Good day and welcome to the Comstock Mining Year-End Update Conference Call. Today's conference is being recorded. And at this time, I would like to turn the conference over to Mr. Corrado De Gasperis. Please go ahead, sir.

Thank you, Jeff, and good morning, everyone. It's Corrado De Gasperis, CEO of Comstock Mining on the line. And I also have Zach Spencer, our Director of External Relations on the line today as well. And welcome you -- welcoming you to the Comstock Mining's full-year 2019 conference call. I'll provide a brief summary of information included in our press release from this morning, including our progress on our strategic initiatives. If you don't have a copy of today's release, you'll find a copy on our website at www.comstockmining.com under News/Press Releases. We will file our annual report on Form 10-K timely. All the accounting and reporting is done and it will be filed when the audit processes and documentations are complete. I can answer any and all relevant questions regarding our financials, and we provided a brief summary of most of those in our press release. Please also let me remind you that we may make [Technical Difficulty] relating to matters that are not historical facts, may also constitute forward-looking statements. These statements are based on current expectations and are subject to the same risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in previous reports filed by the company with the SEC and in this morning's press release. And all forward-looking statements made during this call are subject to those same risks and other risks that we can't identify. Okay. So, over the last few years and especially last year, we dedicated ourselves to repositioning the company for precious metal-based growth. And in 2020, we'll only be talking about gold and silver for most all intents and purposes, with extreme focus on driving value through our properties and our partners. We legally realigned Comstock's existing gold and silver assets, as…

Thank you very much, sir. [Operator Instructions] And we can take our first question from [James Dell] [ph], who is a private investor. Please go ahead, sir.

Good morning, Jim. Can you hear me?

Corrado, how are you?

Good morning, Jim. I'm fine. How are you, sir?

Okay, listen, are you going to replace hereon anytime soon?

I'm sorry. Can you repeat?

[Technical Difficulty] anytime soon?

Yes. So we don't have any immediate plans to replace the position. We've really congregated very strongly as a team. I think ultimately, it's a role that we will want as the company is growing, but there is no immediate plans to do that.

Okay. Your asset report, [Technical Difficulty] you tend to get -- put out, you said it's coming, but it's going to be second quarter, third quarter or what do you think?

In terms of the Dayton, Jim?

Yes. Dayton Spring Valley.

Yes. So there's been a tremendous amount of work. I can't exaggerate the amount of work that primarily, Larry Martin, our chief geologist, and Mike Colin [ph] and Mike Norred sort of the technical core team have put into the Dayton. I mean, it's almost a comprehensive reevaluation of every aspect of it, and none of that is meant to be negative at all. There's been a tremendous amount of surface mapping and a tremendous amount of surface drilling that was never incorporated into [Technical Difficulty]. Some people aren't even aware that there is a technical report out there because it was buried in the -- sort of in the appendix of the Comstock report that, let's say, emphasize the Lucerne. So, we're finding so much more connectivity of information, so much more connectivity of data, so much more stronger sort of geological control, and it's resulting in our ability to update the resource estimate, [Technical Difficulty] things, right, update the resource estimate, propose a very, very precise next phase of drilling program and also start to put in most of the variables that would contribute to sort of, they call it a PEA, Preliminary Economic Assessment. So I think the next report not only will it be standalone just for the Dayton Spring Valley complex, which I think a lot of people will [Technical Difficulty] unrecognized asset in our portfolio. We can say with a straight face that none of the net asset dollars I just mentioned have any reflection of the Dayton and any material reflection of the Dayton asset in them. So, it's an unvalued asset in our portfolio. So that standalone report I think will have an tremendous impact on people. So, we are in appreciation of that. But, secondly, the preliminary economic dialog because some…

[Indiscernible]

So can you just say that a little -- one more time a little slower? I just keep missing? I'm sorry.

I take it that your basis on a mine plan, correct?

Yes. The preliminary economic assessment, which ultimately, I think this the steps are resource estimate preliminary economic assessment of that resource, pre-feasibility of a mine plan, full feasibility of a mine plan. So, when you do preliminary economic activity, you have to have concepts of a picture, you have concepts of buying plant -- be a surface or underground, whatever the delineations of these economic or bodies would be has to start to take shape. So, it's exciting for us to start talking about PA because then you start talking about economics in the context of the mine plan, correct?

Okay. We're dealing in mine, we're still talking about the shallow surface more linear, correct?

I have to wait for all of Larry's work to be done. There's a tremendous amount of near surface less than 200 feet from the surface, gold and silver, so that's just factual. There's a tremendous amount of it. The work that Larry's doing is extending structures deeper and extending structures south and correlating each other which is remarkable. So, the answer to your point is yes, with more to come from there.

[Indiscernible]

Yes. So most recent activity has been a tremendous amount while they're progress and remain current with [indiscernible]. And as an aside, just as an aside before I answer your question, most of the work that they did internally on concerns, obviously was based on like a $1200 gold range with gold sort of continuously bouncing around 1500. There's some reassessment of that going on right now, which obviously is positive. But I have to say that they've attracted a tremendous -- and they've done a tremendous amount of incredibly good work. They've done a tremendous amount of a very, very impressive geological assessment and I'm quoting my guys, when I say that, when my guys are tough and skeptical. But we've seen some incredible amount of analysis relating to historic grades, historic structures, incredible consolidation of data, new data and old data that's developing remarkable drill program. The drilling will be both -- I'm going to say what we were seeing drill targets of 700 feet and 800 feet and we're seeing drill targets of 1500 plus feet. But you're talking about targeting grades, half an ounce per ton, three quarters of an ounce per ton, and multi-ounce per ton. I mean, it's really the stuff of the Comstock ore and I mean that seriously. The fundamental thesis is that the old timers had grades of 50 grams per ton which [Technical Difficulty] and once they put exploration drifts in place, they had had grades of 33 grams per ton, like an ounce per ton in English, right. And, what that means is that they were only knowingly taking grades that were there and above and so as we calibrate [Technical Difficulty] we know address were put in and we know material wasn't taken out if it just needs…

Okay. Are they going to produce a new resource import with all this activity that you are doing?

Yes. So that's a great question. So in the leases that we've signed with them Occidental and otherwise -- have drill commitments required, certainly over a longer period of time. But we have immediately required a minimum of a million a year -- my understanding is they're hoping to spend over $5 million this year. So our minimums aren't really meaningful to their intentions. But, at least we know, but also to your point over the course of the leases period, there's three progressive technical reports required one --[Technical Difficulty] ability and one will be a full feasibility. So we have very, very strong and it's mutual between us and them, no one's here for promotion. We want to progress this thing to technical reports, okay. And so we've got control that every single year, we have to make progress towards those technical reports, ultimately, with three being published over the lives of leases that get us to production. So it's exciting and [Technical Difficulty] with Lucerne, you're going to get, a lot going on in the north. And owned by us, we're going to get connectivity to the south and I think for the first time we'll have, even though we're doing it with partners, we'll have all the properties in some way [indiscernible] active towards development which to me is the driver value. So, it's been a long time coming to be back here and now let's get him moving forward either directly with us or us working directly with our partners.

Okay. One last question, probably a comment to, I'm concerned about [Technical Difficulty] it's a pretty good culture out there. Do have a local joint venture partners, it's going to be pretty stable?

Are you referring to [indiscernible] MCU…

We're talking about the merger [indiscernible] venture in the Philippines?

Oh, yes. So no. So the partner [Technical Difficulty] it's the largest claim owner or one of the three largest -- three principal mining concerns. It's one of the longest lived operating, we've been advising them well before MCU, some of their processing when I say we, I mean like our partners Paul and our team at MCU. [Technical Difficulty] they were one of the strongest supporters of the action. They really look to see all of the artists in our mercury mining being eradicated from the district. And I think, we're in a position both to introduce clean processing technology together, but also [Technical Difficulty] for the artistical miners, right, so it's not just mining -- it's not just cleaning the river in the mountain, which is our number one priority. It's not just mining the claims, which is their priority. It's providing the community in the district, a clean solution that [Technical Difficulty] breakthrough is tremendous, where certainly just going out and cleaning up contaminated areas to the breakthrough and it's remarkable. But if we don't have a solution we can then provide, if people will still continue to use mercury in the absence of any alternatives. And so, we have that solution as well. And so that's, we've always viewed that as the second and third phase of our growth, either partnering with, [indiscernible] or partnering with the local community to provide, let's say a shared processing facility or a whole processing facility. That's all part of the grander scheme of things, right? We only announced and we're only focused on cleaning up the river. But doing that, [Technical Difficulty] and opportunities to us to proliferate the clean technology. So, the opportunities are endless. We're putting a tremendous amount of -- I am personally I've been there twice already, tremendous amount of time legally, financially, organizationally, partnership wise regulatorily, government, politically for us doing the first one in, second one right, we need option for [Technical Difficulty] this global opportunity. So we're very much in the early stages of laying that foundation but we're taking great care and most of our decisions are based on, the operation being successful over all other things, because for us, it's not just the success that we get there. It's [Technical Difficulty]

[Technical Difficulty] I hope most of your comments is going to be a technological transfer versus a boots on the ground stuff.

Yes. Every single project will be different. Obviously you're referring to, non-U.S., obviously, in the U.S., we have boots on the ground like last week, the week before we were processing samples. [Technical Difficulty] boots on the underground, some we don't want to touch a 10 foot pole. Some will only want to lease equipment to protect the technology. I mean, all of the above, in some cases, the government may just hire us to clean something up it's a full spectrum of possibilities. We're starting to stay very focused on these first two to really ensure and prove to everyone that we have this solution that works.

Okay. Thank you Corrado. I took a lot of everybody else's time.

We can take our next question from [indiscernible] Investments. Please go ahead. Your line is open. Please go ahead sir, your line maybe muted. This concludes today's question-and-answer session. At this time, I'm about to hand the call back to sir, for any additional or closing remarks.

Yes. First of all, I want to thank everyone for their interest. I want to thank everybody for their patience over the last couple or three years. I really feel we're at that turning point here, 2020 is going to be very exciting for us. I also want to just really emphasize to everybody to take caution. There's so many various opinions out in the world about this coronavirus, but I think the simplest most fundamental one is, stay remote work from home, get all your work done remotely minimize interaction and let's just flatten this curve out, so we can get the damn thing behind us. And we wish everyone and their families, the safe next 2, 3, 4, 5 weeks, whatever this entail, and we're available for follow up directly with any of our investors. So thank you all.

Thank you. This concludes today's call. Ladies and gentlemen, thank you for your participation. You may now disconnect.