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Last updated on April 25, 2014 at 5:51 EDT

Comstock Mining Receives Formal Cure From BLM

July 9, 2012

VIRGINIA CITY, Nev., July 9, 2012 /PRNewswire/ — Comstock Mining Inc. (the “Company” or “Comstock”) (NYSE Amex: LODE) announced it has received confirmation from the Carson City District Field Office of the Bureau of Land Management (BLM) that the issues in the Notice of Trespass (the “Notice”) dated June 6th has officially been resolved–and that all conditions included in the Notice having been fully satisfied.

The Company had previously announced that it has taken the necessary actions to respond to and correct the alleged infractions identified by the BLM that prompted the May 21st notice requiring the Company to cease using certain lands deemed public by the BLM.

“We are working to establish an exemplary public-private collaboration in Nevada,” stated Corrado De Gasperis, Comstock’s President and CEO. “While we do not necessarily agree on all of the agency’s conclusions, we are working through each one constructively and effectively with the BLM to achieve proper and productive use of our properties.” Mr. De Gasperis continued; “we thank the BLM for their diligence and assistance in helping Comstock work through the Notice to get it resolved.”

The Company has also received a new Right of Way grant. This Right of Way provides an alternative route for the transportation of materials from our mine to our processing facilities. We are currently working with the BLM to process an additional Right of Way grant that will ultimately enhance the efficiency of our operations.

Comstock remains on schedule to complete construction of its new crusher facility and the expansion of its Merrill Crowe processing facilities in July. Upon completion, these facilities will be tested and commissioned. The Company will then commence crushing, stacking, leaching and recovering the contained precious metals through the Merrill Crowe zinc precipitation process. “We remain on track for our first pour this summer,” stated Mr. De Gasperis, “We are currently hiring our remaining processing staff, raising our employment to over 100 people. We are very much looking forward to commissioning the new Crushing and Merrill Crowe facilities and fast becoming Nevada’s newest gold and silver miner.”

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 in 2013, and commencing commercial mining and processing operations with annual production rates of 20,000 gold equivalent ounces.

Forward-Looking Statements

This press release and any related calls or discussions may contain forward-looking statements. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of and demand for our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature, timing and accounting for restructuring charges, gains or losses on debt extinguishment, derivative liabilities and the impact thereof; productivity, business process, rationalization, restructuring, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our SEC filings and the following: the current global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources and reserves; operational or technical difficulties in connection with exploration or mining activities; contests over our title to properties; potential dilution to our stockholders from our recapitalization and balance sheet restructuring activities; potential inability to continue to comply with government regulations; adoption of or changes in legislation or regulations adversely affecting our businesses; business opportunities that may be presented to or pursued by us; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to unexpected equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, copper, diesel fuel, and electricity); changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies and equipment raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.

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
                                                               info@comstockmining.com

http://www.comstockmining.com

                                 Doug McQuide                                                       Kimberly Shipley
                        Director of External Relations                                             Investor Relations
                              Tel (775) 847-7376                                                   Tel (775) 847-0545
                          mcquide@comstockmining.com                                           shipley@comstockmining.com

SOURCE Comstock Mining Inc.


Source: PR Newswire