Slide 1: Annual Meeting of Shareholders Introduction & Welcome
Annual Meeting of Shareholders Introduction & Welcome June 23, 2011 Annual Meeng of Shareholders Introducon & Welcome June 23, 2011 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation has been prepared for introductory informational purposes only. This presentation is being made available on a confidential basis to a limited number of qualified recipients. This presentation may not be used for any other purpose. Any reproduction or dis
Slide 3: Comstock Mining Meeting Agenda
Comstock Mining Meeng Agenda Welcome to the Comstock Lode District 8:00 – 9:00 AM Check-in & Breakfast Buffet 9:30 – 10:15 AM Introducon & Company Overview – Hotel Great Room 10:30 – 11:30 AM Board Trolley and Mine Tour, Head Down the Lode 11:00 – 12:00 PM Operaons & Producon Exploraon & Resource Co
Slide 4: 2010 Achievements
2010 Achievements § Established a goal of 3.25 million g/e ounces and producon § Executed Reverse Stock Split (200 – 1) § Completed Consolidaon of Land Posion – almost 6,100 acres of connuous, mineralized trend § Reorganized Management & Built a Producon Ready Team – development, operaonal, regulato
Slide 5: Our Focus
Our Focus 5
Slide 6: Our Near-Term Goal
Our Near-Term Goal Safely commence Creating commercial mining and processing operaons in tremendous 2011 with annual producon rates of 20,000 near-term gold equivalent ounces and validate qualified resources value (at least measured and indicated) and reserves of 3.25 million gold equivalent ounces
Slide 7: Team-based Incentives
Team-based Incenves Dual Trigger for all intermediate objecves – 20%-1.0MM*g/e ounces and first gold pour No Annual Bonuses or – 20% - 1.5MM*g/e ounces and Guaranteed Payments produce 15,000 g/e oz.per No Individual Targets annum Team-based Profit Sharing – 20% - 2.0MM* g/e oz. per and from Generate
Slide 8: Management Team
Management Team Core Team Competencies & Experience Corrado De Gasperis § Chief Execuve Officer, President and Principal Financial Officer of Comstock Mining since April 2010 § Over 23 years of experience in manufacturing, metals and mining operaonal and financial management, construcon project mana
Slide 9: Board of Directors
Board of Directors Board of Competencies & Experience Directors John V. §Lead Investor, Chairman-elect, Comstock Mining Inc. Winfield §Chairman-of-the-Board, President and CEO if InterGroup Corporaon Inc. and Co.’s Extensive experience as CEO of public companies; an entrepreneur, investor and financ
Slide 10: World Class Advisory and Services Group
World Class Advisory and Services Group MINERAL INDUSTRY ADVISORS FINANCIAL SERVICES Kenneth D. Moelis, Founder and CEO Behre Dolbear, Mineral Industry Advisors Mark W. Henkels, Managing Director, Metals and Mining GEOSTATISTICAL MODELING AUDITING AND ACCOUNTING TECHBase International, Ltd. Terry Ne
Slide 11: Comstock Lode District: Underexplored, Production Ready
COMSTOCK LODE DISTRICT Underexplored, Producon Ready 11
Slide 12: The Historic Comstock District
The Historic Comstock District § World Class Historic Mineral District – Produced 8.2 million ounces of gold and 192 million ounces of silver – 33 bonanza discoveries in the 1800’s § Under-explored gold and silver district in terms of modern exploraon § Highly fragmented land posions, locally mined
Slide 13: 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 5,600,000 560,000
Slide 14: Two Near-Term Gold Projects
Two Near-Term Gold Projects Lucerne Resource Area Dayton Resource Area 1.2 million g/e oz. 0.2 million g/e oz. – 2011 Starter Mine 4+ years – Near surface <230 – Near surface, <500 – Oxide ores – Oxide ores – Low Strip rao – Low Strip rao – Persistent, high grades – Persistent, high grades – Open on
Slide 15: Lucerne Resource Starter Mine
Lucerne Resource Starter Mine The East-Side Phase I drilling program was completed during February and March 2011, using three reverse circulaon (RC) drilling rigs. A total of 27 RC holes were drilled, totaling 19,740 feet. The East-Side Phase I program was designed to follow up on the “beer than ex
Slide 16: Concentrated Known High Grades
Concentrated Known High Grades High-grade discoveries accelerating as we step-out 16
Slide 17: Dayton Resource Area
Dayton Resource Area The Dayton phase one drilling program: – completed between December 2010 and February 2011 – Total of 42 RC holes were drilled, totaling 19,476 feet – Designed as north, middle, and south east-west “drill fences”, or rows of drill holes, spaced approx 750 feet apart – Goals to c
Slide 18: American Flats - Permits in Place
American Flats - Permits in Place Required Regulatory and Environmental Permits Are Secured – Water Polluon Control Permit (Nevada Division of Environmental Protecon (NDEP)) – Mine Reclamaon Permit (Financial Assurance) – Air Quality Control Permit (NDEP) – Storm Water (Drainage) Permit (NDEP) – Wat
Slide 19: 2011 Achievements and Objectives
2011 Achievements and Objecves Lucern Project Q1 Q2 Q3/Q4 Updated drill results – East-side Phase I Completed Dayton Phase I Drill Program Connue East-Side Phase II Drill Program NYSE AMEX lisng “LODE” Mercury Permit East side, Dayton Drilling Updated Updated NI 43-101 Report Air Quality Permit Comm
Slide 20: 2011-2012 Use of Proceeds
2011-2012 Use of Proceeds Use of Proceeds October March 31, (U.S. Dollars in millions) 2010 2011 $ 35.75 Mobile Mine Equipment 2.50 -- Leach Pad Expansion 2.50 -- Crushing Plant & Lab Refurbishment 3.00 0.17 Capital Items Related to Comstock Mining Production $ 8.00 0.17 Production Start-Up 4.00 --
Slide 21: Expanding Investor Base
Expanding Investor Base § Expanded instuonal investor base § Listed on NYSE AMEX; further expanding the base § Planned TSX lisng for Q3 2011 § Retained Terre Partners for investor relaons § Ancipang Expanded Research Coverage – Sean Weiss, Weiss Research (exisng) – Roger Wiegand, Trader Tracks (exis
Slide 22: Investment Highlights
Investment Highlights § Nevada's historically richest mining district and underexplored by modern methods § Low risk jurisdicon § 6,099 acres of connuous mineralized trend § Permied, producon-ready § Near term gold producon and cash flow § Robust development pipeline of high grade mul-ounce gold and
Slide 23: The Five M's for Gold Miners
The Five M’s for Gold Miners Management Mine Lifecycle Market Cap Money (Burn Rate) Minerals 23
Slide 24: Relative Valuations
Relave Valuaons § Strong management team with development, operaonal, regulatory and financial experience § Control substanally all of Nevada’s historically richest mining district and underexplored by modern methods – 30+ Years of Projected Mine Life § NYSE Amex, stable, liquid valuaon, near term u
Slide 25: Poised for Production Revaluation
Poised for Producon Revaluaon 25
Slide 26: Annual Meeting of Shareholders
Annual Meeting of Shareholders June 23, 2011