Comstock Mining Inc

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Comstock Mining Inc
Thursday, January 31, 2013

COMSTOCK MINING PRODUCTION UPDATE

2012 Fourth Quarter Revenues, Costs and 2013 Outlook

Virginia City, NV (January 31, 2013) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced unaudited production, revenues and operational costs for 2012, and its 2013 outlook.

Revenues

The Company commenced full mining activities in August 2012, and began pouring gold and silver in late September 2012.  Metal shipments in the fourth quarter 2012 totaled $5.4 million, with gold revenues of $4.5 million and silver revenues of $0.9 million.  Silver is accounted for as a by-product credit for financial reporting purposes.  The Company is ramping up its production and plans to achieve a sustained production rate of 400 gold-equivalent ounces poured per week, or over 20,000 gold-equivalent ounces per annum.  Since pouring commenced, the Company has averaged 223 gold-equivalent ounces poured per week. During the past eight weeks, the Company averaged 250 gold-equivalent ounces poured per week and in the past two weeks averaged over 300 gold-equivalent ounces poured per week.  The Company is successfully and continuously adjusting its operations to improve grade, maximize yields and increase tons crushed and stacked. The Company continues to advance activities in each of these areas on a weekly basis keeping it on track for achieving the 400 gold-equivalent ounce target rate, by late April 2013. 

Comstock's Chief Executive Officer, Corrado De Gasperis commented, "Over the past three months, we have successfully transitioned into production with less than optimal mining and hauling conditions and have begun growing our weekly metal pours toward our immediate objective of 400 gold-equivalent ounces per week.  Costs have been reduced from a primarily construction and ramp up mode into a stable production mode, and have since been further reduced."

The Company has also crushed and stacked over 360,000 dry tons of mineralized material since production began, delivering 6,519 estimated ounces of recoverable gold and over 55,770 estimated ounces of recoverable silver to the leach pad, positioning the Company well for sustained growth. Material placed on the heap leach pad remains under solution until the target recovery rates are achieved. Throughout this period, the recovery of gold and silver continues, but the most effective economic recovery of gold and silver takes between 45 to 60 days to complete. The portion of the heap under leach the longest, 80 days, has recovery of gold estimated at 67% and the recovery of silver estimated at 51%.  Preliminary laboratory metallurgical test results provide the Company confidence that ultimate heap leach recovery will meet or exceed the expected 70% for gold and 45% for silver.

Through December 31, 2012, the Company realized an average price of $1,744.36 price per ounce of gold, including the benefits of the first commemorative bar, and a $32.56 average sales price per ounce of silver.  In comparison, commodity market prices in the fourth quarter of 2012 averaged $1,721.79 per ounce of gold and $32.68 per ounce of silver. 

Operating Costs

The Company plans on announcing its audited 2012 Annual financial statements on March 14, 2013.  The Company previously provided estimates of the Lucerne Mine’s annual operating expenses, including mining, processing, royalties and mine administration costs of approximately $13.3 million per annum plus $3 million of higher costs associated with temporarily using the longer, alternative haul route, or a total of $16.3 million per annum.

During the fourth quarter 2012, actual Lucerne Mine operating expenses were approximately $4.1 million (an annualized rate of approximately $16.5 million), including the higher haulage costs.  Continued cost optimization resulted in December 2012 with mine operating costs of $1.3 million, further reducing our annualized spend rate to approximately $15.5 million and below plan. 

The estimated operating expenses do not include corporate administration or other general and administrative costs, nor do they include exploration and mine development costs.  Exploration and mine development activities were completed in early December 2012, with approximately $1.7 million expended. The Company is not currently drilling and does not plan on resuming these activities until the Lucerne Mine stabilizes at the 400 gold-equivalent ounce weekly production rate. 

The Company has completed the updated resource estimates for the Lucerne Resource Area.  Behre Dolbear & Company (USA), Ltd. (“Behre Dolbear”) of Denver Colorado is currently completing a technical report with their analysis and recommendations.  The Company plans to release the highlights of this important work next week, and then publish Behre Dolbear’s full technical report soon thereafter. 

Federal Permitting and Lot 51

The Company has also made extensive, positive progress with the BLM regarding accessing the primary haul road between the Lucerne Mine and the processing facility in American Flat.  Late in the fourth quarter of 2012, the Company and the BLM entered into a Memorandum of Understanding (MOU) to expedite the remainder of the permitting process for the Lucerne Right of Way permit.  In January, the BLM launched the public scoping (a process for determining the scope of potential public issues) for comments associated with this permit application.  The relevant public meetings have already been completed, with strong public support.  In addition, the BLM is also concurrently processing a Color of Title permit application to resolve and recover the use of Lot 51, one of the main blocking factors limiting the use of the Company’s existing haul road.  Recent discussions with the BLM have been very positive and acceptance of the application would represent a breakthrough allowing more expedient use of Lot 51 and potentially significant hauling efficiencies.

2013 Outlook

In the last three months, modifications and optimizations have been engineered into the Company’s mine planning, hauling, crushing and recovery systems.  The Company has updated its financial analysis for the Lucerne Mine and anticipates annual operating expenses, including mining, processing, royalties and mine administration costs of approximately $13 million per annum, plus approximately $2.25 million of additional, annual haulage costs, with a production schedule currently processing at the rate of one million tons per annum.  The Company currently anticipates production rates beyond the 400 gold-equivalent ounces per week in the second half of the year, ultimately achieving between 18-20,000 actual gold-equivalent ounces produced in 2013.  The Company believes its liquidity and capital resources are sufficient for achieving its objectives.  These production rates and costs are not only expected to result in positive cash performance, but the cash flows are anticipated to be sufficient for debt service and the resumption of self-funded development drilling by the Comstock team.

Mr. De Gasperis concluded, "Our revenue growth and expense management is positively impacting our liquidity, stability and ultimately, our growth. We are further minimizing mining costs across our system. We have also significantly reduced or eliminated external legal, administrative, environmental and regulatory costs associated with non-routine activities, positioning us well for 2013 growth."

 

 
Monday, November 19, 2012

Comstock Mining Completes $8.1 million Public Offering

Virginia City, NV (November 19, 2012) - Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today the successful completion of its previously announced public offering of 3,692,673 shares of its common stock.

The net proceeds to the Company from the offering will be approximately $7.2 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for working capital, bonding/permitting and general corporate purposes.

Global Hunter Securities, LLC, Aegis Capital Corp., and Moelis & Company LLC are acting as joint-book running managers for the offering and North Square Blue Oak Ltd, as co-manager for the proposed offering.

About Comstock Mining Inc.

Comstock Mining Inc. is a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration and mining. The goal of its strategic plan is to deliver stockholder value by validating qualified resources (at least measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces in 2013, and commencing commercial mining and processing operations with annual production rates of 20,000 gold equivalent ounces.

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

 

Contact information for Comstock Mining Inc :
P.O. Box 1118
Virginia City, NV 89440

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http://www.comstockmining.com

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

Twitter: http://twitter.com/comstockmining

Corrado De Gasperis Kimberly Shipley
President, CEO & Director Manager of Investor Relations
Tel (775) 847 4755 Tel (775) 847-0545
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Thursday, November 15, 2012

Comstock Mining Inc. Exhibiting at San Francisco Hard Assets Investment Conference

Virginia City, NV (November 15, 2012) – Reminder: Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) announced that it will be exhibiting at the San Francisco Hard Assets Investment Conference this year. We invite you to drop by the booth to meet our President and CEO, Corrado De Gasperis, our Chairman, Mr. John Winfield and other members of our management team. We look forward to meeting you and discussing the recent return of production on the Historic Comstock Lode, Gold Hill, Nevada.

Comstock's Chief Executive Officer, Corrado De Gasperis commented, "We are proud to represent the return of responsible mining on the Comstock as Nevada’s newest gold and silver miner.  We are focused on ramping up production, stabilizing cash flow and positioning our existing gold and silver resources for the substantial growth in 2013.”

Please drop by booth #814 where we look forward to meeting you and discussing the Company’s projects and how we are positioning ourselves for maximum, sustainable wealth from the richness of our Comstock properties.

Date: November 16 & 17, 2012
Time: Day 1: 8:00am - 7:15pm, Day 2: 8:00am - 6:15pm
Location: The San Francisco Marriott Marquis, 55 Fourth Street

 
Wednesday, November 14, 2012

COMSTOCK MINING ANNOUNCES THIRD QUARTER 2012 RESULTS
Commences Pouring Gold and Silver on the Comstock

Virginia City, NV (November 14, 2012) -- Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) today announced selected unaudited financial results for the quarter ended September 30, 2012.

2012 Third Quarter Highlights

  • Commenced processing and poured doré, including shipping, through October 31, 2012, 1,258 ounces of gold and 14,802 ounces of silver.

  • Completed exploration and development drilling outside of the mine area, on the East-side, resulting in prevalence of higher-grade intercepts.

  • Net loss for Q3 2012 was $9.0 million, as compared to $2.0 million for Q3 2011. The increase of $7.0 million resulting primarily from a $4.2 million increase in operating expenses and an increase in other, non-cash, expenses of $2.6 million for changes in the fair value of derivative instruments.

  • Operating expenses for Q3 2012 were $8.0 million, versus $3.8 million in Q3 2011. The $4.2 million increase resulted primarily from increases in mine development costs, including required soil sampling, permitting and related costs, drilling activities, labor and expense for granting restricted stock to employees.

  • Net cash used by operating activities in Q3 2012 was $7.6 million, versus $3.5 million in Q3 2011. The $4.1 million increase resulted primarily from higher exploration and mine development costs.

  • Net cash used in investing activities in Q3 2012 was $3.2 million, versus $0.2 net cash provided by investing activities in Q3 2011. The increase resulted from purchases of property, plant and equipment associated with construction of mining infrastructure and equipment.

  • Total debt at September 30, 2012, was $14.1 million as compared to total debt at year-end 2011 of $1.4 million. Total debt at September 30, 2012, is primarily related to the newly arranged $10.0 million of financings with Caterpillar Financial Services and Auramet Trading LLC and $2.1 million increase in mortgage obligations incurred from the 95-acre purchase of four patented lode claims, known as the Dayton Resource Area.

  • Cash, cash equivalents and investments at September 30, 2012 were $3.9 million compared to $9.2 million at December 31, 2011. In November 2012, the Company raised $8.1 million in gross proceeds (approximately $7.2 million, net of issuance costs) through an underwritten public offering of approximately 3.7 million shares of common stock at a price of $2.19 per share. The Company intends to use the net proceeds of the offering for working capital, expanded permitting and general corporate purposes.

 

Comstock’s Chief Executive Officer, Corrado De Gasperis commented, “In the last three months, we commenced mining on the Comstock, hauled, crushed and leached our material and effectively commenced pouring gold and silver. We also fortified our balance sheet by attracting some of the very best resource-based investors in the industry and remain fully focused on the continued ramp of our production.”

March to Production

Some of the more critical objectives completed during the quarter included hiring the remaining, experienced processing staff, installing the crusher, expanding the Merrill Crowe processing facility, commissioning all production equipment and pouring and shipping our first doré bars. Through October 31, 2012, the Company shipped 1,258 ounces of gold and 14,802 ounces of silver. In addition, the Company delivered 28 ounces of gold and 292 ounces of silver to the Northwest Territorial Mint, In Dayton, Nevada, to facilitate the minting of the commemorative bar celebrating the first pour. These bars were recently delivered to the owners with outstanding feedback on their quality. The combined sale of metal (received payments and payments due on gold and silver sold) was in excess of $2.5 million.

We are hauling, crushing and stacking at a rate of approximately 4,000 tons per day, or approximately one million tons per annum. Through October 31, 2012, the Company has also crushed over 175,000 dry tons of mineralized material. Material placed on the heap leach pad after crushing remains under solution for as long as the pad is utilized. Throughout this period, the recovery of gold and silver continues, but the most effective economic recovery of gold and silver takes between 45 to 60 days to complete. The recovery of gold and silver from the first month represents only a portion of the expected recovery.

The Company has updated its financial analysis for the Lucerne mine and anticipates annual operating expenses, including mining, processing, royalties and mine administration costs of approximately $13.3 million per annum, with a production schedule that commences processing at the rate of one million tons per annum.  The Company anticipates temporary, higher haulage costs of $2.25 million for the first nine months of operations in 2013, associated with hauling on an alternative route until a new Right of Way permit is issued to us by the BLM. These mining, processing and related costs do not include corporate administration or other general and administrative costs, nor do they include exploration and mine development costs.

Exploration and Development

In January 2012, the Company launched its 2012-2013 drilling program. The Company anticipates about 300,000 feet of reverse circulation and 13,000 feet of core drilling, at a total cost of approximately $12 million.

Following the initial drilling in Spring Valley, the Company began definition drilling in the Lucerne Mine in March 2012. The definition drilling continued concurrently with the commencement of mine production. To date, 236 RC holes totaling 86,926 feet, and 25 core hoes, totaling 6,126 feet have been completed. The Lucerne mine definition drilling is scheduled to be completed in November 2012.

The 2012-2013 drilling program is continuing with three significant objectives: 1.) Infill drilling in the Dayton Resource Area 2.) Step-out and infill drilling in the East-side of the Lucerne Resource Area and 3.) Exploration drilling on high priority targets, including Spring Valley.

The infill drilling in the Dayton Resource Area will provide detailed information needed to create a preliminary mine plan for the proposed Dayton mine, to be developed in parallel with the expanded Lucerne Mine.  With that plan, the Company will complete a feasibility study, a prerequisite before commencing the permitting for the second mine.

The step-out drilling phase in the East-side of the Lucerne Resource Area will test the continuity of mineralization to the North and South, and at greater depths to the East.  The infill-drilling phase will then provide the detailed information needed to develop an expanded mine plan for the Lucerne Mine.  That mine plan will position the Company to complete an economic feasibility study, a prerequisite before any permitting for the expanded mine becomes foreseeable.

The Company expects to update its NI 43-101 technical reporting late in the fourth quarter of 2012, for publication in early January, including updates on the Lucerne Mine and the broader Lucerne resource.

Corporate

Cash, cash equivalents and available-for-sale securities on hand at September 30, 2012, totaled $3.9 million. Inventories totaled $1.2 million, including finished goods inventory at September 30, 2012, of $0.4 million. In addition, stockpiles and mineralized materials on the leach pads totaled $2.8 million.

For the nine months ended September 30, 2012, we used cash from operating activities of approximately $17.8 million compared to $9.4 million in the same period of 2011. The increased use of operating cash flow of approximately $8.4 million was primarily as a result of increased use of cash for exploration and mine development expenses of $5.8 million, general administrative expenses of $0.9 million, and consulting and professional fees of $1.2 million, and a $0.4 million increase in cash used in operating activities from changes in working capital.

Net cash used in investing activities included $12.7 million for the purchase of mineral rights and properties, plant and equipment, including approximately $1.3 million for mining vehicles and equipment, $9.5 million for processing equipment and $1.9 million for land and buildings.

In July 2012, the Company placed a $4.67 million reclamation surety bond, through the Lexon Surety Group with the State of Nevada's Bureau of Mining Regulation Reclamation. The bond insures for the estimated costs required to safely reclaim the natural environment to the regulatory standards established by the State of Nevada's Division of Environmental Protection with the purposes of ensuring public safety, protecting the waters of the state, and providing for post mining land use.

In November 2012, the Company raised $8.1 million in gross proceeds (approximately $7.2 million, net of issuance costs) through an underwritten public offering of approximately 3.7 million shares of common stock at a price of $2.19 per share. The Company intends to use the net proceeds of the offering for working capital, permitting and general corporate purposes.

During the nine-month period ended September 30, 2012, preferred shareholders converted 1,401 shares of Series A-2 convertible preferred stock into 2,152,217 shares of common stock and 1,185 shares of
Series B convertible preferred stock into 718,176 shares of common stock. Subsequent to September 30, 2012, through November 13, 2012, preferred shareholders converted 241 shares of Series B convertible preferred stock into 146,042 shares of common stock.

On January 1, 2012 and July 1, 2012, the Company declared and issued 1,220,003 and 927,984 shares of common stock, respectively, in payment of dividends on the convertible preferred stock.

Comstock’s Chief Executive Officer, Corrado De Gasperis concluded, “We are focused on ramping up production, stabilizing cash flow and positioning our resources for the substantial growth in 2013.”

 

 
Wednesday, November 14, 2012

Comstock Mining Announces Pricing of Public Offering of Common Stock

VIRGINIA CITY, NV (November 14, 2012). – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it has priced an underwritten public offering of approximately 3.7 million shares of common stock at a price of $2.19 per share. The offering is expected to close on November 19, 2012. The Company has granted the underwriters a 30-day option to purchase up to 553,900 additional shares to satisfy any overallotments.

The net proceeds to the Company from the offering will be approximately $7.2 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for working capital, bonding/permitting and general corporate purposes.

Global Hunter Securities, LLC, Aegis Capital Corp., and Moelis & Company LLC are acting as joint-book running managers for the offering and North Square Blue Oak Ltd, as co-manager for the proposed 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.

Comstock Mining Inc. is a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration and mining. The goal of its strategic plan is to deliver stockholder value by validating qualified resources (at least measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces in 2013, and commencing commercial mining and processing operations with annual production rates of 20,000 gold equivalent ounces.

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

Contact information for Comstock Mining Inc :

P.O. Box 1118

Virginia City, NV 89440

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

http://www.comstockmining.com

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

Twitter: http://twitter.com/comstockmining

Corrado De Gasperis Kimberly Shipley
President, CEO & Director Manager of Investor Relations
Tel (775) 847-4755 Tel (775) 847-0545
This e-mail address is being protected from spambots. You need JavaScript enabled to view it. This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
 
Tuesday, November 13, 2012

Comstock Mining Announces Public Offering of Common Stock

VIRGINIA CITY, NV (November 13, 2012). – Comstock Mining Inc. (the “Company”) (NYSE MKT: LODE) announced today that it plans to make a public offering of its common stock. Global Hunter Securities, LLC, Aegis Capital Corp. and Moelis & Company LLC will act as joint-book running managers and North Square Blue Oak Ltd. as co-manager for the proposed offering.

The Company intends to use the net proceeds from the offering for working capital, bonding/permitting and general corporate purposes.  

The offering of the shares will be made under the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The Company intends to file a prospectus supplement with the SEC for the common stock offering to which this communication relates. When available, the prospectus supplement and accompanying base prospectus may be obtained 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, November 7, 2012

COMSTOCK ANNOUNCES COMPLETE RESULTS of EAST-SIDE DRILLING
All Holes Encountered Lengthy Intervals of Significant Mineralization

Virginia City, NV (November 7, 2012) -- Comstock Mining Inc. (the “Company” or “Comstock”) (NYSE MKT: LODE) announced the results for the final ten holes in its initial step-out drilling program, in the East-side of the Company’s Lucerne Resource Area (the “Lucerne”). Assays for all 20 of the holes in this program have now been received with all of them encountering lengthy intervals of significant mineralization.  Fourteen of the 20 holes encountered multiple intervals of significant mineralization totaling 150 feet or more, including 10 of the holes with contiguous mineralized intervals of 100 feet or more.

Highlights of the final ten holes include an assay of 1.589 ounces of gold and 6.500 ounces of silver per ton in hole E12-15, contained in a 60 foot interval averaging 0.187 ounces of gold and 2.961 ounces of silver per ton, and an assay of 6.200 ounces of silver per ton in hole E12-16, contained in a 20 foot interval averaging 0.176 ounces of gold and 2.383 ounces of silver per ton. Another highlight is hole E12-17, with total significant mineralization in multiple zones of 320 feet, including contiguous significant mineralization of 220 feet (825-1045’). The contiguous mineralization includes a 165-foot interval averaging 0.086 ounces of gold and 0.694 ounces of silver per ton.

These results are consistent with the previously announced results from the first 10 holes.  Highlights of those holes included an assay of 1.693 ounces of gold per ton in hole E12-05, contained in a 20 foot interval averaging 0.621 ounces of gold and 1.408 ounces of silver per ton, and an assay of 6.000 ounces of silver per ton in hole E12-10, contained in a 75 foot interval averaging 0.111 ounces of gold and 1.382 ounces of silver per ton.  Hole E12-05 was also notable for total significant mineralization in multiple zones of 370 feet, including contiguous mineralized intervals of 120 feet (0-120’), 90 feet (965-1055’), and 55 feet (1065-1120’).

"These higher grades and significant thicknesses in our East-side drilling continue to exceed expectation and generate incredible resource expansion opportunities,” stated Corrado De Gasperis, President and CEO of Comstock "We look forward to formally updating the results in our next NI 43-101 report in the fourth quarter.”

East-side 2012 Drilling

The Lucerne East-side drilling began July 24, 2012, with plans to drill reverse circulation (RC) holes from the top of Donovan Ridge, on the east side of State Route 342. These holes were designed to test the continuity and down-dip extension of the mineralization encountered in the 2010 and 2011 East-side drilling, with depths planned of up to 1,400 feet. The initial, positive results of the program encouraged the Company to extend the program to a total of 18 RC holes. Two additional holes were drilled to test the location for future water monitoring wells. The program concluded on October 7, 2012, with 20 East-side holes completed, totaling 21,310 feet of RC drilling. The north-south extent of the drilling covered over 1,400 feet of strike length.

Assay results have been received for the all 20 RC drill holes, showing that all holes encountered intervals of significant mineralization (gold grades greater than 0.010 ounces per ton or silver grades greater than 0.100 ounces per ton, and length of at least ten feet).

Additional highlights of the results from the final ten holes include hole E12-12, with a 25-foot interval averaging 0.142 ounces of gold and 0.457 ounces of silver per ton. Hole E12-13 encountered total significant mineralization of 230 feet in multiple zones, including contiguous significant mineralization of 100 feet (790-890’). Hole E12-14 includes a 45-foot interval averaging 0.087 ounces of gold and 0.355 ounces of silver per ton.  

Hole E12-15 encountered total significant mineralization of 290 feet in multiple zones, including contiguous significant mineralization of 150 feet (750-900’). The contiguous mineralization includes a 60-foot interval averaging 0.187 ounces of gold and 2.961 ounces of silver per ton.  Hole E12-16 includes a 20-foot interval averaging 0.176 ounces of gold and 2.383 ounces of silver per ton.

Hole E12-18 encountered total significant mineralization of 285 feet in multiple zones, including a 20-foot interval averaging 0.097 ounces of gold and 0.460 ounces of silver per ton. Hole E12-20 encountered total significant mineralization of 250 feet in multiple zones.

Significant Mineralized Intervals

A sample from each five-foot interval in each drill hole has been sent for analysis to American Assay Labs, of Reno, Nevada, a certified independent laboratory. Assay results have been received for all 20 RC holes in the program.  Those assay results were used to identify significant mineralized intervals in each hole.

East-Side Drill Hole Intercepts

Drill Hole

Interval
(ft)

Length
(ft)

Gold
(oz/ton)

Silver
(oz/ton)

Length
(m)

Gold
(g/t)

Silver
(g/t)

 

 

 

 

 

 

 

 

E12-01

235-245

10

0.046

0.325

3.05

1.56

11.11

 

430-440

10

0.036

0.270

3.05

1.23

9.23

 

755-785

30

0.017

0.403

9.14

0.58

13.78

 

805-820

15

0.023

0.150

4.57

0.79

5.14

 

 

 

 

 

 

 

 

E12-02

260-325

65

0.029

0.660

19.81

0.99

22.59

INCLUDES

260-280

20

0.054

1.676

6.10

1.83

57.40

 

375-385

10

0.030

0.102

3.05

1.03

3.48

 

410-430

20

0.273

0.264

6.10

9.34

9.05

INCLUDES

410-420

10

0.506

0.439

3.05

17.31

15.03

 

510-550

40

0.031

0.105

12.19

1.07

3.60

 

675-715

40

-

0.354

12.19

-

12.11

 

715-750

35

0.019

1.088

10.67

0.67

37.26

INCLUDES

715-735

20

0.027

1.491

6.10

0.92

51.07

 

750-765

15

-

0.324

4.57

-

11.10

 

765-780

15

0.021

0.325

4.57

0.73

11.14

 

780-810

30

0.009

0.191

9.14

0.30

6.54

 

820-830

10

0.007

0.267

3.05

0.22

9.14

 

 

 

 

 

 

 

 

E12-03

10-20

10

0.015

0.037

3.05

0.50

1.25

 

45-80

35

0.059

0.572

10.67

2.02

19.60

INCLUDES

70-80

10

0.087

1.492

3.05

2.96

51.10

 

780-845

65

0.038

0.599

19.81

1.29

20.52

INCLUDES

815-825

10

0.141

2.058

3.05

4.81

70.46

 

855-885

30

0.013

0.275

9.14

0.43

9.42

 

1035-1050

15

0.044

0.404

4.57

1.50

13.84

 

 

 

 

 

 

 

 

E12-04

5-25

20

0.047

0.077

6.10

1.59

2.63

 

35-50

15

0.016

0.157

4.57

0.55

5.39

 

75-100

25

0.075

0.573

7.62

2.55

19.62

 

120-130

10

-

0.107

3.05

-

3.66

 

545-565

20

0.076

0.063

6.10

2.60

2.15

 

565-580

15

-

0.121

4.57

-

4.14

 

600-610

10

-

0.135

3.05

-

4.61

 

610-620

10

0.032

0.397

3.05

1.10

13.58

 

660-720

60

0.017

0.617

18.29

0.57

21.12

INCLUDES

695-705

10

0.029

1.460

3.05

0.99

50.00

 

720-730

10

-

0.379

3.05

-

12.96

 

730-805

75

0.018

0.400

22.86

0.60

13.70

INCLUDES

740-760

20

0.032

1.030

6.10

1.08

35.27

 

860-870

10

0.011

0.100

3.05

0.36

3.42

 

900-910

10

0.012

0.091

3.05

0.41

3.10

 

 

 

 

 

 

 

 

E12-05

0-120

120

0.050

0.267

36.58

1.71

9.16

INCLUDES

40-65

25

0.147

0.265

7.62

5.03

9.07

INCLUDES

65-85

20

VOID

 

6.10

 

 

 

420-430

10

0.083

0.105

3.05

2.83

3.60

 

515-540

25

0.053

0.072

7.62

1.83

2.47

 

865-880

15

0.013

0.186

4.57

0.46

6.38

 

895-905

10

0.023

0.090

3.05

0.77

3.08

 

930-950

20

0.621

1.408

6.10

21.26

48.22

INCLUDES

930-940

10

1.016

2.589

3.05

34.78

88.66

 

965-1010

45

0.096

0.273

13.72

3.28

9.33

INCLUDES

970-980

10

0.370

0.473

3.05

12.65

16.18

 

1010-1025

15

-

0.279

4.57

-

9.55

 

1025-1040

15

0.024

0.157

4.57

0.83

5.37

 

1040-1055

15

-

0.187

4.57

-

6.39

 

1065-1080

15

-

0.134

4.57

-

4.60

 

1080-1100

20

0.025

0.213

6.10

0.85

7.29

 

1100-1120

20

-

0.123

6.10

-

4.20

 

1130-1145

15

-

0.221

4.57

-

7.57

 

1145-1155

10

0.017

0.127

3.05

0.57

4.35

 

 

 

 

 

 

 

 

E12-06

120-135

15

0.019

0.283

4.57

0.64

9.69

 

710-735

25

0.017

0.372

7.62

0.58

12.75

 

790-805

15

-

0.124

4.57

-

4.24

 

805-840

35

0.091

0.897

10.67

3.10

30.73

INCLUDES

810-820

10

0.213

1.605

3.05

7.28

54.95

 

 

 

 

 

 

 

 

E12-07

505-610

105

0.027

0.279

32.00

0.93

9.56

 

685-705

20

0.011

0.091

6.10

0.37

3.13

 

735-780

45

-

0.443

13.72

-

15.18

 

780-800

20

0.012

0.419

6.10

0.42

14.35

 

800-820

20

-

0.365

6.10

-

12.48

 

820-830

10

0.015

0.600

3.05

0.50

20.53

 

830-845

15

-

0.706

4.57

-

24.17

 

845-875

30

0.021

0.293

9.14

0.73

10.02

 

 

 

 

 

 

 

 

E12-08

10-20

10

-

0.273

3.05

-

9.35

 

20-40

20

0.049

0.152

6.10

1.66

5.21

 

65-90

25

0.016

0.086

7.62

0.55

2.93

 

105-135

30

0.028

0.056

9.14

0.94

1.92

 

675-695

20

0.027

0.071

6.10

0.93

2.43

 

970-980

10

0.011

0.059

3.05

0.38

2.00

 

1025-1070

45

0.038

0.450

13.72

1.30

15.40

 

1070-1085

15

-

0.199

4.57

-

6.80

 

1095-1120

25

-

0.222

7.62

-

7.61

 

1130-1200

70

-

0.126

21.34

-

4.32

 

 

 

 

 

 

 

 

E12-09

335-380

45

0.142

1.165

13.72

4.87

39.90

INCLUDES

345-370

25

0.205

1.391

7.62

7.03

47.65

 

730-745

15

0.015

0.505

4.57

0.51

17.31

 

745-795

50

-

0.212

15.24

-

7.27

 

795-830

35

0.041

1.014

10.67

1.39

34.71

 

 

 

 

 

 

 

 

E12-10

305-320

15

0.046

0.376

4.57

1.59

12.87

 

325-340

15

0.016

0.168

4.57

0.54

5.76

 

555-565

10

0.031

0.485

3.05

1.04

16.61

 

745-765

20

0.093

0.066

6.10

3.19

2.27

 

805-820

15

0.038

0.258

4.57

1.30

8.82

 

830-905

75

0.111

1.382

22.86

3.79

47.34

INCLUDES

830-845

15

0.242

3.750

4.57

8.28

128.41

INCLUDES

875-900

25

0.160

1.441

7.62

5.47

49.36

 

905-915

10

-

0.144

3.05

-

4.91

 

 

 

 

 

 

 

 

E12-11

560-590

30

0.012

0.312

9.14

0.39

10.67

 

590-610

20

0.027

0.085

6.10

0.91

2.92

 

645-655

10

-

0.318

3.05

-

10.89

 

655-710

55

0.024

0.560

16.76

0.83

19.18

 

755-770

15

-

0.234

4.57

-

8.00

 

 

 

 

 

 

 

 

E12-12

260-285

25

0.142

0.457

7.62

4.88

15.64

INCLUDES

265-275

10

0.236

0.795

3.05

8.08

27.21

 

505-515

10

0.021

0.075

3.05

0.72

2.57

 

715-725

10

-

0.180

3.05

-

6.15

 

735-750

15

-

0.249

4.57

-

8.53

 

775-810

35

0.022

0.561

10.67

0.76

19.22

INCLUDES

795-805

10

0.057

1.378

3.05

1.95

47.19

 

920-940

20

-

0.623

6.10

-

21.33

 

 

 

 

 

 

 

 

E12-13

125-145

20

0.025

0.565

6.10

0.84

19.35

 

160-175

15

-

0.251

4.57

-

8.58

 

320-335

15

0.014

0.069

4.57

0.49

2.37

 

530-545

15

0.033

0.193

4.57

1.12

6.62

 

570-590

20

0.023

0.239

6.10

0.80

8.19

 

635-655

20

-

0.127

6.10

-

4.34

 

755-770

15

-

0.162

4.57

-

5.54

 

770-780

10

0.017

0.198

3.05

0.58

6.76

 

790-835

45

0.014

0.261

13.72

0.47

8.95

 

835-855

20

-

0.285

6.10

-

9.77

 

855-890

35

0.012

0.520

10.67

0.40

17.82

 

 

 

 

 

 

 

 

E12-14

0-35

35

0.035

0.480

10.67

1.21

16.44

 

45-80

35

0.044

0.205

10.67

1.49

7.01

 

95-140

45

0.087

0.355

13.72

2.97

12.17

 

140-150

10

-

0.148

3.05

-

5.05

 

150-160

10

0.026

0.469

3.05

0.87

16.06

 

160-170

10

-

0.137

3.05

-

4.67

 

170-180

10

0.090

6.350

3.05

3.08

217.47

 

180-195

15

-

0.156

4.57

-

5.35

 

235-245

10

-

0.167

3.05

-

5.70

 

 

 

 

 

 

 

 

E12-15

0-15

15

0.018

0.320

4.57

0.61

10.96

 

145-175

30

0.010

0.105

9.14

0.35

3.58

 

185-200

15

0.018

0.026

4.57

0.63

0.88

 

645-680

35

-

0.159

10.67

-

5.44

 

680-715

35

0.022

0.180

10.67

0.75

6.17

 

750-760

10

0.012

0.245

3.05

0.39

8.39

 

760-810

50

-

0.282

15.24

-

9.64

 

810-870

60

0.187

2.961

18.29

6.42

101.40

INCLUDES

820-870

50

0.237

3.607

15.24

8.13

123.51

 

870-900

30

-

0.142

9.14

-

4.86

 

935-945

10

0.011

0.395

3.05

0.38

13.53

 

 

 

 

 

 

 

 

E12-16

0-25

25

0.020

0.676

7.62

0.70

23.15

 

25-40

15

-

0.202

4.57

-

6.93

 

50-60

10

-

0.198

3.05

-

6.78

 

60-70

10

0.030

0.314

3.05

1.01

10.75

 

135-145

10

0.021

0.098

3.05

0.72

3.36

 

145-155

10

-

0.165

3.05

-

5.63

 

200-225

25

-

0.198

7.62

-

6.79

 

360-380

20

0.176

2.383

6.10

6.03

81.59

INCLUDES

365-375

10

0.298

4.060

3.05

10.19

139.02

 

380-390

10

-

0.118

3.05

-

4.02

 

415-435

20

-

0.716

6.10

-

24.51

 

 

 

 

 

 

 

 

E12-17

45-75

30

0.023

0.108

9.14

0.79

3.70

 

90-100

10

0.012

0.079

3.05

0.39

2.69

 

190-225

35

0.047

0.121

10.67

1.61

4.15

 

310-325

15

0.095

0.188

4.57

3.26

6.43

 

785-795

10

0.030

0.170

3.05

1.01

5.80

 

825-990

165

0.086

0.694

50.29

2.93

23.78

INCLUDES

830-855

25

0.271

1.144

7.62

9.29

39.16

INCLUDES

940-955

15

0.064

1.735

4.57

2.20

59.42

 

990-1045

55

-

0.181

16.76

-

6.20

 

 

 

 

 

 

 

 

E12-18

50-60

10

-

0.420

3.05

-

14.37

 

60-85

25

0.016

0.203

7.62

0.56

6.95

 

100-110

10

0.050

0.144

3.05

1.71

4.91

 

120-160

40

0.015

0.058

12.19

0.50

2.00

 

625-645

20

0.015

0.233

6.10

0.50

7.96

 

660-685

25

0.028

0.061

7.62

0.95

2.08

 

815-835

20

0.097

0.460

6.10

3.30

15.75

 

955-1015

60

0.091

0.340

18.29

3.13

11.65

 

1115-1150

35

-

0.132

10.67

-

4.52

 

1185-1200

15

0.044

0.386

4.57

1.52

13.21

 

1200-1210

10

-

0.145

3.05

-

4.95

 

1225-1240

15

0.019

0.051

4.57

0.64

1.75

 

 

 

 

 

 

 

 

E12-19

840-895

55

0.023

0.213

16.76

0.78

7.29

 

895-955

60

-

0.209

18.29

-

7.14

 

 

 

 

 

 

 

 

E12-20

205-215

10

0.015

0.040

3.05

0.51

1.35

 

635-655

20

-

0.178

6.10

-

6.10

 

680-710

30

0.033

0.654

9.14

1.12

22.40

 

740-755

15

0.018

0.418

4.57

0.62

14.32

 

755-775

20

-

0.181

6.10

-

6.21

 

775-785

10

0.030

0.521

3.05

1.03

17.83

 

785-805

20

-

0.419

6.10

-

14.33

INCLUDES

795-800

5

0.179

1.356

1.52

6.13

46.44

 

820-830

10

0.015

0.410

3.05

0.50

14.04

 

830-850

20

-

0.248

6.10

-

8.49

 

850-880

30

0.026

0.239

9.14

0.90

8.19

 

895-960

65

-

0.224

19.81

-

7.66

 

Ongoing Drilling Programs

The previously completed Spring Valley exploration drilling, the Lucerne West-side development drilling and the initial East-side step-out drilling were the first phases of the Company’s 2012-2013 exploration program. Further phases will include infill drilling in the Dayton Resource Area, to support a mine plan and permitting activities for a second mine; infill drilling in the East-side of the Lucerne Resource Area, to support a mine plan and permitting activities for an expansion of the existing Lucerne Mine; and ultimately, Exploration drilling on high-priority targets outside the Lucerne and Dayton Resource Areas.

"The remaining East-side of Lucerne and Dayton infill drill programs will develop and expand mine plans for both Lucerne and Dayton and provide the precise engineering and economic plans for implementing our production growth plans in 2013 and beyond,” stated Corrado De Gasperis, President and CEO of Comstock.


About Comstock Mining Inc.

Comstock Mining Inc. is a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District.  The Company began acquiring properties in the Comstock District in 2003.  Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and commenced production in 2012.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration and mining.  The goal of its strategic plan is to deliver stockholder value by validating qualified resources (at least measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces in 2013, and commencing commercial mining and processing operations with annual production rates of 20,000 gold equivalent ounces.

Forward-Looking Statements

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

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

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

 

Contact information for Comstock Mining Inc :

P.O. Box 1118

Virginia City, NV 89440

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

http://www.comstockmining.com

 

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

Twitter: http://twitter.com/comstockmining

 
Doug McQuide Kimberly Shipley
Director of External Relations Manager of Investor Relations
Tel (775) 847-7376 Tel (775) 847-0545
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Tuesday, November 6, 2012

Comstock Mining Announces Notice of Third Quarter 2012 Results

And Business Update Conference Call

Virginia City, NV (November 6, 2012) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE MKT: LODE) will host a conference call on Tuesday, November 20, 2012 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time to report Third 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, usually within 24 hours of the call, and for 30 days thereafter, at http://www.comstockmining.com/investors/investor-library

The Company will also be participating at the San Francisco Hard Asset Conference on

November 16 and 17 and would like to invite you to join us in booth #814 to discuss our project.

 
Thursday, November 1, 2012

COMSTOCK ANNOUNCES FIRST MONTH’S PRODUCTION

Virginia City, NV (November 1, 2012) -- Comstock Mining Inc. (the “Company” or “Comstock”) (NYSE MKT: LODE) announced its production results from the first month of operations from September 29th, 2012 to October 29th, 2012. During this time, the Company has shipped 1,231.3 ounces of gold and 14,440.3 ounces of silver. In addition, the Company delivered 27.9 ounces of gold and 292.0 ounces of silver to the Northwest Territorial Mint to facilitate the minting of the commemorative bar celebrating the first pour. Combined, the metal sales generated (received payments and payments due on gold and silver) in excess of $2.5 million.

As of October 29th, the Company has crushed over 160,000 dry tons of mineralized material. Material placed on the heap pad after crushing remains under solution for as long as the pad is utilized. Throughout this period, the recovery of gold and silver continues, but the most effective economic recovery of gold and silver takes between 45 to 60 days to complete, that is, the recovery of gold and silver from the first month represents only a portion of the expected recovery. Once initiated, the Merrill-Crowe process is continuous. Likewise, the heap is continuously expanded as new material is brought from the mine and sent through the crusher. As a result, the amount of gold and silver recovered and shipped for payment always represents only a fraction of the ultimately recovered amount of gold and silver potential in the amount actually on the heap.

“We are pleased with our production start-up and the performance during this first month of pouring gold and silver,” stated Corrado De Gasperis, president and CEO of Comstock Mining. “We continue stabilizing the system for reliability, speed and predictable cash generation. The initial throughput rates are very encouraging as we work up toward a rate of 20,000 gold equivalent ounces on an annualized production run rate.”

 
Tuesday, October 16, 2012

EAST-SIDE DRILLING INTERCEPTS SIGNIFICANT GOLD AND SILVER MINERALIZATION
COMSTOCK UPDATES DRILL RESULTS IN LUCERNE


Virginia City, NV (October 16, 2012) -- Comstock Mining Inc. (the “Company” or “Comstock”) (NYSE MKT: LODE) announced significant progress on its extended development drilling and initial step-out drilling programs, both in the Company’s Lucerne Resource Area (the “Lucerne”).   The step-out drilling concluded in the East-side of the Lucerne on October 7, 2012. Assays for this program have been received for the first ten holes out of 20 holes drilled, with highlights including an assay of 1.693 ounces of gold per ton in hole E12-05, contained in a 20 foot interval averaging 0.621 ounces of gold and 1.408 ounces of silver per ton, and an assay of 6.000 ounces of silver per ton in hole E12-10, contained in a 75 foot interval averaging 0.111 ounces of gold and 1.382 ounces of silver per ton.  Seven of the holes had multiple intervals of significant mineralization totaling 150 feet or more, up to 370 feet per hole, including five of the holes with contiguous intervals of 100 feet or more.

The East-side step-out program was drilled concurrently with the conclusion of the extended development-drilling program that began on March 13, 2012, in the Lucerne Mine. That program was designed to optimize and extend the life of the currently operating Lucerne Mine and included 237 reverse circulation (RC) drill holes to-date, totaling over 87,000 feet and 25 core holes totaling 6,126 feet.  The Lucerne development-drilling is scheduled for completion in late October.

"Our Lucerne drilling is expected to extend our initial mine life by at least one year, at current production rates,” stated Corrado De Gasperis, President and CEO of Comstock, "and the East-side developments, both the higher grades and significant thicknesses, continue to exceed expectation and generate incredible resource expansion opportunity.  We look forward to completing this phase of the program and formally updating the results in our next NI 43-101 report in the fourth quarter.”

East-side 2012 Preliminary Results

The Lucerne East-side drilling began July 24, 2012, with plans to drill twelve deep RC holes from the top of Donovan Ridge, on the east side of State Route 342.  These holes were designed to test the continuity and down-dip extensions of the mineralization encountered in the 2010 and 2011 East-side drilling, with depths planned of up to 1,400 feet.  The initial, positive results of the program encouraged the Company to extend the program to a total of 18 RC holes.  An additional two holes were drilled to test the location for a future water monitoring well.  Twenty East-side holes were completed altogether, totaling 21,310 feet of RC drilling.

Assay results have been received for the first ten RC drill holes, showing that all holes encountered intervals of significant mineralization (gold grades greater than 0.010 ounces per ton or silver grades greater than 0.100 ounces per ton, and length of at least ten feet).

Highlights of the results from the first ten holes include hole E12-05, with total significant mineralization of 370 feet in multiple zones, including contiguous significant mineralization of 120 feet (0-120’), 90 feet (965-1055’), and 55 feet (1065-1120’).  The 120-foot interval averaged 0.050 ounces of gold and 0.267 ounces of silver per ton.  Hole E12-05 also includes a 10-foot interval averaging 1.016 ounces of gold and 2.589 ounces of silver per ton, contained in a 20-foot interval averaging 0.621 ounces of gold and 1.408 ounces of silver per ton.  

Also of note was hole E12-02, with total significant mineralization of 280 feet in multiple zones, including 135 feet (675-810’) of contiguous significant mineralization.  Hole E12-02 also includes a 20 foot interval averaging 0.273 ounces of gold and 0.264 ounces of silver per ton.  Visible gold was logged in the RC chips from this interval.

Hole-E12-02-121016

Hole E12-02, depth 410-415', goethite with visible gold on quartz.
(Image taken at 40x; length of gold particle approximately 0.35 mm)

Hole E12-04 has total significant mineralization of 290 feet in multiple zones, including 145 feet (660-805’) of contiguous significant mineralization, which contains a 75-foot interval averaging 0.018 ounces of gold and 0.400 ounces of silver per ton.  Hole E12-06 is also of note for a 10 foot interval averaging 0.213 ounces of gold and 1.605 ounces of silver per ton, contained in a 35 foot interval averaging 0.091 ounces of gold and 0.897 ounces of silver per ton.

Hole E12-07 has a total of 265 feet of significant mineralization in multiple zones, including contiguous intervals of significant mineralization of 105 feet (505-610’) and 140 feet (735-875’).  Hole E12-09 includes a 45 foot interval averaging 0.142 ounces of gold and 1.165 ounces of silver per ton, and hole E12-10 includes a 75 foot interval averaging 0.111 ounces of gold and 1.382 ounces of silver per ton.

 
Tuesday, October 9, 2012

First Pour Commemorative Bar Sells At Record Pace!

VIRGINIA CITY, NV (October 9, 2012) -- Comstock Mining Inc. (the "Company" or "Comstock") (NYSE MKT: LODE) announced today that the Company’s First Pour Commemorative Doré Bar was over subscribed, at 250 bars, within days of its introduction into the market.

"The Comstock Commemorative Doré Bar was the best-selling non-bullion item on our website in the short time it was offered," stated Don Routh, General Manager at Northwest Territorial Mint, Lyon County, Nevada.

The Company continues to pour doré on an ongoing basis. Since the first pour on September 28, 2012, the Company has poured more than 670 ounces of gold and more than 7,200 ounces of silver, putting the Company on track to achieve its first annual production goal of 20,000 gold equivalent ounces and stabilize cash flow."

"The pace of the demand for the Comstock commemorative bar exceeded all expectations," said Corrado De Gasperis, President and CEO of Comstock Mining. "These accelerated sales demonstrate the deep, existing demand for Comstock silver and gold products. We are also very pleased with the ramp up of the refining process, the on going pouring and the accompanying revenue stream."

The Company is also designing commemorative coins, with the Northwest Territorial Mint, that reflect and celebrate the rich and still precious history and culture of the Comstock.

 

 
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