Comstock Mining Inc

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Comstock Mining Inc
Wednesday, June 8, 2011
COMSTOCK MINING ANNOUNCES LISTING ON NYSE AMEX

Virginia City, NV (June 8, 2011) -- Comstock Mining Inc. (the “Company”) announced today that its common stock has been approved for listing on the NYSE Amex LLC (“NYSE Amex”). The Company’s common stock is expected to begin trading on NYSE Amex under the symbol “LODE” on Friday, June 10, 2011.

“We welcome Comstock Mining, Inc. to the NYSE Euronext family of listed companies and to NYSE Amex, ” said Scott Cutler, Executive Vice President, NYSE Euronext. “Comstock and its shareholders will benefit from superior market quality and technology, a broad array of issuer and investor services, and a global brand association. We look forward to building a strong and lasting partnership with the Company and its shareholders.”

The Company received its initial clearance letter on May 26, 2011, completed certain administrative tasks, including interviewing and selecting J. Streicher & Co., LLC as its Designated Market Maker, and final acceptance for listing on June 8.

“Our clearance and acceptance onto the NYSE Amex marks a key objective of our corporate strategic plan. We believe this listing will raise our investment profile among a broader range of investors, improve our stock liquidity and increase our visibility with current and potential investors. We are extremely pleased to be a part of the NYSE Amex and affirm our commitment towards the highest level of corporate governance for our shareholders,” said Corrado De Gasperis, the Company’s President and Chief Executive Officer.

 
Wednesday, June 1, 2011
Comstock Mining Inc. to Exhibit and Present at  
World Resource Investment Conference at the Vancouver Convention Centre
on June 5-6, 2011

Thousands anticipated to Attend Conference

Virginia City, NV (June 1, 2011)  -- Comstock Mining Inc. (“Comstock Mining” or “the Company”)(OTCBB: LODE), a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District today announced that the team will exhibit in Booth 519 at the World Resource Investment Conference at the Vancouver Convention Centre on June 5-6.  Corrado De Gasperis, President and CEO, will present at the World Resource Investment Conference on June 6 at 12:00 PM in Workshop Room 4 in the Vancouver Convention Centre.

More information about the conference can be found at: http://cambridgehouse.com/

About Comstock Mining Inc.

Comstock Mining is a Nevada-based gold and silver mining company with extensive, contiguous property in the Comstock District. The goal of its strategic plan is to deliver stockholder value by validating qualified resources (at least measure 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.

About the World Resource Conference

The World Resource Investment Conference, hosted at the Vancouver Convention Centre, rivals the Cambridge House International’s signature January Conference in popularity.  The venue anticipates approximately 5,000 highly educated and targeted investors.  This unique two-day conference brings together 40 of the world’s top resource analysts, fund managers, investors and over 300 public companies offering high growth potential.

 

For More Information Contact:

Contact information for Comstock Mining Inc.:

P.O. Box 1118

Virginia City, NV 89440

Tel 775.847.4755 Fax 800.750.5740

http://www.comstockmining.com

 

 
Tuesday, May 24, 2011
COMSTOCK MINING ANNOUNCES HIGHEST GOLD ASSAY TO DATE
WITH 3.56 OUNCES PER TON OF GOLD 
Includes 5.20 Ounces per ton of Silver


Virginia City, NV (May 24, 2011) – Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) announced results from the remaining assays from Phase I drilling at the East-Side target in the Lucerne Resource Area. The pattern of significant mineralization identified in the first twelve holes continued in all fifteen new holes, including the highest gold assay yet reported by Comstock Mining: 3.562 oz/ton gold (121.99 g/t) and 5.200 oz/ton silver (178.08 g/t) measured over a five foot section, found within a 30 foot intercept averaging 1.257 oz/ton gold (43.05 g/t) and 2.114 oz/ton silver (72.40 g/t), in hole E11-24. The East-Side Phase I drilling campaign consisted of 27 reverse circulation (RC) holes totaling 19,774 feet (6,027 m) of drilling.

Highlights from the current assay results include:

  • Significant mineralization (gold grade greater than 0.010 ounces per ton (0.34 g/t) or silver grades greater than 0.100 ounces per ton (3.42 g/t), and a length of at least ten feet (3.05 m)) occurred in all of the holes. Hole E11-24 is a highlight because of the assay reporting 3.562 oz/ton gold (121.99 g/t), but the context of that five-foot assay is equally noteworthy. It is found in a 100 foot (30.48 m) intercept averaging 0.309 oz/ton gold (10.58 g/t) and 0.911 oz/ton silver (31.20 g/t). Immediately surrounding it is a 30 foot (9.14 m) intercept averaging 1.257 oz/ton gold (43.05 g/t). The void that is mentioned in the table indicates a narrow stope cutting through this section, mined by the old-timers.

  • Hole E11-24 also includes a second intercept of 145 feet (44.20 m) averaging 0.069 oz/ton gold (2.36 g/t) and 0.549 oz/ton silver (18.80 g/t).

  • Hole E11-19 has an intercept of 130 feet (39.62 m) averaging 0.047 oz/ton gold (1.61 g/t) and 0.418 oz/ton silver (14.32 g/t) at the bottom of the hole.  The true thickness of this mineralized zone remains unknown until a deeper hole can be drilled.  Looking over all the newly reported holes, there are 11 intercepts of silver greater than 1.00 oz/ton (34.25 g/t).

“The East-Side target continues to exceed expectations with every hole demonstrating strong mineralization and indicating an expanding resource.  In addition to reporting the highest gold assay discovered to date on the property, the results also identify consistently high levels of silver throughout the area,” said Corrado De Gasperis, President and CEO of Comstock Mining Inc.  “These results validate our initial assumptions that the East-Side target is ideal for a subsequent expansion of the starter mine.  Our on-going drilling will refine the Company’s understanding of the mineralization envelope and facilitate detailed planning of this expansion.”

 

East-Side_Phase_I

East-Side Phase I Drill Locations

 

 
Friday, May 20, 2011
COMSTOCK MINING ANNOUNCES ANNUAL SHAREHOLDERS’ MEETING
AND RECORD DATE


Virginia City, NV (May 20, 2011) -- Comstock Mining Inc. (the “Company”) (OTCBB: LODE) announced today that it will hold its 2011 Annual Meeting of Stockholders on Thursday, June 23, 2011, at the Gold Hill Hotel in Gold Hill, Nevada. The meeting will begin at 9:30 a.m. with an expected duration of two hours. Additionally, the company will hold informational presentation sessions and mine tours on June 22, 2011, at Gold Hill Hotel and its holdings in the Comstock Lode District. Events will begin each day at 8:00 a.m. and details will be made available on our website. Shareholders planning to attend are required to register online at http://www.comstockmining.com/investors/investor-relations.

The record date for the Annual Meeting will be June 7, 2011. Only stockholders of record at the close of business on June 7, 2011, may vote at the meeting. The company anticipates making its proxy statement available to these stockholders in June 2011, which will include the time and location of the Annual Meeting, as well as a description of the matters to be considered.

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.

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      
Tel (775) 847-4755      
Fax (800) 750-5740      
This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
www.comstockmining.com

 

 
Tuesday, May 17, 2011
COMSTOCK MINING ANNOUNCES FIRST QUARTER 2011 RESULTS

 

Virginia City, NV (May 17, 2011) -- Comstock Mining Inc. (the “Company”) (OTCBB: LODE) today announced selected unaudited financial results for the quarter ended March 31, 2011.

2011 First Quarter Highlights

  • During the quarter, the Company successfully advanced its current drilling objectives by completing the infill drilling on the Hartford claim for the starter mine; completing the first phase of development drilling in the Dayton Resource Area; and commencing development drilling on the East-Side target in the Lucerne Resource Area.
  • Net loss for Q1 2011 was $2.4 million, resulting primarily from operating expenses of $3.1 million, mainly for development drilling activities, somewhat offset by a $0.7 million non-cash gain resulting from a change in the fair value of the contingent dividend obligation.  Net loss for Q1 2010 was $2.6 million, resulting primarily from operating expenses of $1.1 million, mainly for development drilling activities and administrative expenses and interest expense of $0.8 million.
  • Operating expenses for Q1 2011 were $3.1 million, versus $1.1 million in Q1 2010.  The increase resulted primarily from an increase of  $1.7 million, primarily for exploration drilling and related activities and an increase of $0.3 million for general and administrative expenses.
  • Interest expense for Q1 2011 was nil, versus $0.9 million in Q1 2010.  The $0.9 million decrease resulted from the extinguishment of all of our senior debt obligations in October 2010.
  • Net cash used by operating activities in Q1 2011 was $2.6 million, versus $1.8 million in Q1 2010. The variance resulted from increased operating expenses associated with development drilling activities; offset somewhat by lower net uses of working capital.
  • Net cash used in financing activities in Q1 2011 was $0.8 million, resulting from principal payments on mortgage obligations.
  • Total debt at March 31, 2011, was $0.7 million as compared to total debt at year-end 2010 of $1.5 million, all relating to mortgage obligations.
  • Cash, cash equivalents and investments at March 31, 2011 were $26.1 million compared to $29.8 million at December 31, 2010.

Comstock’s Chief Executive Officer Mr. Corrado De Gasperis commented, “In the first three months of the year we completed our infill drilling for our starter mine and stepped out into the Dayton and East-Side drilling targets with tremendous progress. We could not be more encouraged by the high rate of productivity from our Dayton and East-Side drilling and the pervasive nature of the gold and silver resource we are validating throughout these resource areas, including high grades of gold and the prevalent deposits of silver.”

 
Tuesday, May 10, 2011

Comstock Mining Call to Report First Quarter 2011 Results and Business Update

Virginia City, NV (May 10, 2011) -- Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) will host a conference call on May 17, 2011 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time to report first 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:

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 www.comstockmining.com, in the Investors section.

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.

 
Monday, Apr 18, 2011
COMSTOCK MINING EXPANDS MANAGEMENT FOR PRODUCTION

Virginia City, NV (April 18, 2011) – Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) announced the appointment of two senior operating managers, Mr. Clifford D. Nelson, Jr., as Vice President, Operations, and Dr. Edouard K. Zoutomou, as Metallurgical Process Manager, both effective April 18, 2011.

A Focus on Production

Mr. Nelson joins the Company with over 30 years of operations management and metallurgical experience, most recently with Golden Predator Corp. as its Vice President of Operations. Mr. Nelson's extensive experience includes metallurgy, operations management and multiple start-up successes managing open pit, underground and offshore production mine facilities. He has worked with Inspiration Resources (including West Gold), BHP, Magma Copper and St. Andrew Goldfields. A notable rehabilitation and start up success includes his experience as General Manager for Golden Predator Springer Complex Mines where he oversaw the construction and rehabilitation of the company's tungsten project near Winnemucca, NV. He previously managed the rehabilitation, operation and optimization of world's largest offshore gold dredge, Bima, in the Bering Sea off the coast of Alaska. He also rehabilitated the lode gold mill at the Nixon Fork Operation outside of McGrath, Alaska, and started up production in the underground Nixon Fork Gold Mine. Mr. Nelson received his B.S. in Metallurgical Engineering and Materials Science from Michigan Technological University.

Comstock Mining’s CEO, Corrado De Gasperis stated, "Cliff brings instant alignment with our immediate goals of production.  His passion for maximizing throughput and diverse background of starting up and managing complex systems fit right into our management methodology.”

Metallurgical Process

Comstock Mining also announced the appointment of Edouard K. Zoutomou as Metallurgical Process Manager. Dr. Zoutomou has over 30 years of a unique blend of project and operations management and metallurgical process engineering experience, with 17 of those years in various technical and operational capacities with Alligator Ridge Mine, Greens Creek Mine and Kennecott Utah Copper. Ed’s extensive experience includes metallurgical and operations management, with full ownership of a three-stage crushing operation, a 10 million-sq. ft. heap leach pad and adjacent Merrill-Crowe processing and refinery facilities, the supporting assay and metallurgical laboratories while with Kennecott Rawhide Mining Company. Since 2006, Ed served as Project Manager at Kappes, Cassiday & Associates before joining Geovic Mining Corporation as Process Manager. Most recently, Ed served as Principal Process Engineer with Roberts & Schaffer, a KBR Company.

Ed received his B.S. in Mining Engineering from Polytechnic Institute, Université de Conakry, his M.S. in Metallurgical Engineering from the New Mexico Institute of Mining Technology, and his Ph.D. in Mining-Metallurgy with a thesis on “Supercritical Water Generation of Particulate Metal Oxide” from the University of Idaho.

Mr. De Gasperis stated, "We are delighted to add such strong operations and production experience to our Comstock team as we near our critical production objectives. Our search placed a disproportional emphasis on a demonstrated record of strong project management, extensive, successful start up experience and very strong technical engineering and metallurgy expertise. We have achieved all that and more with the additions of Cliff and Ed to the Comstock.”

Both gentlemen will join Comstock Mining’s management team on April 18, 2011.

 

 
Monday, Apr 18, 2011
COMSTOCK MINING ALIGNS MANAGEMENT FOR PRODUCTION

Virginia City, NV (April 18, 2011) – Comstock Mining Inc. (“Comstock Mining” or “the Company”) (OTCBB: LODE) announced the appointment of Mr. Michael Norred, as Vice President of Strategic Resource Planning.    Mr. Norred has been serving the Company as an independent consultant since 2007.

Mr. Norred joins the Company with over 32 years of resource planning and estimating, mine planning, open pit mine design, software development, computerized geological database management and related projects, most recently as President of Techbase International. He has designed, developed and served as an expert user of major software packages for the minerals industry.  He founded Techbase International in 1982, and for the last 29 years has been providing professional services and software to the minerals industry, including modeling and mine planning capabilities to the Company.

For the previous three years Mr. Norred has been personally dedicated to the Comstock Mine Project. During this time he led the project for developing a global resource estimate of The Comstock District by coordinating, analyzing, and developing an unprecedented amount of historical and current data on the Comstock.  As the Company consolidated the Comstock District by acquiring additional properties and mines, Mr. Norred continually updated and integrated the Company’s global resource model.

Comstock Mining’s CEO, Corrado De Gasperis stated, "We continue fortifying the strength of our team by adding committed, highly qualified experts.  Mike’s commitment not only adds world leading mine engineering and geostatistical modeling to our competency base, he also brings a tremendous knowledge of the Comstock.  Mike has been an integral member of our Comstock team, and we are delighted that he has chosen to join us full time and move to Nevada as we gear up for production.”

Mr. Norred is a graduate of the Colorado School of Mines in 1978, where he earned a B.S. in Mining Engineering and a minor in Mineral Economics.  Mr. Norred is a registered member of the Society of Mining Engineers of AIME, and a member of the International Association for Mathematical Geology.  He is a Member and former Membership Chairman of the Colorado School of Mines Alumni Association, and was honored as the Colorado School of Mines Young Alumnus of the Year in 1987.

 

 
Monday, Apr 11, 2011
East-Side Drill Program Completed, Yields High Grade

Significant Mineralization found in 12 of 12 Initial Holes

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

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

 

PressRelease_EastSideDrilling_600

East Side Phase I Drill Program

 

 
Thursday, Mar 31, 2011
COMSTOCK MINING ANNOUNCES 2010 RESULTS

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

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

North America:                  (877) 640-5745   PIN 8375460

Others:                               (416) 850-2060   PIN 8375460

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

 

2010 Full Year Results

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

 

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

 

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

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

PressRelease_DaytonDrilling_Final_600

Dayton Phase I Drill Locations
 
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