Comstock Mining Inc

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Comstock Mining Inc
Press Releases
Tuesday, September 4, 2018

Comstock Mining Commences Clean KAM-Thio Tests;
Collaborating with Itronics on the Dayton Resource Development

Virginia City, NV (September 4, 2018) Comstock Mining Inc. (the “Company” or “Comstock”) (NYSE American: LODE) today announced that the Company and Itronics Inc. (OTC: ITRO), have commenced testing Itronics’ clean, KAM-Thio recovery system on unprocessed gold and silver bearing minerals extracted from Comstock’s Dayton resource area, located in Lyon County, Nevada.

The previous tests recovered the substantial majority of the silver while the new KAM-Thio residual solution was substantially regenerating during the metal recovery process, thus reducing the net consumption of the reagents and creating a potentially compelling economic solution. Itronics has also previously reported that the remaining cyanide in the leached material was neutralized by the new leaching process, reducing the cyanide to an almost undetectable level on the spent material and potentially to drinking water standards in the residual solution.

Corrado De Gasperis, Executive Chairman and CEO commented, “We have previously reported positive results processing this solution on previously leached material, especially with silver, so we are extending the tests onto higher-grade, virgin materials to determine if we can replicate the clean extraction with both silver and gold.”
 
The testing on freshly exposed mineralized material should better model and validate the key processing steps for the extraction of the gold, as well as the silver.  The combined process results could dramatically reduce reclamation costs and associated bonding for the Dayton project.    

This now extends the collaboration between our two companies beyond evaluating whether the engineered, process flow design works for extracting remaining gold and silver from previously leached materials, to applications for extracting both gold and silver from virgin mineralized materials.  This enhanced process could improve the economic feasibility of the Company’s Dayton project and potentially also result in the production of clean rock products that may be saleable.

Mr. De Gasperis concluded, “A breakthrough with higher, cleaner recoveries, coupled with reduced waste and the recently discovered higher precious metal grades (up to 0.25 opt gold and 3.5 opt silver) in the Dayton adit, positions us toward an updated resource estimate and, more importantly, the preliminary economic assessment (PEA) of those gold and silver resources.  We look forward to publishing all of these results, along with the rest of our progress, in a stand-alone, NI 43-101 technical report, later this year.”

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near-term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans and developments that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the board of directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; including the nature and timing and accounting for restructuring charges, derivative liabilities and the impact thereof; contingencies; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities; including asset sales and the redemption of the debenture and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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, many of which are unforeseeable and beyond our control and 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 this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and the following: adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; business opportunities that may be presented to, or pursued by, us; acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; 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; inability to maintain the listing of our securities; 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. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
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Tuesday, July 31, 2018

Comstock Mining Announces Second Quarter 2018 Results;
Advances Dayton and Lucerne Resource Development; Secures Strategic Water Rights and Land

Virginia City, NV (July 31, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) today announced selected unaudited financial results for the fiscal quarter ended June 30, 2018.

Second Quarter 2018 Selected Strategic and Operational Highlights 

  • Received $2 million in cash proceeds for the Lucerne option agreement, in April, advancing into the second phase of the Lucerne Mine Project’s development with Tonogold Resources Inc. (“Tonogold”);
  • Discovered, at the Dayton Resource, 3 feet of 0.246 opt Gold and 3.553 opt Silver, including the identification of multiple, new, mineralized structures;
  • Retained Behre Dolbear to produce a stand-alone, NI 43-101  technical “Resource” report and a Preliminary Economic Assessment technical report, both for the Dayton Resource Area;
  • Advanced screening-level, economic analysis of a pilot-processing facility with Itronics, Inc., (OTC: ITRO) using their KAM-Thio metallurgical recovery processes on Dayton material;
  • Estimated annualized additional cost reductions of $1.25 million from Tonogold reimbursement
    subsidies; and
  • Secured additional water rights and property in Silver Springs, Nevada, expanding strategic alternatives.  

Mr. De Gasperis commented,  “Last month, the U.S. Treasury confirmed that Storey County, NV and parts of Silver Springs, NV, in Lyon County, had been certified as newly created Opportunity Zones.  Shortly thereafter, the Vidler Water Company announced the sale of 500-acre feet of water rights in Lyon County, Nevada to a real estate developer for $10 million, or $20,000 per acre foot. Additionally, a Vidler subsidiary agreed to sell over 70 acre feet of water to a developer near Reno for $35,000 per acre foot. These incentives and comps demonstrate how we are growing and entitling our assets in a rapidly industrializing region and positioning them for profitable monetization.”

Second Quarter 2018 Selected Financial Highlights
For both the three-month and six-month periods ending June 30, 2018, every category of cost was down as compared to the prior year period.  During the quarter ended June 30, 2018, the Company reduced total Operating Costs (all categories) by 24%, or more than $0.6 million, as compared to the second quarter of 2017.  These improvements include approximately $0.2 million in reimbursements from Tonogold.  The Company’s net loss for the quarter ended June 30, 2018, was $2.4 million, or ($0.04) loss per share, as compared to net loss of $2.9 million, or ($0.08) loss per share for the comparable 2017 period.

For six-months ending June 30, 2018, the Debenture was reduced to $8.4 million, representing an over 21% reduction from the original debenture obligation.  Cash and cash equivalents at June 30, 2018, were $1.5 million.
Mr. De Gasperis added, “Our cost reduction efforts and this subsidizing partnership have allowed us to further reduce our net spending while efficiently advancing both of our mining projects. Tonogold is making excellent progress on the Lucerne assessment and should have an NI 43-101, Property of Merit technical report, authored by Behre Dolbear in the next month or so.  The Company’s efforts are now focused on advancing the Dayton project. The new discovery and updated technical reports will confirm the value we expect to deliver in Dayton.”

Exploration and Development - Lucerne Resource Area
The Company’s option agreement with Tonogold gives them the right to lead engineering, development, drilling and test-work, all towards completing a technical and economic feasibility assessment and ultimately, to earn into a joint venture for the future development and mining of minerals from the Lucerne Property.

This quarter, the Company received a $2 million payment as Tonogold elected to advance into the second phase of the Lucerne Mine Project option.  The Company immediately used $1.5 million of the proceeds, as required, to pay down its debenture, and then paid down an additional $0.25 million of the debenture.  Tonogold can now earn a 51% interest in the Lucerne Property, by advancing the exploration and development activities by making cumulative capital expenditures of $7 million by October 3, 2019, and $20 million by April 3, 2021. Tonogold has progressed on the technical assessment of the Lucerne Project and plans on issuing two National Instrument 43-101 compliant reports, the first is scoped as a “Property of Merit” report, expected imminently this summer, and the second should represent an updated Resource Report, also NI 43-101 compliant, later this year.

Dayton Resource Area
The Company recently exposed, sampled and revealed a newly recognized, mineralized, cross-cutting shear zone, dominated by black and orange ferro-manganese clays with bronze colored bands.  The Company previously reported historic assays that identified a continuous zone of mineralization in the Dayton of more than 205 feet with an average grade of 0.054 ounces of gold per ton. The full extent of the shear zone has not yet been exposed. A one meter (approximately 3 feet) wide sample of the material was collected and fire assayed for gold and silver.  The samples led to a new discovery of 3 feet of 0.246 opt Gold and 3.553 opt Silver, including the identification of the following elevated values for a number of elements:


Gold

Silver

Cadmium

Lead

Selenium

Thallium

Tungsten

Zinc

Au

Ag

Cd

Pb

Se

Tl

W

Zn

7.50 ppm

110.5 ppm 

12.9 ppm

46 ppm

32 ppm

7.8 ppm

22 ppm

102 ppm

0.246 opt

3.553 opt

N/A

N/A

N/A

N/A

N/A

N/A

Previous multi-element analyses conducted in the Company’s resource areas have typically showed very low base metal content (typically between 10-20 ppm) and non-detectable values of Cadmium (Cd), Selenium (Se), Thallium (Tl), and Tungsten (W).  This specific zone has a very different geochemistry signature, with much higher values.  The Company plans additional sampling and geological mapping to define the full extent of the shear zone.

The Company has retained the independent mining advisory firm of Behre Dolbear to produce a separate NI 43-101 compliant technical report for the Dayton resource area, anticipated during the fourth quarter of 2018, followed by a Preliminary Economic Assessment (“PEA”).  This first report will provide an updated resource estimate and support the subsequent scope of publishing a NI 43-101 compliant PEA for the Dayton project.

The Company has also been collaborating with Itronics, Inc., on Dayton mineralized materials.  Itronics previously reported positive results from initial testing of its clean processing technology. The leaching test results demonstrated that the residual silver, gold, base metals, and cyanide can be recovered from previously leached material as well as new mineralized samples from the Dayton, creating a potentially efficient and environmentally attractive process. The metals were recovered while the new KAM-Thio residual solution was substantially regenerating during the extraction process, thereby reducing the net consumption of the materials, and creating a potentially compelling economic solution.  

Itronics also reported that the cyanide residual in the cyanide leached material was removed by the new leaching process, neutralizing the solution to drinking water standards. These results could dramatically reduce reclamation costs and associated bonding, while adding the prospect of alternative uses for the materials.  

Operating Costs
Our cost streamlining, primarily implemented in 2017, and continuing through 2018, lowered operating costs in all categories by well over $6 million, as compared to 2016, exceeding our targets while still expanding our lands. These 2017 actions have already realized an additional $0.6 million in savings in 2018, that are expected to total $2 million in savings for the full year 2018, as compared to 2017. We are lean and positioned to grow our assets, their readiness and their values in the latter part of 2018.  

Corporate - Strategic Water Rights and Land
On May 30, 2018, and amended on June 22, 2018, the Company entered into an agreement for the purchase of 100% of the membership interests of Downtown Silver Springs, LLC (“DTSS”). DTSS holds an option for the purchase of approximately 160 acres of centrally located land in Silver Springs, Nevada, and separately, holds an option to purchase 350 units of water rights (equaling 392 acre-feet) and 200 units of sewer rights.

The option to purchase the 160 acres of land allows the Company to purchase the land for approximately $3.5 million, expires on October 15, 2018. The option to purchase the water and sewer rights allows the holder to purchase the water rights for $5,800 per acre foot and the sewer rights for $7 per sewer unit and expires on December 31, 2018.  The water rights and sewer unit usages are not restricted to the 160-acre parcel. The Company has paid $0.8 million toward the approximately $3.5 million purchase price for the land.

Liquidity & Capital Resources
The Company’s shares outstanding July 25, 2018, were 57,286,428. At quarter end March 31, 2018, the Company’s shares outstanding were 53,391,428. The proceeds from the 3,895,000 shares issued via a purchase agreement with Leviston Resources were used to secure the strategic water rights and land in Silver Springs, NV. The Company also has cash and cash equivalents of $1.5 million at June 30, 2018.

Outlook
Mr. De Gasperis concluded, “We are aggressively positioning both our mining and non-mining assets, including a strategically expanded water portfolio, so that we can maximize the value for our shareholders, either through larger monetization of these asset packages or using the water and other rights to strategically expand our mining platform.  We are in discussions on all of these fronts with the expectation that we will monetize these assets so that we are debt free, with funding, to develop and expand our mining resources, production lives and maximize the potential value as gold prices and markets improve.”

Conference Call
The Company will host a conference call today, July 31, 2018, 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:

Toll Free: 1-877-260-1479

Direct: 1-334-323-0522

Confirmation Code: 6553001

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

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near-term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans and developments that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the board of directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; including the nature and timing and accounting for restructuring charges, derivative liabilities and the impact thereof; contingencies; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities; including asset sales and the redemption of the debenture and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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, many of which are unforeseeable and beyond our control and 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 this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and the following: adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; business opportunities that may be presented to, or pursued by, us; acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; 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; inability to maintain the listing of our securities; 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. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, July 19, 2018

Comstock Mining Advances the Dayton Resource Development,
Schedules 2018 Dayton NI 43-101;
Discovers 3 feet of 0.246 opt Gold and 3.553 opt Silver in Crosscutting Mineralization

Virginia City, NV (July 19, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) today announced its progress towards, and additional plans for, advancing its Dayton project, which contains the Company’s second largest gold and silver mineral resource. The Company has retained the independent mining advisory firm of Behre Dolbear to produce a National Instrument 43-101 (“NI 43-101”) compliant technical report for the Dayton resource area, followed by a Preliminary Economic Assessment (“PEA”) during the fourth quarter of 2018.  This report is expected to include a robust resource estimate, and to provide a plan to further develop the resource. It will also be the basis for the subsequent PEA, which will assess the preliminary economic feasibility for the project.

Corrado De Gasperis, Executive Chairman and CEO of the Company, commented, “We have always planned for the Dayton to be our second operating mine, and have been working diligently to increase our understanding of this important area. The new technical report and PEA will confirm the value we have placed on the Dayton.”
Behre Dolbear authored the Company’s previous, January 2013 Technical Report for the Comstock Mine Project, which included a resource estimate for the Dayton resource area.  The 2013 estimate included 8.33 million tons of Measured and Indicated resources, containing 238,000 ounces of gold and 1,770,000 ounces of silver, at a cutoff grade of 0.007 ounces of gold per ton.  The estimate included an additional 8.59 million tons of Inferred resources, containing 206,000 ounces of gold and 1,130,000 ounces of silver. The new report will be the first stand-alone, NI 43-101 compliant report for the Dayton resource area.
Since January 2013, the Company has:

  • Increased the property position, both mining claims and private land, including more than 350 acres of contiguous private lands suitable for a dedicated mineral processing site;
  • Achieved a landmark, Lyon County Master Plan and zoning change that broadened the potential land uses, and restored mining as an appropriate use for the historic mining patents;
  • Restored the historic mine portals for safe exploration in the Dayton project area;
  • Completed underground geologic mapping of the accessible, historic Dayton mine workings;
  • Completed underground sampling that provided assays and other analysis for furthering the geologic interpretation, including the identification of new mineralized structures;
  • Drilled 408 shallow holes totaling 30,819 feet, identifying mineralized structures covered by shallow alluvium that meaningfully improved the geological mapping of the area;
  • Expanded trials with Cycladex, Inc., a strategic investee, in part funded by the National Science Foundation, for extensive testing of their patented, cycladextrin lixiviant, a potential alternative to traditional cyanide heap leaching; and
  • Advanced screening-level, economic analysis of a pilot-processing facility with Itronics, Inc., (OTC: ITRO) using their KAM-Thio metallurgical recovery processes, a potential alternative to traditional cyanide heap leaching for processing Dayton material.

This new information will support building a completely updated, three-dimensional model of the Dayton project, with a new resource estimate, that will be included in a new NI 43-101 Technical Report, scheduled for the fourth quarter of this year.  The new resource model will be used as the basis for a PEA that evaluates multiple economic scenarios for mining and processing the Dayton material.
The ongoing project development has most recently benefitted from updated data and analysis from accessing the restored Dayton Adit.  The Dayton Adit was developed from 1938 until 1942. The Company previously reported historic assays that identified a continuous zone of mineralization in the Dayton Adit of more than 205 feet of length with an average grade of 0.054 ounces of gold per ton.
Heavy rainfall during the past two years exposed and revealed a newly recognized, mineralized, cross-cutting shear zone, dominated by black and orange ferro-manganese clays with bronze colored bands.  The full extent of the shear zone has not yet been exposed. A one meter (approximately 3 feet) wide sample of the material was collected and analyzed using Inductively Coupled Plasma – Atomic Emission Spectroscopy (ICP-AES) and fire assayed for gold and silver. 
The results showed the following elevated values for a number of elements:

Gold

Silver

Cadmium

Lead

Selenium

Thallium

Tungsten

Zinc

Au

Ag

Cd

Pb

Se

Tl

W

Zn

7.50 ppm

110.5 ppm 

12.9 ppm

46 ppm

32 ppm

7.8 ppm

22 ppm

102 ppm

0.246 opt

3.553 opt

N/A

N/A

N/A

N/A

N/A

N/A

Previous multi-element analyses conducted in the Company’s resource areas typically showed very low base metal content (typically between 10-20 ppm) and non-detectable values of Cadmium (Cd), Selenium (Se), Thallium (Tl), and Tungsten (W).  This specific zone has a very different geochemistry signature, with much higher values.  The Company plans additional sampling and detailed geological mapping to define the full extent of the shear zone.

Mr. De Gasperis concluded, “The discovery of these exceptional precious metal grades (0.25 opt gold and 3.5 opt silver) and now other minerals, in just a portion of the newly exposed zone affirms and enhances our outlook of Dayton’s potential.  We are gaining traction using internal resources and partners to assess alternative processing technologies with higher yield, lower waste and, critically, lower cost and clean solutions for mining the Dayton. We look forward to publishing these results in a stand-alone, NI 43-101 technical report.”

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near-term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans and developments that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the board of directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; including the nature and timing and accounting for restructuring charges, derivative liabilities and the impact thereof; contingencies; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities; including asset sales and the redemption of the debenture and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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, many of which are unforeseeable and beyond our control and 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 this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and the following: adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; business opportunities that may be presented to, or pursued by, us; acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; 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; inability to maintain the listing of our securities; 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. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Wednesday, July 18, 2018

Comstock Mining Announces Notice of Second Quarter 2018 Results and Business Update Conference Call

Virginia City, NV (July 18, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) will host a conference call on Tuesday, July 31, 2018 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report Second Quarter 2018 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:

Toll Free: 1-877-260-1479

Direct: 1-334-323-0522

Confirmation Code: 6553001

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

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near-term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans and developments that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the board of directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; including the nature and timing and accounting for restructuring charges, derivative liabilities and the impact thereof; contingencies; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities; including asset sales and the redemption of the debenture and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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, many of which are unforeseeable and beyond our control and 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 this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and the following: adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; business opportunities that may be presented to, or pursued by, us; acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; 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; inability to maintain the listing of our securities; 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. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Wednesday, June 6, 2018

Comstock Presents Strategic Overview, Holds Annual Meeting
Nominates and Elects Mr. J. Clark Gillam as Director

Virginia City, NV (June 6, 2018) Comstock Mining Inc. (the “Company” or “Comstock”) (NYSE American: LODE) held its Annual Meeting of Stockholders (the “Annual Meeting”) on Thursday, May 31, 2018, at the historic Gold Hill Hotel in Gold Hill, Nevada.  The Company used the opportunity to update shareholders on recent business activities and on the progress of its strategies.   

Mr. Corrado De Gasperis, Executive Chairman and CEO of Comstock stated, “We have positioned one of the largest, mining, clean-technology and non-mining real-estate development platforms in one of the most economically explosive and incentivized regions in Nevada and, for that matter, anywhere in the United States.  We have expanded our mining, commercial and industrial properties, with a leading water and entitlement position, all for profitable growth.  We have also become a priority destination for renewable, clean technologies and are advancing multiple venture possibilities for commercializing new and existing solutions.”

Lucerne Resource Area
We are progressing with exploration and development plans for the Lucerne resource area, with Tonogold Resources, Inc. (“Tonogold”) under a dynamic Option agreement (the “Option Agreement”). Tonogold is leading the engineering, development, drilling and test-work, towards completing a technical and economic feasibility assessment and ultimately, to earn into a joint venture for the future development and mining of mineral resources on the Lucerne Property.  Tonogold, after electing to proceed with a $2 million payment in April, 2018, can now earn a 51% interest in the Lucerne Property, by advancing the Lucerne exploration and development activities by making cumulative capital expenditures on the Lucerne Property of $7 million by October 3, 2019, and $20 million by April 3, 2021. Technical reporting updates are planned for 2018.  Mr. Mark Ashley attended the Annual Meeting and made himself available during the question and answer session.  We very much look forward to continuing this productive collaboration with Tonogold and its updated technical reports on the Lucerne project and, ultimately, more advanced developments leading to economic feasibility.

Dayton Resource Area
The Company also advanced the Dayton Project by adding 472 acres of claims contiguous to our claims in the Dayton and Spring Valley areas by acquiring 30 unpatented lode claims in the southern part of the Comstock District, approaching the Highway 50 corridor. These acquisitions expanded an already significant land position in the southern part of this historic, world-class mineral district. The Company now controls well over 10 square-miles within its contiguous land position.
In conjunction with our ongong evaluation of Dayton, the Company has been collaborating with Itronics, Inc., (OTC: ITRO). Dr. John Whitney, of Itronics, also attended the Annual Meeting after previously reporting positive results from initial testing of its KAM-Thio, clean processing technology, on the Company’s mineralized material.  KAM-Thio leaching test results, performed at independent metallurgical labs, demonstrated that the residual silver, gold, base metals, and cyanide can still be recovered from both previously leached material and new mineralized samples from the Dayton Resource area, creating a potentially efficient and environmentally attractive process. The metals were recovered while the new KAM-Thio residual solution was substantially regenerating during the extraction process, thereby reducing the net consumption of the materials, and creating a potentially compelling economic solution.  
Test results also showed that the cyanide residual in the cyanide leached material was removed by the new leaching process, neutralizing the solution to drinking water standards. These results could dramatically reduce reclamation costs and associated bonding, while adding the prospect of reuse of the material for mine reclamation purposes. All tests and results were performed with independent, metallurgical laboratories.

Mr. De Gasperis stated, “We now know that we can recover substantially all of the residual silver, gold and base metals while neutralizing the cyanide. The results are very positive and justify continued feasibility work for assessing process economics. If this technology can efficiently recover these materials, then it could become a substitute for the use of cyanide, and significantly change the permitting, reclamation and processing cost profile for these types of mining projects.  We want to thank Dr. Whitney for attending the Comstock AGM.”

The Company anticipates completing screening level economics during the summer and believes that these materials can also work on virgin, mineral bearing material from the Dayton Resource Area. Samples of virgin material from the Dayton Resource Area have already been delivered to Reno labs for testing.

The Company plans on updating its technical report for the Dayton Resource Area during 2018, based on all existing drilling, development and metallurgical work, as well as preliminary economic screening and feasibility for that work performed to date and also evaluate economic feasibility using these alternative processes.

Non-mining Properties
Recently, the Company secured additional industrial and commercial lands and water rights in Silver Springs, Nevada, where the recently opened USA Parkway connected right into Silver Springs, NV, and opened up the entire northwestern Nevada quadrant, including immediate access to the Tahoe Reno Industrial Center, Reno, the Comstock Historic District and Carson City, resulting in a massive surge of economic development.  This has resulted in an unprecedented demand for property, water, construction and development. Silver Springs has also been nominated as an “Opportunity Zone” by Governor Brian Sandoval, resulting in tremendous incentives for industrial, commercial and especially clean-technology developments in these areas.

jetSILVER SPRINGS AIRPORT—After receiving fuel from a fixed-base operator, a Falcon 900 EX is ready for boarding on the tarmac of the Silver Springs Airport near the intersection of USA Parkway and U.S. Highway 50 adjacent to the 98-acre Comstock Industrial Site available for purchase and development.

As of the record date for the Annual Meeting, April 9, 2018, there were 53,391,428 shares of common stock outstanding and entitled to vote.  During the Annual Meeting, stockholders of the Company were asked to consider and vote upon three proposals: (1) election of the four Board of Directors nominees set forth in the Company's 2018 Proxy Statement, (2) ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2018, and (3) approval of a non-binding advisory resolution approving the compensation of the Company’s named executive officers.

Following the Annual Meeting, at a regularly scheduled meeting of the Board of Directors, the Company nominated and elected John Clark Gillam (professionally known as Clark), to the Board of Directors effective as of May 31, 2018. Mr. Gillam, age 31, is a co-founder of Nebari Holdings, LLC, a private investment firm that he co-founded in May 2016. The predecessor firm to Nebari Holdings was GF Capital, LLC. He has also served as a Director of BCR Investments, since 2013.  Prior to founding GF Capital, Mr. Gillam was an analyst at McKinley Capital Management, LLC, a privately-held investment adviser specializing in global and international growth equity strategies, from 2012 to 2013, and prior to that role was a trader at Glencore International AG, one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. Mr. Gillam has a B.S. Economics from The Wharton School, University of Pennsylvania and an MSc Finance from Trinity College Dublin.

Mr. De Gasperis concluded, “We have been working closely and effectively with Clark for a number of years, including the major refinancing we completed together early last year.  His intimate knowledge of the Comstock platform, global natural resources, precious metals and related businesses, plus his extensive capital markets experience, adds an outstanding expertise to our board. We warmly welcome Clark to our team. ”

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, April 26, 2018

Comstock Mining Announces First Quarter 2018 Results
Advances Strategic Mining Joint Venture; Dramatically Reduces Debt

2018 Q1 Results Click to open PDF Flipbook

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, April 19, 2018

Comstock Mining Announces Notice of First Quarter 2018 Results and
Business Update Conference Call

Virginia City, NV (April 19, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) will host a conference call on Thursday, April 26, 2018 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report First Quarter 2018 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:

Toll Free: 1-877-830-2645
Direct: 1-785-424-1791
The audio will be available, usually within 24 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Wednesday, April 11, 2018

Comstock Mining Appoints New Director, Announces Retirement

Virginia  City, NV, (April 11, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE)a Nevada-based, land-based, gold and silver mining company, announced today the election of Walter A. “Del” Marting, 71, to its Board of Directors and the retirement of Daniel W. Kappes, after 6 years of service, from its Board of Directors. Mr. Kappes will remain involved with the Company as a member of its recently established Mining Advisory Committee, to assist in all aspects of technical mining and mine development, along with Mr. Leo Drozdoff and Mr. Robert Reseigh.

Corrado De Gasperis, Executive Chairman of the Board said, “Dan’s leadership, fortitude and guidance steered us through some of our most difficult developments as a producer and as a company. His technical and strategic expertise is second to none, but for me, his mentorship, passion and focus on the strategy and success of the Comstock, its importance and its legacy, was most valuable to our Company and me as a professional. I am honored to have such a sincere and intellectually honest mentor, willing to give the straight, hard advice, and we are blessed to retain his continued experience, along with Bob and Leo’s on our advisory committee.”

The Company welcomes Mr. Marting to the Board, with an extensive resume in, among other areas, mining, mine development, strategic and operational finance.   Mr. Marting started his mining career with Amax Inc., a worldwide producer of molybdenum that eventually became part of Freeport-McMoRan (NYSE-FCX), the largest molybdenum producer in the world, with increasing responsibilities including supervising production from Amax’s largest underground and open pit molybdenum mines, worldwide strategic planning for all of Amax’s new molybdenum properties, including exploration, and ultimately Vice President of Administration for Amax Europe, where he centralized all of Amax’s finance and treasury for Europe and consolidated and managed all of their metal trading for molybdenum, tungsten, copper, coal and iron ore into one European center. He was also the Chairman and CEO of Lucky Chance Mining Co., a Nevada-based miner that successfully reopened and restarted production at the famed 16-1 Mine in Allegheny, CA, that he took public.  Mr. Marting has held financial and investment banking roles serving a variety of industries and is most recently the Founder and Managing Partner of CereCare, LLC and CoreSource Recovery Services, LLC, providing breakthrough rehabilitation treatment for patients suffering from brain and related substance abuse disorders—most commonly alcoholism and opioid addictions. Mr. Marting graduated from Yale University in 1969, with a BA in English and holds an MBA from Harvard Business School. Mr. Marting is also a Navy veteran, including service as a member of the US Navy SEAL Team Two. 

Mr. De Gasperis added, “We are honored to welcome Del Marting to the Comstock as we expand and accelerate our strategic initiatives.  His intimate knowledge of northern Nevada industries, and his strategic planning, finance, capital markets, and corporate governance expertise are especially valuable as we embark on developing and commercializing new technologies and businesses.”

 About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Monday, April 9, 2018

Comstock Mining Advances Strategic Mining Joint Venture and Reduces Debt;
Tonogold Completes $3 million of Additional Investment, Advances Strategic Agreement

Virginia City, NV (April 9, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE)a Nevada-based, gold and silver mining company, announced today that Tonogold Resources, Inc. (“Tonogold”) has successfully completed the first phase of the Option Agreement  signed on October 3, 2017, having invested approximately $1 million during the past six months toward the evaluation and assessment of the Lucerne Mine Project’s resource and preliminary economic feasibility and also having paid the Company an additional $2 million for the right to extend the option. The Option Agreement established a series of requirements, including technical and financial analysis, along with additional funding milestones for Tonogold to earn a share of the Company’s Lucerne Mine Project.

The first milestone granted Tonogold six months to conduct an initial review of the project.  During this period, Tonogold invested approximately $1 million in project costs, including a due-diligence assessment of the Lucerne Resource.  Tonogold commissioned Mine Development Associates of Reno, NV (“MDA”), to independently assess and begin modelling a portion of the Lucerne resource area. This work is in preparation for the intermediate objective of an NI 43-101 resource report and then towards a feasibility study.  

In order to maintain and progress the option to earn-in, Tonogold will now continue investing toward a cumulative $7 million for Lucerne by October 3, 2019, and a cumulative $20 million by April 3, 2021, and must produce a technical and economic feasibility assessment for mining the Lucerne resource.  Under the Agreement, when Tonogold completes the $20 million investment, and other related prerequisites, Tonogold and Comstock would then affect a joint venture for the future mining of the Lucerne mineral resource. In addition to the $2.2 million already received by the Company from Tonogold, the investments also include at least $1.2 million in annual subsidies for the Company.

Mr. Corrado De Gasperis, Executive Chairman and CEO of the Company said, “We are pleased with the geological analysis and advancement, to date, on the Lucerne resource and the diligence of our mining partner and their advisors. The next phase should accelerate the evaluation, drilling and development activities, while continuing to lower our annual costs by approximately one-third.” 

The evaluation program is currently directed at producing a robust resource model for Lucerne as well as assessing a series of geological targets in the Silver City Branch of the Comstock Lode, including the Succor vein systems, the historic Woodville Bonanza system and the PQ target. These initial targets represent the core of a broader geological corridor. Previous surface drilling in the area suggests more than 1,000 feet of mineralized strike in the Succor zone, trending east from the Lucerne Cut, with good potential to yield high-grade gold and silver. The 1,000-foot plus Succor Vein Target has an average true width of 15 feet and an average dip of 65 degrees. The structure has reported historic mining grades of approximately 0.54 ounces per ton of “recovered” gold per ton and is open to the east and at depth, along the entire structure. The nearby Woodville Bonanza structure includes the same supporting historical mappings with reported historic mining grades of 0.749 ounces of gold per ton.  The Woodville has significant current drill data including 116 intercepts of at least 10 feet, grading over 0.22 ounces per ton gold and 1.59 ounces per ton silver.

Tonogold is a U.S.-based mining company that is focused on advanced exploration properties in Nevada and Mexico. Tonogold’s team of mining executives and investors are working to build a portfolio of mineral properties that will give its investors a leveraged exposure to gold, silver and other minerals and metals allowing them to benefit from its exploration, mining and financial expertise.

Mr. De Gasperis, concluded, “This venture has diligently focused on developing a sustainably profitable mine. We feel the full potential of Lucerne depends on this type of technical collaboration, with the right partner and capital to enable it.  Ultimately, Tonogold plans to invest over $20 million for 51% of the Lucerne Mine. Their methodical, technically diligent and credible advancement through the first phase, meeting all commitments and milestones, speaks for itself.”

The Company’s debenture obligation requires that we use 70% of these proceeds for debt reduction.  The Company has now reduced long-term debt by a total of $1.6 million in April, lowering the debenture principal balance to $7.9 million.  The Company also had cash and cash equivalents of $2.0 million at March 31, 2018, excluding any additional net proceeds received from the option payment that was not used to pay down debt.

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Tuesday, February 20, 2018

Comstock Mining Announces 2017 Year End Results, Exceeds Cost Reduction Targets
Enters Agreement for Non-mining Asset Sale for $4 million

Virginia City, NV (February 20, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) today announced selected strategic and financial highlights for the year ended December 31, 2017.

2017 Selected Strategic Highlights

  • Received the 2017 Nevada Excellence in Mine Reclamation Award for Lucerne-related mine reclamation.
  • Completed a strategic Joint Venture Option Agreement for advancing the assessment and development of the Lucerne resource area.
  • Completed federally funded column tests on mineralized material from the Dayton resource, through Cycladex Inc., a strategic investee, for faster, safer leaching solutions, achieving gold yields of 82-85%.
  • Reduced annual operating expense by over $6.3 million, with year on year reductions in every category.  
  • Projected lower operating spend rate of less than $3.6 million per annum, before the estimated annual cost benefits from the Joint Venture Option Agreement of an additional $1.25 million.
  • Staked 30 unpatented lode claims with 472 contiguous acres, increasing our lands to over 9,272 acres.
  • Reduced long-term debt during the fourth quarter by over $1 Million from non-mining asset sales, lowering debenture principal to $9.6 million.
  • Celebrated the Nevada Department of Transportation’s USA Parkway Grand Opening Celebration, directly benefiting Comstock’s Certified Industrial Site and the Daney Ranch near the US 50 highway.
  • Agreed to sell the Daney Ranch for $4 million, expected to close in the second quarter of 2018, subject to financing and permitting.  

Corrado De Gasperis, Executive Chairman and CEO of the Company said, “We spent most of 2017 dramatically reducing operating costs and liabilities across the board, enhancing liquidity and establishing strategic partnerships that reposition the company for accelerated and larger growth.  We are now positioned and focused on real asset, resource and equity value growth for 2018, while concurrently eliminating our debt and expect meaningful updates in the next two months.”

 

2017 Selected Financial Highlights

  • Costs applicable to mining were $3.4 million in 2017, all representing depreciation, as compared to $4.5 million in 2016, a 24.7% reduction, resulting primarily from cessation of processing in 2016.
  • Operating expenses were $5.6 million in 2017, as compared to $10.8 million in 2016, a 48.1% decrease.
  • General and administrative expenses were $2.6 million in 2017, as compared to $3.5 million in 2016, a 26% reduction and a record low, driven by lower payroll and administrative expenses.
  • Real estate operating costs were less than $0.1 million in 2017, as compared to $0.2 million in 2016, a 59.6% reduction and a record low, driven by the full year impact of favorable, targeted cost reductions.
  • Exploration and mine development expenses were $1.1 million in 2017, as compared to $4.6 million in 2016, a 75.2% reduction, primarily from the completion of the 2016, Lucerne underground drift.
  • Mine claims and costs were $1.0 million in 2017, as compared to $1.1 million in 2016, a 10.9% reduction.
  • Environmental and reclamation expenses were $0.8 million in 2017, as compared to $1.3 million in 2016, a 39.9% reduction and a record low despite higher costs associated with unusual precipitation.
  • Net loss was $10.6 million for 2017, as compared to a net loss of $13.0 million for 2016.
  • Net cash used in operations was $6.5 million for 2017, primarily related to general and administrative, exploration, mine claim costs, environmental expenditures and working capital.
  • Net cash provided by financing activities, was $7.4 million, primarily from debt and equity issuances.
  • Total debt obligations at December 31, 2017, were $10.3 million.
  • Cash and cash equivalents at December 31, 2017, were $2.1 million.

 

Corrado De Gasperis, Executive Chairman and CEO of the Company noted, “Our streamlining in 2017, lowered operating costs in all categories, by over $6.3 million, exceeding our targets, while maintaining the entirety of our land package, permitted infrastructure, and our internal engineering, geological, metallurgical, land and financial competencies. We are lean and well positioned to grow our resources, our assets and our equity value in 2018.  We are looking forward to updating our shareholders on the Lucerne and Dayton resource developments and other strategic development, in both the first and second quarters of 2018.”

Exploration & Development
District-wide

The Company's long-term plans contemplate the exploration and development of specific, identified geological target areas across the District, that the Company has grouped into the Lucerne and Dayton resource areas, and the Spring Valley, Occidental and Gold Hill exploration targets.  These exploration targets represent over 7 miles of mineralized strike length, with current and historical grades of gold and silver (see Figure 1).

fig1
Figure 1 - General Overview of Priority Exploration Targets

 

Lucerne Resource Area

On October 3, 2017, the Company entered into an Option Agreement (the “Option Agreement”) with Tonogold Resources, Inc. (“Tonogold”). Under the terms of the Option Agreement, Tonogold will have the right to participate in certain activities, including but not limited to, engineering, development, drilling and test-work, towards completing a technical and economic feasibility assessment on properties within the Lucerne Property.

The Option Agreement calls for a Technical Committee composed of three Tonogold participants and two Comstock participants to oversee all of the engineering, development, drilling and test-work activities, and others, towards completing a technical and economic feasibility assessment.  The Technical Committee reviewed the initial phase of the proposed due diligence program during November 2017, and is scheduled for an updated review of the progress in late February and March of 2018.

Dayton Resource Area  (“Dayton”)

The Company plans to advance the Dayton Project by updating the resource and providing preliminary economic feasibility and technical reporting by the fourth quarter of 2018. The plan also includes expanding the current resource at the Dayton and continuing southerly into Spring Valley with incremental expansion programs that include exploration and definition drilling of targets identified by prior resistivity geophysical surveys (see
Figure 2).

fig2
Figure 2 - Dayton –Spring Valley Magnetic Geophysics

Non-Mining Asset Sales
The Company is finalizing an agreement to sell the Daney Ranch for $4 million and expects the transaction to close before the end of the second quarter in 2018, subject to financing and permitting.  The purchase price is higher than the original amount expected due to the continued economic expansions and developments occurring all along the U.S. 50 Highway corridor.

In January 2018, Blockchains, LLC announced it purchased more than 60,000 acres at the Tahoe Reno Industrial (TRI) Center, effectively selling out the remaining land in the TRI Center, and joining Tesla, Google, Walmart and Switch at the world’s largest industrial park, and Amazon and Apple in the Tahoe Reno Industrial area. Once completed, its initial corporate campus will consists of more than 300,000 square feet and over 1,000 employees by 2021. This announcement, coupled with the early completion of USA Parkway in September 2017, continues to enhance the value of the Company’s properties along Highway 50. Interest and activity is robust for purchasing industrial lands in Silver Springs, Nevada, where the Company’s Industrial Site and water rights are located and residential properties along the entire Highway 50 corridor, where the Daney Ranch is also located. 
During 2017, the Company highlights the following, land value enhancing developments in northern Nevada:

  • Nevada Announced over $125 million in Infrastructure Investments, including the completion of the $79 million USA Parkway and Grand Opening Celebration held on August 28, 2017, benefiting our Certified Industrial Site in Silver Springs; 
  • Apple Inc. announced an anticipated investment of an additional $1 billion in northern Nevada, doubling the size of its existing data center near the TRI Center.
  • Tesla announced it will expand its $6 billion Giga factory investment in the TRI Center to also include Model 3 powertrain production with already planned battery cells and packs.
  • Google announced it invested in the third largest parcel in the TRI Center Nevada.
  • Switch announced the opening of the largest, most advanced colocation Data Center in the world, known as The Citadel Campus, designed for up to 7.2 million square feet of data center space.
  • Scheduled for construction to begin this year at the TRI Center on 200 acres surrounding a man-made lake is the Tahoe Reno Towne Center, which will feature hotels, retail, restaurants and a casino.

Corporate
During the year ended December 31, 2017, the Company issued 9,464,764 shares of common stock through the Company’s at-the-market and equity purchase offering programs. Gross proceeds from the issuance of shares totaled approximately $7.3 million at an average price per share of $0.78.   The Company reduced long-term debt during the fourth quarter of 2017, by over $1 million from non-mining asset sales, lowering debenture principal to $9.6 million.  The Company also reduced its current liabilities by over $1.3 million, from December 31, 2017, to December 31, 2016, and had cash and cash equivalents of $2.1 million at December 31, 2017.

On February 12, 2018, the Company elected Leo M. Drozdoff, 52, to its Board of Directors and also announced the retirement of Robert A. Reseigh, after 9 years of service, from its Board of Directors. Mr. Reseigh will remain involved with the Company as a member of a newly established Mining Advisory Committee, to assist in all aspects of technical mining and mine development, along with Mr. Drozdoff and Mr. Dan Kappes.

Outlook
2018 operating expenses are expected to be $3.6 million.  Interest expense is expected to be approximately $1.2 million for 2018. The Company expects to continue operating with approximately 10 employees, including expert land, permitting, geology and engineering professionals.

The Company has a longer-term goal to deliver up to $500 million of accretive share value (over $10 per share) by 2020, by acquiring, joint venturing, exploring and developing resources and reserves capable of sustaining production of more than 100,000 gold-equivalent ounces per annum.

Conference Call
The Company will host a conference call today, February 20, 2018, 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:

Toll Free: (1-888-297-8935; participant confirmation code: 9632880)
Direct: (1-647-794-1827; participant confirmation code: 9632880)
The audio will be available, usually within 24 hours of the call, on the Company website:
http://www.comstockmining.com/investors/investor-library

 

About Comstock Mining Inc.

Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
Thursday, February 15, 2018

Comstock Mining Announces New Director and Retirement
Establishes Mining Advisory Committee

Virginia City, NV (February 15, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE)a Nevada-based, gold and silver mining company, announced today the election of Leo M. Drozdoff, 52, to its Board of Directors and the retirement of Robert A. Reseigh, after 9 years of service, from its Board of Directors. Mr. Reseigh will remain involved with the Company as a member of a newly established Mining Advisory Committee, to assist in all aspects of technical mining and mine development, along with Mr. Drozdoff and Mr. Dan Kappes.

Corrado De Gasperis, Executive Chairman of the Board said, “Bob was instrumental in almost every aspect of building the Company, its asset base and management team.  He is one of the most genuine, direct, transparent, hardest working and caring directors that I have ever worked with and I was truly saddened when he indicated he was ready for retirement.  I was equally thrilled when he agreed to stay on in an advisory role, working with us on technical matters, as we grow our assets and resources into a bigger, more meaningful company.”

The Company also welcomes Mr. Drozdoff to the Board with an extensive resume in Nevada’s mining industry, including but not limited to engineering, legislation, environmental regulation, economic development and historical preservation. He most recently served as the Director of the Nevada Department of Conservation and Natural Resources from 2010 to 2016, and was a Cabinet member reporting to two Nevada Governors, including our current Governor, the Hon. Brian Sandoval, where Mr. Drozdoff oversaw 900 state employees responsible for Mining, Environmental Protection, Water Resources, Forestry, State Parks, State Lands and the State of Nevada’s Historic Preservation Office. Mr. Drozdoff also served as lead Administrator of Nevada’s Division of Environmental Protection for over six years, and prior to that appointment, as Bureau Chief over both Mining and Water Control, two of the most critical Nevada mining regulatory bureaus.  He also chaired the Nevada Public Employee Benefits Program Board, overseeing the benefits of over 30,000 public employees, retirees and their families.

Mr. De Gasperis added, “We are honored to welcome Leo Drozdoff to the Comstock team.  His knowledge of Nevada mining from almost every perspective, engineering, environmental, historical preservation, legislative and permitting is second to none, and will be especially valuable to us as we embark on developing and commercializing new technologies into the industry.”

About Comstock Mining Inc.
Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. 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 completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The near term goal of our business plan is to maximize intrinsic stockholder value realized, per share, by continuing to acquire mineralized and potentially mineralized properties, exploring, developing and validating qualified resources and reserves (proven and probable) that enable the commercial development of our operations through extended, long-lived mine plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; 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; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

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

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

 

Comstock Mining Inc.
1200 American Flat Road
PO Box 1118
Virginia City, NV  89440

 
 

http://www.comstockmining.com

 
 

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

 

Zach Spencer
Director of External Relations
Tel (775) 847-5272 x151
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 
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