Comstock Assays 121.99 g/t Gold and 178.08 g/t Silver Over Five Feet

May 24, 2011

Comstock Mining (OTCBB: LODE) has returned some massively high-grade drill results from its recent drill program, including 121.99 g/t gold and 178.08 g/t silver over five feet, which was found within a 30 foot intercept averaging 43.05 g/t gold and 72.4 g/t silver.  Significant mineralization was found in this East Side drill program, highlights of which included:

  • Drill hole E11-24 returned 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).

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Comstock Mining Announces Shareholders Meeting

May 20, 2011

Comstock Mining (OTCBB: LODE) 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

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Comstock Mining Announces First Quarter 2011 Results

May 17, 2011

Comstock Mining (OTCBB: LODE) has released unaudited financial results for the quarter ended March 31, 2011 and will host a related conference call today at 2:00pm EST / 11:00am PST.  The dial-in telephone numbers for the conference call are as follows:

North America Toll Free: 866-544-4625

Canada Local / Other International: 416-849-2726

Q1 2011 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.

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Comstock Mining Announces Q1 – 2011 Conference Call – Set for May 17, 2011 at 2pm Eastern

May 11, 2011

In a press release out this morning, Comstock Mining (OTCBB: LODE) announced that the Company 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. For those that have yet to get up to speed on the Comstock story, we have included below a link to a Travel Digest written by Andrew Hoffman of Torrey Hills which really brings this historic and highly prospective Nevada gold/silver zone to life.

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 and Canada Local/International: 416-849-2726

The audio will be available following the call, and for 30 days thereafter, at, in the Investors section.

Reader Recommendations: Comstock Mining and Scorpio Gold

May 2, 2011

In each issue of Toby Hansen’s Heavy Metal Investor, there is a section where readers can recommend stocks that they like.  In the April issue, two of our client companies were recommended, Comstock Mining (OTCBB: LODE) and Scorpio Gold (OTC Other: SRCRF; TSX-V: SGN).  Below are excerpts from these reader recommendations, additional information for which is available by clicking the below.

Comstock Mining Adds Management in Anticipation of Production

April 18, 2011

Comstock Mining (OTCBB: LODE) has added two senior operating managers, Clifford Nelson and Edouard Zoutomou, to the Company’s management team, effective today.

Mr. Nelson joins the Company as Vice President of Operations bringing with him more than 30 years of operations management and metallurgical experience, most recently with Golden Predator as VP of Operations. 

Mr. Zoutomou joins the Company as Metallurgical Processor Manager, bringing with him more than 30 years of 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.

According to Corrado De Gasperis, CEO of Comstock, “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.”

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Comstock Finds Significant Mineralization in 12 of 12 Initial Holes

April 11, 2011

Comstock Mining (OTCBB: LODE) has completed Phase I drilling of the East target of its Lucerne resource area, which totaled 19,774 feet across 27 holes.  Assays have been returned from 12 reverse circulation holes, all showing significant mineralization, including 5.17 g/t gold across 25.91 metres and 4.76 g/t gold across 27.43 metres, including 35.62 g/t gold across 1.52 metres. 

According to Larry Martin, the Company’s Chief Geologist,”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.”

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