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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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NYSE MKT: LODE
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Comstock Mining Inc
Press Releases
Tue, Jan 18, 2011

COMSTOCK MINING ADVANCES STRATEGIC PLAN WITH FALL 2010 DRILLING RESULTS; ENCOUNTERS 590’ OF MINERALIZATION IN FIRST DAYTON HOLE

Virginia City, NV (January 18, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today the results of the successful first phase of its drilling program.  The drilling program, as announced in a November 8, 2010 press release, was designed to advance the Company’s strategic plan towards commencing commercial mining and processing operations and increasing the Company’s validated gold and silver resources.  The overall drilling program has a planned duration of about seven months, including development drilling in the Lucerne and Dayton Resource Areas, exploration drilling on high priority targets including targets in Dayton, Spring Valley and the East-side, and condemnation drilling in areas designated for possible heap leach pad expansion.  The primary objective of the Fall 2010 drilling was completion of development and condemnation drilling supporting the Lucerne starter mine planning and the planned expansion of heap leaching capacity in American Flat.

The drill program began October 25, 2010, and completed 108 reverse circulation (RC) drill holes, totaling 26,490 feet, through the end of 2010.  Drilling began with a single track-mounted RC drilling rig, and accelerated with the addition of a truck-mounted RC drilling rig and a second track-mounted rig.  All three rigs are scheduled to continue drilling through the end of the program.

 

 
Mon, Jan 10, 2011
COMSTOCK MINING APPOINTS DELOITTE & TOUCHE AS AUDITORS

Virginia City, NV (January 10, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today that on January 4, 2011, the Audit and Finance Committee of the Board of Directors of the Company, upon completion of a formal selection process, appointed Deloitte & Touche LLP (“Deloitte”) as its independent, registered public accounting firm to audit the consolidated financial statements of the Company for the fiscal year ended December 31, 2010. On the same date, the Company dismissed Jewett, Schwartz, Wolfe & Associates (“JSW”) as its independent registered public accounting firm.

Mr. William Nance, Comstock Mining Audit Committee Chairman stated, "The depth and breadth of Deloitte’s mining practice was an important part of our decision process.”  Mr. Nance continued, “The combined experience of the engagement team in the mining and resource sectors should serve our needs well over the next year as our company prepares for gold and silver production.”

The reports of JSW on the consolidated financial statements of the Company as of and for the fiscal years ended December 31, 2009 and 2008 did not contain any adverse opinion or disclaimer of opinion. These reports were not qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended December 31, 2009 and 2008 and during the period between December 31, 2009 and January 4, 2011, there were no disagreements between JSW and the Company on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of JSW, would have caused JSW to make reference to the subject matter of the disagreements in connection with their reports.

Mr. Corrado De Gasperis, Comstock Mining Chief Executive Officer, stated, “The appointment of Deloitte provides our growing public company and its stakeholders the highest levels of assurance services for our financial accounting, reporting and compliance requirements as we move towards mine production and pursue listings on both the NYSE-AMEX and Toronto Stock Exchanges.  We appreciate the professionalism extended to us in working with the team at Jewett, Schwartz, Wolfe & Associates.”

 

 
Mon, Nov 29, 2010

COMSTOCK MINING ACQUIRES HISTORIC OEST PROPERTY;

EXPANDS COMSTOCK LAND POSITION

Virginia City, NV (November 29, 2010) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today the recent acquisition of eight patented lode-mining claims and six unpatented lode-mining claims on the Oest and Comet lodes, west of Silver City, Nevada. The Oest mine operated from 1887 to 1927, and produced approximately 50,000 ounces of gold. A prize-winning gold specimen from the Oest mine was exhibited by the state of Nevada at the 1893 Chicago World’s Fair.

"The Oest property presents an opportunity between our Lucerne and Dayton Resource Areas,” commented Mr. Larry Martin, Comstock Mining’s Chief Geologist. “Our extensive knowledge of the geology in those areas lets us explore this property with fresh concepts."

genco-mapset-web

 
Mon, Nov 8, 2010

Comstock Mining Commences Drilling Program to Advance Strategic Plan

Virginia City, NV (November 8, 2010)  -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today that it has begun a new drilling program at its Comstock Mine Project, under the direction of Mr. Larry Martin, Comstock Mining’s Chief Geologist.  The program includes over 100,000 feet of reverse circulation (RC) drilling, and has a planned duration of about seven months.  It includes development drilling in the Lucerne and Dayton Resource Areas, exploration drilling on certain high priority targets within the Company’s extensive Comstock district land holdings, and condemnation drilling in the areas designated for possible heap leach pad expansion.

The drilling has begun with two RC drill rigs and crews from DeLong Construction, Inc., of Winnemucca, Nevada (DeLong). DeLong was a drilling supplier in the Company’s 2007-2009 and Spring 2010 drilling programs.  A third drill rig and crew is scheduled to join the program in mid-November, and will be supplied by Orbit Garant Drilling of Winnemucca, Nevada, also a supplier in the 2007-2009 drilling program.

“Our experienced team has built a tremendous, working geological model that better-explains the mineralization along the Silver City fault zone,” stated Mr. Martin.  “That knowledge directs very efficient drilling, and provides multiple, high priority targets in our search for bonanza-grade mineralization.”

drillrig2_2010-10-29

 
Wed, Nov 3, 2010

COMSTOCK MINING ACQUIRES 520 ACRES ALONG THE SOUTHERN EXTENSION OF THE OCCIDENTAL LODE STRUCTURE;

EXPANDS COMSTOCK LAND POSITION BY 9%

Virginia City, NV (November 3, 2010) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today the recent acquisition of 26 unpatented lode-mining claims along the southern extension of the Occidental Lode structure in Storey County, Nevada.  The historic Occidental Lode, also referred to as the Brunswick Lode, is located 1.5 miles due east of and sub-parallel to the veins of the main Comstock Lode.  These claims adjoin and extend the Company’s previous holdings of six patented and six unpatented claims, significantly expanding the Company’s position on the Occidental Lode.

nbo_claims_web

"The Occidental Lode is an exciting target, commented Mr. Larry Martin, Comstock Mining’s Chief Geologist.  “Combining this acquisition with our prior Occidental holdings enables us to explore the substantial majority of the Occidental fault trend, leveraging our existing geological knowledge of the Comstock Lode and the Silver City fault zone."

 
Mon, Nov 1, 2010

COMSTOCK MINING INC. TO PRESENT AT

MERRIMAN CAPITAL’s INVESTOR SUMMIT 2010

ON NOVEMBER 16, 2010

 

Hundreds of Institutional Investors to Attend Conference

 

Virginia City, NV (November 1, 2010)  -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE), a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District, today announced that Corrado De Gasperis, President and CEO, will present at Merriman Capital’s 7th annual Investor Summit on Tuesday, November 16, 2010, from 12 – 12:30 PM. The conference will be held at the InterContinental New York Hotel in New York City

More information about the conference can be found at: www.merrimanco.com

About Comstock Mining Inc.

Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and brought the exploration project into test mining production.  We continue acquiring additional properties in the district, expanding our footprint and creating opportunities for exploration and mining.  The goal of our strategic plan is to deliver stockholder value by validating qualified resources (at least measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces by 2013, and commencing commercial mining and processing operations in 2011, with annual production rates of 20,000 gold equivalent ounces.

About Merriman Holdings, Inc.

Merriman Holdings, Inc. (Nasdaq: MERR) is a financial services firm focused on fast-growing companies and the institutions that invest in them. The company offers high-quality investment banking, equity research, institutional services and corporate & venture services, and specializes in three growth industry sectors: CleanTech, Consumer, Media & Internet and Technology. For more information, please go to www.merrimanco.com.

For More Information Contact:

Contact information for Comstock Mining Inc.:
P.O. Box 1118
Virginia City, NV 89440
Tel 775.847.4755
Fax 800.750.5740
www.comstockmining.com
 
Thu, Oct 21, 2010

Comstock Mining Raises $35.75 million in New Equity

Comstock Exchanges All Senior Debt for Equity, Secures Land

 

Virginia City, NV (October 21, 2010) - Comstock Mining Inc. (the “Company”) (OTCBB: LODE) announced today the successful completion of the remaining three principal features of its previously announced restructuring and recapitalization plan. The completed features of the plan include raising $35.75 million of new equity, exchanging all of the Company’s previously defaulted senior secured debt and related obligations for new equity and securing integral land mineral rights. The Company will use the net proceeds to meet its capital and operating needs for production and the remaining parts of its three-year strategic plan, including exploration, mine development, and land acquisition.

“The new capital, successful debt restructuring and land consolidation represent a watershed event for the Company.  This builds on the success of our recent NI 43-101 technical report, that validated total measured, indicated, inferred, and historic resources of over 1.6 million gold equivalent ounces and mapped a path for near-term production,” stated Mr. Corrado De Gasperis, Comstock Mining Chief Executive Officer.

“The recapitalization was a prerequisite for the Company’s April 2010 strategic plan. The goal of that plan includes enhancing stockholder value by commencing commercial mining and processing operations in 2011, and validating qualified resources of at least 3,250,000 gold equivalent ounces by 2013,” stated Mr. William Nance, Comstock’s Chairman of the Board.

The following are key highlights from the transactions:

  • Raised $35.75 million in gross proceeds ($32.75 million, net of commissions and transaction related expenses) by issuing shares of a newly created Series B Preferred Convertible Stock (“Series B Preferred Stock”) to fund the Company’s business plan to accelerate mine development and production and enhance exploration.

  • Exchanged all $29.4 million of its defaulted senior secured convertible notes and related obligations for shares of a newly created Series A-1 Convertible Preferred Stock and Series A-2 Convertible Preferred Stock (collectively, the “Series A Preferred Stock”). This transaction also clears all defaults under the terms of the notes being converted.

  • Acquired exclusive rights of production and exploration with respect to extensive mining properties, integral to the Company’s nearly 6,000-acre land position, through an operating venture agreement, named Northern Comstock LLC.

 

 
Tue, Sep 07, 2010

COMSTOCK MINING REPORTS MEASURED AND INDICATED RESOURCES INCREASE TO OVER ONE MILLION GOLD EQUIVALENT OUNCES

MEASURED, INDICATED AND INFERRED RESOURCES INCREASE BY 57%

 

Virginia City, NV (September 7, 2010) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today the highlights of its second National Instrument 43-101 (NI 43-101) technical report (the “August Report”) authored by Behre Dolbear & Company (USA), Ltd. (“Behre Dolbear”), of Denver Colorado. The August Report declared a mineral resource estimate for the Comstock Mine Project in Storey and Lyon Counties, Nevada, of Measured and Indicated Resources containing 1,060,000 gold equivalent ounces1, and an estimate of an Inferred Resource containing an additional 380,000 gold equivalent ounces. The total of 1,440,000 Measured, Indicated, and Inferred gold equivalent ounces is a 57% increase over the estimate reported in the Company’s previous NI 43-101 technical report, published in May, 2010.

 
Fri, Aug 13, 2010

Comstock Mining Announces Results Of Successful Spring Drilling Program

Virginia City, NV (August 12, 2010) -- Comstock Mining Inc. (“Comstock Mining” or the Company”)(OTCBB: LODE) announced today the results of its Spring 2010 drilling program. The drilling, concentrated in the Lucerne resource area of the Company’s Comstock Mine Project, was designed to increase the Company’s knowledge in several locations designated as possible starter pit locations, and also to explore extensions of the precious metals mineralization to the east and to the north of the previous drilling. The program was completed with 51 reverse circulation (RC) holes totaling 29,913 feet.

“The drilling results exceeded our expectations, with significant mineralized intervals of 20 or more consecutive feet encountered in 42 of the 51 holes, and 100 or more consecutive feet in 16 of the 51 holes,” stated Corrado DeGasperis, Comstock Mining’s Chief Executive Officer. “The results are a tribute to the thorough planning and execution of our geological team,” continued Mr. DeGasperis. “We are currently incorporating these drill results into a new technical report and they represent an important step toward our goal of increasing shareholder value by increasing our mineral resources and resuming mine production.”

“Our geological team developed a new conceptual model for the Silver City fault zone, that we used to design this drilling program,” stated Larry Martin, Comstock Mining’s Chief Geologist. “The success of this program continues to validate our working model, and provides some significant additional targets for our next round of exploration.”

 
Tue, Aug 10, 2010

Comstock Mining Acquires Key Mineral Leases On Southern Extent Of Comstock Trend

 

Virginia City, NV (August 10, 2010)  -- Comstock Mining Inc. (“Comstock Mining” or the Company”)(OTCBB: LODE) announced today that it has entered into a Mineral Exploration and Mining Lease Agreement (“Agreement”) with New Daney Company, Inc., and now controls seven key unpatented lode claims situated in Spring Valley, at the extreme southern end of the Comstock trend.  In Spring Valley, the main group of mineralized structures have laid mostly concealed beneath a layer of pediment gravels. These additional Spring Valley claims are adjacent to the Company’s Dondero property, where the Company’s 2009, exploration drilling discovered significant mineralization beneath the gravel.

“The acquisition of these rights expands our control of the most southerly part of the Comstock, beyond our recent Dayton properties acquisition, to encompass an additional, contiguous and relatively unexplored, mile-long segment of the Silver City Branch of the Comstock Lode,” stated Corrado DeGasperis, Comstock Mining's Chief Executive Officer.

 
Mon, Aug 2, 2010

Comstock Mining Acquires Key Comstock Property Licenses

 

Virginia City, NV (August 2, 2010) -- Comstock Mining Inc. (“Comstock Mining” or the Company”)(OTCBB: LODE) announced today that it entered into two separate exploration licenses in July, both with definitive options to purchase patented and unpatented mining claims and patented town site lots totaling over 100 acres, in the Devils Gate and Chinatown Mining District, Lyon County, Nevada. The properties contain significant historical resources and rank as one of the Company’s top exploration and potential mine production targets, second only to the Company’s Lucerne Resource Area.

On July 1, 2010, the Company obtained an exclusive 180-day exploration license with option to purchase four patented lode claims totaling 95 acres known as the Dayton property.  This property is contiguous with the Company’s Spring Valley Dondero holdings.  Under the purchase option, the price for the property is $3,000,000 plus a 3% Net Smelter Return (NSR).  The Company will receive credit for the full purchase price through a reduction in the NSR by 75% until such time as the full $3,000,000 purchase price has been credited back.  The purchase price will be paid through an initial payment of $500,000, with the balance payable in 20 equal, quarterly installments of $125,000, with no interest.  

 
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