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Comstock Mining Inc

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NYSE MKT: LODE
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Comstock Mining Inc
Press Releases
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

 

 

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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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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

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.

 
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.

 
Friday, June 28, 2013

COMSTOCK MINING ANNOUNCES RESULTS OF ANNUAL SHAREHOLDERS MEETING  

Virginia City, NV (June 28, 2013) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced today that it received approval for all proposals submitted to shareholders at its Annual Meeting of Shareholders held on Thursday, June 27, 2013 in Reno, Nevada.

Shareholders elected five nominees to serve a one-year term on the Board of Directors: John V. Winfield, Corrado De Gasperis, Daniel W. Kappes, William J. Nance, and Robert A. Reseigh. In addition, shareholders ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered accounting firm for the fiscal year ending December 31, 2013.

Additionally, shareholders approved a non-binding advisory resolution relating to the compensation of the Company’s executive officers and approved a non-binding advisory proposal on the frequency of shareholder votes to be every year relating to the compensation of the Company’s named executive officers.

“We greatly appreciate and acknowledge the strength and support of our shareholder base. Our second quarter production is near double our first quarter and we are well positioned for further expansion, production growth, low cost performance and real cash flow that will enable the Comstock’s continued responsible development,” said Corrado De Gasperis, President and CEO, Comstock Mining Inc.

 
Wednesday, May 22, 2013

COMSTOCK MINING’S HIGHER PRODUCTION, STRONGER BALANCE SHEET, PROMPTS EARLY REPAYMENT OF LOAN

Transaction leverages gold prices, posting a gain of approximately $325,000

Virginia City, NV (May 22, 2013) -- Comstock Mining Inc. (the “Company”, “Comstock”, or “we”) (NYSE MKT: LODE) announced today that it has paid down, in full, the balance of its $5 million secured revolving facility (the “Revolving Facility”) held with the Resource Income Fund ("RIF"), through Auramet Trading, LLC ("Auramet") acting as gold agent. The full pay down of the RIF Revolving Facility was completed on May 17, 2013, well ahead of schedule. The Company has now delivered 3,720 ounces of gold, originally scheduled in 12 semi-monthly deliveries of 310 ounces each beginning February 2013 and extending until December 2013, if any amounts were redrawn and outstanding under the agreement. The initial loan of $5 million was drawn July 30, 2012 and the Company has not drawn any additional amounts.

“Our recent increases in production allowed us to repay the ounces ahead of schedule and at a substantial discount to the original forward sale price,” stated Corrado De Gasperis, President and CEO of Comstock Mining. “In the past month we have poured an average weekly rate exceeding the 425 gold–equivalent ounces recently announced, with two weeks exceeding 500 gold equivalent ounces. This accelerated pay down strengthens our cash flow and liquidity.”

Repayment of the loan was made in physical gold based upon a forward sale price of $1,600 per ounces. Due to the recent decline in gold prices, the Company prioritized repayment of the Revolving Facility, opportunistically delivering ounces below the forward sales price and exploiting the hedge. As a result, the payments occurring below $1,600 per ounce resulted in a gain of approximately $325,000, significantly reducing the cost of capital for this loan.

The Company continues ramping up its production and exceeded its targeted production rate of 400 ounces per week (initially targeted for the end of April) in March, and averaged over 425 gold-equivalent ounces for the six weeks through the end of April 27, 2013. The Company is continuously adjusting its operations to improve grade, maximize yields and increase tons crushed and stacked, and currently anticipates production rates to stay above the 400 gold-equivalent ounces per week in the second half of the year, cumulatively producing 20,000 gold-equivalent ounces in 2013.

Mr. De Gasperis concluded, “Our team has worked diligently over the past six months to stabilize our mining and processing operations, increase throughput and reduce operating costs. We remain on track to achieve our first full year production goal of 20,000 gold equivalent ounces, and to meet or exceed our cost objectives, positioning us well for further production growth.”

 
Wednesday, May 8, 2013

COMSTOCK MINING ANNOUNCES FIRST QUARTER 2013 RESULTS

Exceeds Planned Production Run Rates Ahead of Schedule


Virginia City, NV (May 8, 2013) -- Comstock Mining Inc. (the “Company” or “we”) (NYSE MKT: LODE) today announced selected unaudited financial results for the quarter ended March 31, 2013, and a production update through April 27, 2013, reporting over six weeks of sustained throughput averaging in excess of 425 gold equivalent ounces poured per week.

2013 First Quarter Highlights

  • The Company shipped approximately 2,261 ounces of gold and 15,599 ounces of silver, resulting in revenue of approximately $3.7 million, realizing an average price of $1,626.74 per ounce of gold and a $31.44 average sales price per ounce of silver.
  • On February 13, 2013, the Bureau of Land Management (BLM) allowed use of the Company’s existing haul road, providing a much more efficient connection to the Company’s processing facility in American Flat. This breakthrough allowed for accelerated implementation of production and expansion plans.
  • For the six-week period ended April 27, 2013, we averaged in excess of 425 gold-equivalent ounces poured per week. In April 2013, we crushed and stacked over 30% more material as compared to March 2013. The Company is continuously adjusting its operations to improve grade, maximize yields and increase tons crushed and stacked.
  • During the quarter, the Company published its fourth NI 43-101 technical report, validating over 3.2 million gold-equivalent ounces in all categories and identifying a concentrated “Chute Zone” of higher-grade mineralized material.
  • Net loss for Q1 2013 was $5.8 million, as compared to $7.3 million for Q1 2012. The improvement results from lower exploration expenses as we transitioned into and prioritized gold and silver production and production ramp up during the quarter.
  • Operating expenses for Q1 2013 were $9.5 million, versus $7.8 million in Q1 2012. The increase of $1.7 million resulted primarily from an increase of $3.8 million for costs associated with mining revenue and an increase of $0.6 million, net, from general and administrative costs, primarily from a loss on the transfer of equipment, offset by a $2.7 million decrease in mine development costs, including required soil sampling, permitting, and drilling activities.
  • Net cash used by operating activities in Q1 2013 was $5.6 million, versus $4.5 million in Q1 2012. The $1.1 million increased use resulted primarily from an increase in mining revenue of $3.8 million, offset by $2.0 million of gold produced and used to repay debt obligations, increased operating expenses, net, of $1.7 million and $1.2 million for increased use of cash for inventory.
  • Net cash provided by investing activities in Q1 2013 was $0.02 million, versus $2.5 million net cash used in investing activities in Q1 2012. The decrease resulted from the completion of the expansion projects in preparation for mining in 2012.
  • Net cash provided by financing activities in Q1 of 2013 was $9.2 million. During the quarter, the Company raised $9.7 million in net proceeds through a public offering of 5,000,000 shares of common stock, partially offset by cash payments of $0.5 million for the repayment of debt obligations.
  • Cash and cash equivalents at March 31, 2013 were $9.59 million compared to $5.97 million at December 31, 2012.
  • Total debt and other long-term liabilities decreased $3.5 million during the quarter, from $14.4 million to $10.9 million at March 31, 2013. From March 31, 2013, through April 30, 2013, the company has repaid an additional $1.1 million in principal payments on debt obligations.

Comstock’s Chief Executive Officer, Corrado De Gasperis commented, “We have well exceeded our targeted production rate of 400 ounces per week, averaging over 425 ounces per week during April, and continue improving the stability and throughput of the system. We will operate above these levels for the rest of 2013, and now anticipate achieving a full 20,000 gold equivalent ounces this year and paying off our secured Auramet Debt Facility ahead of schedule.”

Exploration and Development

During the first quarter of 2013, the Company published its fourth National Instrument 43-101 (NI 43-101) technical report (the “Report”) authored by Behre Dolbear & Company (USA), Inc. The Report declared a mineral resource estimate of Measured and Indicated Resources containing 1,824,000 ounces of gold and 17,100,000 ounces of silver, for a total of 2,150,000 gold equivalent ounces[1], and an Inferred Resource containing an additional 870,000 gold equivalent ounces. These estimates include the newly identified Chute Zone, a wedge-like, structurally bounded zone that hosts significant gold and silver.

Production

During the first quarter of 2013, we completed the ramp up and stabilization activities of the production system, including improvements to the hauling, crushing and metal extraction processes. Metal sales in the first quarter of 2013 totaled $4.2 million, with gold revenues of $3.7 million. We also produced $0.5 million of silver. Silver is accounted for as a by-product credit in costs applicable to mining revenue for financial reporting purposes. During the first quarter of 2013, the Company crushed and stacked over 234,000 dry tons of mineralized materials and shipped 2,261 ounces of gold and 15,599 ounces of silver. Material placed on the heap leach pad remains under solution until recovery rates are optimized.

The Company continues ramping up its production and exceeded its targeted production rate of 400 ounces per week, initially targeted for the end of April, and has averaged over 425 gold-equivalent ounces for six weeks through the end of April 27, 2013. The Company is continuously adjusting its operations to improve grade, maximize yields and increase tons crushed and stacked.

Throughout the quarter ended March 31, 2013, the Company realized an average price of $1,626.74 price per ounce of gold and a $31.44 average sales price per ounce of silver.  In comparison, commodity market prices in the first quarter of 2013 averaged $1,630.47 per ounce of gold and $30.08 per ounce of silver.

During the first quarter of 2013, modifications and optimizations have been engineered into the Company's mine planning, hauling, crushing and recovery systems.  Lucerne Mine operating expenses were approximately $4.3 million, $3.8 million net of silver credits. Cost applicable to mining revenue include mining and processing labor, maintenance, 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. Other costs applicable to mining revenue include higher hauling costs, including inefficiencies associated with using smaller, temporary haul trucks on a temporary alternative haul route until access to our main haul road was allowed in February.

The Company’s current financial analysis for the Lucerne Mine anticipates annual operating expenses, including all mining and processing costs of approximately $15.9 million per annum, excluding approximately $1 million of additional haulage costs, with an anticipated production schedule currently processing at the rate of one million tons per annum, but also including plans for ramping up to a 1.5 million tons per annum run rate.  Mine administration costs are anticipated to be approximately $1.5 million. The Company currently anticipates production rates staying above the 400 gold-equivalent ounces per week in the second half of the year with a current expectation of producing 20,000 gold-equivalent ounces in 2013.

For additional information regarding our recent production increases, including photos, please see the CEO Blog on our website: http://www.comstockmining.com/corporate/ceo-blog

 
Tuesday, April 30, 2013

Comstock Mining Announces Notice of First Quarter 2013 Results and Business Update Conference Call

Virginia City, NV (April 30, 2013) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Thursday, May 9, 2013 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report First 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:

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.

Forward-Looking Statements

This press release and any related calls or discussions may contain forward-looking statements. All statements, other than statements of historical facts, are forward-looking statements.  Forward-looking statements include statements about matters such as: future prices and sales of and demand for our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature, timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, business process, rationalization, restructuring, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

Contact information for Comstock Mining Inc :

P.O. Box 1118

Virginia City, NV 89440

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http://www.comstockmining.com

Facebook: http://www.facebook.com/ComstockMiningInc

Twitter: http://twitter.com/comstockmining

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