Comstock Mining Inc

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Comstock Mining Inc
Press Releases
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
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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.

 
Tuesday, February 13, 2018

Comstock Mining Announces 2017 Year End Results and
Business Update Conference Call

Virginia City, NV (February 13, 2018) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) will host a conference call on Tuesday, February 20, 2018 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report 2017 year end 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: (1-888-297-8935; 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, December 28, 2017

Comstock Mining Announces Additional Debt Reductions
and Early Payment on Debt Service

Virginia City, NV (December 28, 2017) Comstock Mining Inc. (the “Company”) (NYSE American: LODE)a Nevada-based, gold and silver mining company, announced today that it has reduced its debt balance by an additional $240k during December, representing over $500k in debt reductions during the fourth quarter alone.  When combined with earlier actions, this represents over $1.6 million in debt reduction since the strategic refinancing consummated almost one year ago, in January 2017.

Corrado De Gasperis, Executive Chairman and CEO, said, “Earlier this year, we refinanced our obligations with a four year debenture that dramatically simplified our capital structure, strengthened our financial position and enabled us to begin marketing and monetizing non-mining assets. We still plan on monetizing assets worth over $14 million, despite the progress made to date and the lower debt balances.”

The Company also announced it has just paid the interest expense, on the Debenture, due on January 1, 2018, early. After paying the interest, the Company’s cash on hand will  be approximately $2 million as of December 31, 2017. 

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, December 26, 2017

Comstock Mining to Present at the
2018 Vancouver Resource Investment Conference and the Global Chinese Financial Forum

Virginia City, NV (December 26, 2017) Comstock Mining Inc. (the “Company”) (NYSE American: LODE)a Nevada-based, gold and silver mining company, announced today that Corrado De Gasperis, Executive Chairman and CEO, will present at both the 2018 Global Chinese Financial Forum (GCFF), Vancouver Conference in British Columbia, Canada on Saturday, January 20, 2018, and on January 21-22, 2018, at the 2018 Vancouver Resource Investment Conference (VRIC) at the Vancouver Convention Centre West, Vancouver, BC.

Organized by NAI Interactive, the GCFF is one of the most extensive, bi-lingual, financial networking events covering North America and China. The event facilitates business growth through networking activities among public and private companies, financial institutions and investors.

Organized by Cambridge House International Inc. and Katusa Research, the 2018 VRIC represents the world's largest resource investment conference, with more than 8,000 attendees, this conference is at the Vancouver Convention Centre West, Vancouver, BC.

During both conferences, Mr. De Gasperis will provide Company updates on its most recent resource developments and participate in one-on-one meetings with registered conference investors.  Registration for these meetings is only for qualified investors, portfolio managers, and private wealth and family office managers.

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, December 4, 2017

Comstock Mining To Attend AEMA Mining Conference;
Reaffirms NYSE Listing

Virginia City, NV (December 4, 2017) Comstock Mining Inc. (the “Company”) (NYSE American: LODE)a Nevada-based, gold and silver mining company, announced today that it will be exhibiting at and attending the American Exploration & Mining Association’s 123rd Annual Event at the Sparks Nugget Hotel in Sparks, Nevada, from  December 6-8. This annual meeting is the second largest annual mining convention in the U.S., featuring 250 exhibitors, a core shack, several technical sessions and more than 2,000 attendees.

Corrado De Gasperis, Executive Chairman and CEO, stated, “We are looking forward to participating in an excellent AEMA conference, where most of our industry comes together and a tremendous amount of business  can take place, efficiently, right in our own back yard.”

Last week, the Company received a letter from the NYSE American LLC (the “Exchange”), stating that the Company was in compliance with the Exchange’s continued listing standards set forth in Part 10 of the Exchange’s Company Guide. The Exchange specifically noted that the Company has resolved the Company’s previously announced low selling price deficiency. Effective November 28, 2017, the “.bc” designation, signifying below-compliance with NYSE American listing standards was removed from the Company’s trading symbol.

Mr. De Gasperis, concluded, “We are pleased with our ongoing compliance with the NYSE American listing standards and we could not be prouder of our commitment to and collaboration with this world-class platform. We look forward to providing our investors with more frequent updates on our ongoing agreement for the potential joint venture with Tonogold, the monetization of our non-mining assets, and the planned development activity for the Dayton Resource Area, toward full feasibility.”

The Company’s goal is to deliver up to $500 million of accretive share value by 2020, both through its existing mineral resource development targets and the ongoing development of the various partnerships, ventures and exploration and development activities that, all together, are capable of sustaining production equivalent to 100,000 gold ounces per annum.

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, October 31, 2017

Comstock Mining Announces Third Quarter 2017 Results;
Announces Strategic Joint Venture, Debt Reductions, Lower Costs and Reverse Stock Split

Virginia City, NV (October 31, 2017) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) today reported selected unaudited financial results for the fiscal quarter ended September 30, 2017, and business updates.

Third Quarter 2017 Selected Strategic and Operational Highlights 

  1. Completed Strategic Joint Venture Option Agreement to immediately accelerate Lucerne’s assessment, drilling, engineering and development, while dramatically reducing annual costs.
  2. Received the 2017 Nevada Excellence in Mine Reclamation Award for most excellent mine reclamation.
  3. Reduced spending in every major category, achieving record low operating expenses.
  4. 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.
  5. Reduced long-term debt by over $1 Million from the sale of various, small non-mining properties.
  6. Completed federally funded column testing of Dayton mineralized materials, through Cycladex Inc., a strategic investee, for, faster, cheaper, safer leaching solutions, yielding 82-85% gold.
  7. Established a strategic collaboration with and funded by Itronics Inc. (ITRO), to assess reclamation cost reductions, increased leach-pad extraction potential, and the metallurgy of our mineralized materials.
  8. Acquired 30 unpatented lode claims with 472 contiguous acres, increasing our lands to over 9,284 acres.
  9. Celebrated the Nevada Department of Transportation’s USA Parkway Grand Opening Celebration, directly benefiting Comstock’s Certified Industrial Site and water rights located on the US 50 highway corridor.
  10. Reduced our senior secured debenture to $9.9 million, with ongoing plans to sell non-mining assets valued at approximately $14 million targeted to eliminate the remainder of our debt.
  11. Announced an agreement to sell 80% of the Daney Ranch to Daney Enterprises Inc., for $3.52 million cash, subject to certain closing conditions, valuing the property above plan, at $4.4 million.
  12. Cash and cash equivalents at September 30, 2017, were $2.3 million.

Corrado De Gasperis, Executive Chairman and CEO of the Company stated, “Our third quarter was focused and productive as we progressed various strategic initiatives, especially the Joint Venture Option Agreement with Tonogold Resources, and consummated land and water sales at high values, and reduced debt.”   

Selected Financial Highlights – Nine Months Ended September 30, 2017

  1. Operating expenses reached a record low of $3.8 million, excluding depreciation and amortization, for the nine months ended September 30, 2017, a 51% reduction as compared to the 2016 period of $7.8 million.  
  2. General and administrative expenses achieved a record low of $2.2 million for the nine months ended September 30, 2017, a 20% reduction as compared to the 2016 period of $2.7 million, driven by lower payroll and administrative expenses, in line with targeted cost reductions.
  3. Real Estate operating costs achieved a record low for the nine months ended September 30, 2017, a 66% reduction compared to the 2016 period, with both positive cash flows and profits for this segment.
  4. Mine claims costs reached a record low of $0.7 million for the nine months ended September 30, 2017, a 20% reduction compared to the 2016 period, despite growing our land position.
  5. Environmental and reclamation expenses achieved a record low of $0.7 million for the nine months ended September 30, 2017, a 35% reduction as compared to the 2016 period of $1.0 million, despite higher costs associated with unusual precipitation and related water management activities.
  6. Exploration and mine development expenses were $0.8 million for the nine months ended September 30, 2017, as compared to the 2016 period of $4.0 million, primarily from the completion of the Lucerne underground drift developments in early 2016.
  7. Net loss was $8.2 million, or a loss of $0.04 per share for the nine months ended September 30, 2017, as compared to a net loss of $9.1 million, or a loss of $0.05 per share, for the comparable 2016 period.
  8. Net cash used in operations was $5.1 million for the nine months ended September 30, 2017, primarily for operating expenses, interest expenses and the reduction of accounts payable.
  9. Net cash provided by financing activities, was $6.4 million, primarily from debt and equity issuances.
  10. Total debt at September 30, 2017, was $10.3 million, with all but $0.6 million being long-term debt.

Mr. De Gasperis added, “Our focus on cost reductions puts us at all-time lows while our Joint Venture Option Agreement with Tonogold should accelerate mine development while further reducing costs. We also began closing planned non-mining asset sales that paid down debt.  We look forward to paying down the rest of that debt in the next nine-to-twelve months.” 

Strategic Joint Venture Option Agreement
Lucerne Mine Project – Accelerated Development
During 2016, the Company focused on exploration and development of certain properties within the Lucerne resource area (the “Lucerne Property”), primarily underground core drilling, underground drift (tunnel) development, and underground sampling into the Quartz Porphyry (PQ) and Succor geological targets.  Future drill programs were being developed with a phased approach to extend the PQ mineralization and scope the Succor and Woodville targets but the Company suspended those plans due to the higher than expected complexity of the underground development effort and the uncertainty about the total capital required for delivering a commercially viable mine plan.   Ultimately, the Company decided to assess, evaluate and pursue partners willing and able to commit the additional mining expertise and capital resources required to explore and develop a commercially viable Lucerne-based mine plan.

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 certain properties within the Lucerne Property and if all obligations and prerequisites are satisfied and subject to compliance with the Option Agreement, Comstock and Tonogold may effect a joint venture for the future development and mining of mineral resources on the Lucerne Property.

Under the terms of the Option Agreement, Tonogold can earn a 51% interest in the Company’s presently wholly-owned subsidiary, Comstock Mining LLC, which owns the Lucerne Property, by making capital expenditures on the Lucerne Property of $20 million no later than 42 months following signing of the Option Agreement and direct cash payments of $2.2 million to the Company within six months of such signing. The initial cash payment of $0.2 million was paid by Tonogold to the Company at the time that the Option Agreement went into effect. If Tonogold elects to proceed with the project, Tonogold would have to make another payment of $2 million within the six-month period following the date that the Option Agreement was signed.

If Tonogold does not elect to extend the option beyond the initial six months, it will be required to make a further payment to the Company equal to $1 million less Tonogold’s actual expenditures on the Lucerne Property during such initial six-month period. In addition, Tonogold is granted the option to purchase 51% of certain equipment and property located at the Company’s American Flat property for a purchase price of $25 million.
Tonogold announced that it was fully funded through the first phase of the Agreement.

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 is scheduled to review the first phase of the drilling program during the first full week of November 2017.

Mr. DeGasperis continued: “We have been impressed by the commitment, diligence and frankly, passion, exhibited by Mark Ashley and the Tonogold team. We believe the success of Lucerne depends on this type of technical diligence, development and competencies that Mark and his team have demonstrated over the past year-plus. We have the right partner with the right capital support to maximize the value of Lucerne.” 

Long-term Debt Reduction
The Company has reduced long-term debt by more than $1 Million with proceeds from the sale of 54 acre-feet of water rights, and the sale of various, smaller non-mining properties in Gold Hill and Silver City, Nevada and its recently announced joint venture with Tonogold. The Company’s Senior Secured Debenture has now been reduced to $9.9 million. The Company still has plans to sell non-mining assets valued at approximately $14 million targeted to eliminate the remainder of its debt.

Dayton Resource Area
During the third quarter, the Company completed a study of lands open to mineral entry near the Company's southern Dayton Resource and Spring Valley exploration target. Thirty lode claims were located, perfected and filed with Lyon County and the Bureau of Land Management.  The recently staked lode claims were positioned to control lands hosting favorable geology and provide an additional contiguous corridor to our northern land holdings located west of State Route 341.  The block of new claims adds 472 net acres to the Company's already significant land position in the historic Comstock District. Exploration efforts will now be expanded and include the new, adjacent claims. (See Figure 1)

NewLandPosition2017

Figure 1 - illustrates the Company's existing and new land position.

Daney Canyon Ranch
The Company has an agreement to sell 80% of the Daney Ranch to Daney Enterprises Inc., for $3.52 million cash, subject to certain closing conditions, including financing, that values the property above plan, at $4.4 million.
The Daney Canyon Ranch is a 225-acre ranch located in Dayton, Nevada. It features more than 8000 square feet of living space between the Spanish style main home, 2 guest homes and a ranchers cabin.  The Company expects the sale to close by the end of the first quarter, 2018, reporting period.

Outlook
Our goal is to deliver up to $500 million of accretive share value (over $2 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. Our past efforts, especially during the past 18 months, have positioned us for this success. These production targets include both the Lucerne and Dayton Mine plans, with both surface and underground development opportunities.

Total operating expenses (excluding depreciation, amortization, and depletion expense) for the last quarter of 2017 are expected to be less than $1.0 million, with a sustainable, annual run rate of $3.6 million. The Tonogold agreement, if the second phase is exercised, has the potential for reducing these annual operating expenses (excluding depreciation, amortization, and depletion expense) of $3.6 million, in 2018, by an additional $1.25 million.  Interest expense is expected to be approximately $1.3 million for 2018. The Company expects to continue operating with approximately 10 employees, including expert land, permitting, geology, engineering and metallurgical professionals.

The Company plans to sell non-mining related lands, buildings and water rights, for expected net cash proceeds of approximately $14 million, including the Daney Ranch, during the next twelve months. These proceeds will first be used to eliminate debt obligations due under the Debenture and then to fund certain exploration activities in the Dayton Resource area, all while strengthening the financial position of the Company.

The Company has also commenced and plans on continuing metallurgical testing on Dayton mineralized materials, using both cyanide and non-cyanide alternative solutions to experiment on achieving the highest, most cost efficient processing for the Dayton feasibility assessment.  The Company will also commence Reverse Circulation (RC) drilling at the Dayton mine sufficient to finalize the parameters of a mine plan and commence the permitting for the Dayton mine. Infill drilling is expected to significantly expand the reserve potential for the Dayton mine plans. The Company has developed grade shells with higher average grades and believes the Dayton to have economically feasible potential and plans on developing those mine plans toward full feasibility during late 2017 and early 2018, with production plans following those efforts within the next two years.

The Company will report the results of the Lucerne exploration and development programs, in conjunction with Tonogold, and independently for Dayton exploration and development programs, as they become available.

Corporate
The Company enhanced its liquidity with a long-term, strategic refinancing during the first quarter and more efficient access to equity capital during the second and third quarters. The longer-term debt and additional equity allows the Company to participate in the dramatic economic boom currently surging throughout northern Nevada and provide an effective bridge prior to any land sales or completed ventures. Cash and cash equivalents at September 30, 2017, were $2.3 million. 

1-for-5 Reverse Stock Split and Adjustment of Authorized Shares
The Company and the New York Stock Exchange (NYSE) have approved and will effect a reverse split of its common stock, $0.000666 par value (“Common Stock”), at a ratio of 1-for-5 (the “Reverse Split”), effective November 9, 2017.  The Common Stock will begin trading on a split-adjusted basis when the market opens on November 10, 2017. The Reverse Split will result in each outstanding five pre-split shares of Common Stock automatically combining into one new share of Common Stock without any action on the part of the stockholders.  The total number of outstanding common shares will be reduced from approximately 226 million to approximately 45 million shares. The Company’s authorized number of shares of Common Stock of the Company will also be proportionately decreased from 3,950,000,000 to 790,000,000 shares. No fractional shares will be issued as a result of the Reverse Split as any fractional shares resulting from the Reverse Split will be rounded up to the nearest whole share.

The Board of Directors of the Company approved the action in accordance with Nevada law (NRS Section 78.207).   The NYSE approved the 1-for-5 reverse stock split on October 27, 2017.  No additional Company or stockholder approval is required because both the number of authorized shares of Common Stock and the number of outstanding shares of Common Stock are proportionally reduced as a result of the Reverse Split, and the Reverse Split does not adversely affect any other class of stock of the Company and the Company will not pay money or issue scrip to stockholders who would otherwise be entitled to receive a fractional share as a result of the Reverse Split.  The NYSE and the Company's transfer agent, Corporate Stock Transfer, will provide instructions to stockholders regarding the process for exchanging certificated shares. The Common Stock will continue to trade on the NYSE American under the trading symbol "LODE" but will trade under the new CUSIP number 205750201.
 
Mr. De Gasperis concluded, "The split satisfies the NYSE American minimum share price requirement. We consider this a mechanical change that does not impact our strategy, business plans, liquidity, operations or the intrinsic value of the shares.  Our focus is on growing that value with an outstanding investor and share base."

Conference Call
The Company will host a conference call today, October 31, 2017, 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: (1-877-876-9173; participant passcode: 186632)
Direct: (1-785-424-1670; participant passcode: 186632)

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; reverse splits, forward splits, dividends, offerings, sales and other actions regarding debt or equity securities; maintaining stock exchange listing requirements; redemption or pay down 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
External Relations
Tel (775) 847-5272 x151
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