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Comstock Mining Inc

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NYSE MKT: LODE
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Comstock Mining Inc
Press Releases
Tuesday, April 22, 2014

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

Virginia City, NV (April 22, 2014) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Tuesday, April 29, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report First 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:

North American Toll Free: 1-866-544-4625
Canada Local / International: 416-849-2726

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.
 
Thursday, April 10, 2014

Comstock Mining Provides Update Mine Yields Higher Grades, Progress on Cost Reductions

Virginia City, NV (April 10, 2014) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced an update today on its progress for 2014, mine operations, cost reductions and organization. The mine plan is yielding higher grades, particularly in March, where it averaged over .034 ounces of gold per ton delivered to the crusher.

For the first quarter of 2014, the Company poured over 4,500 ounces of gold and almost 50,000 ounces of silver, as compared to 2,261 ounces of gold and 15,599 ounces of silver in the first quarter of 2013, an increase of 100% for gold ounces produced and over 215% for silver ounces produced when compared to the comparable quarter in 2013. The Company mined approximately 950,000 tons of material (mineralized material and waste) as it continued transitioning into higher-grade segments of the mine plan while expeditiously moving through some higher stripping ratios. Total mineralized material delivered to the leach pad was over 205,000 tons and represented some of the highest gold and silver grades crushed to date. The weighted average for the quarter was .024 ounces per ton gold and .345 ounces per ton silver, with March 2014 averaging over .034 ounces of gold per ton and over .50 ounces of silver per ton.

The Company continues reducing costs applicable to mining, targeting over $6 million in reductions for 2014, as compared to 2013. The Company has already realized annual savings of approximately $1 million from reduced staffing in crushing, related maintenance, mining and administrative cost reductions with further opportunities in drilling, blasting, logistics and administration. For example, the Company saved nearly 154,000-kilowatt hours per annum participating in NV Energy’s Sure Bet Incentive Program. Costs applicable to mining has been reduced over the past five quarters, with first quarter costs of sales, on a cost per ounce basis, at the lowest since inception, at slightly over $1,000 per ounce.

“Our production continues its ramp up, with higher-grade material now being delivered and gold and silver pours increasing every week for the past four weeks. Our 2014 goal remains the doubling year over year production ounces and increasing cash flow, while reducing costs and achieving a cash cost applicable to mining of less than $750 per ounce,” stated Corrado De Gasperis, President and CEO of Comstock Mining Inc.
The Company also announced the appointment of Harold “Hal” Galbraith as Director of Mining effective March 24, 2014. Mr. Galbraith brings over 30 years of experience in open pit gold, silver and copper operations, as well as surface coal mining operations, maintenance systems, technical services and industrial engineering support. He has held a variety of positions including, but not limited to, Mine Manager, Sr. Production Engineer, Senior Mining Engineer, Senior Projects Engineer as well as Long and Short Range Mine Planner. Mr. Galbraith holds a Bachelor of Science in Mining Engineering from the Pennsylvania State University.

Mr. De Gasperis concluded: “We have not ever had better confidence and visibility with our forward mine plan. Sustained higher grades combined with lower strip ratios expected in the second half of this year, supports our overall 2014 business objectives. We are pleased to have Hal’s experience and cost focused management on our Comstock team.”

 

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.

 

 
Tuesday, March 11, 2014

Comstock Mining Announces 2013 Year End Results
2014 Revenue Objectives Complemented by $10 million of Cost Reductions

 

Virginia City, NV (March 11, 2014) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected financial results for the year ended December 31, 2013. The Company will host a conference call today, March 11, 2014, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time. The live call will include a moderated Q&A, after the prepared comments by the Company. The dial-in telephone numbers for the live audio are as follows:

North American Toll Free: 1-866-544-4625
International: 1-416-849-2726

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

2013 Highlights and Recent Events

  • Published our fourth National Instrument 43-101 (NI 43-101) technical report (the “2013 Report”) authored by Behre Dolbear & Company (USA), Ltd. (“Behre Dolbear”). The 2013 Report declared a mineral resource estimate of Measured and Indicated Resources containing more than 2,100,000 gold equivalent ounces , a 25% increase over the previous Lucerne Measured and Indicated estimate.
  • Completed first full year of operations, producing 186,482 ounces of silver and 17,739 ounces of gold or a total of 20,815 gold equivalent ounces, exceeding full year guidance.
  • Received a major modified water pollution control permit, increasing our authorized capacity and processing rates from a previous maximum of 1.0 million tons per annum to 4.0 million tons per annum and recently expanded our heap leach capacity to accommodate expanded production plans.
  • Restructured patented mining claims in the Dayton Resource Area, eliminating $2 million of debt and cancelling all future royalties payable with respect to the mining claims.
  • Received strategic master plan and zoning change approvals from Lyon County’s Board of Commissioners on critical mining claims and other properties located in the Dayton Resource Area, supporting accelerated resource development and feasibility assessments.
  • Secured over 300 acres of private lands adjacent to the approximately 78 acre American Flat processing area, accelerating potential expansion options.
  • Secured a new, lower cost $5 million Revolving Credit Facility. The proceeds of the Revolving Credit Facility will be used for working capital, including production ramp up and preparations for expansion of the Lucerne Mine, including targeted drilling on the east side of the Lucerne Resource Area.

2013 Financial Results

  • Revenue for 2013 totaled $24.8 million, with gold mining revenues of $24.1 million. Realized an average selling price of $1,361.70 per ounce of gold and $21.97 per ounce of silver.
  • Crushed and stacked 1,072,000 dry tons of mineralized material, delivering 22,192 estimated ounces of recoverable gold and 396,082 estimated ounces of recoverable silver to the leach pads.
  • Cost applicable to mining revenues totaled $26.5 million, net of silver by-product credits, in line with expectations, and supportive of planned increased production growth in 2014.
  • Reclamation and exploration expenses decreased $9.8 million from $18.3 million in 2012 to $8.5 million in 2013 as the Company fully transitioned into production in 2013.
  • General, administrative, consulting and professional expenses were $9.6 million in 2013 versus $12.7 million in 2012, a decrease of $3.0 million, primarily from reduced external services as we stabilized production and reduced stock-based compensation expense.
  • Interest expense was $1.2 million in 2013 versus $0.9 million in 2012, primarily due to the higher interest rate associated with our Revolving Credit Facility paid off in 2013.
  • Net loss for 2013 was $21.3 million, versus $30.8 million in 2012, a decrease of $9.5 million, resulting from lower operating expenses and higher full year revenues.
  • Net cash used by operating activities was $10.3 million in 2013 compared to $22.4 million in 2012. The lower use of cash results from the higher first full year of revenue and lower year over year operating expenses, somewhat offset by the higher cash cost of mining and use of $2.7 million of accounts receivable used to repay debt.
  • Net cash used in investing activities in 2013 was $6.7 million, primarily as the result of capital asset purchases of $6.0 million and bond deposit increases of $1.3 million, offset by $597 thousand of proceeds received from the sale of equipment that was previously used in our mining development and production activities.
  • Net cash provided by financing activities was $13.4 million in 2013, comprised of approximately $18.8 million of net proceeds from equity, partially offset by the pay-down of our long-term debt obligations of approximately $4.9 million.
  • Total long-term debt and capital lease obligations at year-end 2013 were $7.9 million as compared to $13.7 million in 2012.
  • Cash and cash equivalents at year-end were $2.4 million.

The Company now owns or controls 7,447 acres of mining claims and parcels in the overall Comstock Mining District, representing a 26% increase since 2012.

“Over the past year, we have significantly increased the intrinsic value of our company and the communities of the Comstock. Our strategic land consolidation, responsible ramp up of operations and community-wide support network continue to grow in every respect. Our production expansion is still ramping up, with higher-grade materials now being delivered and scheduled to be delivered to the heap leach pad with a goal of doubling year over year production ounces while reducing unit costs and increasing cash flow,” stated Corrado De Gasperis, President and CEO of Comstock Mining Inc.

Production

During 2013, the Company fully established its operating infrastructure, including establishing our initial mine, ramps, roads and utility systems, completed the ramp up and stabilization activities of the production system, including significant improvements to the mining, logistics and metal extraction processes, particularly within the Merrill-Crowe facility. We invested approximately $1.5 million for productivity enhancing actions so that the Merrill-Crowe and heap leach facilities are now operating at sustained fluid processing rates of over 1,000 gallons per minute in 2014 thus far.

During 2013, the Company crushed and stacked 1,072,000 dry tons of mineralized material, delivering 22,192 estimated ounces of recoverable gold and 396,082 estimated ounces of recoverable silver to the leach pads with average head grades of gold to the crusher of 0.021 ounces per ton.

We also expanded our operating and physical leaching capacity by receiving a major modification of our water pollution control permit, increasing our authorized capacity and our processing rate from a previous maximum of 1.0 million tons per annum to 4.0 million per annum. This permit modification also authorized the completed construction of two new heap leach pad cells and the supporting ponds and related infrastructure. The system is now operational and new material is continuously being stacked, leached and processed.

The completed expansion and improvements represent the next major phase of growth for the Company, enabling production growth of 100%, with the goal of reducing per unit costs and increasing cash flow.

The Company has averaged over 400 gold-equivalent ounces poured per week in 2013. The Company continuously adjusted its operations to improve grade, maximize yields and increase tons crushed and stacked throughout 2013, and averaged nearly 500 gold-equivalent ounces poured per week throughout the second half of 2013.

For the quarter ended December 31, 2013, the Company realized an average sales price of $1,324.29 per ounce of gold and $20.68 per ounce of silver. In comparison, commodity market prices averaged $1,272.47 per ounce of gold and $20.76 per ounce of silver.

For the year ended December 31, 2013, the Company realized an average sales price of $1,361.70 per ounce of gold and $21.97 per ounce of silver. In comparison, commodity market prices in 2013 averaged $1,411.03 per ounce of gold and $23.83 per ounce of silver.

Operating Costs and Cost Reductions

During 2013, actual Lucerne Mine costs applicable to mining revenue were approximately $30.6 million, $26.5 million net of silver by-product credits. Cost applicable to mining revenue include mining and processing labor, maintenance, drilling and blasting and assaying costs associated with higher production rates and higher absorbed inventory costs incurred in advance of achieving the targeted production rate. The Company focused on reducing costs applicable to mining and leveraging the existing fixed operating expenses for the production of higher ounces in the latter part of 2013. Costs applicable to mining, dropped sequentially, on a per ounce basis, every quarter during the year. Overall, cash costs dropped 55% from the first quarter to the fourth quarter, starting at over $2,190 per ounce during initial ramp up down to $989 per ounce in the fourth quarter.

Costs applicable to mining revenue for the twelve months of 2013 include $1 million of non-recurring, higher hauling costs, $4.7 million of depreciation and a $1.5 million write down of inventory, primarily for lower grade stockpiles, to market value during 2013.

Management believes the system is now capable of operating at twice the production rates of 2013, while identifying cost reductions of annual costs applicable to mining from the 2013 levels by over $6.5 million, to below $25 million for the 2014 year.

During the third and fourth quarters, once production had stabilized, the Company also continued focusing on stream-lining the organization and reducing general, administrative, consulting and other related costs, resulting in a 23.9% reduction of these administrative cost categories, when comparing 2013 to 2012. The Company has identified another $3.5 million of these additional administrative cost reductions from the 2013 levels, for a total of $10 million in annual cost savings.

2014 Outlook

Under our current mine plan, we anticipate doubling ounces produced when compared to 2013, for both gold and silver, targeting 40,000 gold equivalent ounces of production this year. 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 in 2014 than in 2013. The Company expects cash costs per ounce of gold mined of less than $750 per ounce.

Exploration and Development

The 2013 drilling program (the “Drill Program”) included a total of 22 drill holes and 4,065 feet. For Billie the Kid, we drilled six holes with an average depth of 340 feet. For Lucerne, we drilled thirteen holes with an average depth of 120 feet. For Justice, we drilled six holes with an average depth of 160 feet, and for Keystone, we drilled one well-positioned hole down to 120 feet. The Drill Program was defined for specific information and collected information that confirmed predicted geologic and attributes and metallurgical properties.

The Company has finalized its plans for near term, high priority targets, including The East Side, Dayton and Spring Valley exploration areas. The East Side Drill Program includes infill drilling, metallurgical testing, and geotechnical analysis to enhance the known mineralization on the East Side of State Route 342 for near term expansion. In addition, the Company has designed a new phase of exploration drilling to include its highest-potential targets, including scoping studies of the Chute Zone in the Lucerne Resource area, and plans for expanded exploration and development drilling in the Dayton Resource area that will allow for proper mineral assessment, resource expansion and mine plan development in the latter half of 2014.

Strategic Land and Mineral Right Acquisitions

The Company continues to increase its footprint in the Comstock District through strategic acquisitions. We consider the historic Comstock district central to our growth strategy. In late 2013 and early 2014, the Company secured over 300 acres of private lands adjacent to the approximately 78 acre American Flat processing area providing valuable expansion opportunities for leaching, processing, refining and potentially, milling solutions for the district. The Company now owns or controls 7,447 acres of mining claims and parcels in the overall Comstock Mining District, representing a 26% increase since 2012.

Earlier this year, the Lyon County Board of Commissioners unanimously approved breakthrough zoning changes on certain Company mining claims and other properties located in the Dayton Resource Area, enabling a more comprehensive assessment. These claims represent the Company's second largest classified gold and silver resource and include the historic Marble, Alhambra and Kossuth lode patented mining claims. The Company previously announced the positive restructuring of the debt and royalty obligations related to these patented mining claims. The restructured transaction eliminated $2 million of long-term debt and canceled all existing royalty obligations with respect to these mining claims.

Corporate

Cash and cash equivalents on hand at December 31, 2013 totaled $2.4 million.

Total long-term debt and capital lease obligations at year-end 2013 were $7.9 million as compared to $13.7 million in 2012. For 2014, we plan on $2-3 million in capital expenditures, primarily to prepare for future expanded mining operations, including mining of The East Side of the Lucerne Resource. We will also pay down an additional $2.7 million in long-term debt obligations.

Comstock’s Chief Executive Officer, Mr. Corrado De Gasperis, concluded, “We have grown our strategic resource in excess of 3 million gold equivalent ounces, established and are expanding production, lowered and continue lowering costs, all while expanding our land position in one of the most prolific geological districts. From a pure sources and uses perspective, we had an operating cash profit in the fourth quarter before capital expenditures, and we are positioned to grow that profitable base, through the remainder of this year.”

 

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.

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Tuesday, March 4, 2014

Comstock Mining to Participate in the Northland Capital Markets 2014 Growth Conference on March 12, 2014

Virginia City, NV (March 4, 2014) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE), a Nevada-based, producing gold and silver mining company with extensive, contiguous property in the Comstock District, today announced that Corrado De Gasperis, President and CEO, has been invited to and will attend the Northland Capital Markets 2014 Growth Conference on Wednesday, March 12, 2014 at the Omni Berkshire Palace Hotel in New York City.

Mr. De Gasperis will hold one-on-one and small group meetings with investors throughout the day discussing Company potential, performance and outlook for 2014 and beyond.

For additional information or to schedule a one-on-one meeting with Mr. De Gasperis, please contact your Northland representative.

To learn more about Northland Capital Markets and the 2014 Growth Conference, visit www.northlandsecurities.com.

The Company would also like to invite you to participate in the 2013 year end and business update conference call being held on Tuesday, March 11, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time. The live call will include a moderated Q&A, after the prepared remarks. The dial-in telephone numbers for the live audio are as follows:

North American Toll Free: 1-866-544-4625
Canada Local / International: 1-416-849-2726

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.
 
Thursday, February 27, 2014

Comstock Mining Announces Notice of 2013 Year End Results  And Business Update Conference Call

Virginia City, NV (February 27, 2014) -- Comstock Mining Inc. (“the Company”) (NYSE MKT: LODE) will host a conference call on Tuesday, March 11, 2014 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report 2013 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: 1-866-544-4625
Canada Local / International: 1-416-849-2726


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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.

 

 

 
February 14, 2014

Comstock Mining Announces Improved, Lower Cost Revolving Credit Facility

Virginia City, NV (February 14, 2014) Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has entered into a new, lower cost $5 million revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC (“AIC”), pursuant to which the Company may borrow up to $5 million outstanding at any one time. The proceeds of the Revolving Credit Facility will be used for working capital, including production ramp up and preparations for expansion of the Lucerne Mine, including targeted drilling on the east side of the Lucerne resource area.

“This financing is consistent with our business plans as we accelerate our mining plan in Lucerne West and prepare for expansion and development drilling of Lucerne East. It is gratifying that our progress to date results in more efficient, flexible capital resources for growing our company and its resource base,” stated Corrado De Gasperis, President & CEO of the Company.

On February 12, 2014, the Company drew down $4.6 million dollars. The Revolving Credit Facility will be repaid through 14 semimonthly cash payments of $357,143 beginning August 8, 2014, and ending February 6, 2015.

“This new facility reflects Comstock’s established production and encouraging growth profile. Auramet is very pleased with the evolution of this business relationship, and the efficient growth that this facility enables,” stated James V. Verraster, III, President and CEO of Auramet.

 


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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.
 
February 04, 2014

Comstock Mining Strategically Expands Properties; Receives Breakthrough Zoning Changes

 

Virginia City, NV (February 4, 2014) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it recently secured over 300 acres of private lands adjacent to the approximately 77 acre American Flat processing area providing valuable expansion opportunities for leaching, processing, refining and potentially, milling solutions for the district.  The Company now owns or controls over 7,000 acres of land, including patented and unpatented mining claims.

The Company has now commenced district-wide planning, engineering and feasibility studies for resource and reserve development and growth beyond the current Lucerne mining operations through a responsible, district-wide expansion plan.  These planning, engineering and feasibility studies will produce an expanded mine plan for Lucerne, further mineral assessment for the Spring Valley and Dayton Resource Areas, and ultimately, potential mine plans.  The district-wide plan will also assess centralized processing capability.

“Over the past few months, we have significantly increased the intrinsic value of our company and the Comstock communities.  Our land consolidation, responsible operations and community-wide support network continue to grow in every respect.  Our collaborations with these communities are centered on well-planned projects that promote responsible development in this historic, world class gold and silver mining district,” stated Corrado De Gasperis, President and CEO of Comstock Mining Inc. 

Earlier this year, the Lyon County Board of Commissioners unanimously approved breakthrough zoning changes on certain Company mining claims and other properties located in the Dayton Resource Area, enabling a more comprehensive assessment.  These claims represent the Company's second largest, classified gold and silver resource and include the historic Marble, Alhambra and Kossuth lode patented mining claims.  The Company previously announced the positive restructuring of the debt and royalty obligations related to these patented mining claims.  The restructured transaction eliminated $2 million of debt and canceled all existing royalty obligations with respect to these mining claims. 

Mr. John Winfield, Chairman of the Board of Comstock Mining Inc. commented: “The district-wide planning process will develop clear opportunities, create valuable jobs and improved qualities of life for this and future generations.  We can achieve both our social and economic objectives for true sustainability.  Doing good makes good business sense (cents). This is the cornerstone of our philosophy of coupling social responsibility and economic objectives.”



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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.
 
December 31, 2013

Comstock Mining Exceeds 2013 Guidance

Virginia City, NV (December 31, 2013) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has surpassed its 2013 guidance, exceeding the estimated 20,000 gold equivalent ounces, producing over 20,800 for the Company’s first full year of production.  Additionally, the Company has completed the construction of two new heap cells and the supporting ponds and related infrastructure.  The system is now fully operational and newly stacked materials are ready for leaching and processing.  Existing cells #’s 1-5 will continue under solution, as typical, until the target gold and silver recovery rates have been achieved.  These modifications resulted from recent, major permit modifications. 

“It is gratifying that our first full year of production was in excess of the planned 20,000 gold equivalent ounces.  The completed expansion represents the next major phase of growth for our Company, enabling production growth of 100%, while reducing unit costs and increasing cash flow.  We are looking forward to producing in excess of 40,000 gold equivalent ounces,” stated Corrado De Gasperis, the Company's President and Chief Executive Officer.

The Company would also like to express its appreciation for being featured as the cover story in the Mining Quarterly 2013, winter edition.  “It is an honor being the highlighted project amongst an outstanding Nevada group of Nevada miners, including Barrick and Newmont, but more importantly is the focus on the state’s significant mining history and culture founded in The Comstock and our efforts to protect, preserve, enhance and celebrate this storied mining district that supports the State of Nevada in the celebration of its 150th birthday in 2014,” stated Mr. De Gasperis.  A link to the article is posted on the Company website or may be accessed at: 

http://issuu.com/elkodaily/docs/mqwinter_13_opt/15?e=5871931/5960380.  

The Company recently spearheaded the formation of the Comstock Foundation for History and Culture for the purpose of historical preservation and cultural enhancement. The Company would also like to thank its employees, partners, the Comstock community and the State of Nevada for their efforts and collaboration enabling the Company to achieve its 2013 objectives. 

 

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.
 
December 19, 2013

Comstock Mining Eliminates $2 million of Debt and Future Royalties

Virginia City, NV (December 19, 2013) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today a positive restructuring of four, patented mining lode claims totaling 95 acres in the Company’s overall Dayton Resource Area.  These claims represent the Company’s second largest, classified gold and silver resources and include the historic Dayton, Alhambra and Kossuth mining claims.  The restructured transaction eliminates $2 million of debt and cancels all future royalties payable with respect to the relevant mining claims in exchange for the issuance of one million shares of the Company’s common stock.  

The Company acquired the Dayton from the Golden Goose Mine in January 2012.  The purchase price for the Dayton was $3,000,000, plus a 3% net smelter royalty payable to the seller.  In connection with the purchase in 2012, the Company made a $500,000 cash down payment and then issued a $2.5 million note to the seller, payable in quarterly installments of $50,000 (increasing to $125,000 in October 2013) with a balloon payment for the remaining principal due on or before August 1, 2017.  In accordance with the terms of the new agreement, the seller will accept shares of common stock to satisfy the principal amount of the note payable and will also relinquish all rights to the net smelter royalty.  The note was secured by a first deed of trust on the land, which will be released after a six-month holding period for the shares.

“We welcome fellow Nevadan and long time partner, Mr. Allan Fiegehen, as a strategic investor in the Company,” stated Corrado De Gasperis, the Company’s President and Chief Executive Officer.  “This transaction strengthens our balance sheet by extinguishing debt, increasing our free cash flow, and significantly enhancing future shareholder value by eliminating the 3% NSR.”

The Dayton Resource Area, approximately one mile south of the Lucerne resource area, along State Routes 341 & 342, is contiguous with the Company’s Spring Valley and Oest target areas, comprising over 1,600 acres of land holdings in Lyon County alone. 

 

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.
 
November 14, 2013

Comstock Mining Inc.’s CEO Presenting at the Metals & Minerals Investment Conference

Virginia City, NV (November 14, 2013) -- 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 Comstock District, today announced that Corrado De Gasperis, President and CEO, will present at the San Francisco Metals & Minerals Investment Conference on Tuesday, November 26, 2013.

The presentation will take place on Tuesday, November 26, 2013 at 9:33 a.m. in the Yerba Buena Ballroom of the San Francisco Marriott Marquis, 55 Fourth Street.  

Please drop by Comstock’s booth #716.  The Comstock Mining district is a well-known, historic mining district, with over 150 years of production-based history.  The goal of our strategic plan includes validating qualified resources (measured and indicated) and reserves (proven and probable) of 3,250,000 gold equivalent ounces, from our first two resource areas, Lucerne and Dayton.  Overall, the Company has already validated measured and indicated resources in the Lucerne and Dayton areas containing over 2,000,000 gold equivalent ounces. 

Mr. Larry Martin, our Vice President of Exploration and Mine Development and a Certified Professional Geologist (CPG), as well as other members of our team, look forward to discussing the Company’s goals, current expansions and performances to date.  

For more information about the Metals & Minerals Investment Conference and to register, please visit:   http://www.metalsandmineralsevents.com/sf/.

 

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.

 
November 13, 2013

Comstock Mining’s Heap Expansion Well Underway

Virginia City, NV (November 13, 2013) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that the modified Water Pollution Control Permit became effective on November 12, 2013.  This approved expansion of the Company’s leach pad facilities, from five to eight cells, is underway and is scheduled to be complete in the next few weeks.  

“This expansion is a major phase of growth for our Company, enabling a year on year doubling of production while reducing unit costs and increasing cash flow.  We are pleased with the quality, speed and capacity of this expansion.  We worked diligently with our teams, contractors and NDEP, for a highly professional, expedient expansion,” stated Corrado De Gasperis, the Company’s President and Chief Executive Officer.  “We anticipate adding material to the new cells in early December and invite you to view the photo display of the expansion on the Company website at http://www.comstockmining.com/heap-leach-expansion-2013.”    

 

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 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

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.:

P.O. 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.

 
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