Comstock Mining Announces $8.75 million Public Offering of Common Stock

Aug 26, 2013, 08:48 ET from Comstock Mining Inc.

VIRGINIA CITY, Nev., Aug. 26, 2013 /PRNewswire/ -- Comstock Mining Inc. (the "Company") (NYSE MKT: LODE) announced today that it has priced its previously announced public offering of 4,146,920 shares of common stock at a price of $2.11 per share.  The offering is expected to close on August 29, 2013.

The net proceeds to the Company from the offering will be approximately $8.6 million, after deducting placement agent fees and estimated offering expenses. The Company intends to use $3 million of the net proceeds from this offering for expansion of the heap leach pad, supporting near term production growth.  We also intend to use the remaining proceeds for the purchase of lands supporting our current, district-wide expansion planning and for general corporate purposes.

The offering is being made pursuant to the Company's effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission ("SEC").  A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus may be obtained by contacting: International Assets Advisory, LLC, 300 South Orange Ave. #1100, Orlando, FL  32801, (407) 254-1500 or (866) 500-8444.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company's common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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 information for Comstock Mining Inc.:

PO Box 1118

Virginia City, NV  89440

Corrado De Gasperis

Kimberly Shipley

President & CEO

Manager of Investor Relations

Tel (775) 847-4755

Tel (775) 847-0545

SOURCE Comstock Mining Inc.