August 3, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Comstock Mining Inc. (OTCBB: LODE) said it has entered into two separate exploration licenses in July, both with definitive options to purchase patented and unpatented mining claims and patented town site lots totaling over 100 acres, in the Devils Gate and Chinatown Mining District, Lyon County, Nevada.

According to Comstock, the properties contain “significant historical resources” and rank as one of the company's top exploration and potential mine production targets, second only to Comstock’s Lucerne Resource Area.

On July 1, Comstock obtained an exclusive 180-day exploration license with option to purchase four patented lode claims totaling 95 acres known as the Dayton property.

Dayton is contiguous with the company's Spring Valley Dondero holdings.

Under the purchase option, the price for the property is $3 million plus a 3% Net Smelter Return . The company said it will receive credit for the full purchase price through a reduction in the NSR by 75% until such time as the full purchase price has been credited back.

Comstock said that the purchase price will be paid through an initial payment of $500,000, with the balance payable in 20 equal, quarterly installments of $125,000, with no interest.

On July 21 2010, Comstock obtained an exclusive 180-day option to acquire one patented lode claim and two unpatented lode claims, adjoining and consolidating the Dayton property as shown on the attached map. The agreement allows the company to acquire these mineral claims for $100,000 plus a 2% NSR at any time during the option period.

The Dayton property is in the south end of the Comstock Lode, and yielded a total of around 79,000 gold equivalent ounces between 1870 and 1940 from underground workings that extend to depths of about 800 feet.

Comstock said that subsequent drilling during the late 1970's and early 1990's peripheral to the old workings outlined a drill-indicated resource of 2.5 million tons, grading 0.05 ounces per ton gold and 0.33 ounces per ton silver. Nevada-based Comstock Mining is a North American precious metals mining company, focused in Nevada, with contiguous property in the Comstock Lode District. The company began acquiring properties in the Comstock in 2003.

The goal of Comstock’s strategic plan is to validate qualified resources and reserves (probable and proven) of 3.25 million gold equivalent ounces by 2013, and begin commercial mining and processing operations by early 2011, with annual production rates of 20,000 gold equivalent ounces.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://investrend.stocksmart.com/ss/html/hpcompany.html). Current valuation analysis research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://www.valuengine.com/rep/searchsrep?pid=42&srchfor=).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public other companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation from subject entities, companies, equities, or representatives thereof, for its news, opinions or distributions. Further disclosure is posted at the FinancialWire(tm) website (at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Copyright © MMX, FinancialWire(tm); All rights reserved.

[hlmsmlh] [mnngmrls] [mrgrsacqstns] [bsnnssb] [dvcmntnmc] [ftrdnwswnd]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.