Comstock Inc. · AMEX:LODE
Comstock — Comstock Mining — 24th Annual ROTH Conference 2012
27 slides from Comstock's conference presentation, Mar 14, 2012
Slide 1: Company Overview - 24th Annual ROTH Conference
1 Company Overview NYSE Amex: LODE 24th Annual ROTH Conference March 11 - 14, 2012
Slide 2: Forward Looking Statements
2 Forward Looking Statements This presentation includes certain “ forward - looking statements ” or “ forward - looking information ” . All statements other than those of historical fact, included in this presentation are forward - looking statements that involve risks and uncertainties. The words “
Slide 3: Why Comstock?
3 Why Comstock? ▪ Nevada ’ s historically prominent GOLD AND SILVER mining district ▪ Consolidated 6,099 acres of contiguous mineralized trend (almost 6 miles) ▪ Validated almost 3 million gold equivalent ounces TO DATE – Still vastly underexplored by modern methods – Significant near term upside in
Slide 4: Company Snapshot
4 Company Snapshot COMPANY OVERVIEW Company: Comstock Mining Inc. Current Quotation: NYSE Amex: LODE Headquarters: Gold Hill, NV VALUATION Current Share Price (1/27/12) $2.06 52 Week High $3.99 52 Week Low $1.56 Market Cap (mm) - Basic $62.2 Market Cap (mm) – Fully Diluted $192.3 Common Shares Outst
Slide 5: Consolidated Entire Comstock District
5 Consolidated Entire Comstock District ▪ World Class, Epithermal, Bonanza Grade District ▪ Produced 8.2 million oz. of gold & 192 million oz. of silver – 33 bonanza discoveries – 1800 ’ s ▪ Highly fragmented land positions – Over 400 companies (130 publicly traded) working in the Comstock in the 18
Slide 6: Epithermal, High-Grade District
6 Epithermal, High - Grade District “ The author believes the Comstock Mine Project represents a well - explored, epithermal, precious metal deposit within a world - class mining district…. The geology of the project area is well described and understood…. The density of geologic data is high, and t
Slide 7: Mineral Resource Growth and Estimate
7 - 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 GOAL Dec-13 Sep-11 Aug-10 May-10 3,250,000 1,780,000 1,060,000 770,000 1,500,000 990,000 380,000 147,000 250,000 200,000 190,000 108,000 Measured and Indicated Inferred Historical Reported Mineral R
Slide 8: Validating Substantial Resources
8 Validating Substantial Resources “ The author believes that further drilling outside the currently drilled area is likely to result in developing substantial additional resources. ” (Behre Dolbear, September 2011)
Slide 9: Lucerne Resource Area
9 9 Lucerne Resource Area 1.27 million Gold ounces (M&I) 12.59 million Silver ounces (M&I) – Additional .68 million Gold ounces & 4.9 million Silver ounces Inferred – 2012 Lucerne Mine 5+ years – Near surface, Oxide ores – Low Strip ratio – Persistent, high grades – Open on East and Northern borders
Slide 10: Dayton Resource Area
10 10 Dayton Resource Area 0.24 million Gold ounces (M&I) 1.77 million Silver ounces (M&I) – Additional .21 million Gold ounces & 1.13 million Silver ounces Inferred – Near surface, Oxide ores – Low Strip ratio – Persistent, high grades – Open on west, south and northern borders and at depth Dayton
Slide 11: Untapped Opportunities
11 Untapped Opportunities High potential exploration areas with cost efficient production anticipated – Spring 2010 drill program reported mineralization in 49 of 51 holes – Dayton program reported mineralization on 63 of 64 holes – East - Side program reported mineralization on all 40 holes Histori
Slide 12: Epithermal, High-Grade District
12 Epithermal, High - Grade District “ The author believes the Comstock Mine Project represents a well - explored, epithermal, precious metal deposit within a world - class mining district…. The geology of the project area is well described and understood…. The density of geologic data is high, and
Slide 13: Production
13 PRODUCTION
Slide 14: Stages of Modeling
14 Stages of Modeling Interpretation Digitization Block Model 10 ’ x10 ’ x10 ’
Slide 15: American Flat - Permits in Place
15 American Flat - 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 o
Slide 16: Production Commencing in 2012
16 Production Commencing in 2012 12,000 30,000 30,000 75,000 200,000 50,000 70,000 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 2012 2013 2014 2015 2016 Lucerne Dayton Lucerne Mine ▪ 2012 run rate at 20,000 gold equivalent ounces ▪ Growth projected to 100,000 gold eq
Slide 17: Annual Operating Cost Summary
17 Annual Operating Cost Summary $/year (000 ’ s) Production Definition Drilling 200 Drill & Blast 1,550 Load & Haul 1,200 Roads & Dumps 325 Mining Labor 475 Sub Total Mining $3,750 Power 300 Process Mobile Equipment 300 Process Operating & Maintenance Labor 1,950 Process Mechanical Maintenance & Su
Slide 18: Merrill Crowe Expansion
COMSTOCK winnc in Merrill Crowe Expansion
Slide 19: Heap Leach Expansion
LL i. Heap Leach Expansion a)
Slide 20: Key 2012 Objectives
20 Exploration - Lucerne Exploration - Dayton Exploration – Spring Valley Lucerne Economic Feasibility Updated 43 - 101 Resource Key 2012 Objectives Projects Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Deliver Mobile Equipment Pond Construction/Solution Process Air Quality Permit Merrill Crowe E
Slide 21: Corporate
21 CORPORATE
Slide 22: Board of Directors
22 Board of Directors Board of Directors Competencies & Experience John V. Winfield ▪ Lead Investor, Chairman - of - the - Board of Comstock Mining Inc. ▪ Chairman - of - the - Board, President and CEO of InterGroup Corporation Inc., Extensive experience as CEO of public companies; an entrepreneur,
Slide 23: Strong Production-Focused Management Team
23 Strong Production - Focused Mgmt Team Core Team Competencies & Experience Corrado De Gasperis ▪ Chief Executive Officer and President of Comstock Mining since April 2010, Director since June 2011 ▪ Over 23 years of experience in manufacturing, metals and mining operational and financial managemen
Slide 24: Professional Service Providers and Advisors
24 LEGAL SERVICES M. Ridgway Barker III, Partner, and Chair of the Corporate Finance and Securities Practice Group INSURANCE SERVICES Nick Conca , Managing Principal Professional Partners AUDITING AND ACCOUNTING Terry Neil, Head of North American Mining Practice DRILLING SERVICES Todd Delong Winnemu
Slide 25: Capital Structure
25 Capital Structure (1) The recapitalization transactions concluded on October 20, 2010 including debt - for - equity exchange, new equity raise and is suance of 862.5 Series A - 1 preferred shares to Northern Comstock LLC. (2) The debt that remained after the debt - for - equity exchange was indeb
Slide 26: Outstanding Valuation Growth
26 Outstanding Valuation Growth ▪ Nevada ’ s historically prominent GOLD AND SILVER mining district ▪ Consolidated 6,099 acres of contiguous mineralized trend (almost 6 miles) ▪ Validated almost 3 million gold equivalent ounces TO DATE – Still vastly underexplored by modern methods – Significant nea
Slide 27: 1200 American Flat Rd PO Box 1118 Virginia City, NV 89440 775 -
27 1200 American Flat Rd PO Box 1118 Virginia City, NV 89440 775 - 847 - 5272 Main 775 - 847 - 4755 Investors 7 800 - 750 - 5740 info@comstockmining.com 8 www.comstockmining.com NYSE Amex: LODE March 2012