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Update on 3 Million Gallon Pond
From the video appears lining is nearly completed.
http://www.comstockmining.com/plant-process-area
COMANCO Crew Begins Lining Pond Virginia City, Nevada
http://blog.comanco.com/comanco-crew-begins-lining-pond-virginia-city
Thought some may be interested.
Full details can be found here:
http://www.sec.gov/Archives/edgar/data/1120970/000114420411064510/v240158_10q.htm
Pg 12-13 and page 16
12/7/2011 - updated CEO blog w/pics
http://www.comstockmining.com/corporate/ceo-blog
Shorting is not illegal - so unless there is naked shorting going on it would not be considered manipulation. Also, this stock is now optionable and I think that also plays into the whole thing.
I think you are correct in that while the data shows that the institutional holdings (net effect) was increased the average retail investor (of which there are quite a few) did not respond well to the production delay.
This is how it went (as I understand it):
CMI applied for both the Air Quality and the Mercury Permits in November 2010. It was during a time period when the federal gov't and the state gov't were arguing over who had jurisdiction over what. The feds won (naturally). In order for CMI to have an operational permit that was valid while they go thru the federal process they had to change from a Class II permit to a Class I permit. So, while the Mercury permit came through in July the changes to the Air Permit restarted the proverbial clock and although CMI was told August the state has until sometime in December to act. On the conference call, Mr. DeGasperis stated that there were additional changes that had to be made because of some kind of agreement between the state and the Nevada Mining Association. Although favorable to the company in terms of reporting requirments I'm sure it also meant a change to the app which of course allows the state more time to "review".
Had the permit come in August (as the company expected) we would have most likely met the 2011 date. Now, while CMI did score a major victory in getting the clearance to get the pond dug and lined before winter, they cannot move forward until that permit is approved. Also waiting for NDEP to approve the Lyon county SUP so that the infill drilling can be done in the Dayton and exploration targets in the Spring Valley area can be drilled.
The permit delay is a negative. My understanding is that some mistakes were made. Obviously timing was off. However, when it became clear they needed additional expertise in this area they hired someone. If you look at the progress that has been made over the past year it is clear they are moving forward. Not as quickly as we would like, but they've come a long way from being $30M in debt w/4 billion shares o/s to now.
Short Interest 11/15/2011:
http://www.nasdaq.com/symbol/lode/short-interest
Settlement Date Short Interest Avg Daily Share Volume Days To Cover 11/15/2011 118,729 150,577 1.000000
Read more: http://www.nasdaq.com/symbol/lode/short-interest#ixzz1fDqzXYTD
Now, let's look at "insider dumping":
http://www.nasdaq.com/symbol/lode/insider-trades
Now, let's look at institutional ownership:
http://www.nasdaq.com/symbol/lode/institutional-holdings
Please note that one holder sold out, 2 decreased their positions and 14 increased their positions.
Of course, I would recommend that you check here for ALL SEC filings:
http://www.sec.gov/cgi-bin/browse-edgar?company=comstock+mining&match=&CIK=&filenum=&State=&Country=&SIC=&owner=include&Find=Find+Companies&action=getcompany
Again: Zero evidence to support the claims of "insider dumping"
Evidence suggests that there IS, in fact, shorting of this stock.
Oh, here's another link to document that:
http://www.shortsqueeze.com/?symbol=lode
CHECK OUT THE NEW CEO BLOG ENTRY! You are going to love it!
http://www.comstockmining.com/corporate/ceo-blog
Qtrly report filed and available:
http://www.sec.gov/Archives/edgar/data/1120970/000114420411064510/v240158_10q.htm
Interview on KNPR:
" The towns of Virginia City and Silver City, just east of Carson City, were built on mining. But, now that mining is coming back there are some townsfolk who are concerned. We talk with Comstock Mining about their proposed plans for an open pit mine as well as one of the residents who is part of an association fighting to keep the mine closed. GUESTS Pat Whitten, Storey County Manager Doug McQuide, Comstock Mining, Inc. Content created by News 88.9 KNPR"
http://www.spokenword.org/program/1690755
PS - you have to open the media player (arrow on bottom left) to play the audio.
Conference call numbers have been released:
http://finance.yahoo.com/news/Comstock-Mining-Announces-prnews-3539434921.html?x=0&.v=1
VIRGINIA CITY, Nev., Oct. 10, 2011 /PRNewswire/ -- Comstock Mining Inc. ("Comstock Mining" or "the Company") (NYSE Amex: LODE) will host a conference call on October 11, 2011 at 10:00 a.m. Pacific Time/1:00 p.m. Eastern Time for discussion on our new National Instrument 43-101 technical report.
The live call will include a moderated Q&A, after the CEO delivery. The dial-in telephone numbers for the live audio are as follows:
North American Toll- Free: 1-866-544-4625
Local / International: 416-849-2726
No. Not the Air Quality Permit.
Storey County affirmed the planning commission's rec. for an expanded exploration permit.
We are waiting for the permit from the NDEP (Nevada Department of Environmental Protection) that allows us to install all this equipment that is arriving and update the Merrill-Crowe facility, etc......
NDEP has 180 days from the date they consider the application to be complete.
You can watch for the public notice to appear here:
http://ndep.nv.gov/admin/public.htm#air_p
The way this works is the NDEP gives a notice of "proposed" action. They then allow for public comment of not less than 30 days. Depending on the validity of comments received they can issue the permit or hold a public hearing scheduled for not less than 30 days after that. Assuming NDEP stands by their original determination the permit is issued and effective.
Based on what happened with the Mercury Permit I'm hoping the NDEP will just skip the 30 day "comment" period and go straight for a public hearing. That would save us at least 30 days and more like 45 or so.
We are looking at middle/late November at the earliest is my best guess.
New CEO Blog Post - Re: Forthcoming updated 43-101
CEO Blog - September 30, 2011
Friday, September 30 2011 20:35
Question: Your last public disclosure indicates that the next update of the Company’s NI 43-101 technical report was scheduled for completion in September and that future press releases will announce the report and highlight additional findings. Is the report on track?
Answer: Yes, we have completed all of our geological analysis and submitted all of the drilling results and resource analysis to Behre Dolbear and Behre Dolbear has completed substantially all of their fieldwork. These drilling results include over 350 new holes of drilling data totaling over 125,000 feet, drilled both the Lucerne and Dayton resource areas and reflects the largest, most productive exploration and development drilling program in the Company’s history. The Behre Dolbear report will be dated September 30, 2011 and we anticipate a full, final draft from Behre Dolbear later next week. We will incorporate all findings in the report into a press release, as indicated, and release those results the week of October 10.
We intend to post the new, full report when it becomes available. Previous technical reports can also be found on our website at: http://www.comstockmining.com/properties/technical-reports
We very much look forward to releasing and sharing these extremely productive results.
Kindest regards,
Corrado De Gasperis
President and CEO
http://www.comstockmining.com/corporate/ceo-blog
Boots on the ground report posted by Eighthaero:
http://ragingbull.quote.com/mboard/boards.cgi?board=LODE&newpost=1
Metals-Mining Industry Set for Growth in Northwestern Nevada
Posted on yahoo - thought you guys may also be interested:
http://www.foxreno.com/11at11/28741306/detail.html
The semi annual dividend payment was made on the preferred A-1, A-2 and B shares as called for in the capitalization agreements made last October.
They were NOT bought/acquired in the open market. All dividends are paid in the form of common shares as the company is not going to use the cash they have for dividend payments.
It is important for shareholders to understand the capital structure of the company.
John Winfield (and his companies - called "The Winfield Group" in the filings) hold ALL of the A-1 shares. The A-2 shares are held by previous debt holders (besides Winfield). The B-2 shares are held by the investors that put up the $35 million last fall. Additionally, the company has to make payments to the corporate entity Northern Comstock for the properties Comstock Mining acquired from Winfield, etal.
Twice a year dividends are paid to the preferred classes. The A-2 and B shares have forced conversion clauses. The A-1 do not. If a preferred holder chooses to convert to common they lose all rights to dividends. If they elect to hold them until the forced conversion then they will be paid 3 years worth of dividends less any payments already made. So far 2 of the six dividend payments have been made.
Only The Winfield Group's shares are restricted at this point. He is considered to be an affiliate and must adhere to the rules governing not only officer/director/10%+ owner but also those associated with being an affiliate.
Does that help any?
Yahoo Board is Alive and well.
You just have to know how to "find" it.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/messagesview?bn=32059
Conference call now available on the website.
http://www.comstockmining.com/investors/...
More questions asked this time by shareholders than last time.
Website updated and fully functional.
Investor Presentation available.
Appears that until the company puts forth the mine plan and production date AND states how they plan to pay for it - not even the "promoters" can move this.
Stock Splits: GoldSpring Cleared For Share Reduction
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Oops - one listed the silver 5.85M separately. So, 5.85M oz of silver at 19.34 = 91,878 oz of gold at 1231.40 So, I guess they are only up 114,000 oz instead of 206,000
I'm a bit confused by what your question is. In May 2009 (after the last drill campaign was completed) the company issued a report using SME standards that said:
"The mineral reserve, an estimate of the economically mineable tonnage in the Hartford / Lucerne Complex, includes 20.3 million tons of ore, with 564,000 recoverable ounces of gold, and 5.85 million recoverable ounces of silver, with a gross value of $604 million at current prices. The Report also quantified mineral resources of 30 million additional tons, containing 870,000 ounces of gold and 12.9 million ounces of silver."
The 43-101 resource report today said:
"The report stated a mineral resource estimate for the Comstock Mine Project in Storey County, Nevada, containing gold equivalent Measured and Indicated Resources of 770,000 ounces(1). The report also included an estimate of Inferred gold equivalent resources totaling an additional 147,000 ounces."
The report from today, according to the chart, was taken from a total of 22,913,000 tons for the resource numbers and only 6,613,000 tons for the inferred VERSUS 30 MILLION additional tons from the original SME estimate.
Looks to me like the numbers went up from 564,000 to 770,000 using 22.9M tons instead of 20.3 million tons. That would indicate, to me anyway, that the resources referred to in the SME report are NOT included in this 43-101 because the required infill drilling has not been completed.
So, rather than a decrease appears to be an increase of 206,000.
If you are able to make contact with Goldspring would you please ask if my interpretation of the data is correct?
Can you please explain to me WHY you think GSPG would "intend to dilute right back to the 4 billion AS amount"?
Is it your opinion that all the drilling, defining, assay work, modeling, permit process, hiring of outside experts for report preparation, financial advice, etc.... was for show or do you think that they are moving forward to re-opening the mine?
What would you consider an acceptable amount of dilution following the inevitable R/S?
IF this new outside firm hired by Goldspring in Nov 2009 can help them achieve 3 million oz gold equivalent in three years time - what would you estimate the market cap to be? What amount of dilution would be acceptable to attain that?
The 3/5/2010 filing was amending the 2008 annual report.
The 3/31/2010 filing is stating that they did not have the 2009 report done in time for the 3/31/2010 filing date. They took advantage of the no penalty filing extension. The 2009 report must be filed with the SEC no later than 4/15/2010.
w = average price trade
w 0.0085 3000000 OBB 12:33:06
I'm assuming you meant that trade?
According to otcbb.com it is an avg price trade
Jeez. Now I feel bad.
Please don't stop posting. I won't question you anymore.
Back into the shadows I go.
Just trying to keep the truth separated from fiction. That is all. You make BIG claims like KNOWING the IG7 is completed. Only an insider or someone that worked on the finished product would know that. It would seem that an IG7 report containing a feasibility study would be considered a material event as it would influence the buy/sell decisions of an investor. The company would be REQUIRED to report that.
If you don't want to be questioned - don't post information that is contradictory.
On 9/10/2009 you stated you were new to Goldspring:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=41368113
Now you say that 9 mos ago you were talking to Mr. Faber and giving him suggestions on how to operate this company.
You state you know for a FACT that the IG7 is done. How is it that you know this?
Something is not adding up here.
Randgold Resources reports its mineral resources and ore reserves in accordance with the JORC code. The reporting of ore reserves is also in accordance with SEC Industry Guide 7.
http://www.randgoldresources.com/randgold/view/randgold/en/page6375?oid=5711&sn=2009%20detail
It is my understanding that the IG7 is the only thing accepted by the SEC. The SEC does not accept the CN 43-101 or the SME reports. To be able to make claim to proven reserves in an SEC filing you must have the IG7 report.