Comstock Mining Inc

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Comstock Mining Inc
Wednesday, September 7, 2011
COMSTOCK MINING ANNOUNCES DRILL RESULTS
ON THE DAYTON RESOURCE AREA

Building to a Second Mine Plan

 Virginia City, NV (September 7, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) announced today the second-phase drilling results at its Dayton Resource Area (the “Dayton”).  The drilling program included 20 Reverse Circulation (RC) holes, totaling 8,170 feet and two core holes totaling 1,106 feet.  Significant mineralization was encountered in all 22 holes, including continuously mineralized intervals of greater than 100 feet in eight of those holes.

Phase I results were announced in March 2011. That initial phase was designed as a series of three east-west “drill fences,” spaced approximately 600 feet apart, with the goal of testing the mineralization at greater depths than the previous, mostly shallow drilling, and of validating the geological model for the area.  Phase I encountered significant mineralization in 41 of the 42 holes in the program. Results announced previously by the Company included the highest-grade interval encountered to-date at the Dayton: 10 feet (3.05 m) grading 1.121 ounces per ton of gold (38.39 g/tonne) and 2.279 ounces per ton of silver (78.05 g/tonne), contained in an interval of 135 feet (41.15 m) grading 0.218 ounces per ton of gold (7.47 g/tonne) and 0.685 ounces per ton of silver (23.46 g/tonne). Those results also included continuously mineralized intervals of greater than 100 feet in 13 of the 42 holes.

The Dayton Phase II drilling program follows the success of the first phase by drilling holes on intermediate sections that were spaced approximately 200 feet apart. The positive results provide additional confirmation of the geological model and expand significantly the Company’s understanding of the mineralized zone.

“We are excited by the extended continuity of the mineralization with 21 different holes showing greater than 100 feet,” stated Mr. Corrado De Gasperis, President and CEO of Comstock Mining Inc.   “We are incorporating these results into our next technical report and expect a material increase in our Dayton mineral resources. It is our strong belief that the Dayton has sufficient mineralization, metallurgical character and economic profile for development as our second mine, independent and distinct from our activities in the Lucerne Area.”

 

2011.9.7_Dayton_II

Dayton Phase II Drill Locations

  

 
Tuesday, September 6, 2011
COMSTOCK MINING REMINDER:  
NOTICE OF BUSINESS UPDATE CONFERENCE CALL

Virginia City, NV (September 6, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) will host a conference call on September 7, 2011 at 10:00 a.m. Pacific Time/1:00 p.m. Eastern Time for a business update, primarily updating on recent permitting advances, production schedules, and drill results for the Dayton Resource Area and the potential acceleration and development of the Dayton into a second mine.  A presentation will be posted to our website one hour in advance of the call at http://www.comstockmining.com/investors/investor-library

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

North American Toll Free: 877-801-2050

Canada Local / International: 416-849-1969

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

 

 
Tuesday, September 6, 2011
COMSTOCK MINING EXPANDS ENVIRONMENTAL TEAM


Virginia City, NV (September 6, 2011) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today the appointment of Cynthia Byrns as Director of Environmental and Regulatory Management. Cynthia has a strong environmental regulatory background, working most recently with Olin Corporation for its Chlor Alkali Products Division.  Her duties included program design of environmental, safety and security systems for local, state and federal compliance for four west coast based facilities including Nevada.  Prior to Olin, she was the Environmental Manager with Golden Predator Mines with a strong background in mining and mine development, having also worked in a variety of environmental management and staff roles with BHP Nevada Mining Company, Newmont Gold Company, Barrick Gold Strike Mining Inc. and SRK consulting.   Cynthia attended the Colorado School of Mines and holds a Bachelor of Arts in Geology from the University of Colorado and a Masters in Environmental Engineering from Kennedy-Western in Wyoming.  She is also a Certified Environmental Manager in Nevada, an Environmental Management Systems Auditor and an OSHA trainer.

“Cynthia is a key addition that further strengthens our commitment to safely and responsibly advance the greater social and economic potential of the Comstock.” said Corrado De Gasperis, CEO of Comstock Mining    “She will advance the long-term development, preservation and restoration projects that enable these objectives while directly supporting our near term production goals.”

Cynthia joins Dennis Anderson who is a licensed Professional Mining Engineer, Certified Professional Geologist and a Certified Environmental Manager. Dennis has been supporting the Comstock team for four years and holds degrees from the University of Akron and the Ohio State University in the disciplines of Civil Construction Management, as well as Geology and Mineralogy.   Cynthia and Dennis will work closely with the technical team to create a solid, diverse group of outstanding, environmentally conscious, mining professionals.  We have recently announced commitments to advance environmental studies in the district and for sampling relevant areas of disturbance with the intention of eliminating or mitigating concerns over certain pre-existing mercury and other potential contaminants in the district.

 
Thursday, September 1, 2011
COMSTOCK MINING HIRES MINE PLANNING TEAM


Virginia City, NV (September 1, 2011) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today the appointment of Steven R. Tucker as Senior Mine Planner and Gertrude F. Ayakwah as Mine Planner.  Steve has significant project management experience and has worked extensively in mine engineering, most recently at Cascade Gold in Mill City, NV, and Mud Miners, Inc., in Manley Hot Springs, AK.  Prior to that, he was a senior mine engineer at Round Mountain Gold Corp. in Round Mountain, NV and a project engineer at Champion Construction, LLC at Reno, NV.  Steve holds a Bachelor of Science in Mining Engineering from the University of Idaho.

Gertrude has joined Steve and the team from a recent project as Mining Engineer at Pogo Mine in Alaska, working on planning projects including stope design, GPS surveying, and production performance tracking.  She has also served as the Geotechnical Research Assistant for the Bureau of Geology New Mexico Institute of Mining and Technology working primarily with geotechnical soil and rock testing, laboratory preparation of samples and results reporting.  Gertrude has obtained a Bachelor of Science in Mining Engineering from KNUST School of Mines, Tarkwa, Ghana, as well as a Masters Degree in Geotechnical Engineering from the New Mexico Institute of Mining and Technology.

“We could not be happier attracting these two exceptional mine engineers to the Comstock," commented company President and CEO Corrado De Gasperis. "Thorough planning and checking are integrated into everything we do and Steve and Gertrude will lead the mine planning and monitor execution of our plans as we continue preparing for production."

 
Tuesday, August 30, 2011
COMSTOCK MINING RECEIVES MERCURY PERMIT

Virginia City, NV (August 30, 2011) -- Comstock Mining Inc. (the “Company”) (AMEX: LODE) announced it has received the Mercury Permit from the State of Nevada Division of Environmental Protection (NDEP) and it has successfully cleared the final appeal process period without incident. This permit is regulated under the Nevada Mercury Control Program and is intended to ensure the safe and proper collection of mercury at a precious metal processing facility. Mercury is a naturally occurring metal found in very low concentrations in the mineralized rocks of the Comstock Lode. When gold and silver ore is processed, a portion of the mercury that is also present is simultaneously extracted from the ore. The permit demonstrates NDEP’s assessment that the proper equipment and procedures are in place to safely separate this mercury (through use of a Mercury Retort). The natural concentration of mercury is very low on the Comstock, and the Company anticipates very small quantities will be collected.

"The issuance of our Mercury Permit represents another important step in our progress toward gold and silver production,” said Corrado De Gasperis, President and CEO of Comstock Mining Inc.

Comstock Mining does not use mercury at any time in the processing of gold and silver. The mineral process equipment involved is routine and required for all Merrill-Crowe type processing facilities operating worldwide. The mercury vapors are collected in the furnace retort, which is a closed system with engineering controls and monitoring equipment.  The mercury vapor is then condensed into the liquid state. All the equipment is located in the processing facility at the Company’s American Flat location.

In contrast, historic mining on the Comstock did use mercury to process ore. Prior to 1906, mercury was used in the amalgamating process to attach to and separate the gold and silver from the ore. The miners at that time did not know the dangers of doing this and used about one pound of mercury per ton of ore. At the turn of the 20th century the U.S. Bureau of Mines, in conjunction with the newly established MacKay School of Mines at the University of Nevada, developed a cyanide vat leach process to replace the mercury process in mining. Interestingly, the first mill to use this system in Nevada was the Donovan Mill located in Silver City, and the technology was almost immediately implemented on the Comstock because of its superior efficiencies.

This historic use of mercury on the Comstock is well documented from the original Carson River Superfund Site Investigation in the 1990s. NDEP, supported by the U.S. EPA, continues monitoring these sites and is currently preparing an updated archaeological study to increase its understanding of the historic mill sites in the area. The Company does not see any conflict between NDEP’s efforts and its exploration and mining plans. In fact, the Company is working with NDEP officials to establish protocols for safe and intentional mitigation of some of the historic mercury sites where this can be done in conjunction with normal mining and drilling operations.  The Company is committed to sampling relevant areas of disturbance with the intention of eliminating or mitigating any concerns over pre-existing mercury sites.

"Our cooperation with NDEP represents an unprecedented effort for effectively defining the existence of any residual mercury in the Comstock in conjunction with our planned drilling and mining activities,” Mr. De Gasperis concluded.  “This is a real opportunity to discover more knowledge about the precise location of past mills and residual mercury levels that can only benefit us and the community at large.”

 
Wednesday, August 31, 2011
COMSTOCK MINING ANNOUNCES NOTICE OF BUSINESS UPDATE CONFERENCE CALL

Virginia City, NV (August 31, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) will host a conference call on September 7, 2011 at 10:00 a.m. Pacific Time/1:00 p.m. Eastern Time for a business update, primarily updating on recent permitting advances.  A presentation will be posted to our website one hour in advance of the call at http://www.comstockmining.com/investors/investor-library

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

North American Toll Free: 877-801-2050

Canada Local / International: 416-849-1969

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

About Comstock Mining Inc.

Comstock Mining Inc. is a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District.  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.

 

 
Thursday, August 11, 2011
Comstock Mining Announces Second Quarter 2011 Results

VIRGINIA CITY, NV (August 11, 2011) -- Comstock Mining Inc. (the "Company") (AMEX: LODE) today announced selected unaudited financial results for the second quarter ended June 30, 2011.

2011 Second Quarter Highlights:

  • During the quarter, the Company successfully advanced its drilling program to completion, by completing the infill drilling on the Hartford, Lucerne and Justice claims for the starter mine; completing the first and second phases of development drilling in the Dayton Resource Area; and completed the first phase development drilling on the East-Side target in the Lucerne Resource Area;
  • Net loss for Q2 2011 was $4.7 million, resulting primarily from operating expenses of $5.4 million, mainly for development drilling and general and administrative expenses, offset by a $0.5 million non-cash gain resulting from a change in the fair value of the contingent dividend obligation;
  • Operating expenses for Q2 2011 were $5.4 million, versus $2.1 million in Q1 2010.  The increase resulted primarily from an increase of $1.8 million, for accelerated development drilling and related activities, and an increase of $1.4 million for general, administrative, contractor and professional fees;
  • There was nominal interest expense for Q2 2011, versus $1.1 million in Q2 2010.  The decrease resulted from the extinguishment of all of our senior debt obligations in October 2010;
  • Net cash used by operating activities in Q2 2011 was $3.3 million, versus $1.9 million in Q2 2010. The increased use of $1.4 million in cash resulted from increased operating expenses, primarily $1.8 million associated with development drilling activities and $0.5 million for use of general, administrative, contractor and professional fees, offset somewhat by a higher net source of cash from changes in other operating assets and liabilities of $0.8 million;
  • Total debt at June 30, 2011, was $1.0 million as compared to total debt at year-end 2010 of $1.5 million; all relating to mortgage obligations; and
  • Cash, cash equivalents and investments at June 30, 2011 were $21.5 million compared to $29.8 million at December 31, 2010.

2011 YTD Highlights

  • Net loss for the six months ended June 30, 2011 was $7.1 million, resulting primarily from operating expenses of $8.6 million, including $5.2 million for development drilling activities, $2.3 million for general and administrative expenses and $0.9 million in professional fees, offset by a $1.2 million non-cash gain resulting from a change in the fair value of the contingent dividend obligation;
  • Operating expenses six months ended June 30, 2011 were $8.6 million, versus $3.2 million for the same period in 2010.  The increase of $5.4 million resulted primarily from an increase of $3.5 million for exploration drilling and related activities and an increase of $1.3 million for general and administrative expenses and $0.5 million in contractor and professional fees;
  • There was nominal interest expense for the six months ended June 30, 2011, versus $1.9 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 six months ended June 30, 2011, was $5.9 million, versus $3.7 million for the same period in 2010. The variance resulted primarily from increased expenses of $3.5 million associated with drilling activities and $0.9 million associate with administrative and consulting expenses; offset by a higher net source of cash from changes in other operating assets, liabilities and interest payable of $2.5 million; and
  • Net cash used in investing activities for the six months ended June 30, 2011 was $2.4 million, resulting primarily from $1.2 million for the acquisition of mineral rights and properties, $0.5 million for the acquisition of the Gold Hill Hotel and $0.7 million, for net purchases of securities, mainly certificates of deposit.

“This quarter we completed our largest, most successful drilling campaign and continued a high rate of discovery and productivity, including the discovery of high grades of gold and the prevalent deposits of silver. These results will be included in an updated 43-101 technical report resource estimate, expected to be completed in September of this year,” said Corrado De Gasperis, Chief Executive Officer of Comstock Mining Inc.  “With a strong production team, metallurgical testing and mine planning completed and equipment ordered we are on track to begin production at our starter mine by the end of the year.”

 

 
Friday, August 5, 2011
COMSTOCK MINING ANNOUNCES NOTICE OF SECOND QUARTER 2011 RESULTS AND BUSINESS UPDATE CONFERENCE CALL

 

Virginia City, NV (August 5, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (NYSE Amex: LODE) will host a conference call on August 11, 2011 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time to report second quarter 2011 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, July 5, 2011
COMSTOCK MINING INC. REGISTRATION DECLARED EFFECTIVE

Comstock Mining Inc. (the "Company") (NYSE Amex: LODE) announced today that its Registration Statement on Form S-3 (the “Registration Statement”) was declared effective by the U.S. Securities & Exchange Commission on July 1, 2011.

The Registration Statement covers the offer and resale by certain stockholders of the Company of up to 6,325,691 shares of our common stock that are either presently outstanding or that are issuable upon the conversion of shares of certain, currently outstanding Series B Convertible Preferred Stock (the “Series B Preferred Stock”).  The Registration Statement also relates to the issuance by the Company of up to $25 million in the Company’s commons stock, issuable in payment of dividends on the Company’s presently issued and outstanding preferred shares or for other offers or sale by the Company. The Registration Statement does not require the Company to issue securities.

Corrado De Gasperis, President and Chief Executive Officer of the Company. stated: "We are pleased at the speed that this registration was deemed effective complementing our recent listing on the New York Stock Exchange.”

This press release is not an offer to sell the securities covered by the Registration Statement and it is not soliciting an offer to buy those securities in any state where the offer or sale is not permitted.

 
Friday, June 24, 2011
COMSTOCK MINING HOLDS ANNUAL MEETING OF SHAREHOLDERS


Virginia City, NV (June 24, 2011) -- Comstock Mining Inc. (the “Company”) (NYSE Amex: LODE) announced today that it held its annual meeting of shareholders in Gold Hill, Nevada.  The shareholders elected all five board-recommended nominees for director including first-time nominees, Corrado De Gasperis and, new Chairman, John V. Winfield. Mr. Nance will continue to serve as a director for the Company. Former Director Robert Faber did not stand for re-election and continues as the Company’s Chief Accounting Officer.

In addition to electing the directors, the Company’s stockholders, and in line with the board’s unanimous recommendations, ratified the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm and voted for the approval of the Comstock Mining Inc. 2011 Equity Incentive Plan.

"Both John and Corrado are accomplished executives with extensive strategic, financial and operational experience and deep knowledge of management," said William Nance, outgoing Chairman of Comstock Mining. "We value the insight, experience and strong alignment on our strategic plan as we focus on moving into production and driving increased shareholder value. I would also like to thank Robert Faber for his extraordinary contributions to the Company during his tenure as a director."

 
Monday, Jun 20, 2011
COMSTOCK MINING HIRES TOP SAFETY PROFESSIONAL
CURRENT EMPLOYMENT EXCEEDS 50 PEOPLE


Virginia City, NV (June 20, 2011) -- Comstock Mining Inc. (the “Company”) (AMEX: LODE) announced today the appointment of Brett (Randy) Harris as the company’s Director of Safety, effective immediately. Randy, a returning Comstock resident commented, “It’s a truly great opportunity to work with a team-based, safety conscious group of people in a world-class mining district.  My wife and I have always considered this community our home.”

Randy was raised in Silver City and initially worked for the Silver City Fire Department and the Storey County Sheriff’s Department before moving into the mining industry, where he developed impressive qualifications in the fields of occupational health, safety and security. He has worked with organizations like Round Mountain Gold Corp. in Round Mountain, NV, Golden Predator Mines in Winnemucca and Imlay, NV and was most recently with the Turquoise Ridge Joint Venture between Barrick Gold and Newmont Mining Corporation. Randy also spent five years with the State of Nevada Mine Safety and Training Section as a Safety Specialist.

“We could not be happier attracting one of the best, most experienced safety professionals in the industry back to the Comstock,” commented company President and CEO Corrado De Gasperis. “Safety and social responsibility are integrated into everything we do and Randy will lead that continued philosophy as we move into production later this year.”

Randy has been involved with volunteer firefighting, search and rescue, EMT and ambulance services with Storey County, Silver City and Round Mountain. His safety training includes certification by the International Society of Mine Safety Professionals, OSH Standards 1910 Level I & II, and International Loss Control. Important to Comstock Mining’s near-term and longer-term plans, he has strong safety expertise in both surface and underground mining.

Mr. De Gasperis concluded: “Comstock Mining’s local team now exceeds 50 employees. Randy represents our twelfth new hire this year bringing us to a current total of 30 mining professionals. We have increased the Gold Hill Hotel team by six people since our May 2011 acquisition, bringing that total to 21 hospitality professionals and related staff. Combined, this makes us one of the largest private employers on the Comstock.”

Substantially all of our employees live on the Comstock or in Dayton, Mound House or Carson City. We anticipate adding up to 20 additional mining professionals and staff as we prepare for production activities later this year.

 
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