, “We believe the NYSE is the best stock exchange in the world and could not be more appreciative of their communications and support. We are fully committed and believe we have all the means necessary to maintain our listing on NYSE. We admire the quality of the NYSE reputation, and appreciate the liquidity and protections it provides all of our shareholders and we do not see any of that changing, now or in the future.”

The NYSE MKT notification does not affect the Company’s business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of the Company’s material agreements. The Company’s common stock will continue to trade under the symbol “LODE,” but will have an added designation of “.BC” to indicate that the Company is below compliance with this NYSE MKT’s listing standard.

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward- looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment, derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company 

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, May 25, 2017

Comstock Mining Progresses Strategic Activities
USA Parkway Remains on Schedule

Virginia City, NV (May 25, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) reported today it has significantly advanced two strategic venture discussions this week and anticipates that at least one transaction will occur during the second quarter.  The Company will also host its Annual Meeting on June 1, 2017, at the Gold Hill Hotel, in Gold Hill Nevada.

Additionally, the Company advanced metallurgical column tests from the Dayton Resource Area, for the purpose of assessing optimum metallurgical feasibility for the Dayton mineralized material.  The Company has established four, full metallurgical column tests, two cyanide and two non-cyanide, running parallel, that support and advances the feasibility study for establishing proven and probable reserves at the Dayton Mine. The samples were crushed, agglomerated and loaded into four ten-foot columns for leach pad simulation.   These simulations are entering their third week of testing on-site, in the Company’s metallurgical labs, and are funded by U.S. National Science Foundation research grants through Cycladex Inc., a strategic investee and partner.

Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “To date, both gold and silver yields are exceeding expectation and tracking exceptionally well against the cyanide parallel columns. We are encouraged on yields and speed, and look forward to assessing the specific consumption of the non-cyanide materials for economic feasibility. Preliminary results from these columns will be available mid-July.”

The Company also updated that the new USA Parkway, an 18-mile-long, four-lane state route between Interstate 80 and U.S. 50 will further link the greater Reno/Sparks area with the U.S. 50 Silver Springs corridor, remains on schedule for completion in 2017. The $75.9 million project is expected to reduce travel times by as much as 38% for those traveling between I-80 and U.S. 50 in Storey and Lyon counties.  As part of the USA Parkway project, the State is also constructing a roundabout at the future USA Parkway/U.S. 50 intersection in Silver Springs. Next year in March, the Nevada Department of Transportation (NDOT) plans on investing an estimated $45 million to complete the final 10 miles of widening U.S. 50 from two lanes into four lanes between Silver Springs and Carson City.   

Mr. De Gasperis noted, “Nevada’s commitment to economic development has gone well beyond just supporting Tesla, Switch, Apple and Google. These are staggering commitments to the economies that also support the local communities as roads, stores, hotels and other investments are being announced almost weekly.  The roundabout is in the immediate vicinity of our recently certified Comstock Industrial Site, driving value and interest toward our non-mining properties.”

The Company believes the three primary value drivers for the Company’s valuation are the advancements of its Comstock properties toward feasibility, including the Dayton Mine, Joint Ventures that expand or accelerate these mine developments toward feasibility and the completion of the new USA Parkway and its roundabout connection into U.S. 50, both scheduled for completion this year. NDOT has separately announced more than $125 million in infrastructure road projects directly associated with the USA Parkway extension and/or U.S. 50 connections and expansions.

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Tuesday, May 23, 2017

Comstock Mining Completes State Route 342 Realignment
Historic Creek Restoration and World-class Reclamation

Virginia City, NV (May 23, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE), announced today that the State Route (SR) 342 realignment project is complete and has been accepted by both the Nevada Department of Transportation and Storey County. SR 342 is a critical connecting component to the northern Nevada quadrant, connecting Reno, Virginia City, and together with Highway 50, Carson City.  The USA Parkway project, scheduled for completion this summer, further connects the northern Nevada quadrant by connecting Highway 80 with Highway 50, opening up the entire quadrant to significant commercial expansions. 

Corrado De Gasperis, Executive Chairman & CEO, commented, “Genuine sustainability is embedded in our ‘Comstock Responsible’ culture. We facilitated a complex network of regulatory cooperation to rebuild and realign a critical section of SR 342 that ultimately connects Virginia City and Gold Hill with Highway 50, and the explosive growth we are experiencing in northern Nevada. This project has enhanced the quality of safety of transport through our community, supporting tourism and commerce for its many expanding businesses.”

Modified Parcel Map

Comstock Mining coordinated and collaborated with communities in both Storey and Lyon Counties; Nevada Division of Environmental Protection; Nevada Department of Transportation; State Historic Preservation Office; McGinley & Associates; Debra Lemke; Resource Concepts; and U.S. Army Corps of Engineers.

Mr. DeGasperis added, “The SR 342 realignment provided several sustainable advantages, including the removal and remediation of abandoned mercury-contaminated mine dumps, the capping and sealing of an historic 1000-foot vertical mine shaft, and the creation of a scenic, rock-lined waterway.  This provided a safer and more efficient passage for commerce, a safe separation for Comstock Mining’s modern mining operations and one of the most profound voluntary reclamation projects in northern Nevada.”

The successful rebuilding and realignment of SR 342 is a testament to the leadership and sustainable philosophy demonstrated by Comstock Mining and its “Comstock Responsible” culture.

 State Route 342

SR 342 culvert
The SR 342 realignment is a safer and more efficient passage for tourism and it features a picturesque, rock-lined waterway.

State Route 342

SR 342 ups
This new section of SR 342 enhanced the quality of life throughout our region by providing a safe and scenic travel route to and from Virginia City as well as supporting tourism and commerce for its many businesses.

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, May 11, 2017

Comstock Mining Progresses Strategic Activities
Apple Also Announces $1 Billion Expansion into Northern Nevada

Virginia City, NV (May 11, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) reported today that Apple Inc. just announced an additional $1 billion investment in northern Nevada, doubling the size of its existing data center near the Tahoe Reno Industrial (TRI) Center. This investment by Apple will create 300 construction jobs plus 100 permanent data-center jobs.

Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “Apple just joined Tesla and Switch in announcing $1 billion+ investments each, in addition to Google’s recent large land purchase in the TRI Center.  These are staggering commitments to the economies near our recently certified Comstock Industrial Site, driving value and interest toward our non-mining properties.  We hosted three site visits alone just this past week.”

The Company believes the biggest catalyst and value driver for its lands is the completion of the new USA Parkway and its roundabout connection into Highway 50, both scheduled for completion this year. The Nevada Department of Transportation has already announced over $125 million in infrastructure road projects directly associated with the new Parkway and/or Highway 50 connections and expansions.

The Company recently extracted additional mineralized samples from the Dayton Resource Area, for the purpose of assessing optimum metallurgical feasibility for the Dayton mineralized material.  The samples were crushed, agglomerated and loaded into four ten-foot columns for leach pad simulation.   These simulations are located on-site, in the Company’s metallurgical labs, and funded by U.S. National Science Foundation research grants through Cycladex Inc., a strategic investee and partner.  This simulation is focused on comparing cyanide-based leaching alongside “Cycladex Lixiviant” based leaching so we can provide a preliminary assessment for determining the fastest, most efficient and economically feasible process solution.

Mr. De Gasperis noted, “We completed a scoping column test in the first quarter and have now established four, full metallurgical column tests, two cyanide and two non-cyanide, running parallel, that support and advances the feasibility study for establishing proven and probable reserves at the Dayton Mine. Preliminary results from these columns would be available mid-July.”

The Company also advanced three out of four strategic venture discussions this week and anticipates that at least one transaction will occur during the second quarter.

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Wednesday, May 10, 2017

Nevada Announces Over $125 Million in Infrastructure Investments
Benefiting Silver Springs, Nevada, and Comstock’s Certified Industrial Site

Virginia City, NV (May 10, 2017) - Comstock Mining Inc. (“Comstock” or the “Company”) (NYSE MKT: LODE) announced today, that the Nevada Department of Transportation (NDOT) commenced construction on a roundabout at the intersection of USA Parkway and U.S. 50; in the immediate vicinity of the Company’s recently site certified and shovel-ready, 98-acre Comstock Industrial Site in Silver Springs, Nevada. According to NDOT, the USA Parkway extension to U.S. 50 is a $75.9 million project. NDOT also began a $7.6 million repaving project on US Alternate 95 from Silver Springs to Fernley. Next year in March, NDOT plans on investing an estimated $45 million to complete the final 10 miles of widening U.S. 50 from two lanes into four lanes between Silver Springs and Carson City.   

Corrado De Gasperis, President & CEO of Comstock Mining Inc. said, “Nevada’s now $125 million plus commitment to the USA Parkway connector and Highway 50 corridor, where our industrial site, water rights and ranch properties are located represents the single most important catalysts for land values and accelerated development.”

5 10 17 fig1

Earlier this year in March, the Company’s 98-acre Comstock Industrial Site received Nevada Certified Site accreditation from the Northern Nevada Development Authority (NNDA). It is strategically located between the Silver Springs Airport and the recently re-zoned Downtown Silver Springs parcels and the USA Parkway—that is scheduled for completion this year.

The Nevada Certified Site Program is designed to provide critical decision-making information to business owners, developers and site selectors to allow informed, expedited decisions. The Nevada Certified Site designation serves as a pre-qualification for buyers, indicating that a property’s title is clear, appropriately zoned, possesses sufficient utilities, adequate transportation access and other critical infrastructure for industrial and commercial uses. It also includes a confirmation that a positive, Phase One environmental assessment has been completed, among many other criteria. The designation ensures that a company’s expansion plans will not be held back by costly delays in permitting and approvals.

In addition to being located adjacent to the Silver Springs Airport, the 98-acre Comstock Industrial Site it is next to multiple, expansive parcels of commercial and industrial properties and immediately within the municipal water and sewer service area, serviceable by electrical power, natural gas, and communications. The Company also owns more than 256 acre-feet of the most senior water rights in the basin. NNDA has uploaded the certified site information packet at this link:
http://www.nevadacertifiedsites.com/service/98-acre-commercialindustrial-site/

5 10 17 fig2

USA PARKWAY/U.S. 50 ROUNDABOUT—Now under construction, looking north from Opal Avenue towards USA Parkway with U.S. 50 running west to east/left to right.
The property is ideally situated with excellent logistics in immediate proximity to where USA Parkway (State Route 439) connects with U.S. 50 from Interstate 80, through the TRI Center, also known as the largest industrial park in the world. The Company plans to sell certain, non-mining related lands, buildings and water rights, including this Certified Site, for expected net cash proceeds of more than $14 million during the next 12 to 18 months. NDOT has an animated flythrough of USA Parkway (SR 439) that can be viewed at this link:
http://www.nevadadot.com/projects-programs/road-projects/usa-parkway
 
About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

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


The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. 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.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, May 4, 2017

Comstock Mining Announces First Quarter 2017 Results
Accelerates Strategic Ventures and Commences Dayton Feasibility Studies

Virginia City, NV (May 4, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected unaudited financial results for the fiscal quarter ended March 31, 2017.

First Quarter 2017 Selected Strategic and Operational Highlights 

  1. Commenced and advanced multiple negotiations with various Joint Venture partners, associated with our mineralized and certain other properties.
  2. Extracted mineralized material from the Dayton Resource Area, for metallurgical testing that supports the feasibility study associated with establishing proven reserves and a mine plan.
  3. Launched column testing with Dayton mineralized materials, with federally funded research grants through Cycladex Inc., a strategic investee, for, faster, cheaper, safer leaching solutions.
  4. Completed an independent, full surface and mineral property title review in conjunction with our recent refinancing, confirming full, clean and unencumbered title on all 8,631 acres.
  5. Successfully mitigated severe, unprecedented weather events without any health, safety, environmental or permit compliance implications.
  6. Accelerated Monetization of Non-mining lands for 2017, with rare site certification for our perfectly situated, shovel ready, industrial land and water rights in the immediate vicinity of the Tahoe-Reno Industrial Center, where the new USA Parkway crosses Highway 50 (see Figure 2).
  7. Announced that Google purchased 1,210 acres for $29.1 million at the Tahoe Reno Industrial Center, joining Tesla, Switch, WalMart, Home Depot and further enhancing local land values.
  8. Completed strategic refinancing during the first quarter that ensures our liquidity and positions us to consummate the strategic transactions in progress, complete the land sales and achieve our goal of delivering $500 million of accretive per share value (over $2 per share) by 2020.

Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “Our first quarter was a watershed quarter where we completed a strategic refinancing, established a precise goal of delivering $500 million of accretive share value in the next 2-3 years, accelerated joint venture discussions and land sales, with anticipated transactions in the second quarter and remarkably, even commenced metallurgical column tests for the feasibility of the Dayton Mine.”   

First Quarter 2017 Selected Financial Highlights 

  1. General and administrative expenses reached a record low of $0.7 million in Q1 2017, a 40% improvement compared to Q1 2016, driven by lower payroll and administrative expenses. 
  2. Real Estate operating costs also reached a record low, a 67% improvement compared to Q1 2016, and resulting in the first GAAP positive profit for this segment.
  3. Environmental and reclamation costs were flat, despite spending almost $200k on extreme weather mitigation tactics. Excluding these non-routine actions, costs were down 46%.
  4. Net loss was $2.8 million, or $0.01 per share for Q1 2017, as compared to net loss of $4.1 million, or $0.02 per share, for Q1 2016, resulting primarily from net cost reduction efforts.
  5. Net cash used in operations was just under $2.0 million in Q1 2017, resulting in part from pay down of certain accrued payables and non-recurring environmental costs.
  6. Net cash provided by financing activities, was $2.2 million, primarily from refinancing.
  7. Cash and cash equivalents at March 31, 2017, were $0.4 million.  The Company plans on maintaining a cash balance of approximately $0.5 - $1.0 million throughout 2017.
  8. Total long-term debt at March 31, 2017, were $11.5 million, with all but $0.5 million being long term, the positive result from our recent refinancing.

Mr. De Gasperis added, “Our completion of these dramatic cost reductions puts us among, if not at, the lowest cost in our peer group, including record lows in literally every cost classification, despite some non-recurring environmental and due diligence costs associated with both weather and our refinancing in the first quarter. ”

Operating Costs and Cost Reductions

Last year, we completed a transformational restructuring that streamlined costs while maintaining all of our critical competencies of geology, metallurgy, engineering, land, environmental and permitting and finance. We realized tremendous annualized and recurring cost savings across the entire enterprise, including an almost halving of our general and administrative expenses! This puts us among, if not at, the lowest cost in our peer group and allows us to maximize capital into the ground, for new and upgraded ounces, the single largest value driver for our shareholders. 

Exploration and Mine Development

We expanded our exploration planning to include longer-term exploration targets across the broader Comstock District, where we identified multiple miles of additional mineralized strike zones and added them to our exploration plans. This includes the southern portion of the Dayton Resource Area, extending south for another mile and a half into the Spring Valley. 

The Company is actively advancing the Dayton Resource area to full feasibility, with a production ready mine plan within the next two years. The volcanic host rocks and structural controls of the mineralization defined to date are also projected south into Spring Valley. Economic gold mineralization has been intercepted in several wide spaced drill holes conducted during numerous prior Spring Valley drilling programs. Over the past several months, the technical staff has identified multiple drill targets within several specific locations that encompass the Dayton Resource area and Spring Valley. The new targets are based on the Company's latest review of previous geophysical studies and current interpretation of the geology.

During the quarter and more recently, we extracted mineralized material from the Dayton Resource Area, for metallurgical testing that supports the feasibility study associated with establishing proven reserves and a mine plan.  We also launched column testing with Dayton mineralized materials, with federally funded research grants through Cycladex Inc., a strategic investee, for, faster, cheaper, safer leaching solutions. These columns are expected to yield preliminary results for grade, yield, speed of processing and costs that supports the feasibility study for the Dayton Mine Plan.

The exploration of Spring Valley will subsequently include phased drilling programs that will continue southerly from SR 341 to the historic Daney mine site (see Figure 1), with a total a strike length of approximately 8,000 feet.

(Figure 1)

552017fig1

Dayton and Spring Valley Drilling Target Areas

These targets are in addition to the global resource published in January 2013, in a technical report authored by Behre Dolbear, January 2013.  The Resource of 7.9 M tons includes measured, indicated and inferred resource estimates at a 0.02 opt Au cutoff.  The mineralized material resource estimation contains 330,000 ounces Au (average grade 0.042 opt Au) and 1.8 million ounces of Ag (average grade 0.231 opt Ag).

In house Dayton engineering and mine planning have resulted in profiling various economic pit shells with multiple cutoff grade scenarios.  Multiple layout plans for the mine and corresponding processing facilities have been conceptually developed and located on lands 100% privately held by the Company, thus simplifying and shortening the critical permitting chain.  A definition drill plan is in place and is permitted.  An expanded drill plan is currently being designed and detailed plans will be submitted to the regulatory agencies for permitting.

Strategic Plan and Actionable Ventures

Our Board has established and approved a vision of creating a “Premium valued, multi-project, sustainable mining company” by building our portfolio of gold and silver mining properties towards proven and probable reserves.  Our goal is to deliver up to $500 million of accretive per share value (over $2 per share) by 2020, by acquiring, exploring and developing resources and engineering reserves capable of sustaining production of more than 100,000 ounces per annum. Our past efforts, especially in 2016, have positioned us for this success.  We believe our proficiency in land acquisitions, resource development, innovative processing, concurrent reclamation, permitting and project advancement, coupled with lower costs and a strong balance sheet positions us to achieve this value creating goal.

During 2016, we successfully transitioned the Lucerne Mine, proving key variables for future economic feasibility in one of the largest, historic world-class geologic districts and preparing us for long-lived production growth. The Company sustained ore processing throughout 2016, with final metallurgical recoveries of almost 90% for gold and 60% for silver, truly a best-in-class performance for our mineralized material and a critical success factor for future production.

We are engaged in multiple joint venture discussions across the District and anticipate announcing at least one transaction during the second quarter.  The ventures primarily focus on accelerating, funding and advancing our projects toward production, consistent with our strategic goal. 

Corporate and Outlook

We enhanced our liquidity with a long-term, strategic refinancing designed to strengthen our balance sheet, improve liquidity and enable our growth.  The long-term nature of this financing allows us to participate in the dramatic economic boom currently surging through northern Nevada.  The Company plans on maintaining a cash balance of approximately $0.5 - $1.0 million throughout 2017, until the asset sales of joint ventures transactions occur.

The acceleration of these economic activities in our counties, including multi-billion dollar investment currently in progress by Tesla and Switch, recent announcements of newer investments by Google, and the associated real-time infrastructure developments, like the USA Parkway connector, has further enhanced our land values and created opportunities for monetization.  We plan to sell non-mining lands, buildings and water rights, for expected net cash proceeds of $14+ million during the next 12 months, eliminate debt obligations and strengthen our balance sheet. 

(Figure 2)

552017fig2

During the latter part of the first quarter, and more recently, inquiries, visits and discussions about purchasing, venturing and/or leasing our non-mining real estate has increased exponentially. 

Conference Call

The Company will host a conference call today, May 4, 2017, 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: 888-297-8935; confirmation code 9641049
International: +1 416-849-4292; confirmation code 9641049
The audio will be available, usually within 24 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

 

COMSTOCK MINING INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 

March 31,
 2017

 

December 31,
 2016


ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

388,571

 

 

$

184,359

 

Assets held for sale, Net (Note 3)

5,905,768

 

 

5,894,220

 

Prepaid expenses and other current assets (Note 2)

262,405

 

 

1,885,792

 

Total current assets

6,556,744

 

 

7,964,371

 

 MINERAL RIGHTS AND PROPERTIES, Net

7,205,081

 

 

7,205,081

 

PROPERTIES, PLANT AND EQUIPMENT, Net (Note 3)

15,745,991

 

 

15,148,567

 

RECLAMATION BOND DEPOSIT

2,622,544

 

 

2,622,544

 

RETIREMENT OBLIGATION ASSET (Note 4)

533,531

 

 

617,126

 

OTHER ASSETS

285,342

 

 

285,342

 

TOTAL ASSETS

$

32,949,233

 

 

$

33,843,031

 


LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

434,467

 

 

$

804,551

 

Accrued expenses (Note 5)

913,494

 

 

1,135,934

 

Long-term – current portion (Note 6)

465,360

 

 

483,669

 

Total current liabilities

1,813,321

 

 

2,424,154

 

LONG-TERM LIABILITIES:

 

 

 

Long-term debt (Note 6)

10,893,500

 

 

8,986,626

 

Long-term reclamation liability (Note 4)

7,369,429

 

 

7,353,346

 

Other liabilities

646,794

 

 

662,316

 

Total long-term liabilities

18,909,723

 

 

17,002,288

 

Total liabilities

20,723,044

 

 

19,426,442

 

COMMITMENTS AND CONTINGENCIES (Note 10)

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

Common stock, $.000666 par value, 3,950,000,000 shares authorized, 187,740,176 and 185,363,676 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively

124,987

 

 

123,453

 

Additional paid-in capital

226,903,621

 

 

226,321,375

 

Accumulated deficit

(214,802,419

)

 

(212,028,239

)

Total stockholders’ equity

12,226,189

 

 

14,416,589

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

32,949,233

 

 

$

33,843,031

 

 

COMSTOCK MINING INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 

Three Months Ended
 March 31,

 

2017

 

2016

REVENUES

 

 

 

Revenue - mining

$

 

 

$

1,980,764

 

Revenue - real estate

19,294

 

 

39,757

 

Total revenues

19,294

 

 

2,020,521

 

 

 

 

 

COST AND EXPENSES

 

 

 

Costs applicable to mining revenue

902,404

 

 

1,415,921

 

Real estate operating costs

17,133

 

 

52,429

 

Exploration and mine development

270,967

 

 

2,627,592

 

Mine claims and costs

264,535

 

 

296,433

 

Environmental and reclamation

348,051

 

 

372,696

 

General and administrative

660,863

 

 

1,085,108

 

Total cost and expenses

2,463,953

 

 

5,850,179

 

 

 

 

 

LOSS FROM OPERATIONS

(2,444,659

)

 

(3,829,658

)

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

Interest expense

(456,082

)

 

(553,605

)

Other income (expense), net

126,561

 

 

331,868

 

Total other expense, net

(329,521

)

 

(221,737

)

 

 

 

 

NET LOSS BEFORE INCOME TAXES

(2,774,180

)

 

(4,051,395

)

 

 

 

 

INCOME TAXES

 

 

 

 

 

 

 

NET LOSS

(2,774,180

)

 

(4,051,395

)

 

 

 

 

 

 

 

 

NET LOSS AVAILABLE TO COMMON SHAREHOLDERS

$

(2,774,180

)

 

$

(4,051,395

)

 

 

 

 

Net loss per common share – basic

$

(0.01

)

 

$

(0.02

)

 

 

 

 

Net loss per common share – diluted

$

(0.01

)

 

$

(0.02

)

 

 

 

 

Weighted average common shares outstanding — basic

186,841,454

 

 

162,851,273

 

 

 

 

 

Weighted average common shares outstanding — diluted

186,841,454

 

 

162,851,273

 



COMSTOCK MINING INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 

Three Months Ended
 March 31,

 

2017

 

2016

OPERATING ACTIVITIES:

 

 

 

Net loss

$

(2,774,180

)

 

$

(4,051,395

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation, amortization and depletion

1,155,302

 

 

1,692,631

 

Accretion of reclamation liability

16,083

 

 

46,445

 

Gain on sale of properties, plant, and equipment

 

 

(539,370

)

Amortization of debt discounts and issuance costs

96,640

 

 

188,305

 

Payment of interest expense and sales tax with common stock

 

 

98,736

 

Loss on payment of debt obligation with common stock

 

 

150,166

 

Net loss on early retirement of long-term debt

126,997

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

 

(130,806

)

Inventories

 

 

248,338

 

Stockpiles and mineralized material on leach pads

 

 

522,138

 

Prepaid expenses and other current assets

108,682

 

 

(170,415

)

Accounts payable

(451,376

)

 

1,805,740

 

Accrued expenses and other liabilities

(237,962

)

 

(565,478

)

NET CASH USED IN OPERATING ACTIVITIES

(1,959,814

)

 

(704,965

)

INVESTING ACTIVITIES:

 

 

 

Proceeds from sale of properties, plant and equipment

 

 

787,421

 

Purchase of mineral rights and properties, plant and equipment

 

 

(178,025

)

Decrease in reclamation bond deposit

 

 

20,260

 

NET CASH PROVIDED BY INVESTING ACTIVITIES

 

 

629,656

 

FINANCING ACTIVITIES:

 

 

 

Principal payments on long-term debt and capital lease obligations

(7,624,800

)

 

(1,836,058

)

Proceeds from long-term debt obligations (net of issuance costs)

9,479,446

 

 

925,000

 

Proceeds from the issuance of common stock

340,088

 

 

3,500,000

 

Common stock issuance costs

(30,708

)

 

(589,454

)

NET CASH PROVIDED BY FINANCING ACTIVITIES

2,164,026

 

 

1,999,488

 

INCREASE IN CASH AND CASH EQUIVALENTS

204,212

 

 

1,924,179

 

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

184,359

 

 

1,663,170

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

388,571

 

 

$

3,587,349

 

 

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Tuesday, April 25, 2017

Comstock Mining Announces Notice of First Quarter 2017 Results and Business Update Conference Call

Virginia City, NV (April 25, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) will host a conference call on Thursday, May 4, 2017 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report First Quarter 2017 results and provide a business update. The live call will include a moderated Q&A, after the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

North American Toll Free: 888-297-8935; confirmation code 9641049

International: +1 416-849-4292; confirmation code 9641049

The audio will be available, usually within 24 hours of the call, on the Company website:

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

Also, the Company is pleased to announce that Corrado De Gasperis, Executive Chairman and CEO, will attend the 2017 Mines and Money Conference.  This conference is an exclusive event for investors who specialize in junior mining projects being held on May 3 - 4, 2017, at the New York Hilton in Midtown Manhattan.

Mr. De Gasperis will participate in one-on-one meetings with registered conference investors and provide a strategic update, including recently completed transactions and the near and longer-term objectives of the Company’s business plans. Registration for these meetings is for qualified institutional investors, asset managers and private investors. If you would like to register to attend the conference, please go to the following website: (http://newyork.minesandmoney.com/), and click “Register.”

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth and redemption of the Debenture.

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 the Debenture or any other securities of the Company.

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

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.

 

Zach Spencer
Investor Relations
Tel (775) 847-5272 x151
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