Comstock Mining Inc

Pure Comstock Silver Nevada Sesquicentennial Medallion This limited edition medallion commemorates Nevada’s Sesquicentennial and is the first substantial minting of Comstock Silver since the Carson City Mint closed in 1893.
Comstock Benefits
Comstock Foundation
Pure Comstock Silver Nevada Sesquicentennial Medallion
2017 Awards
2017 Awards
Comstock Mining Inc
Press Releases
Monday, Apr 11, 2011
East-Side Drill Program Completed, Yields High Grade

Significant Mineralization found in 12 of 12 Initial Holes

Virginia City, NV (April 11, 2011) – Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) announced the completion of Phase I drilling at the East-Side target in its Lucerne Resource Area. On April 6th, the final hole in this phase was completed. Assays have been returned from twelve reverse circulation (RC) holes, all showing significant mineralization, including hole E11-06 with two high grade gold assays (1.027 oz/ton; 35.17 g/t and 0.832 oz/ton; 28.49 g/t) separated by approximately 300 feet of depth and hole E11-12 with five feet of gold grading 1.04 oz/ton (35.62 g/t) in a 90 foot interval averaging 0.139 oz/ton (4.76 g/t). In addition, four of the holes reported significant intercepts containing silver grades in excess of one oz/ ton (34.25 g/t), including a five foot assay of silver grading 3.70 oz/ton (126.7 g/t).

The East-Side Phase I drilling campaign completed 27 RC holes totaling 19,774 feet (6,027 m). “The recent East-Side target results confirm our modeling efforts,” says Larry Martin, the Company’s Chief Geologist, “and is expanding the resource potential of the Project. We are planning additional drill campaigns to increase the density of drilling on the East-Side.”  Larry continued, “The current, widely-spaced drilling has not yet found the limits of the mineralization.  Additional drill campaigns will define the mineralized envelope, but for now, each new hole that intercepts contiguous intervals of quartz veining adds to the exuberance of our team.”

 

PressRelease_EastSideDrilling_600

East Side Phase I Drill Program

 

 
Thursday, Mar 31, 2011
COMSTOCK MINING ANNOUNCES 2010 RESULTS

Virginia City, NV (March 31, 2011) -- Comstock Mining Inc. (the “Company”)(OTCBB: LODE) today announced selected unaudited financial results for the year ended December 31, 2010.

The Company will host a conference call today at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time.  The live call will include a moderated Q&A, after the CEO delivery.  The dial-in telephone numbers for the live audio are as follows:

North America:                  (877) 640-5745   PIN 8375460

Others:                               (416) 850-2060   PIN 8375460

The audio playback will be available one day following the call, and for 30 days thereafter, at http://www.comstockmining.com/investors/investor-relations

 

2010 Full Year Results

  • On October 20, 2010, the Company completed its restructuring and recapitalization plan, including exchanging all of the Company’s $29.4 million of previously defaulted convertible debentures, promissory notes, and related obligations for permanent equity, raising approximately $35.75 million of new equity and securing integral mineral rights. 
  • On November 8, 2010, the Company announced its new drilling program.  Under the program, the Company now plans for total drilling of over 125,000 feet of reverse circulation drilling with a remaining duration of about five months.  It includes development drilling in the Lucerne and Dayton Resource Areas, exploration drilling on the Dayton, East-side and Spring Valley targets and condemnation drilling in the areas designated for heap leach pad expansion.
  • Net loss for 2010 was $60.3 million, resulting primarily from a non-cash loss on extinguishment of debt of  $26.4 million and a non-cash charge for the change in the fair value of derivative liabilities of $23.5 million.  Net loss for 2009 was $6.1 million, including a non-cash gain for the change in the fair value of derivative liabilities of $2.8 million.  Excluding these non-cash items, the loss of $10.4 million compares to a 2009 loss of $8.9 million.
  • Operating expenses for 2010 were $7.1 million, versus $4.6 million in 2009.  The increased loss resulted from an increase of  $1.6 million in general, administrative and consulting expenses, relating primarily to our restructuring activities in 2010 and an increase of $0.9 million related primarily to exploration drilling and related activities.
  • Interest expense for 2010 was $3.3 million, versus $4.3 million in 2009.  The $1.0 million decrease resulted from the extinguishment of our senior secured convertible indentures, promissory notes and associated interest obligations in October 2010.
  • Net cash used by operating activities was $7.8 million, versus $3.6 million in 2009. The increase resulted from increased operating expenses and a higher use of working capital.
  • Net cash provided by financing activities was $37.1 million, resulting primarily from raising $35.75 million in new, permanent equity in October 2010, versus $3.6 million, primarily from convertible debenture financing and, to a lesser degree, issuance of common stock in 2009.
  • Total debt at year-end 2010 was $1.5 million, all relating to mortgage obligations, as compared to $19.7 million in 2009, primarily related to the now extinguished debentures and notes.
  • Cash, cash equivalents and investments at year-end were $29.8 million.

 

Comstock’s Chief Executive Officer Mr. Corrado De Gasperis commented, “Last year proved historic for our Company. We successfully completed our balance sheet restructuring and recapitalization.  As importantly, we reorganized management and expanded our team, issued our first two NI 43-101 technical reports, validated and grew our gold and silver resources, and planned and funded our production and exploration projects designed to commence production in 2011 and validate qualified resources and reserves of at least 3.25 million gold equivalent ounces by 2013, respectively.”

 

 
Monday, Mar 28, 2011
Comstock Mining Completes Phase I Drilling at The Dayton
Significant Mineralization in 41 of 42 Holes, Aggressive Drill Program Continues

Virginia City, NV (March 28, 2011) – Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) announced continued, significant mineralization results from eight of the remaining nine reverse circulation (RC) holes drilled during the first phase of drilling at its Dayton Resource Area (the “Dayton”). When combined with the prior thirty-three RC holes from this program, fully forty-one of forty-two holes have identified continued, significant mineralization throughout the Dayton drill fences. This has created a rapidly expanding picture of the Dayton’s mineralized envelope.

PressRelease_DaytonDrilling_Final_600

Dayton Phase I Drill Locations
 
Friday, Mar 25, 2011
Comstock Mining to Host Business Update Call and Report Year Ended 2010 Results

 

Virginia City, NV (March 25, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) will host a conference call on March 31, 2011 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time to report fourth quarter and year ended 2010 results.

The live call will include a moderated Q&A, after the CEO delivery.  The dial-in telephone numbers for the live audio are as follows:

North America:                  (877) 640-5745   PIN 8375460

Others:                              (416) 850-2060   PIN 8375460

The audio playback will be available one day following the call, and for 30 days thereafter, at www.comstockmining.com, in the Investors section.

 

 
Mon, Mar 7, 2011
Dayton Drilling Finds Highest Grade Mineralization To Date

Results Include One Ounce-Plus Intercept in Hole D11-21

 Virginia City, NV (March 7, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) announced the results for thirteen additional reverse circulation (RC) holes from the first phase of drilling at its Dayton Resource Area (the “Dayton”). The results include the highest-grade interval encountered to-date at the Dayton: 10 feet (3.05 m) grading 1.121 ounces per ton (38.39 g/tonne) gold and 2.279 ounces per ton (78.05 g/tonne) silver, contained in an interval of 135 feet (41.15 m) grading 0.218 ounces per ton (7.47 g/tonne) gold and 0.685 ounces per ton (23.46 g/tonne) silver.  Many of the holes also encountered the deeper, silver-only mineralization that was first encountered in D10-01, the first hole in phase one.

As previously announced, this phase of Dayton drilling was designed as a series of three east-west “drill fences”, or rows of drill holes, spaced approximately 750 feet apart.  All of the holes on the southern fence and the first holes on the central fence were announced in the Company’s February 28, 2011 press release.  The holes announced today include more holes on the central fence, all of the holes on the northern fence, and an additional three holes on an intermediate fence between the central and northern fences.

 

PressRelease_DaytonDrilling2_2011.3.7

  Dayton Phase 1 Drill Fences

 

 
Mon, Feb 28, 2011

Comstock Mining Completes First Phase of Dayton Drilling

Positive Results Across the Entire Dayton Resource Area 

Virginia City, NV (February 28, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) announced the successful completion of the first phase of drilling at its Dayton Resource Area (the “Dayton”).  The drilling at the Dayton commenced on December 3, 2010, and concluded on February 18, 2011.  Having completed this phase, the Company’s drilling activities moved to the East-side exploration target, in the Lucerne Resource Area.

As previously announced, this phase of Dayton drilling was designed as a series of three east-west “drill fences”, or rows of drill holes.  These fences were designed to achieve two objectives: first, to test the continuity of mineralization to greater depths than the previous, generally shallow drilling; and second, to validate and calibrate the Company’s exploration model in the Dayton. Both objectives have been met.  A second phase of Dayton drilling is being designed and scheduled, based on the first phase results, to provide information for a detailed mine plan.

 

Dayton First-Phase Results

Three drill rigs were used in the Dayton phase one program, to drill a total of 39 reverse circulation (RC) drill holes, totaling 18,886 feet.  Three east-west trending drill fences (a south, central and northern fence) were completed perpendicular to the northerly strike of the previously-identified mineralized zone.  The spacing between the drill fences was approximately 600-800 feet.  In addition, the efficiency of the drilling program allowed the initial holes to be drilled on two intermediate drill fences.

 

pressrelease_daytondrilling_600

Dayton Phase 1 Drill Fences

 

 
Tue, Jan 25, 2011

COMSTOCK MINING ACQUIRES KEY DAYTON RESOURCE AREA PROPERTIES

Virginia City, NV (January 25, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today that it has completed the acquisition of the Metropolitan Lode Patented mining claim and the Peach and Wedge unpatented lode mining claims (“the Property”) from Ida Consolidated Mines, Inc. (“Ida Consolidated”), under the terms of an option granted on July 21, 2010.  As announced in an August 2, 2010 press release, the purchase price for the property was $100,000.  Ida Consolidated will retain a 2% Net Smelter Return (“NSR”) royalty on all gold and silver production from the Property.

The Metropolitan patented claim and the Wedge unpatented claim are strategically located between the Kossuth Lode and Alhambra Lode patented claims, in the Company’s Dayton Resource Area.   Last December 2010, hole D10-01 was drilled just east of the Metropolitan and Wedge claims.  As announced on January 18, 2011, this first reverse circulation (“RC”) hole drilled by the Company in the area, encountered 590 feet of mineralization.

CMI_map_dayton20110125b

Comstock Mining, Inc. Dayton Resource Area

 
Tue, Jan 18, 2011

COMSTOCK MINING ADVANCES STRATEGIC PLAN WITH FALL 2010 DRILLING RESULTS; ENCOUNTERS 590’ OF MINERALIZATION IN FIRST DAYTON HOLE

Virginia City, NV (January 18, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today the results of the successful first phase of its drilling program.  The drilling program, as announced in a November 8, 2010 press release, was designed to advance the Company’s strategic plan towards commencing commercial mining and processing operations and increasing the Company’s validated gold and silver resources.  The overall drilling program has a planned duration of about seven months, including development drilling in the Lucerne and Dayton Resource Areas, exploration drilling on high priority targets including targets in Dayton, Spring Valley and the East-side, and condemnation drilling in areas designated for possible heap leach pad expansion.  The primary objective of the Fall 2010 drilling was completion of development and condemnation drilling supporting the Lucerne starter mine planning and the planned expansion of heap leaching capacity in American Flat.

The drill program began October 25, 2010, and completed 108 reverse circulation (RC) drill holes, totaling 26,490 feet, through the end of 2010.  Drilling began with a single track-mounted RC drilling rig, and accelerated with the addition of a truck-mounted RC drilling rig and a second track-mounted rig.  All three rigs are scheduled to continue drilling through the end of the program.

 

 
Mon, Jan 10, 2011
COMSTOCK MINING APPOINTS DELOITTE & TOUCHE AS AUDITORS

Virginia City, NV (January 10, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today that on January 4, 2011, the Audit and Finance Committee of the Board of Directors of the Company, upon completion of a formal selection process, appointed Deloitte & Touche LLP (“Deloitte”) as its independent, registered public accounting firm to audit the consolidated financial statements of the Company for the fiscal year ended December 31, 2010. On the same date, the Company dismissed Jewett, Schwartz, Wolfe & Associates (“JSW”) as its independent registered public accounting firm.

Mr. William Nance, Comstock Mining Audit Committee Chairman stated, "The depth and breadth of Deloitte’s mining practice was an important part of our decision process.”  Mr. Nance continued, “The combined experience of the engagement team in the mining and resource sectors should serve our needs well over the next year as our company prepares for gold and silver production.”

The reports of JSW on the consolidated financial statements of the Company as of and for the fiscal years ended December 31, 2009 and 2008 did not contain any adverse opinion or disclaimer of opinion. These reports were not qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended December 31, 2009 and 2008 and during the period between December 31, 2009 and January 4, 2011, there were no disagreements between JSW and the Company on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of JSW, would have caused JSW to make reference to the subject matter of the disagreements in connection with their reports.

Mr. Corrado De Gasperis, Comstock Mining Chief Executive Officer, stated, “The appointment of Deloitte provides our growing public company and its stakeholders the highest levels of assurance services for our financial accounting, reporting and compliance requirements as we move towards mine production and pursue listings on both the NYSE-AMEX and Toronto Stock Exchanges.  We appreciate the professionalism extended to us in working with the team at Jewett, Schwartz, Wolfe & Associates.”

 

 
Mon, Nov 29, 2010

COMSTOCK MINING ACQUIRES HISTORIC OEST PROPERTY;

EXPANDS COMSTOCK LAND POSITION

Virginia City, NV (November 29, 2010) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today the recent acquisition of eight patented lode-mining claims and six unpatented lode-mining claims on the Oest and Comet lodes, west of Silver City, Nevada. The Oest mine operated from 1887 to 1927, and produced approximately 50,000 ounces of gold. A prize-winning gold specimen from the Oest mine was exhibited by the state of Nevada at the 1893 Chicago World’s Fair.

"The Oest property presents an opportunity between our Lucerne and Dayton Resource Areas,” commented Mr. Larry Martin, Comstock Mining’s Chief Geologist. “Our extensive knowledge of the geology in those areas lets us explore this property with fresh concepts."

genco-mapset-web

 
Mon, Nov 8, 2010

Comstock Mining Commences Drilling Program to Advance Strategic Plan

Virginia City, NV (November 8, 2010)  -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE) announced today that it has begun a new drilling program at its Comstock Mine Project, under the direction of Mr. Larry Martin, Comstock Mining’s Chief Geologist.  The program includes over 100,000 feet of reverse circulation (RC) drilling, and has a planned duration of about seven months.  It includes development drilling in the Lucerne and Dayton Resource Areas, exploration drilling on certain high priority targets within the Company’s extensive Comstock district land holdings, and condemnation drilling in the areas designated for possible heap leach pad expansion.

The drilling has begun with two RC drill rigs and crews from DeLong Construction, Inc., of Winnemucca, Nevada (DeLong). DeLong was a drilling supplier in the Company’s 2007-2009 and Spring 2010 drilling programs.  A third drill rig and crew is scheduled to join the program in mid-November, and will be supplied by Orbit Garant Drilling of Winnemucca, Nevada, also a supplier in the 2007-2009 drilling program.

“Our experienced team has built a tremendous, working geological model that better-explains the mineralization along the Silver City fault zone,” stated Mr. Martin.  “That knowledge directs very efficient drilling, and provides multiple, high priority targets in our search for bonanza-grade mineralization.”

drillrig2_2010-10-29

 
<< Start < Prev 11 12 13 14 15 16 17 18 19 20 Next > End >>
Page 20 of 21