Slide 1: Business Update September 7, 2011
Business Update September 7, 2011 1
Slide 2: Our Goal
Our Goal Safely commence commercial mining and processing operations in 2011 with annual production rates of 20,000 gold equivalent ounces and validate qualified resources (at least measured and indicated) and reserves of 3.25 million gold equivalent ounces by 2013. 2
Slide 3: The Dayton Resource Area / Lucerne Resource Area
MZ) Comstock ww The Dayton Resource Area Lucerne Resource Area
Slide 4: Two Significant Mine Projects
Two Significant Mine Projects Lucerne Resource Area Dayton Resource Area 1.2 million Au ‐ eq. oz. (Aug. 2010) 0.2 million Au ‐ eq. oz. (Aug. 2010) Near surface, <500 ft. Near surface <230 ft. Oxide ores Oxide ores Low Strip ratio Low Strip ratio Persistent, high grades Persistent, high grades Open o
Slide 5: 2011 Achievements and Objectives
2011 Achievements and Objectives Lucerne & Dayton Projects Q1 Q2 Q3 Q4 Updated drill results – East ‐ side Phase I Completed Dayton Phase I Drill Program NYSE AMEX listing “LODE” Completed Dayton Phase II Drill Program Mercury Permit (Newly Required) Special Use Permit ‐ Exploration Drilling ‐ Store
Slide 6: Starter Mine Ready
Starter Mine Ready Starter Mine ready for production Heap Leach Expansion Design complete Rolling stock, Crusher and Merrill Crowe expansion scheduled for delivery Construction and Pre ‐ Production activities will commence with Air Quality Permit issuance 6
Slide 7: Process Area at American Flat
Process Area at American Flat Occidental Area Dayton Resource Area 7
Slide 8: Permitting Update
PERMITTING UPDATE Supports Starter Mine and Expanded Exploration 8
Slide 9: American Flats - Permits in Place
American Flats ‐ Permits in Place Required Regulatory and Environmental Permits Are Secured – Water Pollution Control Permit (Nevada Division of Environmental Protection (NDEP)) – Mine Reclamation Permit (Financial Assurance) – Storm Water (Drainage) Permit (NDEP) – Water Rights (Nevada Division of
Slide 10: Comstock Mining Land Holdings
Comstock Mining Land Holdings 10
Slide 11: State Mine Reclamation Permit - Project Boundary
State Mine Reclamation Permit ‐ Project Boundary 11
Slide 12: Existing Mine and Process Operations Permit Area
Existing Mine and Process Operations Permit Area 2000 ‐ 222 12
Slide 13: Storey County SUP Exploration Area
Storey County SUP Exploration Area 2000 ‐ 222 2011 ‐ 016 13
Slide 14: Storey County SUP - Exploration Drilling
Storey County SUP – Exploration Drilling Other Major Stipulations Complete Mercury Soil Testing (before new disturbances) Complete Certain Environmental Studies – Biological (Botany & Wildlife) – Cultural & Archeological Strict Reclamation Procedures Accelerated Reclamation within 500 feet of reside
Slide 15: Committed Mercury Testing
Committed Mercury Testing 15
Slide 16: Exploration Update
EXPLORATION UPDATE Most Productive Drilling Program in Company’s History 16
Slide 17: Reported Mineral Resource
Reported Mineral Resource Result of Behre Dolbear Average Grade Contained Ounces 66.03 (1) NI 43 ‐ 101 report – August 2010 Tons Au Ag Au Ag Au Eq Oz (000’s) (oz/ton) (oz/ton) (ounces) (ounces) Measured 13,430 0.032 0.372 425,000 4,990,000 500,000 Indicated 18,080 0.026 0.310 474,000 5,600,000 560,0
Slide 18: Concentrated Known High Grades
Concentrated Known High Grades High-grade discoveries increased as we followed the Geological Model 18
Slide 19: Dayton Resource Area
Dayton Resource Area The Dayton Phase 2 Drilling Program: Completed between April 2011 and June 2011 20 RC holes were drilled, totaling 8,170 feet (total of 62 RC holes, 27,646 feet) and 2 core holes totaling 1,106 feet All 22 holes encountered intervals of significant mineralization (gold grades gr
Slide 20: Early 2012 Value Drivers
Early 2012 Value Drivers Lucerne & Dayton Projects Q1 ‐ 12 Q2 ‐ 12 Q3 ‐ 12 Q4 ‐ 12 Commence Dayton Phase III (In ‐ Fill) Drilling Commence Lucerne Phase II East ‐ Side Drilling Lucerne Starter Mine – First Pour Increase Lucerne Starter Mine Permit Capacity Complete Dayton Phase III (In ‐ Fill) Drill
Slide 21: CORPORATE UPDATE 21
CORPORATE UPDATE 21
Slide 22: Strong Production-Focused Mgmt Team
Strong Production ‐ Focused Mgmt Team Core Team Competencies & Experience Corrado De Gasperis Chief Executive Officer, President and Principal Financial Officer of Comstock Mining since April 2010 Over 23 years of experience in manufacturing, metals and mining operational and financial management, c
Slide 23: Property Acquisition
Property Acquisition Office Area - EXISTING
Slide 24: Potential Office Area Design
Potential Office Area Design 24
Slide 25: Expanding Investor Base
Expanding Investor Base Presenting at Rodman & Renshaw Institutional Investment Conference (September 11 ‐ 13) Expanded institutional investor base Listed on NYSE Amex; further expanding the base Retained Terre Partners for investor relations Expanded Research Coverage – Sean Weiss, Weiss Research –
Slide 26: Contact details
1200 American Flat Rd ℡ 775-847-5272 Main | info@comstockmining .com PO Box 1118 ℡ 775-847-4755 Investors _ www.comstockmining .com Virginia City, NV 89440 800-750-5740 September 7, 2011 26