News Column

Comstock Mining Announces Improved, Lower Cost Revolving Credit Facility

February 18, 2014



ENP Newswire - 18 February 2014

Release date- 14022014 - Virginia City, NV - Comstock Mining Inc. (NYSE MKT: LODE) announced today that it has entered into a new, lower cost $5 million revolving credit facility with Auramet International, LLC, pursuant to which the Company may borrow up to $5 million outstanding at any one time.

The proceeds of the Revolving Credit Facility will be used for working capital, including production ramp up and preparations for expansion of the Lucerne Mine, including targeted drilling on the east side of the Lucerne resource area.

'This financing is consistent with our business plans as we accelerate our mining plan in Lucerne West and prepare for expansion and development drilling of Lucerne East. It is gratifying that our progress to date results in more efficient, flexible capital resources for growing our company and its resource base,' stated Corrado De Gasperis, President & CEO of the Company.

On February 12, 2014, the Company drew down $4.6 million dollars. The Revolving Credit Facility will be repaid through 14 semimonthly cash payments of $357,143 beginning August 8, 2014, and ending February 6, 2015.

'This new facility reflects Comstock's established production and encouraging growth profile. Auramet is very pleased with the evolution of this business relationship, and the efficient growth that this facility enables,' stated James V. Verraster, III, President and CEO of Auramet.

About Comstock Mining Inc.

Comstock Mining Inc. is a producing, 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 commenced production in 2012. The Company continues acquiring additional properties in the district, expanding its footprint and creating opportunities for further exploration and mining.

The near term goal of our business plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (proven and probable) of at least 3,250,000 gold equivalent ounces from our first two resource areas, Lucerne and Dayton, achieve initial commercial mining and processing operations in the Lucerne Mine with annual production rates of approximately 20,000 gold equivalent ounces and significantly grow production through the commercial development and expansions of both the Lucerne and Dayton Mine plans.

Contact:

Comstock Mining Inc.

Corrado De Gasperis

President & CEO

Tel: (775) 847-4755

Kimberly Shipley

Manager

Investor Relations

Tel: (775) 847-0545


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Source: ENP Newswire


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