Comstock Exceeded Planned Production Run Rates

VIRGINIA CITY, NV - Comstock Mining Inc. shipped approximately 2,261 ounces of gold and 15,599 ounces of silver, resulting in revenue of approximately $3.7 million, realizing an average price of $1,626.74 per ounce of gold and a $31.44 average sales price per ounce of silver in the first quarter.

On February 13, 2013, the Bureau of Land Management (BLM) allowed use of the Company's existing haul road, providing a much more efficient connection to the Company's processing facility in American Flat. This breakthrough allowed for accelerated implementation of production and expansion plans.

For the six-week period ended April 27, 2013, the company averaged in excess of 425 gold-equivalent ounces poured per week. In April 2013, Comstock crushed and stacked over 30% more material as compared to March 2013. The Company is continuously adjusting its operations to improve grade, maximize yields and increase tons crushed and stacked.

During the quarter, the Company published its fourth NI 43-101 technical report, validating over 3.2 million gold-equivalent ounces in all categories and identifying a concentrated "Chute Zone" of higher-grade mineralized material.

Net loss for Q1 2013 was $5.8 million, as compared to $7.3 million for Q1 2012. The improvement results from lower exploration expenses as Comstock transitioned into and prioritized gold and silver production and production ramp up during the quarter.

Comstock's Chief Executive Officer, Corrado De Gasperis said, "We have well exceeded our targeted production rate of 400 ounces per week, averaging over 425 ounces per week during April, and continue improving the stability and throughput of the system.  We will operate above these levels for the rest of 2013, and now anticipate achieving a full 20,000 gold equivalent ounces this year and paying off our secured Auramet Debt Facility ahead of schedule."

During the first quarter of 2013, the Company published its fourth National Instrument 43-101 technical report authored by Behre Dolbear & Company (USA), Inc. The Report declared a mineral resource estimate of Measured and Indicated Resources containing 1,824,000 ounces of gold and 17,100,000 ounces of silver, for a total of 2,150,000 gold equivalent ounces1, and an Inferred Resource containing an additional 870,000 gold equivalent ounces. These estimates include the newly identified Chute Zone, a wedge-like, structurally bounded zone that hosts significant gold and silver.

During the first quarter of 2013, Comstock completed the ramp up and stabilization activities of the production system, including improvements to the hauling, crushing and metal extraction processes. Metal sales in the first quarter of 2013 totaled $4.2 million, with gold revenues of $3.7 million. We also produced $0.5 million of silver. Silver is accounted for as a by-product credit in costs applicable to mining revenue for financial reporting purposes. During the first quarter of 2013, the Company crushed and stacked over 234,000 dry tons of mineralized materials and shipped 2,261 ounces of gold and 15,599 ounces of silver.  Material placed on the heap leach pad remains under solution until recovery rates are optimized