Comstock Mining Inc

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Comstock Mining Inc
Wednesday, February 8, 2012

COMSTOCK MINING ANNOUNCES PUBLIC OFFERING OF COMMON STOCK

VIRGINIA CITY, NV (February 8, 2012) – Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today that it plans to make a public offering of its common stock. Global Hunter Securities, LLC and Moelis & Company LLC will act as joint-book running managers for the proposed offering and Aegis Capital Corp. will act as co-manager.

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.

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 from 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 been or will be filed with the SEC.

 

About Comstock Mining Inc.

 
Thursday, January 19, 2012

COMSTOCK MINING RECEIVES EXPANDED EXPLORATION PERMITS

Commences Sampling and Highlights 2012 Drilling Objectives

 

Virginia City, NV (January 19, 2012) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today that the Nevada Division of Environmental Protection (NDEP) has issued a Reclamation Permit (No. 0315) authorizing exploration drilling for the Company’s two major targets in Lyon County, the Dayton Resource Area and the Spring Valley Area.   Together with the Special Use Permit issued by Storey County in October of 2011, the receipt of this latest permit is the last permit authorization needed for the Company’s proposed drilling programs.

As a condition of both permits, soil assessments will commence this week to determine the levels of the EPA-identified Contaminants of Concern in areas around historic mill sites and tailings. The program will be conducted in compliance with a sampling and analysis plan recently approved by NDEP’s Bureau of Corrective Action. The purpose of this program is to ascertain any actual levels of contamination and potentially remove these sites from the Carson River Mercury Superfund Site (CRMS) designation. Initial testing should allow site-specific exploration operations to begin in our Lucerne Resource Area in early February.  The Company will actually commence 2012 exploration activities on January 23, 2012, in our Spring Valley Target Area on areas outside of the CRMS designation.  

“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.  “This represented the most efficient drilling program in our history, with a discovery cost of just $6 per gold-equivalent resource ounce, and identified higher grade, robust potential in both our Dayton and East-side Lucerne Areas.  These new permits and the completion of the prerequisite soil sampling allows for the expansion and acceleration of these programs in 2012 and beyond.”

The newly issued Reclamation Permit was posted on December 20th, 2011, at (http://ndep.nv.gov/comstock/docs/permit_0315_final_decision_122011.pdf), and became effective December 31st, 2011. This permit authorizes exploration drilling in Lyon County, including the next phase of in-fill drilling for the Dayton Resource Area and the first phase of exploration in the Spring Valley Area.  The permit is not impacted by an appeal that was filed with the Nevada State Environmental Commission. 

The 2012 Drilling program will initially focus on three significant areas: 1) Definition drilling in the Lucerne starter mine area; 2) Multiple Phases of drilling in the East-Side of the Lucerne Resource Area; and 3) in-fill drilling in the Dayton Resource Area.  The 2012 drilling is designed to obtain the necessary information to develop economic mine plans. In the Lucerne, that mine plan will likely expand the currently permitted boundaries of the starter mine already scheduled for production in 2012. In the Dayton, a second mine plan will be evaluated for potential parallel development.

The program will also verify the continuity of the geologic model southward into predominantly unexplored sections of the Comstock District, mainly in the Spring Valley Area. The drilling follows-up on the Company’s previously announced discovery hole (SV09-05) that intersected 0.157 ounce gold per ton from 40 to 85 feet of depth. The goal of the program will be to provide information accessing the potential of this additional Resource Area.

The exploration programs will build upon the findings reported in the Company’s latest 43-101 Technical Report (“The 2011 Report”). The 2011 Report affirmed a mineral resource estimate for the Comstock Mine Project in Storey and Lyon Counties, Nevada, 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.  The total of 2,770,000 measured, indicated, and inferred gold equivalent ounces was a 94% increase over the estimate in the Company’s previous NI 43-101 technical report, published in August 2010. The 2011 Report also includes an additional 200,000 gold equivalent ounces outside of the modeled area, in the Historical Resource Category.  

 
Wednesday, December 21, 2011

COMSTOCK ANNOUNCES FINANCIAL MANAGEMENT TEAM

Virginia City, NV (December 21, 2011) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today the appointment of Mr. Mark A. Jewett as Chief Accounting Officer and Mr. Judd B. Merrill as Controller.   Mark has strong financial accounting, regulatory, internal control and SEC reporting experience, having worked as Chief Financial Officer, Chief Accounting Officer and Controller of various publicly listed companies.  Among other responsibilities, he will have primary responsibility over implementing financial management work processes and related internal controls for a full production environment. Mark also worked for Arthur Anderson & Company and holds a Bachelor of Science in Accounting and Computer Science from Milligan College and a Masters of Accountancy from East Tennessee State University.  He is a Certified Public Accountant and a Certified Internal Auditor.

Judd also brings strong financial accounting and internal control experience, having most recently worked as Assistant Controller at Newmont Mining Corp. and Controller of Fronteer Gold Inc., both in Nevada.  Prior thereto, Judd also worked for Meridian Gold Company and Deloitte & Touche LLP.  He holds a Bachelor of Science in Accounting from Central Washington University and a Masters of Business Administration from the University of Nevada, Reno and is a Certified Public Accountant.

"Both Mark and Judd are accomplished financial managers that provide us with an excellent combination of strong public accounting and reporting expertise and deep mining experience," said Corrado DeGasperis, CEO of Comstock Mining. "They will enhance our commitment to transparent, timely and effective reporting, especially as we commence production activities on the Comstock. I would also like to thank Robert Faber for his inexhaustible contributions to the Company during his tenure as our Chief Accounting Officer."

About Comstock Mining Inc.

 
Tuesday, November 15, 2011

Comstock Mining Announces Third Quarter 2011 Results

Accelerates Activities Towards Production

VIRGINIA CITY, NV (November 15, 2011) -- Comstock Mining Inc. (the "Company") (NYSE Amex: LODE) today announced selected unaudited financial results for the third quarter ended September 30, 2011.

2011 Third Quarter Highlights:

  • Completed an updated National Instrument 43-101 (NI 43-101) technical report (the “2011 Report”) confirming 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;
  • 94% increase over the previously published estimate for a total of 2,770,000 Measured, Indicated, and Inferred gold equivalent ounces;
  • Net loss for Q3 2011 was $1.97 million, resulting primarily from operating expenses of $3.8 million, mainly related to development drilling and general and administrative expenses, partially offset by a $1.7 million non-cash gain resulting from the change in the fair value of the contingent dividend payment derivative;  
  • Operating expenses for Q3 2011 were $3.8 million, versus $1.7 million in Q3 2010.  The increase resulted primarily from an increase of $1.7 million due to accelerated development drilling and related activities and an increase of $0.2 million for general, administrative, consultants and professional fees;
  • There was nominal interest expense for Q3 2011, versus $1.1 million in Q3 2010.  The decrease resulted from the extinguishment of all of our senior debt obligations in October 2010;
  • Net cash used by operating activities in Q3 2011 was $3.5 million, versus $0.8 million in Q3 2010. The increased use of cash resulted primarily from a $2.1 million increase in operating expenses associated with increased development drilling activities and general and administrative expenses;
  • Cash used for the purchase of mineral rights and properties, plant and equipment in Q3 2011 was $2.0 million, primarily for mine infrastructure, including purchases of our new crushing equipment, expanded Merrill-Crowe facility and mobile equipment.

 

2011 YTD Highlights

  • Net loss for the nine months ended September 30, 2011 was $9.2 million, resulting primarily from operating expenses of $12.4 million, including $7.5 million for development drilling and related activities, $3.3 million for general and administrative expenses and $1.2 million for consultants and professional fees.  These expenses are partially offset by a $2.9 million non-cash gain from the change in fair value of the contingent dividend payment derivative;  
  • Total operating expenses for the nine months ended September 30, 2011 were $12.4 million, versus $4.9 million for the same period in 2010.  The increase of $7.5 million resulted primarily from an increase of $5.2 million for development drilling and related activities and an increase of $1.8 million for general and administrative expenses, $0.2 million for consultant and professional fees and $0.3 million for hotel operating costs;  
  • There was nominal interest expense for the nine months ended September 30, 2011, versus $3.0 million for the same period in 2010.  The decrease resulted from the extinguishment of all of our senior debt obligations in October 2010;
  • Net cash used in operations for the nine months ended September 30, 2011, was $9.4 million, versus $4.5 million for the same period in 2010. The increased cash use of $4.9 million resulted from increased operating expenses, primarily related to the $5.2 million increase associated with development drilling and related activities;
  • Net cash used in investing activities for the nine months ended September 30, 2011 was $2.2 million, resulting primarily from $3.2 million used in the purchase of mineral rights and properties, plant, and equipment, $0.5 million used in the acquisition of Gold Hill Hotel and $1.5 million provided by net proceeds from maturities of securities, mainly certificates of deposit;
  • Total debt obligations at September 30, 2011 was $1.1 million as compared to $1.5 million at December 31, 2010; all relating to mortgage obligations; and
  • Cash, cash equivalents and available-for-sale-securities at September 30, 2011 were $15.9 million compared to $29.8 million at December 31, 2010.

“This quarter we published the largest resource increase in our history, including the discovery of high grades of gold and prevalent deposits of silver. We are now focused on preparing our starter mine for production in the Spring of 2012,” said Corrado De Gasperis, Chief Executive Officer of Comstock Mining Inc.  “Pre-production activities have begun with construction of a double-lined, process solution pond, delivery of our new crushing equipment and the offsite construction and assembly of the expanded Merrill-Crowe processing facility.”



[1] Gold equivalent ounces were calculated using September 30, 2011 London PM prices of $1,620.00 per ounce of gold and $30.45 per ounce of silver, as published by kitco.com.  This resulted in a ratio of 53.20 ounces of silver per equivalent ounce of gold, without taking into consideration the relative recoveries of gold and silver.

 
Tuesday, November 8, 2011

COMSTOCK MINING ANNOUNCES NOTICE OF THIRD QUARTER 2011 RESULTS

AND BUSINESS UPDATE CONFERENCE CALL

 

Virginia City, NV (November 8, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) will host a conference call on November 15, 2011 at 10:00 a.m. Pacific Time/1:00 p.m. Eastern Time to report the results of the three month and nine month periods ended September 30, 2011.

The conference call will be hosted by Mr. Corrado De Gasperis, President and CEO of Comstock Mining and will include a moderated Question & Answer after the prepared remarks.  The lines will be open ten minutes prior and 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

About Comstock Mining Inc.

 
Wednesday, November 2, 2011

COMSTOCK MINING POSTS 2011 TECHNICAL REPORT:

MEASURED, INDICATED AND INFERRED RESOURCES UP 94%


Virginia City, NV (November 2, 2011)  -- Comstock Mining Inc. (“Comstock Mining” or the “Company”) (NYSE Amex: LODE) posted today its third National Instrument 43-101 (NI 43-101) technical report (the “2011 Report”) authored by Behre Dolbear & Company (USA), Ltd. (“Behre Dolbear”), of Denver Colorado.  The 2011 Report declared a mineral resource estimate for the Comstock Mine Project in Storey and Lyon Counties, Nevada, 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.  The total of 2,770,000 Measured, Indicated, and Inferred gold equivalent ounces is a 94% increase over the estimate reported in the Company’s previous NI 43-101 technical report, published in August 2010. The 2011 Report also includes an additional 200,000 gold equivalent ounces outside of the modeled area, in the Historical Resource Category.

 

COMSTOCK MINE PROJECT RESOURCE SUMMARY

 

Tonsi

Au

(opt)

Ag

(opt)

Total Au

(ounces)

Total Ag

(ounces)

Measured Resource

27,610,000

0.030

0.314

828,000

8,660,000

Indicated Resource

23,650,000

0.029

0.241

680,000

5,700,000

Total Measured and Indicated ii

51,260,000

0.029

0.280

1,508,000

14,360,000

 

 

 

 

 

 

Inferred Resource

33,580,000

0.026

0.179

881,000

6,030,000

i.    Resource total based on a gold cutoff of 0.007 ounces per ton

ii.   Rounding differences may occur

The 2011 Report incorporates the results of the Company’s recently completed drilling program, which ran from October 25, 2010 through August 19, 2011.  The program focused on infill and development drilling in the Lucerne and Dayton Resource areas, and completed 389 holes, totaling 132,294 feet.  The totals included 374 reverse circulation (RC) holes, totaling 128,711 feet, and 15 core holes, totaling 3,583 feet.  The drilling program, designed by our geological team also included specific drilling recommendations by Behre Dolbear from the previous technical report.  The total cost of the program was $4.32 million, with an average cost per foot of $32.67.

The 2011 Report comments: “Behre Dolbear believes the Comstock Mine Project represents a well-explored epithermal precious metal deposit within a world-class mining district…The geology of the project area is well described and understood through vigorous surface mapping and drill hole logging. The density of geologic data is high and the reliability is excellent, particularly in the Starter Mine areas.”

The 2011 Report also refers to the results of the completed metallurgical testing and process redesign that the Company used as the basis for a complete redesign of the processing facility.  The Company estimates that the heap leach recovery will average over 70% for gold and over 45% for silver.

The 2011 Report includes other specific recommendations, including additional core drilling, additional metallurgical and geotechnical testing, and acceleration of the project’s permitting activities.  The 2011 Report also recommends a preliminary feasibility study, which is the final step to allowing the Company to calculate reserves that conform to the NI 43-101 Technical Report requirements. 

The 2011 Report is now posted and available on the Company’s website, http://www.comstockmining.com/properties/technical-reports.

The Company is currently focused on commencing commercial mining production activities in late 2011 for full production in 2012.  The continuing technical program includes completing the final mine and production plans for the Lucerne Resource Area starter mine, and continuing infill drilling, metallurgical testing, and geotechnical testing for a second mine in the Dayton Resource Area.  In addition, the Company is designing a new phase of exploration drilling to include its highest-potential targets, including fully-developing the East-Side target in the Lucerne Resource Area, and the continuation of the mineralization from the Dayton Resource Area into both the Spring Valley and Oest target areas.

Behre Dolbear concluded, “Exploration opportunities to expand the known mineralization down-dip and along strike to the north, south, and northeast are still good and have the potential of adding considerably to the estimated Measured and Indicated Resource.”

 


[1] Gold equivalent ounces were calculated using September 30, 2011 London PM prices of $1,620.00 per ounce of gold and $30.45 per ounce of silver, as published by kitco.com.  This resulted in a ratio of 53.20 ounces of silver per equivalent ounce of gold, without taking into consideration the relative recoveries of gold and silver.

 
Tuesday, October 11, 2011

COMSTOCK MINING REPORTS A 94% INCREASE IN

MEASURED, INDICATED AND INFERRED RESOURCES

 

Virginia City, NV (October 11, 2011)  -- Comstock Mining Inc. (“Comstock Mining” or the “Company”) (NYSE Amex: LODE) announced today the highlights of its third National Instrument 43-101 (NI 43-101) technical report (the “2011 Report”) authored by Behre Dolbear & Company (USA), Ltd. (“Behre Dolbear”), of Denver Colorado.  The 2011 Report declared a mineral resource estimate for the Comstock Mine Project in Storey and Lyon Counties, Nevada, 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.  The total of 2,770,000 Measured, Indicated, and Inferred gold equivalent ounces is a 94% increase over the estimate reported in the Company’s previous NI 43-101 technical report, published in August 2010. The 2011 Report also includes an additional 200,000 gold equivalent ounces outside of the modeled area, in the Historical Resource Category.

 

COMSTOCK MINE PROJECT RESOURCE SUMMARY

 

Tonsi

Au

(opt)

Ag

(opt)

Total Au

(ounces)

Total Ag

(ounces)

Measured Resource

27,610,000

0.030

0.314

828,000

8,660,000

Indicated Resource

23,650,000

0.029

0.241

680,000

5,700,000

Total Measured and Indicated ii

51,260,000

0.029

0.280

1,508,000

14,360,000







Inferred Resource

33,580,000

0.026

0.179

881,000

6,030,000

i. Resource total based on a gold cutoff of 0.007 ounces per ton

ii. Rounding differences may occur


The 2011 Report incorporates the results of the Company’s recently completed drilling program, which ran from October 25, 2010 through August 19, 2011.  The program focused on infill and development drilling in the Lucerne and Dayton Resource areas, and completed 389 holes, totaling 132,294 feet.  The totals included 374 reverse circulation (RC) holes, totaling 128,711 feet, and 15 core holes, totaling 3,583 feet.  The drilling program, designed by our geological team also included specific drilling recommendations by Behre Dolbear from the previous technical report.  The total cost of the program was $4.32 million, with an average cost per foot of $32.67.

“Validating 2.4 million ounces of gold and over 20 million ounces of silver is a significant step for our team,” stated Corrado De Gasperis, the Company’s Chief Executive Officer“ and represents the most efficient drilling program in our Company’s history, with a discovery cost of just $6 per gold-equivalent resource ounce, a truly exceptional result.”

The 2011 Report also refers to the results of the completed metallurgical testing and process redesign that the Company used as the basis for a complete redesign of the processing facility.  The Company estimates that the heap leach recovery will average over 70% for gold and over 45% for silver.

 

Lucerne Area Details

The Lucerne Resource Area includes the Billie the Kid, Hartford, and Lucerne pits, and extends northeasterly to the area of the historic Woodville bonanza, and north to the historic Justice and Keystone mines.  Drilling in the Lucerne Resource Area included 276 infill holes in the Hartford, Justice and Lucerne starter-pit areas.  These holes have provided the information for a detailed geological model for the final starter-mine plan.  The Lucerne Resource Area drilling also included 40 development holes in the East-Side target.  That target was specifically mentioned by Behre Dolbear in the August, 2010 technical report with the conclusion that, “Exploration drilling should continue with expectations of expanding resources along the northeast-striking structures.”  That expectation was met, including the highest-grade gold assay to date, 5 feet grading 3.562 ounces per ton of gold (121.99 g/t) and 5.200 ounces per ton of silver (178.08 g/t), contained in a 30 foot interval grading 1.257 ounces per ton of gold (43.05 g/t) and 2.114 ounces per ton of silver (72.40 g/t).  The East-Side target is discussed in a May 24, 2011 press release: http://www.comstockmining.com/news/press-releases/155-tuesday-may-24-2011.

2011_43-101_CMP_Drill-Assay_Lucerne-crop600

 

 
Monday, October 10, 2011
COMSTOCK MINING ANNOUNCES CONFERENCE CALL

Virginia City, NV (October 10, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) will host a conference call on October 11, 2011 at 10:00 a.m. Pacific Time/1:00 p.m. Eastern Time for discussion on our new National Instrument 43-101 technical report.

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

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

 

 
Friday, October 7, 2011
COMSTOCK MINING ANNOUNCES CONFERENCE CALL

Virginia City, NV (October 7, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) will host a conference call on October 11, 2011 at 10:00 a.m. Pacific Time/1:00 p.m. Eastern Time for discussion on our new National Instrument 43-101 technical report that will be released Tuesday.  The call will include a moderated Q&A, after the prepared remarks.  The dial-in telephone numbers will be provided prior to the call.

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

 
Wednesday, October 5, 2011
COMSTOCK MINING GRANTED EXPLORATION DRILLING PERMIT

Virginia City, NV (October 5, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) announced today that it received a unanimous approval from the Storey County Board of Commissioners passing Special Use Permit 2011-016 (“SUP”) that grants the Company authorization to further develop its exploration drilling in the southern portion of the county. Under a previous mining permit in the county, the Company is already permitted for its Lucerne starter-mine operation. This approval affirms the unanimous recommendation from the Storey County Planning Commission on August 16, 2011.

“We appreciate Storey County’s strong support. This permit enables expanded drilling, primarily in the broader Lucerne Resource Area, currently our largest target area,” said Corrado De Gasperis, President and CEO of Comstock Mining Inc.

Conditions in the SUP define operational protocols designed to accommodate the unique nature of the Comstock Historic District. The Company invested significant effort in cooperation with the Storey County Planning Department, the Planning Commission and the greater community to define a number of critical stipulations that prioritize public safety, value community resources and provide additional environmental protections to our uniquely historic mining district.

Storey County is the only county in Nevada that, under certain circumstances, requires a Special Use Permit for mineral exploration drilling. A separate drilling Plan of Operation permit request has been submitted to the Nevada Department of Environmental Protection for expanded exploration drilling of the Company’s mining properties in Lyon County.  Receipt of that permit is expected next month. Together, these two permits authorize the next phases of drilling in the Lucerne, Dayton and Spring Valley Resource Areas.

 
Thursday, September 15, 2011
COMSTOCK MINING RECEIVES
MODIFIED WATER POLLUTION CONTROL PERMIT

 

Virginia City, NV (September 15, 2011) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today that it has received approval for a minor modification for its existing Water Pollution Control Permit from the State of Nevada Division of Environmental Protection (NDEP), Department of Conservations & Natural Resources. This permit allows for expansion of our Merrill Crowe Process Building and related processes, including the heap-leach pads. These expansions and redesigns will allow for greater throughput yielding increased gold and silver production.

"The issuance of our modified Water Pollution Control Permit represents another important step in our progress toward gold and silver production.  We look forward to completing the Air Quality Permitting process so we can commence the remaining construction and operating activities prerequisite for commencing production,” said Corrado De Gasperis, President and CEO of Comstock Mining Inc.

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 brought the exploration project into test mining production.  The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for 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 by 2013, and commencing commercial mining and processing operations in 2011, with annual production rates of 20,000 gold equivalent ounces.

 

 
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