Comstock Mining Inc

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Comstock Mining Inc
Press Releases
Thursday, May 3, 2012

Comstock Mining Announces Annual Stockholders

Meeting and Record Date

 

Virginia City, NV (May 3, 2012) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) announced today that its 2012 Annual Stockholder Meeting is scheduled for Tuesday, June 19, 2012, at the Peppermill, 2707 South Virginia Street, Reno, Nevada.  The meeting will begin at 10:30 a.m.   The record date for the Annual Meeting will be May 3, 2012.  Only stockholders of record at the close of business on May 3, 2012, may vote at the meeting.  The Company will also hold mine tours on Monday, June 18, 2012.  Interested parties should contact Kimberly Shipley, via email or by phone, before Friday, June 8, 2012.

About Comstock Mining Inc.

 
Tuesday, May 1, 2012

Comstock Mining Announces Notice of First Quarter 2012 Results
And Business Update Conference Call

Virginia City, NV (May 1, 2012) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) will host a conference call on May 15, 2012 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time to report First Quarter 2012 results and business update. The live call will include a moderated Q&A, after the prepared remarks. 

The dial-in telephone numbers for the live audio are as follows:
North American Toll Free: 1-866-544-4625
Canada Local / International: 416-849-2726


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

 
Wednesday, April 4, 2012

COMSTOCK MINING ANNOUNCES ELECTION OF

DANIEL W. KAPPES AS NEW DIRECTOR

 

Virginia City, NV (April 4, 2012) – Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) today announced that Mr. Daniel W. Kappes has been appointed to its Board of Directors, effective April 2, 2012.

Chairman John V. Winfield commented, "Dan has been globally recognized in our industry, for decades, as a leading expert in gold and silver heap leaching. He is an innovative problem-solver who has engineered and implemented state-of-the-art heap leaching and metallurgical processes around the world.  His substantial experience in strategic planning, project evaluation and project management are welcome skill sets for our Board."

Mr. Kappes, age 67, is a founder and the President of Kappes, Cassiday & Associates (KCA).  KCA has provided extractive metallurgical services to the international mining industry since 1972, specializing in all aspects of heap leach and cyanide processing, including laboratory testing, project feasibility studies, engineering design, construction, and operations management. KCA has pioneered many of the techniques now employed in heap leaching, and for the past several years has expanded into the design of agitated leach plants and other metallurgical processes. Mr. Kappes is a recognized authority on gold and silver metals heap leaching.  In addition to providing engineering and design work on numerous projects, he has directed laboratory and field tests on several projects that have subsequently become major precious metal mines.

Mr. Kappes graduated from the Colorado School of Mines with an Engineer of Mines Degree and the University of Nevada’s Mackay School of Mines with a Masters Degree in Mining Engineering.  Mr. Kappes is, and has served as, a “Qualified Person” under National Instrument 43-101 and has also presented several technical papers on precious metals heap leaching in his career.  He is a registered Professional Mining and Metallurgical Engineer in Nevada, and was named Alumnus of the Year at Mackay in 1995.

The Company is commencing production of its own gold and silver heap leaching this summer.  

 
Thursday, March 29, 2012

COMSTOCK MINING ANNOUNCES 2011 YEAR END RESULTS

AND BUSINESS UPDATE

 

Virginia City, NV (March 29, 2011) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) today announced selected unaudited financial results for the year ended December 31, 2011.

The Company will host a conference call today, March 29, 2012, at 11:00 a.m. Pacific Time/2:00 p.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:

North American Toll Free: 1-866-544-4625

Canada Local / International: 416-849-2726

The audio will be available within 72 hours following the call, and for 30 days thereafter, at http://www.comstockmining.com/investors/investor-library

 

2011 Full Year Results

  • On September 30, 2011, the Company published its third National Instrument 43-101 (NI 43-101) technical report (the “2011 Report”) authored by Behre Dolbear & Company (USA), Ltd. (“Behre Dolbear”).  The 2011 Report declared a mineral resource estimate of Measured and Indicated Resources containing 1,780,000 gold equivalent ounces[1], and an estimate of an Inferred Resource containing an additional 990,000 gold equivalent ounces, a 94% increase over the previous estimate.

  • During 2011, the Company received substantially all of the required exploration and production related permits, including its new Mercury Operating Permit and modified other existing production related permits, including its existing Water Pollution Control Permit, and in February 2012, received the new Class 1, Air Quality Permitauthorizing the remaining construction and pre-mining work required for the production of gold and silver later this year. 

  • Net loss for 2011 was $11.6 million, resulting primarily from operating expenses associated with exploration, reclamation and development activities and, to a lesser extent, administrative activities.  Net loss for 2010 was $60.3 million.  The higher 2010 loss resulted 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. 

  • Operating expenses for 2011 were $16.0 million, versus $7.1 million in 2010.  The increased loss resulted from an increase of $5.5 million in reclamation, exploration and test mining expenses relating primarily to our exploration and development activities in 2011, an increase of $2.8 million related primarily to general and administrative activities and related consulting and professional fees and an increase of $0.5 million for hotel operating costs.

  • Interest expense for 2011 was approximately $0.1 million, versus $3.3 million in 2010.  The $3.2 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 for 2011 was $11.6 million, versus $7.9 million in 2010. The increased use of $3.7 million in 2011, primarily resulted from the increased use of cash for exploration expenses of $3.8 million and general and administration expenses of $1.3 million, partially offset by a $1.3 million increase, in 2011 as compared to 2010, in cash provided in operating activities, primarily from changes in accounts payable.

  • Net cash used in investing activities included $8.3 million for the purchase of property, plant and equipment, including approximately $4.1 million for mining vehicles and equipment, $3.1 million for processing and lab equipment and $1.1 million for land and buildings.   

  • Net cash used in financing activities in 2011, was $0.8 million, for principal payments on debt obligations, versus net cash provided by financing activities of $37.1 million for 2010, resulting primarily from raising $35.75 million in equity in October 2010. 

  • Cash, cash equivalents and investments at year-end were $9.2 million.  In February 2012, the Company raised $15.3 million in proceeds, net of issuance costs, through an underwritten public offering of 9,078,948 shares of common stock.

  • Total debt at year-end 2011 was $1.4 million as compared to $1.5 million in 2010, all relating to notes payable for property purchases.

 

Comstock’s Chief Executive Officer Mr. Corrado De Gasperis commented, “The last twelve months reflects three major advancements toward our stated goals. We established a strong, production-focused management team, issued our third NI 43-101 technical report, nearly doubling our gold and silver resources, and obtained every major permit or permit modification for commencing production in 2012.  We also expanded our exploration permits in both counties where our Comstock properties reside.

 
Thursday, March 15, 2012

Comstock Mining Announces Notice of Year End 2011 Results

And Business Update Conference Call

 

Virginia City, NV (March 15, 2012) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) will host a conference call on March 29, 2012 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time to report 2011 year end results and business update.

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

North American Toll Free: 1-866-544-4625

Canada Local / International: 416-849-2726

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

 
Tuesday, March 13, 2012

Comstock Mining Hires Mine and Maintenance Supervisors

Current employment exceeds 60 people

 

Virginia City, NV (March 13, 2012) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today the appointment of Troy Hawkins as the company’s Senior Mine Supervisor; and Roger Santistevan as Maintenance Supervisor. Both are knowledgeable and highly experienced mining professionals that continue the company’s pattern of attracting the best quality talent from within the industry and bringing them to the Comstock.

Troy Hawkins brings over 18 years of mine operating experience, most recently as the Senior Mine Supervisor at Coeur Rochester in Lovelock, Nevada. He was involved in hiring and building a team of over 80 mine equipment operators and directly managing mine operations. Prior, he worked for Barrick Gold at the Cortez Mine in Crescent Valley, Nevada, and beginning in 1996, for Round Mountain Gold Corporation in Round Mountain, Nevada.

Roger Santistevan joins the company as Maintenance Manager. Roger brings over 28 years of experience designing and managing maintenance programs for some of the industry’s leading companies. He leaves Hycroft Resources and Development of Winnemucca, Nevada, a subsidiary of Allied Nevada Gold Corp., to join the Comstock team. Prior to Hycroft, he worked with Golden Predator Mines in Imlay, Nevada; Barrick’s Ruby Hill Mine in central Nevada; and Coeur Rochester in Lovelock, Nevada.

“Both men bring notable skills and a wealth of knowledge relevant to our operation,” stated Corrado de Gasperis, President and CEO. “But more importantly, each has demonstrated high team orientation, ethics and a commitment to quality and the environment that best represents the type of system we are creating here at Comstock Mining.”

The addition of these two positions brings Comstock’s total employment number to just over 60 people. The Company has over 40 mining professionals working at the mine, and the Gold Hill Hotel employs 20 people. A significant majority of the employees live on the Comstock or in Dayton, Mound House or Carson City. An additional 20 - 25 mining professionals and staff will be added as the company continues its march toward production this year.

 

About Comstock Mining Inc.

 
Tuesday, February 28, 2012

COMSTOCK MINING COMMENCES 2012-2013 EXPLORATION

Drilling Begins in Spring Valley

Virginia City, NV (February 28, 2012) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today that it has defined and launched its 2012-2013, exploration drilling program.  The program is the Company’s largest, most aggressive drilling program, significantly exceeding the magnitude of the successful 2011 drilling program.  The program anticipates about 300,000 feet of reverse circulation and 13,000 feet of core drilling, and is scheduled to last approximately 18 months.  Funding for the expanded drilling was provided by the Company’s successful $17.25 million public stock offering earlier this month.

Comstock Mining 2012 Core Drilling at Lucerne, Overlooking Gold Hill, NV

“Last year we validated 2.4 million ounces of gold and over 20 million ounces of silver,” stated Corrado De Gasperis, the Company’s Chief Executive Officer.  “That was made possible by the most efficient drilling program in our history, with a discovery cost of just $6 per gold-equivalent resource ounce, a truly exceptional result.  The 2012-2013 drilling will continue and accelerate that progress to meet our goal of validating Measured and Indicated resources containing over 3.25 million gold-equivalent ounces, as well as accelerate the parallel development of our next two proposed mines.”

 
Monday, February 27, 2012

Comstock Mining Inc. to Present at the 24th Annual ROTH Conference

Virginia City, NV (February 27, 2012) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today the company has been invited to present at the 24th Annual ROTH Conference held at The Ritz Carlton, Laguna Niguel, March 11-14, 2012.  Corrado De Gasperis, President and CEO of Comstock Mining Inc., is scheduled to present on March 14.  An estimated 400 companies have been invited to present with 1000+ buy side investors expected to attend.

You may seek more information on the conference at http://www.roth.com

About ROTH

ROTH is an investment banking firm dedicated to the small-cap public market. Since its inception in 1984, ROTH has been an innovator in this market. Headquartered in Newport Beach, CA, ROTH has regional offices in San Diego, Los Angeles, Seattle, New York and Pennsylvania. International offices include a Shanghai Representative Office and a Hong Kong Limited Office.

 
Wednesday, February 22, 2012

Exercise in Full of the Underwriters Over-Allotment Option

Virginia City, NV (February 22, 2012) - Comstock Mining Inc. (the “Company”) (NYSE AMEX: LODE) announced today that the underwriters of its previously completed public offering of common stock have exercised their option to purchase an additional 1,184,211 shares to cover over-allotments at a public offering price of $1.90 per share. As a result, the company will issue a total of 9,078,948 shares in the offering and will receive aggregate net proceeds, after underwriting discounts and commissions, before expenses, of approximately $16.2 million. The exercise of the over-allotment option is expected to close on February 24, 2012, subject to the satisfaction of customary closing conditions.

Global Hunter Securities, LLC, Moelis & Company LLC and Aegis Capital Corp. acted as joint-book running managers for the offering.

The offering is being made pursuant to the Company’s shelf registration statement previously declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained by contacting: Global Hunter Securities, LLC, 777 Third Avenue, New York, NY 10017, 646-264-5600.

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

 
Wednesday, February 15, 2012

COMSTOCK MINING RECEIVES AIR QUALITY PERMIT

Company Advances Production Activities

Virginia City, NV (February 15, 2012) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today that the Nevada Division of Environmental Protection (NDEP) has issued to the Company a Class I, Air Quality Operating Permit. This permit authorizes the remaining construction and pre-mining work culminating in the production of gold and silver later this year. 

“This is the final major operating permit that enables our production goals for this year,” stated Corrado De Gasperis, the Company’s Chief Executive Officer. “The permit facilitates our safe transition into production. We look forward to hiring the remaining operating personnel and commencing operations.”

Receipt of NDEP’s Class I Air Quality Operating Permit to Construct (OPTC) AP1041-2761 (FIN A0404) means final construction and production activities can begin for the Lucerne Starter Mine. This permit enables many prerequisite activities and the Company will now begin organizing and implementing certain scheduled tasks including final pond constructions, followed by the installation of the crushing facility, installation of the expanded Merrill Crowe facility, and completing the expansion of the Heap Leach pad. Mine preparation, and ore stock piling will follow in a scheduled sequence, optimized to ensure the earliest possible gold production.

These activities complement ongoing pre-production activities that were independent of the Air Quality permit, including the recent completion of the Company’s new process solution pond, acquisition of a metallurgical lab and progressing the environmental sampling in the starter pit area.

“We are now in the final phases of our project schedule for production startup,” stated Corrado De Gasperis, the Company’s Chief Executive Officer. “We look forward to the first pour, production growth on our Comstock properties and positive cash generation from the starter mine.”

 
Thursday, February 9, 2012

Comstock Mining Announces Pricing of Public Offering of Common Stock

VIRGINIA CITY, NV (February 9, 2012) – Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today that it has priced an underwritten public offering of 7,894,737 shares of common stock at a price of $1.90 per share. The offering is expected to close on February 10, 2012. The Company has granted the underwriters a 30-day option to purchase up to 1,184,211 additional shares to satisfy any overallotments.

The net proceeds to the Company from the offering will be approximately $13.5 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for exploration and development of the Company’s primary target areas, that is the Lucerne, Dayton and Spring Valley Resource Areas, as well as for working capital and general corporate purposes.

Global Hunter Securities, LLC, Moelis & Company LLCand Aegis Capital Corp. are acting as joint-book running managers for the offering.

The offering is being made pursuant to the Company’s effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained by contacting: Global Hunter Securities, LLC, 777 Third Avenue, New York, NY 10017, 646-264-5600.

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

About Comstock Mining Inc.

 
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