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Comstock Mining Inc

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NYSE MKT: LODE
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Comstock Mining Inc
Press Releases
Thursday October 31, 2013

COMSTOCK MINING ANNOUNCES THIRD QUARTER 2013 RESULTS

RECORD GOLD AND SILVER PRODUCTION, RECEIVES EXPANSION PERMIT


Virginia City, NV (October 31, 2013) -- Comstock Mining Inc. (the “Company” or “CMI”) (NYSE MKT: LODE) today announced selected unaudited financial results for the quarter ended September 30, 2013.  Comstock’s Chief Executive Officer, Corrado De Gasperis commented, “Our ramp up and productivity gains have yielded record production for the quarter, including a 39% increase in silver shipments over the prior quarter.  The issuance of the expanded Water Control Permit quadruples our permitted capacity and positions us well to double our revenue for next year, significantly reduce our unit costs and, most importantly, generate positive cash flow.  We are building an extraordinary business through production and development growth and land expansion, all while running a most responsible Nevada-mining enterprise.”


2013 Third Quarter Highlights

 

  • Mining revenue from gold sales for Q3 2013 was $6.6 million, as compared to $6.8 million for Q2 2013.  
  • Gold shipments were 5,214 ounces in Q3 2013, a 6% increase as compared to 4,921 ounces in Q2 2013.
  • Silver shipments were 59,731 ounces in Q3 2013, a 39% increase as compared to 42,992 ounces in Q2 2013.
  • Gold and silver shipments both represent record highs for the Company.  Initial production ramp-up phase was completed, exceeding initial targeted production rates of 400 gold equivalent ounces per week in Q2 and Q3, and over 500 gold equivalent ounces per week in September.  The Company added 16% more ounces of gold to inventory, 6,088 ounces, as compared to 5,265 in Q2 2013, resulting in approximately 12% lower average inventoried cost per ounce at September 30, 2013.  
  • Net loss for Q3 2013 was $4.5 million, or $(0.09) per common share as compared to $9 million for Q3 2012, or $(0.24) per common share.  The decrease of $4.5 million resulted primarily from a $6.6 million increase in mining revenue, a $4.2 million decrease in all other operating and other expenses, offset by $6.4 million of costs applicable to mining. 
  • Costs applicable to mining were approximately $6.4 million, a $1.8 million decrease from the prior quarter, primarily driven by the elimination of redundant costs associated with temporary use of the state route and longer haul routes and inventory write-downs to realizable market value not occurring in the current quarter. 
  • Operating expenses, excluding costs applicable to mining, totaled $4.9 million for Q3 2013, as compared to $8 million for Q3 2012.  The $3.1 million decrease was primarily due to a $2.6 million reduction in exploration and reclamation costs as the Company shifted into full production and a $.5 million reduction to administrative, including compensation, and legal costs. 

 

2013 Year-to-Date Highlights

 

  • Received Special Use Permit Modification from Storey County for Heap Leach Pad Expansion
  • Received Water Pollution Control Permit from State of Nevada NDEP that increases the amount of mineralized material the Company may process from 1 million tons per annum to 4 million tons per annum, enabling the planned production rate to double to 40,000 gold equivalent ounces in 2014.  
  • Received Lyon County Approval for Reversion of Acreage on our Dayton Mine Property 
  • Net cash used in operating activities for the nine months ended September 30, 2013 was $11.5 million, versus $17.8 million in the comparable prior period.  The $6.3 million decrease resulted primarily from a lower net loss of $9.5 million less a higher use of cash of $2.5 million for working capital, including debt reductions from gold transfers.
  • Net cash used in investing activities for the nine months ended September 30, 2013, was $2.7 million, versus $10.7 million in the comparable prior period.  The $8.0 million decrease resulted primarily from the reduced purchases of plant and equipment associated with last year’s construction of mining infrastructure offset by $1.4 million used for productivity investments during Q2 2013 and $1.1 million for increased cash bonding for the nine months ended September 30, 2013, as compared the comparable prior period.
  • Total debt, excluding capital leases, was $6.4 million at September 30, 2013, as compared to $13.7 million at year-end 2012.  The decrease of $7.3 million was primarily due to the full payoff of $5.4 million previously drawn on the Revolving Facility and the $2.2 million reduction of Caterpillar finance loans.  
  • Cash and cash equivalents were $5.9 million, with the $5 million Revolving Facility paid off during the third quarter.  The Company has received improved, indicative terms for a new revolving facility. 

 

Production Expansion

The Company has recently transitioned into production in the Lucerne Mine and ramped up to the targeted 20,000 gold-equivalent-ounce annual production rate and exceeded that rate during both the second and third quarters of 2013, averaging over 400 gold-equivalent ounces per week for the quarter ended September 30, 2013, and over 500 ounces per week in September.  This intermediate target was exceeded and sustained by maximizing production under existing permitted capacity constraints around our heap leach and processing facility.  The Company’s existing heap leach is currently being expanded based on the recent receipt of all required permits, including the recently received, key Water Control Permit. This permit increases our authorized capacities and processing rates from a previous maximum of 1.0 million tons per annum to 4.0 million tons per annum.  

Mr. DeGasperis continued: "Nevada continues to represent one of the most supportive mining jurisdictions in the world, with world class regulation and thorough due process.   We are pleased with the diligence of NDEP-BMRR's process, prioritizing public safety while supporting the advancement of our business. This is a critical permit modification that enables our production expansion goals for the remainder of this year, next year and beyond.  We will move expeditiously to complete our current heap leach expansion from five to eight cells, to increase our rates of production and significantly reduce our unit costs associated with producing our planned 40,000 gold equivalent ounces for next year." 

During the second and third quarters of 2013, we completed the ramp up and stabilization activities of the production system, including significant improvements to the metal extraction processes, particularly the Merrill-Crowe facility.  We invested approximately $1.4 million for certain productivity enhancing actions associated with pump, pipe, filtration and press capacities, so that the Merrill-Crowe and heap leach facilities could operate at fluid processing rates of up to 1,000 gallons per minute.  These capacities are operational and available for the expanded heap leach pad.  For the fourth quarter of 2013, we plan on spending up to $2 million in capital expenditures, primarily to expand our heap leaching and related production capacity.

Metal sales for the nine months ended September 30, 2013 totaled $19.8 million, with gold revenues of $17.1 million.  We also sold $2.7 million of silver.  Metal sales for the three months ended September 30, 2013 totaled $7.9 million, with gold revenues of $6.6 million.  We also sold $1.3 million of silver in the third quarter.  Silver is accounted for as a by-product credit in costs applicable to mining revenue for financial reporting purposes.  For the three months ended September 30, 2013, the Company crushed and stacked over 288,000 dry tons of mineralized material and shipped 5,214 ounces of gold and 59,731 ounces of silver, both record levels for the Company.  Gold grades placed onto the pad averaged 0.025 ounces per ton in the third quarter.  Material placed on the heap leach pad remains under solution, although not constantly, until the target recovery rates are achieved.  The Company aims to continuously improve its operations to enhance grades, maximize yields and increase tons crushed and stacked. 

During the third quarter ended September 30, 2013, the Company realized an average price of $1,291.88 price per ounce of gold and a $21.23 average sales price per ounce of silver.   At September 30, 2013, the Company has priced approximately 2,400 ounces of gold sales at an average price just over $1,350 per ounce. 

 

Operating Costs

During the first nine months of 2013, actual Lucerne Mine costs applicable to mining revenue were approximately $21.1 million, $18.4 million net of silver 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 costing associated with costs incurred in advance of achieving the targeted production rate, including the planned increases in the fourth quarter of 2013. 

Costs applicable to mining revenue for the first nine months of 2013 include $1 million of higher hauling costs, including the previously incurred redundancy associated with our inability to use an existing haul road, for most of the first quarter that crosses Lot 51 and the transition costs associated with renting new haul vehicles while transitioning out of the existing, temporary vehicles.  Costs applicable to mining revenue also include $2.4 million of depreciation and a $1 million write down of inventory to market value for the nine months ended September 30, 2013.  Management believes the system is now capable of operating at twice the production rates of the first nine months and plans on ramping up operations to those higher levels now that the permits have been approved. 

During the second and third quarters, once production had stabilized, the Company focused on stream-lining the organization and reducing general, administrative, consulting and other related costs.  The Company is also focused on reducing costs applicable to mining and leveraging the existing fixed operating expenses for the production of higher ounces in the second half of 2013, as compared to the first half of 2013.   Costs applicable to mining per ounces added to inventory during the quarter are lower than the previous quarter by approximately 12%.  Costs applicable to mining revenue do not include general, administrative or exploration costs.   

 

Exploration and Development

The Comstock Mining district is a well-known, historic mining district, with over 150 years of production-based history.  We have access to extensive reports and maps on various properties in the district, but to-date, we have only conducted detailed geologic exploration and resource modeling on approximately 10% of our approximate 5,900 acre land position.  We plan on conducting ongoing exploration programs to locate and test surface mineral targets as well as deeper underground bonanza targets by using historic compilation, geological mapping, geochemical and geophysical investigations and drilling.  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, requiring execution of planned exploration and development drilling.  Overall, the Company has already validated measured and indicated resources in the Lucerne and Dayton areas containing over 2,000,000 gold equivalent ounces. 

The Lucerne Resource Area has been the focus of the Company’s exploration and development efforts since 2007.  It includes the previously mined Billie the Kid, Hartford and Lucerne mining claims, and extends northeasterly to the area of the historic Woodville bonanza, and north to the historic Justice and Keystone mines, plus the extension of these areas down-dip to the east.  The Company has the key mining permits required and has resumed mining in the Billie the Kid, Hartford and Lucerne west-side mining claims.  The Lucerne Resource Area is approximately 5,000 feet long, with an average width of 600 feet, representing less than three percent of the land holdings controlled by the Company.  The east-side target within this area ranks as one of the Company’s top exploration and potential mine production expansion targets, including the recently discovered structurally bounded, wedge-like, zone hosting significant gold and silver.  We call this structural intersection the ‘Chute Zone’.  We believe that the structural intersection and geometric shape of the Chute Zone is similar to highly mineralized zones that were historically mined in the Comstock District as bonanzas.  There were 33 mined bonanza ore zones located along the northern Comstock mineral belt.

The discovery of the Chute Zone is the result of drilling, analysis and interpretation by the Company’s geological team.  The Company hopes to gain a deeper understanding of the controlling geologic attributes of the Chute Zone, allowing for even more efficient identification of such structures in future exploration programs along the Comstock.  Based upon the structural controls of the higher-grade Chute Zone, the Company has recognized structural similarities in higher-grade zones at Dayton and other mineralized areas within the Company’s property position.  Expectations are high that further drilling and development will allow for important extensions to these higher-grade zones.  The Company is currently assessing how best to develop and ultimately mine this mineralized material, as it represents the first substantial opportunity for an underground mining development by the Company.

We believe that our consolidation of the Comstock District is substantial and has provided us with opportunities to utilize the historical information available to identify drilling targets efficiently and with significant potential.  The next phases of our exploration, discovery and development program will continue with three significant intermediate objectives: 1) step-out, development and infill drilling in the east-side of the Lucerne Resource Area; including the Chute Zone; 2) step-out, development and infill drilling in the Dayton Resource Area; and 3) exploration drilling on high priority targets, including Spring Valley. 

  

Corporate

During the third quarter, the Company strengthened its balance sheet by increasing current assets, total assets and  stockholders equity.  The Company had total current assets of $11.2 million at September 30, 2013, including cash and cash equivalents on hand of $5.9 million.  Inventories, mineralized material on leach pad, and stockpiles totaled $4.2 million.  Total debt and other long-term liabilities were $10.2 million at September 30, 2013, a decrease of $3.5 million during the first nine months of the year, from $13.7 million.  We will also pay down an additional $.7 million in debt obligations during the remainder of 2013.  The Company currently has no indebtedness for borrowed money.  

The Company’s current capital resources include cash and cash equivalents and other working capital resources, cash generated through operations, and existing financing arrangements.  The Company’s certificate of incorporation permits it to incur indebtedness for money borrowed of up to $5 million at the discretion of the Board of Directors.  The Company believes that it could access on more favorable terms than in the past one or more other credit facilities. 

 

2013 & 2014 Production Outlook 

The Company’s anticipates annual operating expenses for the Lucerne Mine, including all mining, processing, mine administration and support costs of approximately $26 - $28 million per annum with an anticipated production schedule currently processing at the rate of 1 million tons per annum, but also includes plans for ramping up to over 2 million tons per annum run rate.  The Company currently anticipates production rates beyond the 400 gold-equivalent ounces per week in the next three months, and targeting 40,000 gold equivalent ounces for 2014.

Comstock’s Chief Executive Officer, Corrado De Gasperis concluded, “Our balance sheet remains strong as we continue building our precious assets, expanding our community developments, facilities and operations and marching toward sustained cash flows.  We feel we are well positioned for 2014, from every perspective.”

 

Conference Call

As previously announced, the Company will host a conference call on October 31, 2013 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report the Third Quarter 2013 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: 1-866-544-4625

International Toll: 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

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Tuesday October 29, 2013

Comstock Mining Receives Approval for Modified Water Pollution Control Permit
Enables Immediate Expansion of Production


Virginia City, NV (October 29, 2013) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that the Bureau of Mining Regulation and Reclamation of the Nevada Division of Environmental Protection (NDEP-BMRR) has notified the Company that it has approved a major modification to the Company’s Water Pollution Control Permit.  This modified permit increases the amount of mineralized material the Company may process annually from the previous 1 million tons of material per annum to a new limit of 4 million tons per annum and authorizes the expansion of the Company’s existing heap leach pad facilities.

“Nevada continues to represent one of the most supportive mining jurisdictions in the world, with world class regulation and thorough due process.   We are pleased with the diligence of NDEP-BMRR’s process, ensuring public safety while advancing our sustainable business objectives,” stated Corrado De Gasperis, the Company’s President and Chief Executive Officer.  “This is a critical permit modification that enables our production expansion goals for the remainder of this year, next year and beyond.  We will move expeditiously to complete our current heap leach expansion from five to eight cells, increase our rates of production, significantly drop our unit costs associated with producing our planned 40,000 gold equivalent ounces for next year.”  

For the three months ending September 30, 2013, the Company crushed and stacked over 288,000 dry tons of mineralized material and shipped a record 5,214 ounces of gold and 59,731 ounces of silver.  Gold grades onto the pad averaged 0.025 ounces per ton in the third quarter and the Company remains on track for delivering 20,000 gold equivalent ounces for 2013.

As previously announced, the Company will host a conference call on Thursday, October 31, 2013 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Third Quarter 2013 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:

            United States/Canada Toll free: 1-866-544-4625

International Toll: 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.

 
Wednesday, October 23, 2013

Comstock Mining Announces Notice of Third Quarter 2013 Results and 

Business Update Conference Call

 

Virginia City, NV (October 23, 2013) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, October 31, 2013 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Third Quarter 2013 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:

United States/Canada Toll free: 1-866-544-4625

International Toll: 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.

 
Wednesday, October 9, 2013

COMSTOCK MINING TO PRESENT AT THE NEW YORK CITY METALS & MINING CONFERENCE 

HOSTED BY JOHN TUMAZOS VERY INDEPENDENT RESEARCH, LLC 

Virginia City, NV (October 9, 2013) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE), a producing, Nevada-based, gold and silver mining company, today announced that Mr. Corrado De Gasperis, President and CEO, will present on Wednesday, October 16, 2013, at the Metals & Mining Conference hosted by John Tumazos Very Independent Research, LLC.  The conference will be held at the Westin New York Grand Central Hotel in New York City, where Mr. De Gasperis will also be available for 1 on 1 investor meetings.

The presentation will take place on Wednesday, October 16, 2013 at 3:00 p.m. Eastern Time.  A live audio webcast of the presentation will be available at http://www.wsw.com/webcast/vir12/ and will subsequently be available on the company's investor relations website at http://www.comstockmining.com/investors/investor-library.

For more information about the conference or to schedule a one-on-one meeting with Comstock Mining’s management, please contact Alicia Aydin, Manager of Operations, via email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

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.

 
Thursday, August 29, 2013

Comstock Mining Completes $8.75 million Public Offering

Virginia City, NV (August 29, 2013) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today the successful completion of its previously announced public offering of 4,146,920 shares of its common stock.

The net proceeds to the Company from the offering will be approximately $8.6 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use $3 million of the net proceeds from this offering for expansion of the heap leach pad, supporting near term production growth. The Company intends to use the remaining proceeds for the purchase of lands supporting its current, district-wide expansion planning and for general corporate purposes.

International Assets Advisory, LLC acted as private placement agent for the offering.

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.  

 
Monday, August 26, 2013

Comstock Mining Announces $8.75 million Public Offering of Common Stock

 VIRGINIA CITY, NV (August 26, 2013). – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has priced its previously announced public offering of 4,146,920 shares of common stock at a price of $2.11 per share. The offering is expected to close on August 29, 2013.

The net proceeds to the Company from the offering will be approximately $8.6 million, after deducting placement agent fees and estimated offering expenses. The Company intends to use $3 million of the net proceeds from this offering for expansion of the heap leach pad, supporting near term production growth. We also intend to use the remaining proceeds for the purchase of lands supporting our current, district-wide expansion planning and for general corporate purposes.

The offering is being made pursuant to the Company’s effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission (“SEC”). A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained by contacting: International Assets Advisory, LLC, 300 South Orange Ave. #1100, Orlando, FL 32801, (407) 254-1500 or (866) 500-8444.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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.

 

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.

 

 
Monday, August 26, 2013

Comstock Mining Announces Public Offering of Common Stock

 VIRGINIA CITY, NV (August 26, 2013). – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it plans to make a public offering of its common stock. The Company intends to use $3 million of the net proceeds from this offering for expansion of the heap leach pad, supporting near term production growth. The Company intends to use the remaining proceeds for the purchase of lands supporting its current, district-wide expansion planning and for general corporate purposes.

The offering of the shares will be made under the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The Company intends to file a prospectus supplement with the SEC for the common stock offering to which this communication relates. When available, the prospectus supplement and accompanying base prospectus may be obtained from International Assets Advisory, LLC, 300 South Orange Ave. #1100, Orlando, FL 32801, (407) 254-1500 or (866) 500-8444.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have or will be filed with the SEC. International Assets Advisory, LLC will act as placement agent for the proposed offering.

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.

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

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Friday, August 9, 2013

Comstock Mining to Ring Opening Bell at the New York Stock Exchange

Virginia City, NV (August 9, 2013) -- Comstock Mining Inc. (NYSE MKT: LODE), a producing, Nevada-based, gold and silver mining company, is pleased to announce that Chairman, John Winfield, along with President and CEO Corrado De Gasperis, will ring the NYSE Opening Bell on Tuesday, August 13, 2013. Members of Comstock’s leadership team and guests will join them at the New York Stock Exchange to celebrate the Company's first year of mining operations and achieving initial production targets.

Comstock’s Chief Executive Officer, Corrado De Gasperis commented, "We are honored that the New York Stock Exchange has invited our Company to ring The Opening Bell. We are proud of our team, the state of Nevada, Storey and Lyon Counties, and our broader Nevada-based team and partner network, in making our first year of operation a solid success.”

The Opening Bell will ring at 9:30 a.m. Eastern time and can be viewed live on the NYSE’s website at https://nyse.nyx.com/the-bell/todays-bells-live. Photos and video of the NYSE Bell Ringing Ceremony will be available, courtesy of the NYSE, on Facebook (NYSE Euronext); Twitter (@NYSEEuronext) and on the NYSE YouTube Channel -- nysetv1.

 
Thursday, August 8, 2013

COMSTOCK MINING ANNOUNCES SECOND QUARTER 2013 RESULTS

Production Run Rates Above Target, Significant Cost Reductions Implemented


Virginia City, NV (August 8, 2013) -- Comstock Mining Inc. (the “Company” or “CMI”) (NYSE MKT: LODE) today announced selected unaudited financial results for the quarter ended June 30, 2013.

2013 Second Quarter Highlights

  • Mining revenue from the sale of gold for Q2 2013 was $6.8 million, as compared to $3.7 million for Q1 2013.
  • Gold shipments were 4,921 ounces in Q2 2013, a 118% increase as compared to 2,261 ounces in Q1 2013. Silver shipments were 42,992 ounces in Q2 2013, a 176% increase as compared to 15,599 ounces in Q1 2013. Gold production more than doubled; silver nearly tripled over Q1 2013.
  • Initial production ramp-up phase was completed, exceeding initial targeted production rates of 400 ounces per week. New targets are 600 ounces per week by September 2013 and 770 ounces per week, in Q1 2014.
  • Net loss for Q2 2013 was $5.5 million, as compared to $9.0 million for Q2 2012. The decrease of $3.5 million resulted primarily from a $6.8 million increase in mining revenue, a $4.9 million decrease in all other operating expenses, offset by $8.2 million of costs applicable to mining.
  • Costs applicable to mining were $8.2 million, reflecting less efficient operating rates throughout first quarter and the initial part of the second quarter, a $1 million lower of cost or market inventory adjustment due to lower gold prices at quarter end and a ramp up of certain operating costs in advance of production.
  • The Company added 62% more ounces of gold to inventory, 5,265 ounces, as compared to 3,248 in Q1 2013, resulting in approximately 20% lower average inventoried cost per ounce at June 30, 2013.
  • Operating expenses, excluding costs applicable to mining, totaled $4.4 million for Q2 2013, as compared to $9.2 million for Q2 2012. The $4.9 million decrease was due to a $3.4 reduction in exploration and reclamation costs as the Company shifted into full production and a $1.7 million reduction to lower compensation, legal and administrative costs.
  • Paid down, in full, the balance of our $5 million secured revolving facility (the “Revolving Facility”) held with the Resource Income Fund ("RIF"), through Auramet Trading, LLC ("Auramet") acting as gold agent, strengthening our balance sheet and liquidity.
  • Total debt at June 30, 2013 was $6.4 million as compared to total debt at year-end 2012 of $13.7 million, primarily resulting from the full payoff of the Revolving Facility.
  • Cash and cash equivalents were $2.4 million, with the $5 million Revolving Facility undrawn at June 30, 2013. The Company has received improved, indicative terms for its Revolving Facility.

2013 Year-to-Date Highlights

  • Received unanimous county approval to expand processing capacity that allows for the doubling of planned production rates by the fourth quarter of this year, from 1 million tons per annum to more than 2 million tons per annum. Final State permitting approval is expected by late September 2013.
  • Completed cost reduction actions through July 2013, resulting in over $5 million in prospective annual cost reductions, including approximately 20 mining and administrative labor reductions, material efficiencies and other permanent, administrative cost reductions, as compared to the first half of 2013.
  • Completed a system-wide debottlenecking effort, resulting in increased future capacities throughout our mining and processing operations and expected increased production rates once final permits are received.
  • Reconciled and updated the Company’s mine plan with improved grades, rates and tonnages, now targeting 30,000 ounces per annum by September 2013 and 40,000 ounces per annum by the first quarter of 2014.
  • Net cash used by operating activities for the six months ended June 30, 2013 was $8.4 million, versus $10.1 million in the comparable prior period. The $1.7 million decrease resulted primarily from a lower net loss offset somewhat by higher uses for working capital and debt reductions made by gold payments.
  • Net cash used in investing activities for the six months ended June 30, 2013,was $1.1 million, versus $7.5 million in the comparable prior period. The decrease resulted from the reduced purchases of plant and equipment, primarily associated with last year’s construction of mining infrastructure offset by $1.0 million in capital spent primarily for debottlenecking activities during Q2 2013.

Comstock’s Chief Executive Officer, Corrado De Gasperis commented, “In the first six months of the year we ramped up initial production to the currently permitted levels, built out and debottlenecked all major stages of production, prepared for expanding our leaching capacity and optimized the mining, crushing and processing operations, all enabling greater production capacity. We also significantly acted on our costs and reconciled and updated our mine plan, improving our prospective grade profile and positioned the system for significant growth and cost efficiency in the second half of this year.”

 

 
Wednesday, July 31, 2013

Comstock Mining Announces Notice of Second Quarter 2013 Results, Business Update and Outlook Conference Call

Virginia City, NV (July 31, 2013) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, August 8, 2013 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Second Quarter 2013 results, business update and 2013 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:

United States/Canada Toll Free: 888-713-3589

International Toll: 913-312-1469

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

 
Wednesday, July 3, 2013

COMSTOCK MINING RECEIVES UNANIMOUS APPROVAL FOR EXPANSION PERMIT

Virginia City, NV ( July 3, 2013) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that it received unanimous approval from the Storey County Commission to expand processing capacity through an application to amend the Company’s existing Special Use Permit No. 2000-222-A-2. The full board was present and voted to approve Comstock Mining’s application.

The Company’s amendments to its existing SUP are to expand the land area and modify uses allowed on its existing ore processing facility at 1200 American Flat Road, Gold Hill, Nevada. Comstock Mining applied for amendments in conjunction with its plans to expand its existing 40-acre processing facility site and to accommodate anticipated growth and efficiency opportunities related to processing and post-operations reclamation. In addition, the proposed expansion will also accommodate the development of three additional heap leach pad cells and will ultimately increase the rate of processing and other ancillary uses.

“This permit is foundational to our sustainability and growth objectives. We appreciate the County’s highest level of environmental diligence, social responsibility and overall continued support. Storey County is a model for balanced, responsible economic development and public-private partnerships that work,” said Corrado De Gasperis, President and CEO of Comstock Mining Inc.

Comstock Mining is in the process of obtaining the necessary Nevada Department of Environmental Protection (NDEP) approval plans and required permit amendments, primarily for water control and reclamation for the aforementioned expansion. After the plans and permits are in place, the Company will begin final construction of its heap leach and site expansion.

“We thank the Storey County Planning Commission for its unanimous recommendation for approval on June 24th and the Storey County Commissioners’ final approval on July 2, 2013. The expansion to the land area will allow Comstock to operate and grow more efficiently,” said Mr. De Gasperis.

 
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