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Comstock Mining Inc

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

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Comstock Mining Inc
Press Releases
Wednesday, January 21, 2015

Comstock Mining Enables Efficient Access to Lucerne’s East-Side Expansion

Virginia City, NV (January 21, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that it has engineered an at-grade crossing that enables it to more efficiently access mine areas east of the Lucerne Resource Area without any major infrastructural changes to the State Route 342 (“SR 342”).  The modification allows the Company’s haul trucks to move material from the East-side Lucerne resource area across SR 342 to the Company’s American Flat processing facilities.  The Company is in the process of assessing mine opportunities and preparing mine plans for parcels to the east of SR 342.  Storey County’s Board of Commissioners found, unanimously, that these plans conform to the Company’s existing Special Use Permit N0. 2000-222-A-5.
 
The Company has already performed an extensive amount of environmental and cultural asset impact assessments on the East-side patented properties.  Additionally, the Company is assessing the amount of gold and silver grades contained in the legacy Silver Hill waste dumps from past surface and underground operations.  The Company recently completed soil sampling of this material and, depending on the results, these waste dumps could represent a significant source of mineralized material for processing while also enabling significant, concurrent environmental reclamation of previous dumpsites.

The East-side of Lucerne encompasses a nearly half-mile long segment of the Gold Hill/Silver City extension of the Comstock Lode and already has an extensive amount of drilling.  This includes historic and more recent drilling that represents an aggregate total footage of 270,000 feet (that is, over 51 miles), that the Company is using to evaluate the eastward projection of the Silver City fault zone.

Lucerne’s, near-surface, mineralized area represents the Company’s most significant, ongoing development, with active drilling and development in process. The historic Woodville Bonanza and the Chute Zone, identified in 2012, both represent near surface, intermediate and deeper, higher grade, primarily oxidized mineralized targets that have been intersected in drill holes to depths of about 800 feet.

Comstock Mining's Chief Executive Officer, Corrado De Gasperis commented: “This design represents a breakthrough in our planning for efficient expansion of the Lucerne mine while allowing for concurrent processing of mineralized material and reclamations.  Doing it profitably is a significant net benefit for us and another example of integrating mining activities with concurrent, reclamation actions.”

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.  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 and mining.  The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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: mining and processing capability; future heap expansion opportunities; future mine planning and exploration; future efficiency; near and long-term expansion; and future environmental protection practices.

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, including operational or technical difficulties in connection with exploration or mining activities. 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 constitute 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, January 20, 2015

Comstock Mining Announces Notice of 2014 Year End Results And Business Update Conference Call

Virginia City, NV (January 20, 2015) -- Comstock Mining Inc. (“the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, January 29, 2015, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report 2014 year end results and business update.

The live call will include a moderated Q&A, after the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

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

The audio will be available, usually within 24 hours of the call, 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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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
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Thursday, January 15, 2015

Comstock Mining Inc. Licenses Mineral Rights for the HOPE Gold Coin

With Five Metric Tons of Validated Measured and Indicated Resources

hope-smallVirginia City, NV (January 15, 2015) – Comstock Mining Inc. (“Comstock Mining” or “Comstock”) (NYSE MKT: LODE) a producing, gold and silver mining company, based in Nevada’s historic Comstock Lode District and representing more than 150 years of mining history and mining innovation, has agreed to license an initial five metric tons of gold (or gold-equivalent) of validated, measured, and indicated resources to support the value of the initial 50 Million HOPE Gold Coins being sold. The HOPE Gold Coin is a new cryptographic currency being launched by the HOPE Gold Coin Charitable Trust (the “HOPE Charitable Trust”).  Ultimately, the maximum number of HOPE Gold Coins in circulation will be supported by 100 metric tons of physical gold bullion, preferably from Comstock, purchased and directly owned by the HOPE Charitable Trust.


Proceeds from the sale of HOPE Gold Coins will be expressly used by the HOPE Charitable Trust to support charitable, aid and other humanitarian causes worldwide. By purchasing HOPE Gold Coins, buyers are directly helping others while acquiring a valuable asset that can also be donated or used for other worthy purposes, effectively increasing the benefit to charities or others.

“Philosophically, we believe that gold is the ideal asset for this purpose because of its universal acceptance as a precious metal store of value and its strong historical association with currencies around the world. Initially, we prefer using gold resources as it represents the safest, most efficient and environmentally friendly approach, plus there seems no safer vault than the earth itself.” – Peter Hsu, a member of the Protector Committee of the HOPE Gold Coin Charitable Trust.

Comstock Mining is a socially responsible, actively producing gold and silver mining company that is simultaneously advancing both its environmental and economic objectives.  Comstock’s philosophies are fully aligned with the HOPE Charitable Trust’s philanthropic mission and purpose. The Comstock Lode has a long and profound association with technological, monetary and industry innovations dating back over 150 years.

Corrado De Gasperis, President and CEO of Comstock Mining Inc., stated: “HOPE Charitable Trust is an exceptional opportunity for us to safely and responsibly enhance revenue, support a charitable endeavor of the highest purpose, and sustain Comstock innovations that define our brand.  We are extremely selective with our strategic alliances and the Comstock brand and proud to partner with this exceptional organization.”

The gold and silver produced by Comstock is responsibly mined with reclamation and restoration standards, far exceeding minimum compliance requirements.  Comstock Mining has an internal policy as well as a legal commitment to practice concurrent reclamation as part of its on-going operations.  The company is committed to full preservation and restoration of historic structures either directly or through its support of the Comstock Foundation for History and Culture. 

Comstock Mining owns or controls over 8,000 acres in the Comstock Historic District, a 14,000-acre historic, world-class mining district that includes the Comstock Lode, one of the world’s richest and most important gold and silver discoveries, having produced over 8 million ounces of gold and over 192 million ounces of silver.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.

About Comstock Mining Inc.
Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company.  The company has extensive, contiguous property in the historic Comstock and Silver City mining districts and adheres to socially conscious and environmentally sustainable mining practices.  Because of the Comstock District’s historic significance and its historic, world-class bonanza precious metal grades, the geology is well known and has been extensively studied by global industry, academic and regulatory experts.

About the HOPE Gold Coin Charitable Trust
The HOPE Gold Coin Charitable Trust is a charitable trust under UK law with built-in checks-and-balances designed to ensure its management and operational integrity and transparency.  The Charitable Trust was expressly established to undertake the development, production, sale and management of the HOPE Gold Coin as well as to ensure that proceeds from the sale of HOPE Gold Coins will be used for charitable causes and activities.

Contact Information

Corrado De Gasperis
President & CEO, Comstock Mining Inc.
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+1.775.847.4755

 

Peter Hsu
Protector, HOPE Gold Coin Charitable Trust
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+1.312.929.2229

www.comstockmining.com   /  www.hopegoldcointrust.org  /  www.hopegoldcoin.org

Cautionary Note
The HOPE Gold Coin was created and is administered by The HOPE Gold Coin Charitable Trust (the “Charitable Trust”).  All proceeds derived from the HOPE Gold Coin will be solely used by the Charitable Trust to support philanthropic and charitable activities.  The HOPE Gold Coin is a cryptographic currency created by the Charitable Trust. To support the value of the HOPE Gold Coin, the Charitable Trust has entered agreements to license mineral resources residing in the ground that are validated according to industry standards, but not physical gold. 

The estimated quantities and amount of mineral resource licensed for each HOPE Gold Coin is equal to the value of 1/10th of one gram of gold or gold equivalent.

The mineral resources licensed are categorized according to industry standards as inferred, indicated and/or measured mineral resources that may or may not be a probable or proven reserve.  Factors preventing inferred, indicated and/or measured mineral resources from also being designated a probable or proven reserve include economically unfeasible high extraction and processing cost and/or the lack of required permits.

The Charitable Trust chose gold as the commodity to be licensed because of its recognized value as well as historic association with and/or use as a medium of exchange.  Mineral resources believed to contain gold and silver were chosen for security and for equally important environmental reasons.  There is no better vault on earth than the earth itself and coincidentally preserves land for other use.

IMPORTANT
The purchase, ownership and/or use of HOPE Gold Coins does not in any way or form imply, infer or in any way grant or entitle the purchaser, owner and/or user any interest in or ownership of any mineral resource licensed.  The HOPE Gold Coin cannot be redeemed or exchanged for any real, physical gold or any other precious metal.

THE HOPE GOLD COINS ARE NEITHER INTERESTS IN NOR THE RESPONSIBILITIES OR OBLIGATIONS OF ANY MINING COMPANY LICENSING MINERAL RESOURCES TO THE HOPE GOLD COIN CHARITABLE TRUST AND/OR, ANY OF THEIR SUBSIDIARIES, AFFILIATES OR ANY OF THEIR ASSETS, AND ARE NOT REDEEMABLE OR OTHERWISE EXCHANGEABLE FOR GOLD, SILVER OR ANY OTHER REAL PROPERTY, PERSONAL PROPERTY OR INTELLECTUAL PROPERTY OF ANY MINING COMPANY.  MEASURED, INDICATED and INFERRED GOLD-EQUIVALENT RESOURCES ARE NOT EQUIVALENT TO GOLD OR SILVER RESERVES.

 

 

 
Tuesday, January, 6 2015

Comstock Mining Further Expands Strategic Operating Permit

Virginia City, NV (January 6, 2015) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that it received unanimous approval from the Storey County Board of Commissioners to further expand mining and processing capability of the Company’s existing, recently expanded, landmark Special Use Permit No. 2000-222-A-4.  The full board was present and all voted to approve Comstock Mining’s application.  This permit incorporates recently acquired strategic land additions, totaling approximately 100 additional acres, into the existing SUP, increasing the overall permitted boundary to over 1,300 acres.

Comstock Mining's Chief Executive Officer, Corrado De Gasperis commented: “These land acquisitions border our planned mine expansions on the East-side of the Lucerne Mine, in close proximity to where current exploration and development drilling is ongoing and also along the northern borders of our existing heap leach operation, making future heap expansions more practical and efficient.”

In 2014, Comstock Mining applied for and received amendments to significantly modify and expand permitted and allowable uses throughout its entire Lucerne Resource Area, containing the Company's largest, classified gold and silver resources and throughout its American Flat processing area. The amendment applies to both surface and underground mining; processing and milling; mine definition; exploration; development and other ancillary uses. Some of the more salient features include:

  • Expands the overall permitted boundary to over 1,300 acres (from 180 acres), allowing for substantial expansion of mining and processing operations, including the East-side of Lucerne;
  • Expands the permitted private property boundary to over 425 acres (from 78 acres) for processing to the south and west of the existing processing facility in American Flat; and
  • Enhances ongoing mine planning and exploration for the assessment of mineral deposits, including their location, extent, depth, and grade, for the subsequent phasing of the active mine.

Mr. De Gasperis concluded: “We continue expanding our strategic land position and permitted footprint to improve the efficiency of both near and longer-term expansions while implementing best practices for environmentally responsible mining, including concurrent land reclamation, restoration and preservation of one of the most historically significant and currently progressive mining districts in Nevada.”

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.  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 and mining.  The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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: mining and processing capability; future heap expansion opportunities; future mine planning and exploration; future efficiency; near and long-term expansion; and future environmental protection practices.
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, including operational or technical difficulties in connection with exploration or mining activities. 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 constitute 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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Thursday, December, 18 2014

Comstock Mining Launches 2014-2015 Exploration & Development Program

Drilling Begins on the East-side of the Lucerne Resource Area

Virginia City, NV (December 18, 2014) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has launched its 2014-2015 exploration and development drilling program (the “Program”).  Drilling on the East-side of Lucerne commenced this week. The Program has four major objectives, 1) expanding the Lucerne East-side (“Lucerne”) gold and silver resources, mine plan and current surface mining into the Company’s newly permitted area, 2) accelerating underground feasibility and developing high-grade, underground mine plans for that same newly permitted area, 3) expanding the Dayton gold and silver resources and developing a mine plan for potential future production, and 4) establishing a third major resource in the Spring Valley target area. 

The first phase is expected to include 35 reverse circulation (RC) drill holes totaling approximately 11,000 feet and 11 core holes totaling approximately 5,000 feet on the Lucerne East-side. The planned initial investment of approximately $1 million will allow for the expansion of surface mining and help assess the feasibility of specific underground mining opportunities we have identified. The subsequent phases of exploration drilling for the Lucerne will extend farther south and east and will likely consist of an additional 30,000 feet of RC drilling for an additional investment of $1 million.
 
The Company recently completed a five month, extensive, dedicated geological exercise, started in May 2014, that included compiling, interpreting, and feasibility modeling for expanded surface mining and initial underground mine development. The effort started with the construction of detailed, 50-foot spaced geologic cross-sections covering the entire length of the East-side (approximately 2,400 feet). The models incorporate all available data, including existing drill holes, historic underground mine maps, current western mine development and the Company’s detailed surface geologic maps.
The sectional compilation resulted in several important findings. The work confirmed that the lode is comprised of a group of northwest trending, sub-parallel mineralized structures, rather than a simple vein system confined to a single fault zone. These structural groups coalesce into a single 150-foot wide zone in the central part of the East-side area. The faults (structures) diverge to the north and south to create zones up to 600-feet wide.  The Company also discovered dike-like masses of quartz porphyry that have intruded into the main lode and may have a direct relationship to the known mineralization.
 
“We are thrilled to move into the next phase of resource expansion and mine development based on the completion of a significant geological development exercise and recently received permits,” stated Corrado De Gasperis, the Company’s President and Chief Executive Officer.  “Our last major resource expansion was the most efficient drilling program in our history, with a discovery cost of just $6 per gold-equivalent resource ounce.  This program will add significantly more geological data, analysis, interpretation and control that will position the Company for even greater productivity.”

The Company has also utilized the sectional data to develop level plans at elevations between 4800’ and 5340’, spaced 20 feet apart vertically, and extending along the entire length of the East-side.  The Company has also configured and integrated the underground mine workings into the plans. The drilling program will be significantly complemented and enhanced by the near-term access into the historic adits and tunnels from the Woodville Bonanza.  Our team is preparing to access those former mines to sample, map and validate known extensions to these geological structures.  The results from the underground program will be incorporated into the sectional data along with newly derived grade shells and grade models and an initial, phased reserve model will be created for this area.

“The new access to the Woodville Bonanza structures represents a remarkable data trove for us that positions us for an accelerated second mine plan in Lucerne while creating a remarkable efficiency that avoids unnecessary drilling into those targets,” continued Mr. De Gasperis.

The East-side of Lucerne encompasses a nearly half-mile long segment of the Gold Hill/Silver City extension of the Comstock Lode. The East-side already has an extensive amount of drilling, including historic and more recent drilling that represents over 740 drill holes with an aggregate total footage of 270,000 feet (that is, over 51 miles), that the Company is using to evaluate the eastward projection of the Silver City fault zone. Our data also includes historic production records from mines within the East-side area (from the years 1860 to 1940) that totaled approximately 295,495 gold equivalent ounces from about 551,576 tons of material, or an average gold equivalent grade of 0.535 ounces per ton. Most of this production came from underground workings. These East-side, near-surface, mineralized areas represent the Company’s most significant, ongoing development. The historic Woodville Bonanza and Chute Zone represent near surface, intermediate and deeper, higher grade, primarily oxidized mineralized targets that have been intersected in drill holes to depths of about 800 feet. In addition, the East-side development also includes the evaluation of a significant amount of grade-containing tonnage from historical waste dumps from past surface and underground operations.
 
The total Program also includes the Dayton Resource Area and Spring Valley. These areas are scheduled for approximately 80,000 feet of RC drilling and approximately 20,000 feet of core drilling at a total investment of approximately $2.9 million and $2.0 million, respectively.
 
Mr. DeGasperis concluded: “Operationally, we are progressing well.  We stacked a record number of ounces in November, achieving our targeted run rate, lowered our mining and non-mining costs, lowered our strip ratio to below 4:1, and paid down debt.  We are very much looking forward to the results of these drilling and development programs and their contribution to 2015’s overall growth plans.”

 

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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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 include statements about matters such as: expanding resources; anticipated construction; capital expenditures and related investments; developing drilling and mine plans; and future productivity and growth plans.

The words “allows,” “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, November, 11 2014

Comstock Mining Announces Progress on Permit Expansions NDEP Expands Air and Water Permits; BLM Announces Public Workshop for New Right of Way

Virginia City, NV (November, 11 2014) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced progress on major permit modifications and enhancements, including the issuance of an expanded Class 1 Air Quality Operating Permit to Construct (OPTC)  and Water Pollution Control Permit (WPCP) from the Nevada Division of Environmental Protection (NDEP) and the commencement of the public notice period for a draft Environmental Assessment (EA) by the Bureau of Land Management (BLM) to amend Right-of-Way (ROW) grant NVN 091237. 

NDEP
The Company submitted an application to revise its existing OPTC, AP1041-2761, allowing for longer operating hours and increased throughput.  The revisions allow the Company to increase the maximum allowable throughput of gold bearing material to 7,300,000 tons per 12-month rolling period and increase the hours of operation to 20 hour per day from the current limit of 12.  NDEP Bureau of Air Pollution Control issued the revised permit November 6, 2014.

The Company also received a five-year renewal of its WPCP, NEV2000109, from the NDEP Bureau of Mining Regulation and Reclamation. The permit, effective October 22, 2014, authorizes construction, operation, and closure of the approved heap leaching facilities in Storey County.  Additionally, the permit allows for the construction of an additional cell to the existing heap leach facility.  The Company currently has eight active cells and anticipates construction of an additional cell in 2015.

BLM
The Company has submitted an application to amend ROW grant NVN 091237, submitted to the BLM’s Sierra Front Field Office along with a draft Plan of Development.  The ROW amendment would provide an expanded roadway that can accommodate oversized haul trucks, and allow the Company to deliver material from the mine to the processing facility, both located on private land.  To evaluate this proposal, the BLM has prepared the American Flat Road/Lucerne Access Right-of-Way Draft EA.  The BLM recently announced that it is accepting public comments on the Draft EA from November 10th through December 9, 2014.

The Company is currently mining in the Lucerne Mine that includes, among others, the Lucerne and Billie the Kid mining patents. Mined material is currently hauled, on a non-exclusive-use road, to the heap-leach processing facility under an existing right-of-way that was just recently extended to December 31, 2017.  

The Company's Chief Executive Officer, Corrado De Gasperis commented, "We have achieved significant progress in expanding our land, geology and mine operations, while continuously expanding our production permits, for both current and future operations.  Our air quality permit modifications, among other things, significantly expands the hours of operation for crushing and allows for simultaneous operation of our retort and furnace and at increased throughput rates.  The solid progress on our ROW application will ultimately allow for the most productive and efficient haul routes from our mines.”

To comply with the National Historic Preservation Act, the BLM and consulting parties are preparing a Memorandum of Agreement (MOA) to resolve the potential adverse effects to historic properties.  A separate public workshop on the MOA will be held in January 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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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 include statements about matters such as: anticipated construction; increases to the maximum allowable throughput of gold bearing material; expansion of the hours of operation for the Company’s crushing facility from 12 hours per day to 20 hours per day; simultaneously operation of the Company’s retort and furnace at increased flow rates; and future productivity and efficiency of haul routes..

The words “allows,” “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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Thursday, October 16, 2014

COMSTOCK MINING ANNOUNCES THIRD QUARTER 2014 RESULTS

Year-to-Date Gold and Silver Pours Up 15% and 33%, Respectively

 

Virginia City, NV (October 16, 2014) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected unaudited financial results for the quarter ended September 30, 2014. 

2014 Third Quarter Highlights

  • Expanded our Storey County Special Use Permit, significantly expanding mining and processing capability and establishing a tremendous foundation for future growth.
  • Record highest single month pour in September 2014, with 2,423 gold equivalent ounces.
  • Mining revenue from gold sales was $6.5 million for Q3 2014, versus $6.6 million for Q3 2013.
  • Gold and silver shipments totaled 4,997 ounces and 61,001 ounces, respectively, for Q3 2014.
  • Silver shipments increased 26% sequentially, from Q2 2014 to Q3 2014.
  • Weighted average gold grade was 0.026 ounces per ton and silver was over 0.564 ounces per ton.
  • Net loss for Q3 2014 was $1.0 million, or $0.02 loss per share, as compared to $4.5 million, or $0.09 loss per share for Q3 2013.  The $3.5 million improvement resulted primarily from lower costs.
  • Costs applicable to mining were $4.4 million for Q3 2014, as compared to $6.4 million for Q3 2013.  Specific cost reduction efforts resulted in the decrease of $2.0 million, including lower mining support costs, drilling and blasting and contracted maintenance.
  • Metallurgical yields improved to over 80%, from a previous average estimate of 76%.
  • Strip ratio improved to below 4.8:1 in Q3 2014, down from 6.7:1 in Q2 2014.
  • Operating expenses, excluding costs applicable to mining, totaled $3.8 million for Q3 2014, as compared to $4.9 million for Q3 2013.  The $1.1 million decrease is primarily the result of lower third party advisory expenses, including external relations, and lower compensation expense.
  • Debt was $9.1 million at September 30, 2014, a $2.2 million reduction during the third quarter.
  • Obtained agreement from Auramet International, LLC ("Auramet") to extend the facility from the current maturity of February 6, 2015, for an additional year, to February 5, 2016. 
  • Cash and cash equivalents were $9.3 million at September 30, 2014.

2014 Year-to-Date Highlights

  • Metal pours totaled 14,267 ounces of gold and 158,731 ounces of silver, year to date 2014, as compared to 12,429 ounces of gold and 119,237 ounces of silver during the same period in 2013, an increase of 15% for gold ounces and over 33% for silver ounces.
  • Mining revenue from the sales of gold increased by $1.0 million resulting from 1,838 higher gold ounces shipped year to date 2014, as compared to 2013, somewhat offset by a lower average gold price per ounce of $1,267.47 year to date 2014 as compared to $1,387.44 for year to date 2013.
  • Net loss for nine months ended September 30, 2014, was $8.3 million, or $0.14 loss per share, as compared to $15.8 million, or $0.33 loss per share, for the same 2013 period.  The decrease of over $7.5 million is primarily the result of $6.9 million in mining and administrative costs savings.
  • Costs applicable to mining decreased by $3.8 million, or 21%, resulted from lower mining support cost, drilling and blasting, contracted maintenance and lower overall inventory costs.
  • Operating expenses, excluding costs applicable to mining, decreased by $2.8 million, or approximately 35%, primarily the result of lower third party advisory expenses, including external relations, and lower compensation expense.
  • Cost reductions totaled $6.9 million year to date, when compared to 2013, positioning us to exceed our stated targets of over $6 million from mining and $3.5 million from administration.  
  • Net cash used in operating activities for the nine months ended September 30, 2014 was $2.6 million, versus $11.6 million in the comparable prior period, an improvement of $9 million, or 78%.
  • Net cash used in investing activities was $2.5 million for the nine months ended September 30, 2014, primarily from $1.9 million in land purchases and $0.8 million of bond deposits, offset by $0.2 million in proceeds from the sale of mining equipment. 

Comstock's Chief Executive Officer, Corrado De Gasperis commented, "We have achieved significant progress in our four focus areas so far this year: lowering our costs, strengthening our balance sheet, enhancing our mine plan and operations and expanding our land position. Cash cost of mining for the third quarter was approximately $832 per ounce despite challenging but improving strip ratios. We continue progressing toward our production cost target of $750 per ounce."

Production

During the third quarter of 2014, the Company poured 4,997 ounces of gold and 61,001 ounces of silver.  The Company mined approximately 1.1 million tons of material (mineralized material and waste) as it continued moving through higher stripping ratios. Total mineralized material delivered to the leach pad was over 191 thousand tons. September 2014 resulted in the Company’s highest rate of pouring to date this year, at 2,423 gold equivalent ounces.

During the first nine months of 2014, the Company poured 14,267 ounces of gold and 158,731 ounces of silver, as compared to 12,429 ounces of gold and 119,237 ounces of silver in the first nine months of 2013, an increase of 15% for gold ounces produced and over 33% for silver ounces produced when compared to the first nine months of 2013.

Gold and silver grades continued improving as compared to 2013, and the weighted average for the third quarter of 2014, was 0.026 ounces per ton gold and 0.564 ounces per ton silver as compared to a weighted average for the third quarter of 2013 of 0.025 ounces per ton gold and 0.449 ounces per ton silver. 

For the nine months ended 2014, the Company realized an average price of $1,267.47 price per ounce of gold and a $19.81 average sales price per ounce of silver.  The Company also realized an additional $18.50 per ounce of gold for gold call premiums received for the same 2014 period.  In comparison, commodity market prices in the first nine months of 2014 averaged $1,288.14 per ounce of gold and $19.95 per ounce of silver. 

Operating Costs

During the third quarter, the Company continued reducing costs applicable to mining, targeting over $6 million in reductions for 2014, as compared to 2013, and an additional $3.5 million in administration and all other costs. The Company has already realized annual savings of approximately $4.1 million from reduced staffing in crushing, related maintenance, mining and administrative, drilling and blasting, and logistics cost reductions and another $2.8 million in savings from reductions in general and administrative costs.  The Company has planned additional cost reductions efforts associated with mining, general and administrative expenses and continues progressing toward a production cost target of $750 per ounce. The Company also plans continued debt reductions though the remainder of 2014, with the full payoff the revolving facility scheduled for February 2015.

Costs applicable to mining revenue decreased by $3.8 million for the nine months ended September 30, 2014, as compared to the same period in 2013.  The decrease resulted from lower mining, maintenance, material costs from less variation associated with mining start up activities, production scheduling and includes a 2013 $1 million write down in the value of our inventory caused by then declining gold prices, recorded at June 30, 2013.

General and administrative expenses, inclusive of professional and consulting fees, decreased by almost $2.8 million or approximately 35% during the nine months ended September 30, 2014 compared to the same period ended September 30, 2013. The decrease is primarily the result of lower third party legal and advisory expenses, including external relations, and lower stock-based compensation expense.

Exploration

The Company continues to evaluate high priority targets within the Lucerne Resource Area. Recent geologic evaluation has focused on the area immediately east of the current Lucerne pit, and this area is included in the Company’s upcoming drill program. Future targets include the Dayton Resource Area, Spring Valley, Occidental, Oest and the Northern Target areas.

The Lucerne Resource Area currently represents the Company’s largest detailed geological development. The Company plans on expanding its existing Lucerne mining operations eastward (the Eastside) and develop the mineralized system lying below and down-dip of the final Lucerne West Mine floor. We are evaluating several approaches, including expanded surface mining, underground mining and a combination of both surface and underground mine plan scenarios.

The Eastside of Lucerne straddles State Route 342, and encompasses a nearly half-mile long segment of the Gold Hill/Silver City extension of the Comstock Lode. The Eastside has an extensive amount of drilling, conducted over more than 25 years, representing over 740 drill holes with an aggregate length of more than 270,000 feet. Historic production from mines within the Eastside area (from the years 1860 to 1940) totals approximately 295,495 gold equivalent ounces from about 551,576 tons of material, or an average gold equivalent grade of 0.535 ounces per ton.  Most of this production came from underground workings.  These Eastside, near-surface, mineralized areas represent the Company’s most significant, ongoing development. The Chute Zone represents a secondary, deeper mineralized target that has been intersected in drill holes to depths of about 800 feet below the surface. In addition, the Eastside development also includes the evaluation of a significant amount of lower-grade tonnage from historical waste dumps from past surface and underground operations.

Although preparation for the Eastside evaluation has been years in the making with land acquisitions, drilling, and detailed geologic mapping, the Company commenced a significant, dedicated geological exercise, starting in May 2014, that included compiling, interpreting, and feasibility modeling for expanded surface mining and initial underground mine development. The effort started with the construction of detailed, 50-foot spaced geologic cross-sections covering the entire length of the Eastside (approximately 2,400 feet). The model incorporates all available data, including existing drill holes, historic underground mine maps, current western mine development and the Company’s detailed surface geologic maps. The sectional compilation resulted in several important findings. The work confirmed that the lode is comprised of a group of northwest trending, sub-parallel mineralized structures, rather than a simple vein system confined to single fault zone. These structural groups coalesce into a single 150-foot wide zone in the central part of the Eastside area.  The faults (structures) diverge to the north and south to create zones up to 600-foot wide. The Company also discovered dike-like masses of quartz porphyry that have intruded into the main lode and may have a direct relationship to the known mineralization

The Company is currently working on converting the sectional data into level plans between elevations of 4800’ and 5340’, spaced 20 feet apart vertically, and extending along the entire length of the Eastside. Level plans tend to both correct and synthesize the sectional data with respect to the distribution of rock units and major geologic structures. The Company is also working diligently to configure and integrate the underground mine workings into the level plans. This is particularly true of areas where ore was historically extracted (stopes), such that previously mined tonnages are accounted for and integrated into the model. Grade shells and grade models will be derived from the sectional data and an internal, phased reserve model will be made for this area

The Company is defining its next phase of exploration drilling that will now include a focused evaluation of the Eastside area from both a surface and underground potential. The infill drill program includes 35 Reverse Circulation (RC) holes totaling approximately 11,000 feet and 11 Core holes totaling approximately 5,000 feet.  The planned initial investment of approximately $1 million will allow for a possible expansion of surface mining along with a stronger definition of an underground mining opportunity. The subsequent phases of exploration drilling for the Lucerne Resource Area extend farther south and east and could consist of an additional 30,000 feet of RC drilling for an additional investment of $1 million. The initial drill program for the Eastside is scheduled to commence in October, 2014

The 2014-2015 drilling programs also include the Dayton Resource Area and Spring Valley. These areas are scheduled for approximately 80,000 feet of RC drilling and approximately 20,000 feet of core drilling at a total investment of approximately $4.9 million. 

Land and Mineral Right Purchases

The Company continues to increase its footprint in the Comstock District through strategic acquisitions. The Company considers the historic Comstock District central to its growth strategy and now owns or controls approximately 8,035 acres of mining claims and parcels in the Comstock and Silver City Districts. The acreage is comprised of approximately 1,944 acres of patented claims (private lands) and surface parcels (private lands) and approximately 6,091 acres of unpatented mining claims, which the Bureau of Land Management (“BLM”) administers. In addition to land holdings, the Company has secured options on over 1,300 more acres.

Corporate

The Company’s current capital resources include cash and cash equivalents and other working capital resources, cash generated through operations, and existing financing arrangements.

Total current assets were $11.9 million at September 30, 2014. Cash and cash equivalents on hand at September 30, 2014 totaled $9.3 million. Inventories, stockpiles, and mineralized material on leach pad totaled $1.5 million.

Net loss was $8.3 million for the nine months ended September 30, 2014 as compared to $15.8 million for the comparable period in 2013.  The decrease of over $7.5 million is primarily the result of $6.9 million in mining and administrative costs savings, primarily from costs savings in hauling, related equipment and maintenance, mining, consulting, and stock based compensation expense.

For the remainder of 2014, the Company plans on spending approximately $1.0 million in capital expenditures, primarily for heap leach processing capacity. The Company also plans to pay down an additional $3.3 million in debt obligations, including $2.5 million on the Revolving Credit Facility.  

Recent developments

On October 7, 2014, the Company received a renewal of the Water Pollution Control Permit from the State of Nevada Division of Environmental Protection. The permit authorizes, effective October 22, the construction, operation, and closure of our approved heap leaching facilities in Storey County.

On October 9, 2014, the Company obtained agreement to extend the Company’s $5 million revolving credit facility one year, whereby Auramet agreed to extend the facility from the current maturity of February 6, 2015, to February 5, 2016. 

On October 15, 2014, honoring Nevada’s Sesquicentennial, a celebration of 150 years of statehood, Comstock Mining announced a minted, limited-edition medallion struck from one troy ounce of pure (.9999) Comstock silver.  This is the first time since the U.S. Mint in Carson City closed in 1893, that pure Comstock silver has been minted as a substantial authentic medallion, representing a rare opportunity to own a genuine piece of the Comstock Lode. It is mined safely and responsibly from the famed Comstock under the highest environmental standards. Each medallion is an expression of the deep heritage of the great Comstock Lode, famous for its enormous wealth, hastening statehood for Nevada in 1864 and shaping mining practices worldwide for over six decades.

Outlook

Under our current mine plan, we anticipate doubling the rate of ounces produced when compared to 2013, for both gold and silver, targeting an annual production rate of 40,000 gold equivalent ounces. These increases come with lower costs applicable to mining due to focused cost reduction efforts, as well as lower non-mining operating expenses. Once stabilized at the 40,000 ounce per annum run rate, the operating expenses per ounce mined will be significantly lower.  The Company expects cash costs per ounce of gold mined of less than $750 and an all in sustaining cash cost of $1,050. The Company updated its financial analysis for the Lucerne Mine and anticipates annual operating expenses, including all mining and processing costs, of less than $24 million per annum, a more than a $7 million reduction over prior year 2013. The Company has also identified $3.5 million of cost reductions in all other non-mining activities, including general and administrative.

Mr. De Gasperis concluded, "Our fourth quarter mine plan is significantly enhanced, with continued good grades, lower strip ratios, lower variation and lower costs. We expect to be cash positive from operations and after capital expenditures in the fourth quarter, our most important measurement. The recent geological expansions and modeling into the east side of Lucerne coupled with the recent permit expansions over that area, position the Company extremely well for continued growth in 2015."

Conference Call

As previously announced, the Company will host a conference call on October 16, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report the Third Quarter 2014 results, business update and outlook.

The live call will include a moderated Q&A, after the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

U.S. / Canada Toll free: 1-866-253-4737
International Toll: 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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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 include statements about matters such as: 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); 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; 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,” "target," “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, October 15, 2014

Comstock Mining Mints Pure (.9999) Comstock Silver Medallion

Virginia City, NV (October 15, 2014) -- Comstock Mining Inc. (NYSE MKT: LODE) announced today that it has designed and minted an artfully crafted, limited-edition medallion struck from one troy ounce of pure (.9999) Comstock silver. This specially designed silver medallion honors Nevada's Sesquicentennial, celebrating 150 years of statehood! This is the first time since the U.S. Mint in Carson City closed in 1893 that pure Comstock silver is being minted in such a substantial, authentic medallion.  The silver was mined safely and responsibly, with the highest environmental standards, directly from the historic Comstock District. Each medallion is an expression of the deep heritage of the great Comstock Lode, famous for generating enormous wealth, facilitating statehood for Nevada in 1864, and shaping mining practices worldwide for over six decades.

The medallion features Gold Hill, Nevada in the early 1870s, including the world-renowned Crown Point Trestle. The medallion’s reverse captures Gold Hill’s Upper Yellow Jacket Hoist and Ore Chute, recently restored by the Comstock Foundation for History & Culture. Each medallion will be minted from one troy ounce of pure (.9999) silver. Ron Oden, a Lake Tahoe based artist and graphic designer, developed the images for the medallion. “Ron has captured remarkable features and the beauty and bustle of the Comstock Lode, at its height, providing Nevada with an inspiring design for this historic and uniquely precious, silver medallion,” stated Corrado De Gasperis, CEO of Comstock Mining.

This commemorative is being offered for $100.50 each and include free shipping in the United States. Volume discounts are available for purchases of 5 and 10 or more.  This medallion can be purchased now on the Company website, www.comstockmining.com/products with shipping available before Nevada Day (October 31st).

“We are proud to offer this artistic rendition of our national legacy and the Silver State’s great mining heritage, as the Company looks proudly to the future while honoring and celebrating Nevada’s significant past.  We are working in partnership with the Comstock Foundation for History & Culture, to save the fragile structures of the National Historic Landmark District, with a portion of the proceeds from each sale going directly to preservation and restorations on the National Landmark,” continued Mr. De Gasperis, CEO of Comstock Mining.

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.  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 and mining.  The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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 Mining Inc.  Forward-looking statements include statements about matters such as the minting, production and sale of commemorative medallions and prints, availability of commemorative medallions and prints, potential money raised and donations to be made in the future. The words “anticipate,” “plan,” “may,” “will,” 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 and financial condition. We undertake no obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitute 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, October 9, 2014

Comstock Mining Announces Notice of Full Third Quarter 2014 Results and Business Update Conference Call

Virginia City, NV (October 9, 2014) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, October 16, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report full Third Quarter 2014 results and provide a business update.

The live call will include a moderated Q&A, after the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:

United States/Canada Toll free: 1-866-253-4737

International Toll: 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.  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 and mining.  The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

 

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, October 2, 2014

Comstock Mining Announces Record September Gold Pours, Third Quarter Highlights

Virginia City, NV (October 2, 2014) -- Comstock Mining Inc. (the “Company” or “CMI” or “we”) (NYSE MKT: LODE) today announced selected production highlights and unaudited financial results for the quarter ended September 30, 2014. 

2014 Third Quarter Flash Highlights

  • Record highest pours for a single month of September 2014, with gold equivalent of 2,423 ounces.
  • Mining revenue from the sale of gold for the current quarter was $6.5 million.
  • Gold and silver shipments totaled 4,997 ounces and 61,001 ounces, respectively, in the third quarter, with silver representing a 26% increase from the prior quarter. 
  • Weighted average gold grade was 0.026 ounces per ton and silver grade was over 0.550.
  • Metallurgical yields improved to 80%, from a previous average estimate of 76%.
  • Strip ratio improved to below 4.8:1, down from 6.7:1 last quarter and trending positive.
  • Cost reductions, when comparing 2014 to 2013 year to date, totaled $7.5 million.   
  • Reduced our debt balance during the quarter by $2.2 million.
  • Cash and cash equivalents were $9.25 million at September 30, 2014.
  • Expanded land holdings in Lyon and Storey County by over 435 acres, bringing the land position to almost 8,000 acres, and securing options on over 1,300 more.
  • Expanded and amended our landmark, Storey County Special Use Permit to expand mining and processing capability. This permit represents one of the most significant and collaborative permit approvals in the Company's history and lays a tremendous foundation for future growth.
  • Honored with a 2013 first place safety award from the Nevada Mining Association, joining Newmont and Barrick as the only other medium-sized category winners.
  • Welcomed Tesla to the Storey County family, a remarkable place to live and work.

Comstock’s Chief Executive Officer, Corrado De Gasperis commented, “We have generated our second straight quarter of positive cash from operations and achieved significant progress in our four focus areas so far this year: lowering our costs, strengthening our balance sheet, enhancing our mine plan and operations and expanding our land position.  Cash cost of mining for the third quarter was approximately $832 per ounce despite challenging but improving strip ratios. We continue progressing toward our production cost target of $750 per ounce for 2014.”

Production

During the third quarter of 2014, the Company poured 4,997 ounces of gold and 61,001 ounces of silver.  The Company mined approximately 1.1 million tons of material (mineralized material and waste).  Total mineralized material delivered to the leach pad was over 191 thousand tons, an over 55% increase in material delivered to the crusher from the previous quarter.  Our key operating measures are trending positively, as shown below:

Exploration and Development

Our geological and engineering teams have advanced our understanding of the Lucerne geology significantly in the last six months.  A tremendous amount of pre-drilling development, including detailed geological cross section and level plans for the substantial majority of the first phase of the East side expansion, resulted in expanded resource targets. Our teams have identified additional mineralized materials on and near the surface throughout certain prior mine workings including the historic Woodville Bonanza area. When finalized, these activities will lower the cost and increase the effectiveness of our upcoming drilling program in Lucerne. We are planning a technical press release with further geological details later this month coincident with the commencement of the drilling program.
 
Mr. De Gasperis concluded, “Our fourth quarter mine plan is significantly enhanced, with continued good grades, lower strip ratios, lower variation and lower costs.  We expect to be cash positive from operations and after capital expenditures in the fourth quarter, our most important measurement.  The recent geological expansions and modeling into the East-side of Lucerne coupled with the recent permit expansions over that area, position the Company extremely well for continued growth in 2015.”

Conference Call

The Company will host a brief conference call on October 7, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to provide a business update.
The live call will include a moderated Q&A, after the prepared remarks.  The dial-in telephone numbers for the live audio are as follows:
North American Toll Free: 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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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 include statements about matters such as: 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); 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; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

 

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, September 18, 2014

Comstock Mining to Present at the Singular Research Ninth Annual Best of the Uncovereds Investment Conference 2014

Virginia City, NV (September 18, 2014) -- Comstock Mining Inc. (NYSE MKT: LODE), a producing, Nevada-based gold and silver mining company with extensive, contiguous property in the historic, world-class Comstock District, today announced that Corrado De Gasperis, President and CEO, will present at the Singular Research Ninth Annual Best of the Uncovereds Investment Conference.  The conference is September 22, 2014, at the Luxe Hotel in Los Angeles, California.

Mr. De Gasperis will provide a Company update during the live presentation, including the recently announced landmark permit expansions, and participate in one-on-one meetings.  Institutional investors that wish to request a meeting with Comstock Mining should send an email request to Bill Jones at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. or call (267) 987-2082.  The presentation will take place on Monday, September 22, 2014 at 1:00 p.m. Eastern Time.  A live audio webcast of the presentation will be available at: http://wsw.com/webcast/sr3/lode

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.  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 deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 40,000 gold equivalent ounces and significantly grow the commercial development of our operations through coordinated, district wide 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 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 and production capacity and operations.  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. 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, including those risks and uncertainties include the risk factors discussed in Item 1A, “Risk Factors” of our annual report on Form 10-K. 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 constitute 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

 

Kimberly Shipley

President & CEO

 

Manager of Investor Relations

Tel (775) 847-4755

 

Tel (775) 847-0545

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

 
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