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Comstock Mining Inc. (LODE)

A Nevada-based precious metals mining company with extensive, contiguous property, Comstock Mining Inc. has 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. In addition to capitalizing on its current portfolio, the company continues to pursue additional properties in the district.

Comstock Mining has carefully organized a management team committed to governance, effectiveness and transparency. The senior team retains exceptional geological, geo-statistical, engineering, regulatory, environmental, financial and operating competencies that are being leveraged to exploit the company’s full potential. The company has also strengthened its operations through agreements and relationships with their closest trading partners.

Recently, Comstock Mining announced that it raised $35.75 million of new equity, exchanging all previously defaulted senior secured debt and related obligations for new equity. The funding enabled the company to secure exclusive rights of production and exploration concerning extensive mining properties integral to the company’s nearly 6,000-acre land position. This builds on the success of the recent NI 43-101 technical report which validated the company’s total measured, indicated, inferred, and historic resources of over 1.6 million gold equivalent ounces.

As stated by CEO Corrado De Gasperis, securing these rights in a long-term and safely capitalized manner completes the consolidation of the Comstock Lode District and enables tremendous exploration potential. Comstock Mining is well on its way to reaching its objective of validating qualified resources and reserves (probable and proven) of 3,250,000 gold equivalent ounces by 2013, and commencing commercial mining and processing operations next year, with annual production rates of 20,000 gold equivalent ounces.

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Thursday, October 28th, 2010 Uncategorized