>

Comstock Mining Inc

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

 
Wed, Jul 21, 2010

GoldSpring Announces Name Change to Comstock Mining Inc.

VIRGINIA CITY, Nev., July 21 /PRNewswire-FirstCall/ -- Comstock Mining Inc. ("Comstock" or the "Company"), formerly known as GoldSpring, Inc. (formerly OTCBB: GSPG) announced today that it has changed its name from GoldSpring, Inc. to Comstock Mining Inc.  Comstock's common stock, $0.000666 par value, will continue to trade on the OTC Bulletin Board under the new ticker symbol "LODE."

The Company has received all required approvals from the Financial Industry Regulatory Authority ("FINRA") for this corporate action and the name change and the new ticker symbol will become effective with the opening of the market on Wednesday, July 21, 2010.

 
Tue, Jul 20, 2010

GoldSpring Acquires Key Properties in the Comstock Lode District and Reports Related Drill Results

VIRGINIA CITY, Nev., July 20 /PRNewswire-FirstCall/ -- GoldSpring, Inc. ("GoldSpring" or the Company") (OTC Bulletin Board: GSPG) announced today that it has purchased seven patented mining claims totaling 48 acres, surface rights to two additional patented mining claims totaling 15 acres, 12 unpatented lode claims, and 15 acre-feet of water rights (the "Donovan Property"), in Storey County, Nevada from the estate of William Michael Donovan Jr.  The property contains a significant portion of the mineral resource summarized in the May 2010 Technical Report (43-101) authored by Behre Dolbear & Company of Denver, Colorado.  These claims have been controlled under a mining lease agreement since 1987 by GoldSpring and its predecessor organizations.

The purchase price was $1,025,000, with an initial payment of $300,000.  The Company financed the remaining $725,000 with an installment note bearing 6% interest, requiring 60 monthly payments of $6,178 and a final payment of then-unpaid principal and interest. The Donovan estate will retain a 1.5% Net Smelter Royalty ("NSR") on all future mineral production from these claims.

 
Mon, Jun 21, 2010

GoldSpring Receives Enhanced Commitment: Funding Increased to $5.6 Million

VIRGINIA CITY, Nev., June 21 /PRNewswire-FirstCall/ -- GoldSpring, Inc. ("GoldSpring" or the "Company")(OTC Bulletin Board: GSPGD) announced today that it has entered into a definitive agreement to increase its existing $4.5 million debt financing to $5.6 million for its Comstock Mine Project.  The continued financial support is being provided through a consortium led by the Company's lead stakeholder who is also an accredited investor.

"The ongoing support of our strategic plan and operations demonstrates the strong, continuing commitment of our stakeholders toward funding our business plan, recapitalizing our balance sheet and achieving our goal," stated Corrado DeGasperis, GoldSpring's President and CEO.  "We appreciate the stability that results from committed liquidity and, together with our successful reverse stock split, we anticipate completing the debt-for-equity and the land components of our previously disclosed recapitalization plan over the next few weeks.  Our team continues to progress our mine planning, including metallurgical testing, design and resource validation and ongoing development of our resources."

 
<< Start < Prev 11 12 13 14 15 16 17 18 19 20 Next > End >>
Page 20 of 20