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Comstock Mining Inc

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Comstock Mining Inc
Press Releases
Thursday, September 24, 2015

Comstock Mining Advances Underground Portal
Commences Drilling of Quartz Porphyry Target

Virginia City, NV (September 24, 2015) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced that construction of the underground exploration portal (“Harris Portal”) and development of the exploration drift (“tunnel”) in the existing Lucerne Surface Mine is progressing on schedule and has reached a linear distance of approximately 200 feet.  Additionally, the first drill platform has been constructed and the underground drilling of the previously discovered, dike-like masses of quartz porphyry (PQ), commenced today.

The first phase of the tunnel development, with a planned investment of $3 million, is expected to be approximately 800 feet, running parallel to the PQ target. This phase includes approximately 20,000 feet of diamond-core definition drilling and is scheduled for completion before year-end.  Previously disclosed drill data from the PQ includes 46 intercepts of at least 10 feet that grade, on average, over 0.23 ounces of gold per ton and over 1.71 ounces of silver per ton. 

The “Harris Portal” honors the memory of the Company’s former safety director, Randy Harris, who won a 2015 Nevada Mining Association's 'Outstanding Career in Safety' award. The Company has planned a dedication ceremony on Friday, September 25th, in honor of Randy and in conjunction with the commencement of drilling activities within the drift.  Federal, State and Local dignitaries will be in attendance along with the Harris family. The website link below catalogs the most recent drift development:

http://www.comstockmining.com/lucerne-underground-project

Corrado De Gasperis, President & CEO, commented, "We are pleased with the pace of development, the partnership with American Mining and Tunneling and the timely commencement of drilling activities by American Drilling. We will be updating and reporting on the status of the drilling, starting in October and frequently thereafter throughout year-end."

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); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

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

 

 

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

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
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Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Thursday, September 17, 2015

Comstock Mining’s Randy Harris Honored with Outstanding Career in Safety Award

Virginia City, NV (September 17, 2015) -- Comstock Mining Inc. (the “Company” or “Comstock Mining) (NYSE MKT: LODE) proudly announced that, on Saturday, September 12, 2015, the family of Randy Harris was presented with a 2015 Outstanding Career in Safety Award at the Nevada Mining Association Convention in South Lake Tahoe, Nevada. The annual award honors mining safety professionals who demonstrate exemplary careers in the industry.

Randy’s wife Marjorie Harris and his daughters, Melissa Welch, Sandy Schoenecker and Tammie Fodor, were recognized with a standing ovation from more than 400 attendees at the annual Nevada Mining Association’s Safety Award Luncheon. He was well-known and respected by all who knew him throughout his remarkable Nevada mining career.

9 16 15 a 9 16 15 b

Randy was most recently with Comstock Mining, as the company’s Director of Health and Safety. “Randy was inherently selfless, always putting others and the team ahead of himself. He had the protective gene in his DNA and was first among our team, always ensuring our safety,” stated Comstock Mining CEO Corrado De Gasperis. 

Randy’s safety career spanned more than 35 years and included working for several mining companies in northern and central Nevada.  He was a respected trainer and mentor to hundreds of professionals in the mining, fire and safety industries. He was also a former district mine inspector for the State of Nevada. De Gasperis continued, “Randy was strong in his convictions and was fiercely proud of Nevada, Nevada mining and the team. Although we miss him dearly, he is forever in our hearts.”

The Company is honoring Randy’s memory by dedicating its new underground portal, currently under development, the "Harris Portal." A dedication ceremony with invited guests, friends and family is planned for Friday, September 25th.

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); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

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

 

 

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

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Tuesday, September 15, 2015

Comstock Mining Receives Excellence in Mine Reclamation Award
Recognized for Outstanding Historic Rehabilitation

Virginia City, NV (September 15, 2015) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) received on Saturday, September 12, 2015, the Nevada Excellence in Mine Reclamation Award. The Company received the Excellence in Mine Reclamation Award for the full restoration of the Keystone Mine, and was also recognized along with the Comstock Foundation for History and Culture (the “Foundation”), for Outstanding Rehabilitation of the historic Upper Yellow Jacket Hoist Works.  Comstock’s reclamation of the Keystone Mine, in the Comstock Lode Historic Mine District, represented a full open cut land restoration, and the emergency restoration of the Upper Yellow Jacket Hoist Works saved an iconic landscape feature on the National Landmark.  The Foundation, an established 501(c)(3) not-for profit organization dedicated to the preservation of the historic district, identified, facilitated and funded the restoration. 

This combined award and three others were presented at the Nevada Mining Association Convention. All awards were the result of unanimous decisions by the Awards Committee. Members of the committee included representatives from the USFS (Elko), BLM (Reno), NDOM (Reno), NDEP (Carson City), NDOW (Reno) and NDEP (Carson City).

The Excellence in Mine Reclamation Awards recognizes some of the most progressive Nevada miners, elevating the standards of excellence in mine reclamations and restorations.  Interest in these awards encourages innovation in reclamation techniques, raises industry standards, and results in better plans of operation and reclamation, while increasing the public’s awareness of these sustaining activities. 

SRK Consulting, an independent and international mining and earth/water resource consulting company, nominated Comstock Mining for the award stating, ‘Comstock Mining embraces the local communities and looks for ways to work with and for the residents to preserve the history of the area and minimize the potential impacts of mining operations on health, safety, and quality of life.  From pro-actively engaging regulators to developing the Comstock Foundation for History and Culture (http://www.comstockfoundation.org), CMI continues to demonstrate their desire to be a responsible member of the local and broader mining communities. It is for this varied and multi-pronged approach to community engagement and historic preservation and the recent concurrent and creative reclamation of the Keystone cut that SRK believes CMI is worthy of both this nomination and the award.’

Upper Yellow Jacket Hoist and Ore Chute, before and afterUpper Yellow Jacket Hoist and Ore Chute, before and after

Through the direction and facilitation of the Foundation, the Company provided funds for the restoration of the historic Upper Yellow Jacket Hoist works and ore chute, located directly above the tracks of the V&T Railroad in Gold Hill.  The wooden hoist served to lift ore carts and miners from the famed Yellow Jacket which was one of the richest mines in the history of the Comstock.  Without the restoration efforts, this historic structure was not expected to survive another Comstock winter.

Keystone Mine reclamation, before and afterKeystone Mine reclamation, before and after

The Keystone Mine is located adjacent to State Route 342.  It is the first part of the active mining area that you see when you travel south on State Route 342 from Virginia City.  The Company recognized the significance of both the initial impression to visitors in the area and the importance of the “viewshed” to the local and visiting admirers alike.  The Company performed extensive regrading and shaping of the Keystone Mine area and included patches of boulders and rocks to mimic the appearance of the surrounding native hills.  The Company then reseeded the regraded landscape using an approved seed mix and high quality hydroseeding techniques.  Once the vegetation approximates the surrounding vegetation density, it will be difficult to distinguish the regraded terrain from the surrounding native hills.

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); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

 

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

 

 

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

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Wednesday, September 9, 2015

Comstock Mining Commences New Lucerne Underground
“Harris Portal”

Virginia City, NV (September 9, 2015) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced that, on Saturday, September 5, 2015, in conjunction with American Mining and Tunneling LLC (“AMT”), it commenced construction of an underground exploration portal (“Harris Portal”) and drift at the north end of the floor level in the existing Lucerne Surface Mine.   The weekend started off with the inaugural blast launching the underground portal and drift development:

http://www.comstockmining.com/lucerne-underground-project

Corrado De Gasperis, President & CEO, commented, "Our expert geological, engineering, environmental and safety competencies, combined with AMT’s underground expertise, have now launched and are methodically progressing the Lucerne portal, drift and exploration drilling objectives.  Drilling commences later this month, with the first phase scheduled for completion before year-end. We have added world-class mining competency while reducing cost and dramatically increasing flexibility.”

The Company has partnered with AMT and its sister company, American Drilling  Corp., LLC., based on their underground expertise and quality services to the mining industry, ranging from beginning stage drilling and exploration to initial drift and tunneling, to commence developing a new underground access to the PQ and Woodville structures. Our teams, including AMT, were hands on Saturday morning coordinating and assessing following the initial blast.

The portal is situated on previously-disturbed, private land and has two major components.  The first component of the portal and underground drift is a main, northeasterly-trending, 1,280-feet long segment.  The second component is a branching, 740-foot long southeasterly trending segment. The first component is planned in two phases. The first phase of the tunnel development is expected to be approximately 800 feet and scheduled for completion by year end, and the second phase is targeted for early 2016. The first phase also includes approximately 20,000 feet of diamond-core definition drilling, which will be closely coordinated with the tunnel development, to complete the exploration objectives associated with the previously discovered dike-like masses of quartz porphyry (PQ). Previously disclosed drill data from this PQ structure include 46 intercepts of at least 10 feet that grade, on average, over 0.23 ounces of gold per ton and over 1.71 ounces of silver per ton.

Drilling for the second phase is anticipated to extend just past the mineralized mass of PQ, where the Company has defined the nearby Woodville Bonanza structures. These geologic definitions include significant historical and current mappings plus over 116 intercepts of at least 10 feet that grade, on average, over 0.22 ounces per ton gold and 1.59 ounces of silver per ton. The PQ and Woodville structures represent the most significant opportunity for immediately exploring and advancing the development of an accelerated underground mine plan in the Lucerne Area.

The Company plans to invest approximately $3 million for the first phase, including the underground portal, drilling, and certain related infrastructure for the Lucerne underground exploration and development project, scheduled for completion this December.

Corrado De Gasperis concluded: "We will update and report the status of this project frequently throughout year end. The "Harris Portal" honors the memory of our former safety director, Randy Harris, who won a 2015 Nevada Mining Association's "Outstanding Career in Safety" award, and we are planning a dedication ceremony on Friday, September 25, in honor of Randy and in conjunction with the commencement of drilling activities within the drift.”

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); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

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

 

 

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

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Tuesday, September 8, 2015

Comstock Mining to Present at the 2015 Precious Metals Summit Colorado

Virginia City, NV (September 8, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE), a producing, Nevada-based gold and silver mining company with extensive, contiguous property in the historic, world-class Comstock Lode District, today announced that Corrado De Gasperis, President and CEO, and Judd Merrill, CFO, will attend and present at the 2015 Precious Metals Summit Colorado.  The conference is September 16-18, 2015, at the Park Hyatt in Beaver Creek.

Mr. De Gasperis will provide a Company update during the live presentation, including the recently announced Lucerne underground exploration project, including the recent drift development, the Dayton exploration project and current operations and also participate in one-on-one meetings with registered conference investors.  Registration is by invitation only to qualified investors, portfolio managers, and private wealth and family office managers. If you would like to register to attend, please click here and complete the form.

The presentation will take place on Friday, September 18, 2015 at 12:40 p.m. Eastern Time.  A live audio webcast of the presentation will be available at: http://www.gowebcasting.com/conferences/2015/09/16/precious-metals-summit/day/3

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); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

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

 

 

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

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, August 27, 2015

Comstock Mining Obtains Stockholder Approval for Conversion of Preferred Stock
And Signs Favorable Restructuring of Joint Venture

VIRGINIA CITY, NV (August 27, 2015) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced that it has signed the amendment relating to the previously announced restructuring of its Joint Venture agreement with Northern Comstock LLC.  The Company also announced that it has received all necessary approvals from the holders of the Company's convertible preferred stock for the conversion of all such convertible preferred stock to common stock, substantially simplifying the capital structure, eliminating super-voting rights, eliminating future preferred stock dividends and additionally eliminating significant royalty obligations on the future production from some of our richest properties.     

Corrado De Gasperis, President & CEO commented, “Substantially all of our preferred shareholders voted overwhelmingly to approve this transaction that has now been completed.  This is a watershed event for the Company and reaffirms investor confidence and support of our plans. I want to thank John Winfield and our Board for taking the steps necessary to maximize value for all of our shareholders. The completed transaction has strengthened our balance sheet by significantly reducing liabilities and dramatically lowering our future capital and mining costs.”

Pursuant to the definitive agreement with John V. Winfield to amend the terms of the operating agreement for its Northern Comstock LLC joint venture, the Company reduced its remaining capital contributions from $31.05 million to $9.75 million. The amendment permits such capital contributions to be made in the form of cash, or in certain circumstances, the Company’s common stock, par value $0.000666 per share ("Common Stock"). In addition, any prior or future royalty commitments from the Northern Comstock properties to Mr. Winfield were eliminated. There are no provisions for any issuances of preferred stock, in any form.

In connection with the approval of the amendments to the Company's convertible preferred stock that resulted in the conversion of all such convertible preferred stock into Common Stock, the Company declared and will pay a one-time dividend of 127 shares of Common Stock per share of preferred stock. 
Adoption of the amendments required approval of affirmative vote of the holders of a majority of the outstanding shares of the convertible preferred stock and submission of the amendments to the Charters with the Secretary of State of the State of Nevada. 

Over 99% of all voted convertible preferred shares were voted in favor of the transaction with less than 1% disapproving.  A total of over 89% of all preferred shareholders voted. Mr. De Gasperis concluded: “These transactions reflect the strong confidence and direct support of our largest investors and a significant improvement in our capital structure.  This positions us extremely well for growing and maximizing the intrinsic value for all of our shareholders.”

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; recapitalization and other capital structure modifications; capital raising; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

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

 

 

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

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
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Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Tuesday, August 25, 2015

Comstock Mining Receives Permit Approvals for Underground Exploration And
Names New “Harris Portal” After Former Safety Director

Virginia City, NV (August 25, 2015) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that the Nevada Division of Environmental Protection Bureau of Mining Regulation and Reclamation (NDEP-BMRR) has issued a Notice of Decision (NOD) approving an Engineering Design Change to the Company's Water Pollution Control Plan for Underground Exploration. NDEP-BMRR also approved a major modification to the Company's Reclamation Permit and Surety Decision for the proposed Underground Development of the Lucerne Mine.  These modified permits allow the construction of an underground exploration portal and drift at the north end of the floor in the existing Lucerne Surface Mine.  The exploration project will be situated on previously-disturbed private land and commence on September 5, 2015. The existing surety bond posted by the Company’s wholly-owned subsidiary, Comstock Mining LLC, was sufficient to cover the additional surety requirement of approximately $30,000.

The planned portal and underground drift has two major components. The first component is a main, northeasterly-trending, 1,280-feet long segment.  The second component of the portal and underground drift is a branching, 740-feet long, southeasterly trending segment. The first component is planned in two phases. The first phase is expected to be approximately 800 feet and scheduled for completion by year end and the second phase is targeted for early 2016. The first phase includes approximately 20,000 feet of diamond-core drilling to complete the exploration objectives associated with the previously discovered dike-like masses of quartz porphyry (PQ). Previously disclosed drill data from this PQ structure include 46 intercepts of at least 10 feet that grade, on average, over 0.23 ounces of gold per ton and over 1.71 ounces of silver per ton.

Drilling for the second phase is anticipated to extend just past the mineralized mass of PQ, where the Company has defined the nearby Woodville Bonanza structures. These geologic definitions include significant historical and current mappings plus over 116 intercepts of at least 10 feet that grade, on average, over 0.22 ounces per ton gold and 1.59 ounces of silver per ton. The PQ and Woodville structures represent the most significant opportunity for immediately exploring and advancing the development of an accelerated underground mine plan in the Lucerne Area.

The Company is partnering with American Mine and Tunneling LLC (“AMT”) and American Drilling Company, Inc., based on their underground expertise and quality services to the mining industry, ranging from beginning stage drilling and exploration to initial drift and tunneling, to commence developing a new underground access to the PQ and Woodville structures.  All preparations for these activities have already commenced on the mine site.

The Storey County Board of Commissioners previously (and unanimously) approved these plans.  The Company plans to invest approximately $3 million for the first phase, including the underground portal, drilling and certain related infrastructure for the Lucerne underground exploration and development project.

Corrado De Gasperis, President & CEO, commented, "Our teams are methodically progressing the Lucerne portal, drift and exploration drilling objectives. These permit approvals and our preparations with AMT allow us to commence the portal and tunnel within two weeks.  The “Harris Portal” will honor the memory of our former safety director, Randy Harris, who won the 2015 Nevada Mining Association’s “Outstanding Career in Safety” award.  Randy was an incredible man the Comstock will remember forever.”

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); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any securities.

 

 

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

 

 

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

 

 

 

 

 

 

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Wednesday, July 29, 2015

Comstock Mining Reaches Positive Agreement to Favorably Amend Joint Venture
Moves on Consent for Automatic Conversion of Preferred Stock

VIRGINIA CITY, NV (July 29, 2015) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced that it has reached a definitive agreement with John V. Winfield to amend the terms of the operating agreement for its Northern Comstock LLC joint venture, that will reduce the Company's remaining capital contributions from $31.05 million down to $9.75 million and permit such capital contributions to be made in the form of cash, or in certain circumstances, the Company’s common stock, par value $0.000666 per share ("Common Stock") and defer certain payments to a more suitable schedule. In addition, any prior or future royalty commitments for the Northern Comstock properties and Mr. Winfield will be eliminated. There are no provisions for any issuances of preferred stock, in any form.

Additionally, the Company will mail notices and consent solicitations to all the holders of the Company’s outstanding shares of convertible preferred stock (the “Consent Solicitation”), pursuant to which the Company is seeking written authorization from a majority of the holders of the Company’s outstanding 7 1/2% Series A-1 Convertible Preferred Stock (“Series A-1”), 7 1/2% Series A-2 Convertible Preferred Stock (“Series A-2”) and 7 1/2% Series B Convertible Preferred Stock (“Series B,” and together with the Series A-1 and Series A-2, the “Preferred”) to amend the certificates of designation of rights, preferences, rights and limitations of the Preferred (the “Charters”). If adopted, the amendments to the Charters will result in the automatic conversion of the Preferred into shares of Common Stock.  In addition, if the amendments to the Charters are approved, each holder of the Preferred will receive a one-time dividend of 127 shares of Common Stock, per share of Preferred. 

Adoption of the amendments requires approval of affirmative vote of the holders of a majority of the then outstanding shares of the Preferred and submission of the amendments to the Charters with the Secretary of State of the State of Nevada.  Even if approved by a majority of the then outstanding shares of the Preferred, until adopted, the Board has the right to terminate the Consent Solicitation and elect not to file the amendments.  Consents received by the Company shall cease to be effective if the amendments are not adopted on or before August 26, 2015. 

A majority of the holders of the Shares, including the Winfield Group (which includes Mr. John V. Winfield, the Company's Chairman of our Board of Directors, and entities that he controls) have indicated their intention to authorize the amendments to the Charters.

Corrado De Gasperis, President & CEO commented, “This is a watershed moment in the Company’s evolution that reflects our investors confidence in our progress and forward plans and our boards ability to take steps necessary to maximize value to all of our shareholders. It immediately strengthens our balance sheet by significantly reducing liabilities on some of our richest properties, improves our liquidity and dramatically lowers our future capital and mining costs.”
The following table reflects the number of shares currently outstanding and the number of shares of Common Stock that would be outstanding after the conversion of the Preferred:

 

Preferred Shares As Converted into Common Stock One-Time Dividend Total Shares of Common Stock
Series A-1 24,361.99 37,422,412 3,090,560 40,512,972
Series A-2 1,610.31 2,473,594 204,282 2,677,876
Series B 22,626.20 13,712,848 2,870,304 16,583,152
Common Stock Outstanding as of 6/30/2015* 85,173,255
Post-Conversion Common Stock* 144,947,255
*Excludes 3,082,713 shares of Common Stock issued as dividends on Preferred on July 1, 2015.


Holders of Preferred are referred to the Notice dated July 29, 2015 and the related Consent Letter, which are being sent to holders of the Preferred, for the detailed terms and conditions of the Consent Solicitation. The record date for determining the holders who are entitled to consent is 5:00 p.m., New York City time, on July 28, 2015.

Chairman John V. Winfield commented, “We have achieved tremendous progress despite significant challenges and obstacles, in the midst of one of the most difficult markets for junior miners.  We have consolidated an unprecedented land position in a world-class silver and gold district, developed our resources, constructed and permitted a low-cost operation and have successfully established production while developing multiple, high-grade targets.  These achievements, coupled with a simpler, more efficient capital structure that equally aligns all of our shareholders, provide a clear path for maximizing the intrinsic value of the Company’s precious metals, real estate and the unique, historical Comstock brand.”

Mr. Winfield has advised the Company that, upon the successful conversion, he intends to donate all of his resulting personal dividends to the Comstock Foundation, an established 501 (c) 3 organization dedicated to the protection, preservation and restoration of the Comstock.  He also informed the Company of his intention to step down from his duties on its board, upon the successful conversion, to focus more on the community enhancing work of the Comstock Foundation and its efforts to enhance the national historical landmark and the Comstock brand. He will also continue focusing on his other InterGroup (NASDAQ: INTG) responsibilities. 

Mr. De Gasperis concluded: “These transactions reflect the strong confidence and direct support of our largest investor in both our board and management teams for growing and maximizing the intrinsic value for all of our shareholders.”

Unless extended by the Company (which the Company has the right to do at any time and from time to time), the Consent Solicitation is scheduled to expire at 11:59 p.m., New York City time, on August 26, 2015.

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-LookingStatements
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; recapitalization and other capital structure modifications; capital raising; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

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

 

 

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

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Tuesday, July 21, 2015

Comstock Mining Increases 2015 Cost Reduction Target to $10 million
Announces Final Second Quarter Results, Positive Operating Cash Flows

Virginia City, NV (July 21, 2015) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected business and unaudited financial results for the quarter ended June 30, 2015.
 
Second Quarter 2015 Selected Strategic Highlights

  1. Received unanimous approval for a major modification to the Company’s operating plan, to develop an underground tunnel (a “drift”) alongside highly mineralized, high-grade structures.
  2. Completed, ahead of schedule, the first phase of State Route 342’s (‘SR-342’) realignment.
  3. Filed all requisite permit modifications for commencing the Lucerne underground drift tunnel. 
  4. Engaged American Mining & Tunneling LLC to commence underground drifting and drilling.
  5. Commenced drilling on the Dayton Resource Area, with significant high-grade intercepts.
  6. Elected Robert C. Kopple as an independent director and member of the audit committee.
  7. Received federal authorization, enabling the ongoing realignment and remediation SR-342.

First Half 2015 Selected Financial and Operating Highlights

  1. Mining revenue was $11.4 million for H1 2015. The Company shipped 9,270 ounces of gold and 116,594 ounces of silver (10,870 gold equivalent ounces) in H1 2015.
  2. Costs applicable to mining revenue were $6.9 million for H1 2015, a $3.3 million reduction, or 32%, from H1 2014, resulting in a gross margin of over 39% for H1 2015.
  3. Net cash generated by operating activities was a positive $0.4 million for H1 2015, or a positive $1.2 million before the road realignment costs of $862k.
  4. Net loss was $0.2 million for H1 2015, as compared to a net loss of $7.2 million for H1 2014.
  5. Cash and cash equivalents at June 30, 2015, were $6.8 million.

“We continue delivering lower costs, resulting in operating cash flow, a cash cost for mining of $615 per ounce and a 41% gross margin, all records for us in the second quarter and enabling us to increase our cost reduction target to $10 million,” stated Corrado De Gasperis, CEO of Comstock Mining.

 

Second Quarter and Year to Date 2015 Selected Operational Highlights

2Q 2015 1Q 2015 YTD 2015 2Q 2014 1Q 2014 YTD 2014
Mining Operations
Tons Mined 254,856 316,199 571,055 944,166 947,852 1,892,018
Processing
Tons Crushed 211,942 157,612 369,554 122,026 205,686 327,712
Weighted Average Grade Per Ton Au 0.030 0.039 0.034 0.034 0.024 0.028
Weighted Average Grade Per Ton Ag 0.654 0.734 0.688 0.546 0.345 0.420
Estimated Au Ounces Stacked 6,438 6,083 12,521 4,191 5,016 9,207
Estimated Ag Ounces Stacked 138,639 115,689 254,328 66,607 70,989 137,596
Estimated Au Equivalent* Ounces Stacked 8,344 7,669 16,013 5,205 6,140 11,345
Au Ounces Poured and Sold 4,575 4,695 9,270 4,763 4,507 9,270
Ag Ounces Poured and Sold 60,112 56,482 116,594 48,626 49,358 97,984
Au Equivalent* Ounces Poured 5,400 5,470 10,870 5,499 5,290 10,789
* Au Equivalent ounces = Au ounces (actual) + (Ag ounces (actual) ÷ the ratio of average gold to silver prices) 72.73 72.91 72.82 65.69 63.14 64.42

Dayton Drill Program Update
The Dayton property includes the Dayton (Marble), Alhambra, Kossuth, Metropolitan, and Gennessee patents. Surface drilling on the Company’s Dayton property, located in the southern part of the Comstock district, commenced late in the first quarter of 2015 and is ongoing. In conjunction with the current drill program, the Company has re-opened some of the historic mine workings in the immediate area of current drilling for the purposes of sampling and mapping. These workings are in the form of horizontal development, and include a group of tunnels and drifts that are adding significantly to our understanding of the structural setting and the extent of mineralization.

To date, 241 holes have been completed on the southern end of the property with a goal of defining near-surface mineralization along a complex system of geologic structures (faults). The Dayton property is defined by a structurally controlled mineralized system that is in many respects similar to the Company's Lucerne property in terms of the overall geologic setting. The properties are separated by about one mile along the Silver City branch of the Comstock Lode. The total footage drilled to date in the current program is approximately 19,000 feet, utilizing a percussion drill rig (similar to those used for blast hole drilling in the mining operation).

The program to date has yielded 303 intercepts of 10 feet or greater in length with Au concentrations exceeding or equal to 0.015 opt Au, including a group of 17 intercepts of 10 feet or greater in length with Au concentrations exceeding or equal to 0.100 opt Au. Surface sampling and geologic mapping were also conducted as part of the program to further augment the data.  Collectively, these results could have a significant impact on the overall project economics.

The rig is scheduled to complete an additional 155 holes in the Dayton project area, mainly to fill in gaps that still exist in the near-surface environment along several of the major structures. 

Lucerne Exploration and Underground Development
The Company completed extensive geological development and modeling, utilizing its previously collected drill hole data, historic underground mine maps and current mining data, among other geological information. Out of this extensive geologic work, a definitive underground development target has emerged, specifically that part of the lode occupied by the mineralized mass of PQ, as well as the neighboring wall rocks. This conclusion is based on surface drill hole results, metallurgy, and proximity to the current Lucerne Mine floor, as well as past mining data. 

In addition to the mineralized mass of PQ, we developed and defined the nearby Woodville Bonanza structures with the same diligent level plan and cross sectional development.  These geologic definitions include the same detail and historical mappings plus over 116 intercepts of at least 10 feet grading over 0.22 ounces per ton gold and 1.59 ounces of silver per ton. This represents the most significant opportunity for immediately exploring and progressing the development of an accelerated underground mine plan in the Lucerne Area.

http://www.comstockmining.com/files/flipbooks/PQTarget/

Mr. De Gasperis commented, “We are partnering with AMT to combine our strong geological footprint with AMT’s Nevada-based underground mining and drilling competency to deliver a faster and more efficient underground exploration and development process. This partnership adds tremendous flexibility to our system as we expand into the initial drift and tunneling to explore and develop the high-grade Lucerne structures and the Dayton Resource area.”

Outlook
The Company has been cash positive from operations for the first six months of 2015, and expects to be cash positive from operations throughout 2015, while expanding the exploration and development during the third quarter and completing the road realignment during the third and fourth quarters. This expansion is primarily the exploration and development of high-grade underground targets north and east of the current Lucerne mine operations and the exploration and development of the resource target at the Dayton Resource Area.

During the first half of 2015, the Company continued reducing costs applicable to mining revenue. The Company has increased its expectation of savings from costs applicable to mining to $7 million (from a previous target of $5 million), when comparing 2015 to 2014. The Company has also doubled its expectation of savings from all other non-mining activities, including general, administrative, hospitality, mine claims and costs and environmental and other areas, to $3 million (from a previous target of $1.5 million), when comparing 2015 to 2014. These increases raise our total costs savings targets to $10 million, from $6.5 million, when comparing 2015 to 2014.  The Company expects cash costs of mining revenue, will remain below $650 per ounce of gold through the third quarter.

The Company will commence the underground drift-mining and drilling, associated with the PQ target, and expects to complete drift-sampling, drilling, ongoing metallurgical test work of the PQ target by December 2015, with the second major phase of drift-mining and drilling, with respect to the Woodville bonanza target, to be completed by March 2016.

Mr. De Gasperis concluded, “Our goals for this year are focused on the final steps for minimizing operating costs, completion of the SR-342 realignment project, expansion of the Lucerne underground exploration and development activities, and commencing the final development phase of the Dayton Resource Area, positioning us well for future growth.”

The Company will host a conference call today, July 21, 2015, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time.  The live call will include a Q&A with accredited institutions, investors and analysts immediately following the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

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

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

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining, including concurrent and accelerated reclamations, soil sampling, voluntary air monitoring, cultural asset protection and historical restorations.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration, development and mining.  The near term goal of our business plan is to 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 delays or disruptions in construction or production; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

 

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

 

 

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

 

 

 

 

 

 

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
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Wednesday, July 16, 2015

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

Virginia City, NV (July 16, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Tuesday July 21, 2015 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report full Second Quarter 2015 results and provide a business update.

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

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

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

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

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

 

 

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

 

 

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

 

 

 

 

 

 

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Monday, July 13, 2015

Comstock Mining Strengthens Board
Announces Appointment of New Independent Director

VIRGINIA CITY, NV (July 13, 2015) – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced that Mr. Robert C. Kopple has been elected to its Board of Directors, effective July 9, 2015. Mr. Kopple is a senior partner at Kopple & Klinger, LLP, a law firm that he co-founded in 1992, where he specializes in financial and estate planning, business law and taxation.  He is an experienced businessman, investor and shareholder of the Company. 

Chairman John V. Winfield commented, "Bob is a strong leader and experienced director, whose business, governance and legal knowledge brings independent, strategic and transactional acumen to our board.  He is a long-term value investor whose skill sets are an excellent complement to our existing team.  Working together, the team will unlock the intrinsic value created by amassing and advancing the single largest land and geological repository in this historic, world-class mining district. We look forward to working with Bob to build on this unique platform, with a recognized brand, by capitalizing on opportunities for both organic and transactional growth."

Mr. Kopple graduated from the DePaul University College of Law and received his L.L.M. in tax from New York University School of Law. He has been Chairman of the Taxation Sections of the California State Bar, the Los Angeles County Bar Association, the Beverly Hills Bar Association and a member of the Planning Committee of the University of Southern California Tax Institute. He has published extensively, including numerous technical articles on taxation and is a frequent lecturer and instructor on tax matters for many prominent professional institutions.  He also has been the Chairman of the Board of Triton Emission Solutions, Inc., since September 2014, Vice Chairman of the Board of Aura Systems, Inc., since September 2013, and has acted as a Special Advisor to the Board of Directors of Patriot Gold Corp. since July 2014.

Corrado De Gasperis, the Company’s President and CEO commented, "We welcome Bob’s leadership to our team as we position ourselves for our next major phase of growth.  Comstock Mining is an emerging leader in sustainable, responsible mining, where Bob’s guidance, counsel and oversight will enhance our governance as we focus on executing on our business plans and delivering the intrinsic value, per share, for our shareholders."

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); future mine planning and resource estimation; capital expenditures and their impact on us; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

 

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

 

 

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

 

 

 

 

 

 

 

Corrado De Gasperis
President & CEO
Tel (775) 847-4755
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

Kimberly Shipley
Manager of Investor Relations
Tel (775) 847-0545
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
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