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Comstock Mining Inc

Pure Comstock Silver Nevada Sesquicentennial Medallion This limited edition medallion commemorates Nevada’s Sesquicentennial and is the first substantial minting of Comstock Silver since the Carson City Mint closed in 1893.
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Comstock Mining Inc
Press Releases
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
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Tuesday, April 18, 2017

Comstock Mining Announces Google’s Parent Investment In Northern Nevada In Immediate Vicinity of Comstock’s Certified Industrial Site

Virginia City, NV (April 18, 2017) - Comstock Mining Inc. (“Comstock” or the “Company”) (NYSE MKT: LODE) announced today, and the Wall Street Journal reported recently, that Google purchased 1,210 acres for $29.1 million at the Tahoe Reno Industrial (“TRI”) Center located in northwestern Nevada. Google will join other landmark companies such as Tesla, Switch, WalMart, Home Depot and many others, that are already investing or have existing operations at the TRI Center, located in the direct vicinity of the Company’s shovel-ready, 98-acre Comstock Industrial Site in Silver Springs, Nevada.

Corrado De Gasperis, President & CEO of Comstock Mining Inc. said, “Some of the world’s best companies continue to validate, with hard invested money, the competitive advantages and benefits of doing business in northern Nevada, and especially in Storey and Lyon Counties.  We are the second largest landowner in Storey County and we have extensive lands along Highway 50, in Lyon County, Nevada.  Our Comstock industrial Site is the perfect opportunity for companies looking to strategically and easily locate in business-friendly northern Nevada and join a network of global industries that are rapidly advancing their projects. We look forward to Governor Sandoval providing more information about Alphabet-Google and other companies locating here.”

 4 48 17

Last month, the Company’s 98-acre Comstock Industrial Site received Nevada Certified Site accreditation from the Northern Nevada Development Authority (NNDA). This shovel-ready site is in immediate proximity of the super-routed USA Parkway and Highway 50 intersection. 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 later 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.

The 98-acre Comstock Industrial Site in Silver Springs, Nevada, is also located adjacent to the Silver Springs Airport, 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/

The property is ideally situated with excellent logistics in immediate proximity to where USA Parkway (State Route 439) connects with US 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 the Certified Site, for expected net cash proceeds of more than $14 million during the next 12 to 18 months. The Nevada Department of Transportation 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.

 
Monday, April 10 , 2017

Comstock Mining Announces Sweeping Master Plan and Zone Changes in Silver Springs Nevada Board of County Commissioners Unanimously Votes for Economic Growth!

Virginia City, NV (April 10, 2017) - Comstock Mining Inc. (“Comstock” or the “Company”) (NYSE MKT: LODE) announced today, that the Lyon County Board of Commissioners unanimously approved both a major, expansion-friendly master plan amendment for the Silver Springs Airport and commercial zoning for a centrally-located 160-acre parcel, both of which are in the immediate vicinity of the Company’s recently approved, shovel-ready, 98-acre Comstock Industrial Site in Silver Springs, Nevada.

Corrado De Gasperis, President & CEO of Comstock Mining Inc. said, “The Lyon County Commissioners have demonstrated outstanding leadership by making critical land use changes that support and facilitate the economic development opportunities spreading throughout our region. Our property sits squarely in the middle of these changes.”

The Company’s 98-acre Comstock Industrial Site is available for development and recently received the Nevada Certified Site accreditation from the Northern Nevada Development Authority (NNDA). It is in immediate proximity of the super-routed USA Parkway and Highway 50 intersection.   This site is located in the direct vicinity of the expanding Tahoe Reno Industrial (“TRI”) Center, the Silver Springs Airport, the now re-zoned Downtown Silver Springs parcels and the USA Parkway—that is scheduled for completion later 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.

ComstocksiteSS

The 98-acre Comstock Industrial Site in Silver Springs, Nevada, is also located adjacent to the Silver Springs Airport, 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/

The property is ideally situated with excellent logistics in immediate proximity to where USA Parkway (State Route 439) connects with US 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 the Certified Site, for expected net cash proceeds of more than $14 million during the next 12 to 18 months. The Nevada Department of Transportation 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.

 
Tuesday, April 4 , 2017

Comstock Mining Announces 2017 Annual Meeting and Record Date

Virginia City, NV (April 4, 2017) – Comstock Mining Inc. (“Comstock” or the “Company”) (NYSE MKT: LODE) announced today, that its 2017 Annual Meeting of Shareholders is scheduled for Thursday, June 1, 2017, at the historic Gold Hill Hotel Great Room, 1540 Main Street, Gold Hill, Nevada.  The meeting will begin at 9:00 a.m., and will include an update on the Company’s geological developments and the gold industry. 

The 2017 Annual Meeting schedule is as follows:

Thursday, June 1, 2017:
8 a.m. – 9 a.m. - Continental Breakfast
9 a.m. – Noon - 2017 Annual Shareholders Meeting, Company Presentations, Q & A

Lunch will be served at the Gold Hill Hotel following the presentations.

Shareholders are invited to register for this event via the Company website:
http://www.comstockmining.com/investors/investor-relations

The record date for the Annual Meeting is April 11, 2017.  Only shareholders of record at the close of business on April 11, 2017, may vote at the meeting.  The Company’s proxy statement will be sent to shareholders of record and will describe the matters to be voted upon.

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.

 
Tuesday, March 28 , 2017

Comstock Mining Receives Coveted Nevada Site Certification on Silver Springs Property

Virginia City, NV (March 28, 2017) - Comstock Mining Inc. (“Comstock” or the “Company”) (NYSE MKT: LODE) announced today, that along with its subsidiary, Comstock Industrial LLC, it received the Nevada Certified Site accreditation from the Northern Nevada Development Authority (NNDA) on its strategically situated, 98-acre industrial property in Silver Springs, Nevada, in immediate proximity of the super-routed USA Parkway and Highway 50 intersection.   The site is located in the direct vicinity of the expanding Tahoe Reno Industrial (“TRI”) Center, the Silver Springs Airport and the USA Parkway—which enables the most efficient throughways to Fallon, Yerington, Carson City, Las Vegas, Phoenix, and Los Angeles, and beyond. This site is only the second site to achieve this Northern Nevada certification and is the first certified in Lyon County.

2017 3 28

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.

NNDA also cited several positive factors for locating a business in Nevada:

  • Nevada consistently ranks as one of the top ten states to do business based on taxation & regulation, workforce quality, and living environment;
  • Northern Nevada’s centralized location can reach 11 western states within one to two transport days;
  • Nevada’s favorable tax structure does not have a Corporate Income Tax, Personal Income Tax, Inventory Tax, Unitary Tax, Estate Tax, Gift Tax, Franchise Tax, Inheritance Tax or Special Intangible Tax; and
  • Nevada has one of the lowest costs to incorporate in the U.S.

“The commercial and industrial real estate market in the Sierra Region is growing dramatically,” said NNDA Executive Director Robert Hooper. “Industrial vacancy rates are down and, in many cases, current buildings are not meeting the market’s needs. Building a new facility to meet the specialized needs of today’s market is ideal but can take too long to get through the due diligence and approval processes. The Nevada Certified Site program solves the problem and helps buyers, sellers and developers accelerate their economic goals by doing and certifying the heavy administrative work up front.”
To become certified, the owners of a property must prove that their land meets 35 different requirements and benchmarks designed to speed up the due diligence period most buyers go through. The program is designed to support businesses that are looking to construct their own building, but don’t have the time to wait while all of the preliminary assessments are done on the property.   

Corrado De Gasperis, President & CEO of Comstock Mining Inc. said, “We are pleased to receive this advantageous site certification from NNDA. The NNDA process was incredibly thorough and collaborative, especially working with Lyon County officials and local utilities.  The certification required us to meet more than 30 different prerequisites and benchmarks, all designed to expedite the development process most buyers go through.  Essentially, this site is ‘shovel ready’, saving everyone time and money.”

The 98-acre Comstock Industrial site in Silver Springs, Nevada, is also located adjacent to the Silver Springs Airport, 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 over 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/

The property is ideally situated with excellent logistics in immediate proximity to where USA Parkway (State Route 439) connects with US 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 the Certified Site, for expected net cash proceeds of more than $14 million during the next 12 to 18 months. The Nevada Department of Transportation 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, March 16 , 2017

Comstock Mining Presenting at the 2017 MicroCap Conference

Virginia City, NV (March, 16, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) is pleased to announce that Corrado De Gasperis, Executive Chairman and CEO, will attend and present at the 2017 MicroCap Conference.  This conference is April 4, 2017, in New York City at the Essex House and is an exclusive event for investors who specialize in small and microcap stocks.

Mr. De Gasperis will provide a Company update during the live presentation, including the recently completed strategic financing and Company-specific plans to resume the exploration drilling and development for the Dayton mine. He is also scheduled to participate in one-on-one meetings with registered conference investors.  Registration for these meetings is only for qualified portfolio managers, analysts and private investors. If you would like to register to attend the conference, please go to the following website:
(www.microcapconf.com), and click “Register”.

Mr. De Gasperis’ presentation will take place on Tuesday, April 4, 2017 at 5:00 p.m. Eastern Time. 

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, 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.

Judd Merrill
Chief Financial Officer
Tel (775) 847- 7524
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, March 9 , 2017

Comstock Mining Announces 2016 Year End Results

Delivered Lowest, Sustainable Cost Structure for Production-ready U.S. Junior Miner

Virginia City, NV (March 9, 2017) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected strategic and financial highlights for the year ended December 31, 2016.

2016 Selected Strategic Highlights

  • Annualized cost reduction exceeds $8 million target in 2016, versus 2015, positioning the Company among the lowest operating cost structures in its peer group.
  • Refinanced the Company’s obligations, extended maturities, improved liquidity and positioned the Company to resume drilling and development.
  • Nevada Supreme Court positively affirmed the Company’s zoning for the Dayton, prompting the exploration drilling and development of entire southern portion of the District.
  • Completed the exploration and permitting plans for the Dayton Mine, toward goals of resource expansion, reserve feasibility and preparation of mine plans in the next two years.
  • Expanded permits for future leaching and exclusive Right-of-Way for increased hauling.
  • Commenced column testing, with federally funded research grants through Cycladex Inc., a strategic investee, for, faster, cheaper, safer leaching solutions and processes.
  • Received 2016 first place for “Mine Operation Safety” from Nevada Mining Association.
  • Completed strategic land and water rights acquisition, permitting and zoning in the immediate vicinity of the Tahoe-Reno Industrial Center and the new USA Parkway.
  • Continued non-mining asset sales with expected cash proceeds in excess of $14 million.

Corrado De Gasperis, Executive Chairman and CEO of the Company stated: “Our completion of these dramatic cost reductions puts us among, if not at, the lowest cost in our peer group, including sustainable reductions of G&A by two-thirds.  Our non-mining land sales are designed to deliver a debt-free balance sheet and accelerate our resource growth. We are now planning to commence drilling in the second quarter.”

2016 Selected Financial Highlights

  • Mining revenue was $4.9 million for 2016, as compared to $18.2 million for 2015.
  • Successfully concluded leaching operations in December, 2016, with final metallurgical recoveries yielding almost 90% for gold and 60% for silver.
  • Completed annualized cost reductions of over $8 million, including 48% G&A reductions for 2016, and projected 65% reductions for 2017, both as compared to 2015,
  • Exploration and mine development expense was $4.6 million for the full year 2016, primarily for the Lucerne underground exploration and development and Dayton pre-feasibility activities.
  • General and administrative expenses were $3.5 million for full year 2016, a 48% reduction driven by reductions in payroll and administrative expenses. 
  • Net cash used in operations was $2.6 million for 2016, resulting primarily from increased exploration and mine development expenditures.
  • Net cash provided by investing activities was $2.6 million for the year ended, resulting primarily from equipment sales.
  • Net loss was $12.9 million for the year ended 2016, resulting from lower mining revenues and increased exploration and mine development expenses for Lucerne.
  • Total debt obligations at December 31, 2016, were $9.5 million, ($6.2 million excluding the $3.3 million borrowed to purchase strategic land and water rights) a 53% reduction as compared to $13.3 million at December 31, 2015, before the land and water purchase. 

Corrado De Gasperis, Executive Chairman and CEO of the Company stated: “Our completed streamlining will result in lower 2017 costs in all categories, especially in G&A, where we have already effected more than a $1 million decrease from 2016.  This allows us to maximize our investment capital in exploration drilling and development, for maximum resource growth.  We now have the properties, the zoning and the permits to efficiently expand the resource.”

Exploration and Development
The Company expanded its exploration planning to include longer-term exploration targets across the broader Comstock District where multiple miles of additional mineralized strike zones have been identified and added to the Company’s exploration planning activities. This includes the southern portion of the Dayton Resource Area, extending further south into the Spring Valley Group (refer to Figure 1), the Company’s Northern properties referred to as the Gold Hill Group and also northeastern properties within the Occidental Group.

Dayton Resource Area
The Dayton Resource area is southwest of Silver City in Lyon County, Nevada. It generally includes the Dayton, Kossuth and Alhambra claims, including the old Dayton Consolidated mine workings, south to where the Kossuth claim crosses State Route 341. The Dayton Resource area ranks as one of the Company’s top exploration and potential mine production targets. In January 2014, the Lyon County Board of Commissioners approved a strategic master plan and zoning changes on the Dayton, Kossuth and Alhambra mining claims and other properties located in the Dayton Resource Area, enabling a more practical, comprehensive feasibility study for mining.  Although this decision was appealed, on December 2, 2016, the Nevada Supreme Court entered an order affirming all three of the District Court’s decisions associated with 1) the Commissioners’ discretion and authority for changing master plans and zoning, 2) their compliance with Nevada’s Open Meeting Law and 3) their compliance with Nevada statutory provisions. The positive Supreme Court decision now enables the Company to progress its exploration and development plans toward full feasibility and production planning.  The Company plans to advance the Dayton Resource Area to full feasibility, with a production ready mine plan within the next two years.

A draft plan has now been designed for an expanded drilling program that would include Reverse Circulation (RC) and diamond core drill holes to place the Dayton Resource into a mine planning stage. The mine planning would incorporate the existing data and would be expanded by the additional infill, geotechnical and definition drilling. A Reverse Circulation (RC) drill program was designed to initially test the hydrologic regime within the proposed mine and process facility. The diamond hole locations would be specifically selected to define the hydrological, geotechnical and metallurgical properties during 2017, drilling programs.

The geological and geophysical characteristics of the mineralization defined for the Dayton Resource Area 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.

Non-Mining Asset Sales
During 2016, the Company completed an industrial land and water rights acquisition, for $3.3 million, including the completion of permitting and zoning in the immediate vicinity of the Tahoe-Reno Industrial (“TRI”) Center and the new USA Parkway.  The Company anticipates these properties will be certified as “shovel ready” during April 2017.  The TRI Center is just nine miles from Reno, Nevada with local access to the Reno Tahoe International Airport. Exit 32, the new USA Parkway (aka, State Route 439), is now becoming the main thoroughfare and crosses the heart of the TRI Center for 16 miles, eventually extending all the way to U.S. 50, within immediate proximity of our recently purchased industrial land and water rights. Current industrial park residents include Tesla, Switch, FedEx Supply Chain Services, PetSmart, Toys R Us, US Ordinance and Wal-Mart Distribution Center. 
Tesla began battery cell production this year. By 2018, the Gigafactory will reach full capacity and produce more lithium ion batteries annually than were produced worldwide in 2013.  Tesla and its partners will invest up to $5 billion in the Gigafactory through 2020.

Switch, a global technology solutions provider, announced the opening of the Citadel Campus in February, 2017. The facility is the largest, most advanced data center campus in the world and is also located in the Tahoe-Reno Industrial Center. The opening of Switch’s super-scale data center (aka, The Citadel Campus), is expected to provide up to 7.2 million sq. ft. of data center space in the 2,000 acre campus.

Most recently, local media has reported the upcoming announcement of a third anchor company, potentially bigger than Tesla or Switch, committing to the industrial park, amongst dozens of ancillary businesses, four hotels and related infrastructure. 

The USA Parkway extension is scheduled to be open this summer to traffic, two years earlier than originally expected, attracting an estimated 16,000 workers to the area, according to the Nevada Department of Transportation. The $75.9 million project will extend the roadway by more than 12 miles through Storey and Lyon counties and connect Interstate 80 to U.S. 50, NDOT officials said. 

“That means it will link the greater Reno-Sparks area with the U.S. 50 corridor in Silver Springs, which could attract more people, businesses and commerce to the Tahoe Reno Industrial Center. It could also help improve the economy, especially in Lyon County,” Gov. Brian Sandoval said at the ground-breaking ceremony this past summer.

These industrial assets and water rights sit on the U.S. 50 corridor, at the USA parkway intersection, coupled with other properties on the U.S. 50 corridor, are expected to bring $14 million in proceeds. 

Outlook
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 to eighteen months resulting in net profit of more than $8 million. These proceeds will be free of income taxes, eliminate current debt obligations and strengthen the financial position of the Company.

During the second quarter of 2017, the Company also plans on commencing Reverse Circulation (RC) drilling in Dayton sufficient to finalize the parameters of a mine plan and commence the permitting for the Dayton Mine. Infill drilling is expected to significantly expand the reserve potential for the Dayton mine plans. The Company has developed grade shells with higher average grades and believes the Dayton to have economically feasible potential and plans on developing those mine plans toward full feasibility during 2017, and production within the next two years. The Lucerne mine is fully permitted and requires additional drilling and development for advancing feasibility and establishing reserves for the next phase of mining.

The Company expects to operate with approximately 10 employees, including expert land, permitting, geology, engineering and metallurgical professionals. Total operating expenses for 2017, are expected to be $3.5 million, including exploration and mine development, mine claims, environmental and reclamation, and general and administrative cost but excluding depreciation and amortization.  Interest expense is expected to be $1.3 million. The Company will report the results of the Dayton exploration and development programs as they become available.

Corporate
On January 13, 2017, the Company, issued an aggregate principal amount of $10,723,000, 11% Senior Secured Debenture (the “Debenture”) due 2021. This refinancing eliminated substantially all of the Company’s current and longer terms obligations, extended maturities and enhanced liquidity 

The Debenture has a term of four years. For the first two years following the initial issue date, interest on the Debenture will be payable in cash or in the form of additional Debentures to be issued by the Company (valued at face value) or a combination of the two, at the Company’s option.

Conference Call
The Company will host a conference call today, March 9, 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: 888-287-5529; confirmation code 2506277
International: +1 416-849-4292; confirmation code 2506277

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

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by validating qualified resources and reserves (proven and probable) from our first two resource areas, Lucerne and Dayton, and significantly grow the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

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

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K and the following: current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from the conversion of securities that are convertible into or exercisable for shares of our common stock; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to maintain the listing of our securities on any securities exchange or market; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.

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

 

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.

Judd Merrill
Chief Financial Officer
Tel (775) 847- 7524
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.

 
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