Good day, ladies and gentlemen. Welcome to the Comstock Mining Third Quarter 2014 Results and Business Update Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Corrado De Gasperis. Please go ahead, sir.

Thank you, Angel, and good morning everyone. My name is Corrado De Gasperis, President and CEO of Comstock Mining. And welcome to our 2014 third quarter conference call. It’s been a priority for us to improve the timeliness of our results. And last night, we filed our Form 10-Q with a record shortened 15-day reporting cycle. We’re very pleased to do that. And today, I’ll provide a brief summary of the information included in our filing and our press release from this morning. And I’ll probably get a little bit more details as well on our geology. If you don’t have a copy (of today’s release, you will find a copy on our) website www.comstockmining.com under news/press releases. Please also let me remind you that in addition to the outlook, I may make forward-looking statements on this call. Any statement relating to matters that are not historical facts may constitute forward-looking statements. The statements are based on current expectations and are subject to the same risks and uncertainties that could cause actual results to differ potentially and materially. These risks and uncertainties are detailed in the reports filed by the company with the SEC, and in this morning’s release and all forward-looking statements made during this call are subject to those same and other risks that we can identify. So with that let me briefly overview some of the quarter and year-to-date results. Our net Dore pours year-to-date, are up 15% per gold ounces and over 33% per silver ounces. We improved our pours every month during the third quarter leading to our highest pour in gold equivalent terms for a single month in September with 2,423 ounces. That puts us just under 30,000 gold equivalent ounce run rate as we keep marching towards the 40,000-ounce annual rate objective. Mining…

(Operator Instructions). And our first question comes from the line of Lawrence Danny, Private Investor. Please go ahead. Lawrence Danny – Private Investor: Good morning, Corrado.

Good morning. Lawrence Danny – Private Investor: Congratulations on the results, we like the progress.

Thank you, sir. Lawrence Danny – Private Investor: So, my question is, at one point in one of these conference calls, somebody mentioned 3-working shifts 24/7 as far as production. Is that, how far away do you think that possibly is?

It depends. We’re – right now we’re operating essentially one shift, its seven days a week but its one-working shift. And our crushing operation is on even less, crushing has a lot of capacity. Really, the answer to that question I think is tied to finalizing our mine plans. It is quite a bit of an enhancement and a twist quite frankly that we have possibility for some underground access in the near term. And so, we would modify our plans accordingly. But generally speaking, when we look towards expanding to the east and we look towards expanding our hall-road through this new write-away that really opens up the opportunity for higher levels of operation. But honestly we don’t have a day or a target caught for that next step. In fact, we’ve been guiding and are looking very much forward to operating at this higher rate of production, this 40,000-ounce equivalent rate. And we can do that within the existing capacity that we have, that would be sort of the next step beyond that which really has to be dictated by finalizing these mine plans from moving east. Lawrence Danny – Private Investor: And then, the underground mining is that – that’s going to entail lot of building first, building the underground structure and all that?

No. So, what’s happening and it’s very nascent so I caution the conversation. But it’s important to talk about. As we (audio gap) on the existing mine which is on the left side of Lucerne and most people understand that the eastern boundary of the mine is essentially the road. There is a wall that we’re facing to the east that has a lot of ore in it. And as we get into the lower benches, in fact, within about a month or two, we should be actually accessing, seeing, exposing if you will underground working from the shifts under the historic areas including the Woodville Bonanza. So, it gives us an opportunity not only geological – the expansion of the geological modeling to the east based on north that we’ve been doing so far. It will expose former mine shafts, tunnel that if you will that we can access from an exploration perspective and further validate and learn about those vein systems. Sitting in that position, you’re also effectively at the opening of a potential portal to go in the underground. So you’ve effectively by mining the surface on the west created the staging area to go in. But you would have to construct is the new shaft going in but not much more infrastructural around it, so that what you need in terms, is not so unique these days anymore. I think there is, quite a few mines who have surface mines, that start off as open pits and then move underground. We’ve always anticipated that that would be the case here based on all the known geology that we have. But it seems like it’s coming a little quicker. So, we have some trade-offs to consider, in terms of surface versus undergrounds. Ultimately I don’t think in anyway shape or form that they’re mutually exclusive. It could be sort of a hybrid situation. But we have a lot of data. So the conversation really isn’t speculative – we’re working it very fast now to get our arms around the feasibility and cost of that development. So, I would expect in the early in the New Year we would have all that pulled together. Lawrence Danny – Private Investor: So, those existing tunnels would just have to be inspected and made sure they’re safe?

Yes. I think what will happen is, for the purposes of exploration and access to getting samples etcetera that’s something that’s been done before and can be done safely. For the purposes of mining, you wouldn’t be using those areas you would be dropping a modern shaft into the area. It could go through workings for certain but it would for most, all intents and purposes, be a new tunnel. Lawrence Danny – Private Investor: All right. Thank you.

Thank you, sir.

Your next question comes from the line of Jim Zale (ph), private investor. Please go ahead, sir.

Hi, Corrado, how you’re doing?

Hi Jim, I’m fine. How are you?

Thanks. Couple of questions, first the staff meeting last month, is there anything attributable to that hole and the fact that those pipes are going down (inaudible)?

I think that there was, I think there certainly has been and sort of still remains a negative sentiment – in that negative sentiment on the sector. We haven’t – certainly haven’t been immune to that. I think that last week of September, first week of October, I remember October 3, my daughter’s Birthday. And – the gold price was just plunging. And I think that there is a lot of analysis that’s out there showing that gold equity is in our sector, are undervalued to the tune of – relatively speaking gold equity is being valued more like $800 to $900 gold price. So, with that sort of sense to me is, there is already an embedded I don’t know, fear or negative sentiment that gold could drop to those levels. And I think it was exasperated that last week when gold actually dipped below $1,200 because it creates a fear that, could it happen? Is it happening? So, there was a lot of that, there was a lot of that feeling. I think that I’ve always felt that $1,200 was more than a psychological floor. I think it certainly has been proven to be a very resilient price point for gold, physical demand, picks up notably at these levels even though it’s – I believe its robust overall. It picks up and the support seems to be very strong there. But it is a very, it’s a very real level even from a cash cost perspective. There is no question that there is, multitudes of miners that aren’t economic at those levels or below those levels. I feel like personally that gold keeps working to find a floor. I think that it’s been sort of married to this odd euphoria about the equity markets and the economy. I feel that it’s on the economic recoveries by all real measures, it’s still very fragile. And so, we feel – we feel that valuations are good – the valuations are very, very low at these levels, a good point of entry. And ultimately from my perspective the best hedge and the best insulation of all of this, is just to have a lower operating cost. And so, that’s really been the focus, we’ve had only two real focal points on the company, reducing cost and preparing for efficient expansion. And so, I actually feel good about all the months in terms of geological integration and expansion that we’re just not done yet to the point where it’s delivering final mine plans. But we’re getting very, very close.

Okay. If I can comment on that a little further, in my experience have been investing lower mines, the last one is as you referred to the United.

Yes.

Well, you’re quite the growth lastly – mine becomes unproductive with many mines in their supplies. And then even when the demand picks up it can’t really supply that way. At this point, how many mines are out of production that the price you get again and then it’s sort of like with a new hide and comes back and so forth as if you’re in that phase right now.

It’s more – I would even expand on that. It’s more dramatic because it’s so much, its best right now but it’s more dramatic. I think (audio gap) six to eight new 3 billion plus ounce discoveries per annum in the 90s. And then in the last decade that number has dwindled down to less than 2 billion. And in the last three years, I can only think of 1 billion. So, the pipelines have shrunk dramatically. The rationalizations have taken out even more capacity. And you’re not seeing any grade of new discovery that you can either point to. And maybe most remarkably tied to what we just talked about, only a third of these new discoveries are being shown to have good grade, sufficient for economic extraction. So, you’re an all-in low with new discoveries and only a third of those are even being targeted for production. And we don’t have to talk about the long lead times that the regulators impose to even get into production. So, I think that the scarcity factor is going to be elevated to a significant degree even compared to your experience. So, I guess I’m saying I think what you say and I second it.

(Inaudible).

I’m sorry, say that again.

On one of the days that were pretty bleak in there, we had more than 3 million shares traded. But one of our institutional investor gave up on us?

Yes. No, they didn’t give up on us, I don’t believe, not at all. So, we haven’t lost an investor in the case of an exit. We did have one larger investor. So I mean, for number of shares as you saw that our intelligence of that another large institutional investor came inside. I feel like, we had some stock moved from some pretty good hands to pretty good hands. So I think the share base and certainly the top 10 is very stable. And we worked hard on that. And now, we only just started in September after we got the Storey County permit which was so meaningful to the sustainability of the company. We’ve started to get out and communicate more broadly to the markets about our progress. We feel like it’s now – not only important to do it but there is much more substance coming out of that communication both in terms of the expanded permits and the expanded geology. We just have a lot more specific things to talk about which is always good. We’d love to see the market turn but it seemed like it already is now. I mean, from what we just said, the last two weeks has shown a shift in sentiment which is positive to us.

Great, thank you. One last question for you, would you talk about all these – in completing the new assessments in Lucerne area and so forth. When do you expect to produce that available gold?

Yes. So, I think that I mean, frankly the geological work that we’ve done today with just a fine update in our technical report. You’ll be seeing some press releases over the next three to four weeks without question. On just geology, I sort of, I sort of set the stage in this 10-Q and in this press release sort of over-viewing the work that’s been done. But now we’ll start with context – start to release more data, it will be very exciting I think in terms of people seeing the geology of the Comstock evolve. The drilling that I mentioned that (audio gap) once completed I think will justify an update to technical report. So I think we’d look for mine plans to come together with that. And let’s say early next year is your technical report which would be Lucerne only. Once we get through Lucerne, we would like to get down and get the drilling done, really get the same exercise done with today. And we’ve learned so much with this geological exercise about Lucerne. And it’s created such an, efficiency and a more surgical targeted effectiveness of our drilling program that’s forthcoming now that we’d like to replicate that with Dayton, get the same kind of geological integration, get the same kind of cross-section level plan work completed that should result in a more precise drilling program. And then that would result in the second mine plan and then another technical report following that. That’s more likely made through third quarter of next year. But I think there would be, to being full updates early and mid-next year.

Okay, good. Thank you for your answers.

No problem. Thank you.

Your next question comes from the line of John Leonard, Singular Research. Please go ahead.

Hi John, how are you? John Leonard – Singular Research: Good, thanks. Congrats on the continued progress. I note that you’ve made a lot of progress in paying down debt this year. And I see that you’ve planned to pay off the revolving credit facility in February of next year.

Yes. John Leonard – Singular Research: My question is going forward do you think you’ll be able to transition to funding operations and CapEx, with improving cash flow and revolver as opposed to maybe another equity issuance?

Yes, that’s the plan. I think that we’ll pass the revolver, it’s as scheduled. The maturities, it’s only about half drawn now and it would be un-drawn by February, we just got agreement to extend that maturity for a year. And these mine plans that we’re pulling together obviously are designed to continue and improve what we’re doing. So the answer would be yes. John Leonard – Singular Research: Okay, great. Thanks. That’s all I had.

Thank you, sir.

(Operator Instructions). And your next question comes from the line of Harvey Moorcroft, private investor. Please go ahead. Harvey Moorcroft – Private Investor: Hi Corrado.

Hi Harvey, how are you? Harvey Moorcroft – Private Investor: Good. The Limited Edition, how many units are you planning on striking?

Right. That’s my top secret. But no, in all seriousness we sent, we sent about 2,000 ounces of Dore bars to our refiner. And we had not only physical controls of metal flow but we had extra personnel on hand to ensure that it was only Comstock gold and silver being segregated. And so, our marketing man has the authority to go up to about that level. And that would be the maximum. I’m certain it would be something meaningfully less. They’re already designing the second and third medallions you’ll notice they’re coming out during the holiday season. And so, I don’t necessarily see it as a volume exercise with this first one, it’s so (audio gap) history and anniversary. But it absolutely will be the platform for the next one to be more and the next one to be more and the next one to be more after that. So, we see there is a sort of a foundational kick. Harvey Moorcroft – Private Investor: How do you….?

It will kill me if I even give you a range, so I have to pass my time. Harvey Moorcroft – Private Investor: How would you like to sell 85,000 ounces of silver?

Would love that, would love that. I know we’re going to do a couple of hundred thousand ounces this year. And personally, in terms of just selling bullion and my mandate is what if the highest percentage of that number that you can sell it as products, rather than as commodity. Harvey Moorcroft – Private Investor: Well, if we have 85 million shares out there and if you gave an option to everybody that has 1,000 shares, you’d get a commemorative at $25 a share that would bring in over $2 million?

I will think deeply about our shareholder buying these coins, I appreciate that idea. Harvey Moorcroft – Private Investor: It wasn’t so the people say, when is the dividend coming, when are we going to see some cash flow? This certainly would be an opportunity if you go options to shareholders of larger, at least a 1,000 shares to get coins at the cost of the ounce plus the striking cost?

Yes, no, it’s a good idea. We can think about that. I should mention that we put aside a little bit of (audio gap) for a very, very small strike. We’re still working out from the logistics on that. But it’s all around strengthening and enhancing the brand, the Comstock and what it means to people. And I have to say with just the press release launch and some web capacity we had very, very brisk response already. So we’re very happy with that. And now we’re gearing up for the real target outreach for the groups of folks, that we really now have an interest in this kind of product. So, it’s going to be good. Harvey Moorcroft – Private Investor: Okay. It seems that 2,000 ounces at $100, that’s only $200,000?

Yes, it’s – even in concept the $850 is more of a regional thing. You properly highlight that we have stakeholders that are broader and interested. And we’ll pursue that for sure – that’s in our plans. And how we do it, we’ll think about it a little more. But it’s just – there is, aspects of the load that have global draw, be it the mining history, the western history, the Civil War, I mean, it goes on and on and on. And those markets for those kinds of products are much, much bigger. So, we started at a sort of high premium idea with the State’s anniversary. But we’ve got a lot of broad segments to pursue from here. So, it’s pretty exciting. I take your commentary very well. Harvey Moorcroft – Private Investor: I’d be happy to address further any other time with you.

Sure, thank you. I’ll follow up. Harvey Moorcroft – Private Investor: Great. Thank you.

Thank you, sir.

And there are no further questions at this time. I would like to hand the call back over to Mr. De Gasperis for closing comments.

Well, I thank you all for your time. I’m happy that we were able to do (audio gap).