SOURCE: Comstock Mining Inc.

Comstock Mining Inc.

March 03, 2015 08:01 ET

Comstock Mining Bolsters Senior Mining and Environmental Team

Enabling and Continuing its Cost Savings Targets for 2015

VIRGINIA CITY, NV--(Marketwired - March 03, 2015) - Comstock Mining Inc. (the "Company") (NYSE MKT: LODE) today announced four management advances. Mr. R. Kenneth ("Ken") Joy has been promoted to Director of Mining and Mine Development. Mr. Joy has worked for the Company since 2012, and served most recently as Director of Strategic Project Management, responsible for all mining, mine and site development and construction, and brings over 12 years of experience in heavy industry and commercial civil engineering, above and underground utility and earthwork construction, permitting and complex project and multi-project construction, including projects for the United States Forest Service. Mr. Joy holds a Bachelor of Science Degree in Civil Engineering from the University of Nevada, Reno.

The Company also announced that Ms. Alissa Sanchez joined the Company as Director, Permitting and Compliance. Ms. Sanchez brings over 15 years of technical and operational experience, including most aspects of permit acquisition, compliance and monitoring. She also specializes in Nevada-based state and federal permitting, including the National Environmental Protection Act (NEPA). Ms. Sanchez has managed large scale baseline monitoring and mitigation projects, and developed and managed ambient air quality monitoring programs and is considered an expert in air quality research and analysis. She joins Ms. Rachel Yelderman, the Company's Director of Environmental Affairs, to lead the Company into its next phases of expansions, while continuing to establish new standards in environmental reclamation and restoration.

Ms. Sanchez holds a Bachelor of Science Degree in Chemistry from Northland College, Ashland, Wisconsin and a Master of Science Degree in Atmospheric Science with an emphasis in Chemistry from University of Nevada, Reno.

"As our mine and geology expansions begin to proliferate and as we accelerate the development of specific underground opportunities, Ken and Alissa not only provide outstanding competencies, but their dedication to safe, responsible development and strong interdependent teamwork, combined with our existing professionals, provides us with the needed, higher level of technical and operational capacity," stated Corrado DeGasperis, President & CEO Of Comstock Mining Inc.

During 2014, the Company further enhanced the team with two outstanding engineers. Mr. Timothy George, as its Senior Mine Engineer, bringing nearly 10 years of experience in mine design, modeling and optimization and Mr. Robert Tracy, Mine Engineer, with experience in mine design, both surface and underground, production scheduling and grade control. Both Mr. George and Mr. Tracy hold Bachelor of Science Degrees in Mining Engineering, from the University of Arizona.

Mr. Troy Hawkins has also joined the team, as its Mine Superintendent. Mr. Hawkins has over 20 years experience in mining, mobile maintenance, and supervision of the safe and efficient operation of heavy equipment. A veteran of the Comstock Mine, Mr. Hawkins has led major mine teams for Allied Nevada Gold and Coeur Rochester, among others, and received the 2014 Nevada Mining Association Middle Management Safety Award.

"The high level of technical competency, energy, and passion for the Comstock makes this team, in my opinion, one of the best in Nevada, especially in terms of the conscientious environmental precedents, achievements and quality standards that they have and continue to establish for us. This positions us to deliver our cost savings objectives by eliminating high-cost, third-party advisors, and drive our own development and permitting projects, including recently exposed high grade underground targets." concluded Mr. De Gasperis.

The Company also previously announced that Judd Merrill was promoted to Chief Financial Officer. Mr. Merrill joined the Company in 2011, and previously worked at Fronteer Gold Inc. and Newmont Mining Corp., both in Nevada, and Deloitte & Touche LLP. The Company remains on track to reduce mining and processing costs to less than $18 million per annum, a more than $5 million reduction over fiscal year 2014. The Company has also identified $1.5 million of potential cost reductions in all other non-mining activities, including general, administrative and environmental areas.

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, development 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, and significantly grow the commercial development of our operations through coordinated, district wide plans that are economically feasible and socially responsible.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Comstock. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities; and environmental compliance and changes in the regulatory environment.

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 discussed in Item 1A, "Risk Factors" of our annual report on Form 10-K. 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.

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