<SEC-DOCUMENT>0001144204-12-070312.txt : 20130102
<SEC-HEADER>0001144204-12-070312.hdr.sgml : 20130101
<ACCEPTANCE-DATETIME>20130102084147
ACCESSION NUMBER:		0001144204-12-070312
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20121231
DATE AS OF CHANGE:		20130102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Comstock Mining Inc.
		CENTRAL INDEX KEY:			0001120970
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				650955118
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-185846
		FILM NUMBER:		13500221

	BUSINESS ADDRESS:	
		STREET 1:		1200 AMERICAN FLAT ROAD
		CITY:			GOLD HILL,
		STATE:			NV
		ZIP:			89440
		BUSINESS PHONE:		480-505-4040

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1118
		CITY:			VIRGINIA CITY,
		STATE:			NV
		ZIP:			85255

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDSPRING INC
		DATE OF NAME CHANGE:	20040730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDSPRING
		DATE OF NAME CHANGE:	20030821

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STARTCALL COM INC
		DATE OF NAME CHANGE:	20010305
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>v331034_s3.htm
<DESCRIPTION>FORM S-3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on December 28, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Washington, D.C. 20549</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>________________</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>FORM S-3</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>REGISTRATION STATEMENT</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>UNDER</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>THE SECURITIES ACT OF 1933</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>________________</B></FONT><BR> <IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>(Exact name
of registrant as specified in its charter)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; font-weight: bold; text-align: center; text-indent: 0; width: 30%">Nevada</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-weight: bold; text-align: center; width: 30%">1040</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-weight: bold; text-align: center; width: 30%">65-0955118</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-style: italic; text-align: center; text-indent: 0">(State or other jurisdiction of</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-style: italic; text-align: center">(Primary Standard Industrial</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; font-style: italic; text-align: center; text-indent: 0">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-style: italic; text-align: center; text-indent: 0">incorporation or organization)</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-style: italic; text-align: center">Classification Code Number)</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-style: italic; text-align: center">Identification Number)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><BR>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>1200 American Flat Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Virginia City, NV 89440</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>(775) 847-5272</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><I>(Address, including
zip code, and telephone number, including area code,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><I>of registrant&rsquo;s
principal executive offices)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Corrado De Gasperis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Chief Executive
Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1200 American Flat Road<BR>
Virginia City, NV 89440<BR>
(775) 847-5272</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>(Name, address,
including zip code, and telephone number,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>including area
code, of agent for service)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>__________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><I>Copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>M. Ridgway Barker, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kelley Drye &amp; Warren LLP<BR>
400 Atlantic Street, 13th Floor<BR>
Stamford, CT 06901<FONT STYLE="color: black"> </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: black"><B>(</B></FONT><B>203)
351-8032</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Approximate date of commencement of
proposed sale to the public:</B> From time to time after the effective date of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company &rdquo; in Rule
12b-2 of the Exchange Act (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 3%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 49%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD NOWRAP STYLE="width: 48%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">Accelerated Filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&uml; </FONT></FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title of each class of securities</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>to be registered</B></P></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>to be registered</B></P></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>maximum offering</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>price per unit</B></P></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>maximum aggregate</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>offering price</B></P></TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Amount of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>registration fee</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">Common stock, $0.000666 per share, for sale by selling stockholders</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center">31,122,873 Shares</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center">$2.265 (1)</TD>
    <TD NOWRAP STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center">$70,493,307 (1)</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-align: center">$9,615.29 (1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">(1)</TD>
    <TD COLSPAN="6" STYLE="padding: 0; text-indent: 0">Proposed maximum offering price of shares of common stock to be sold by selling stockholders&nbsp; is based upon the market value of shares of common stock of Comstock Mining Inc. in accordance with Rule 457(c) under the Securities Act of 1933, as amended, calculated as the average of the high and&nbsp; low price as of December 24, 2012.</TD></TR>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 130px; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1.5pt double; padding: 3pt; color: red; text-indent: 0">The information in this prospectus is not complete and may be changed. The selling stockholders may not sell these securities pursuant to this prospectus until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>SUBJECT TO COMPLETION, DATED
DECEMBER 28, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><IMG SRC="logo2.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>31,122,873 Shares of <FONT STYLE="color: black">Common
Stock</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus may be used by selling
stockholders and their subsequent transferees, pledgees, donees and successors (the &ldquo;sellers&rdquo;) for the offer and sale
of up to 31,122,873 shares of our common stock, par value $0.00666 per share (the &ldquo;Common Stock&rdquo;), that are either
presently outstanding or that are issuable upon the conversion of shares of our Series A-1 Convertible Preferred Stock that are
presently outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares offered hereby may be sold from
time to time by one or more of the sellers. No seller is required to offer or sell any shares, pursuant to this prospectus or otherwise.
The sellers anticipate that, if and when offered and sold, the shares will be offered and sold in transactions effected on NYSE
MKT LLC, or NYSE MKT, at then prevailing market prices. The sellers have the right, however, to offer and sell the shares on any
other national securities exchange on which the Common Stock may become listed or in the over-the-counter market, in each case
at then prevailing market prices, or in privately negotiated transactions at a price then to be negotiated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not receive any proceeds from the
sale of shares by the sellers. All proceeds from sales of shares by sellers will be paid directly to the sellers and will not be
deposited in an escrow, trust or other similar arrangement. We will bear all of the expenses in connection with the registration
of the shares offered hereby, including legal and accounting fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should read this prospectus and any
applicable prospectus supplement, as well as the documents incorporated by reference or deemed incorporated by reference into this
prospectus and any prospectus supplement, carefully before you invest in our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Common Stock is listed on the NYSE
MKT under the symbol &ldquo;LODE.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in our securities involves
risks that are referenced in the &ldquo;Risk Factors&rdquo; section, at page 8, of this prospectus and are set forth in our periodic
reports filed with the Securities and Exchange Commission.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0; font-weight: bold; text-align: center; text-indent: 0">TABLE OF CONTENTS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 94%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; padding: 0; text-align: right; text-indent: 0">Page</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">About This Prospectus</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Where You Can find More Information</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Incorporation of Certain Documents by Reference</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Summary</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Forward Looking Statements</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Risk Factors</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Use of Proceeds</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Selling Stockholders</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Description of Common Stock</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Plan of Distribution</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Validity of the Securities</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">Experts</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; text-indent: 0">12</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission, or the Commission, utilizing a &ldquo;shelf&rdquo; registration
process. Under this shelf registration process, the sellers may, from time to time, offer and sell shares of our Common Stock pursuant
to this prospectus. This prospectus provides you with a general description of the securities the sellers may offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should read carefully both this prospectus
and any prospectus supplement, together with additional information described below under &ldquo;Where You Can Find More Information&rdquo;
before you invest in our securities. If there is any inconsistency between the information in this prospectus and any prospectus
supplement, you must rely on the information in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should rely only on the information
contained or incorporated by reference in this prospectus.&nbsp;We&nbsp;have not&nbsp;authorized any other person to provide you
with additional or different information. If anyone provides you with additional, different or inconsistent information, you should
not rely on it. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus
is accurate on any date subsequent to the date set forth on the front of the document or that any information that we have incorporated
by reference is correct on any date subsequent to the date of the document incorporated by reference. Our business, financial condition,
results of operation and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus does not contain all the
information provided in the registration statement we filed with the Commission. For further information about us or the securities
offered hereby, you should refer to that registration statement, which you can obtain from the Commission as described below under
&ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this prospectus, unless otherwise specified
or the context otherwise requires, &ldquo;Comstock,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our,&rdquo; &ldquo;our
Company&rdquo; or the &ldquo;Company&rdquo; refer to Comstock Mining Inc. and its consolidated subsidiaries. In addition, unless
the context requires otherwise, reference to the &ldquo;Board&rdquo; refers to the Board of Directors of Comstock Mining Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>WHERE YOU CAN FIND
MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are required to file periodic reports,
proxy statements and other information relating to our business, financial and other matters with the Commission under the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Our filings are available to the public over the Internet at
the Commission&rsquo;s web site at http://www.sec.gov. You may also read and copy any document we file with the Commission at,
and obtain a copy of any such document by mail from, the Commission&rsquo;s public reference room located at 100 F Street, N.E.,
Washington, D.C. 20549, at prescribed charges. Please call the Commission at 1-800-SEC-0330 for further information on the public
reference room and its charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the Commission a registration
statement on Form S-3 under the Securities Act with respect to our securities described in this prospectus. References to the &ldquo;registration
statement&rdquo; or the &ldquo;registration statement of which this prospectus is a part&rdquo; mean the original registration
statement and all amendments, including all schedules and exhibits. This prospectus does, and any prospectus supplement will, not
contain all of the information in the registration statement because we have omitted parts of the registration statement in accordance
with the rules of the Commission. Please refer to the registration statement for any information in the registration statement
that is not contained in this prospectus or a prospectus supplement. The registration statement is available to the public over
the Internet at the Commission&rsquo;s web site described above and can be read and copied at the locations described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each statement made in this prospectus or
any prospectus supplement concerning a document filed as an exhibit to the registration statement is qualified in its entirety
by reference to that exhibit for a complete description of its provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We make available, free of charge, on or
through our web site, copies of our proxy statements, our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our
current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange
Act as soon as reasonably practicable after we electronically file them with or furnish them to the Commission. We maintain a
web site at <U>http://www.comstockmining.com</U>. The information contained on our web site is not part of this prospectus, any
prospectus supplement or the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed the following documents with
the Commission pursuant to the Exchange Act and hereby incorporate them by reference in the registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We incorporate by reference the documents
listed below and any future documents that we file with the Commission under Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act after the date of this prospectus supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Our annual report on Form 10-K for the
fiscal year ended December 31, 2011, filed with the Commission on March 30, 2012 (the &ldquo;2011 Form 10-K&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Our quarterly report on Form 10-Q for
the period ended March 31, 2012, filed with the Commission on May 15, 2012 (the &ldquo;First Quarter Form 10-Q&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) Our quarterly report on Form 10-Q for
the period ended June 30, 2012, filed with the Commission on August 14, 2012, as amended on Form 10-Q/A filed on September 14,
2012 (the &ldquo;Second Quarter Form 10-Q&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d) Our quarterly report on Form 10-Q for
the period ended September 30, 2012, filed with the Commission on November 13, 2012 (the &ldquo;Third Quarter Form 10-Q&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) Our current report filed with the Commission
on February 10, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f) Our current report filed with the Commission
on February 22, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g) Our current report on Form 8-K, filed
with the Commission on April 4, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h) Our current report on Form 8-K, filed
with the Commission on June 20, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) Our current report on Form 8-K, filed
with the Commission on July 30, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j) Our current report on Form 8-K, filed
with the Commission on November 5, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k) Our current report on Form 8-K, filed
with the Commission on November 19, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l) Our current report on Form 8-K, filed
with the Commission on December 14, 2012;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m) Our proxy statement on Schedule 14A,
filed with the Commission on May 3, 2012; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n) The description of our Common Stock
contained in our Form 8-A (File No. 001-35200), filed with the Commission under Section 12 of the Exchange Act on June 8, 2011
(the &ldquo;Form 8-A&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents subsequently filed by us with
the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in the registration statement and to be a part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We make available copies of the documents
incorporated by reference in this prospectus to each person, including any beneficial owner, to whom a prospectus is delivered,
without charge, upon written or oral request. Such requests should be directed to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Comstock Mining Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">P.O. Box 1118</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Virginia City, Nevada 89440</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Attention: Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (775) 847-5272</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>This summary highlights information contained
elsewhere or incorporated by reference in this prospectus and does not contain all of the information you should consider in making
your investment decision. You should read this summary together with the more detailed information included elsewhere or incorporated
by reference in this prospectus, including financial statements and the related notes. You should carefully consider, among other
things, the matters discussed under &ldquo;Risks Factors&rdquo; in the 2011 Form 10-K, the First Quarter Form 10-Q, the Second
Quarter 10-Q, the Third Quarter 10-Q and in other documents that we subsequently file with the Commission that are incorporated
by reference herein.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is a Nevada-based, gold and
silver mining company with extensive, contiguous property in the historic Comstock and Silver City mining districts (collectively,
the &ldquo;Comstock District&rdquo;). The Comstock District is located within the western portion of the Basin and Range Province
of Nevada, between Reno and Carson City. The Company began acquiring properties and developing projects in the Comstock District
in 2003. Since then, the Company has consolidated a substantial portion of the Comstock District, secured permits, built an infrastructure
and brought exploration projects into production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The goal of our strategic plan is to deliver
stockholder value by validating qualified resources (measured and indicated) and reserves (probable and proven) of at least 3,250,000
gold equivalent ounces in 2013, and commence commercial mining and processing operations with annual production rates of approximately
20,000 gold equivalent ounces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because of the Comstock District&rsquo;s
historical significance, the geology is well known and has been extensively studied by the Company, our advisors and many independent
researchers. We have amassed a large library of historical and current data and detailed surface mapping of Comstock District properties.
We use such data in conjunction with our drilling programs to expand our understanding of the Comstock District&rsquo;s structural
geology as well as its broader geological footprint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has 1,357 reverse circulation
drilling (&ldquo;RC&rdquo;) and core holes, representing over 410,500 feet of drill data in the Lucerne Resource Area. This data
has furthered our knowledge of the Lucerne&rsquo;s mineralization and provided the information used to develop the mine plan for
commencing production on the west side of the Lucerne. We also have 323 RC and core holes, representing over 59,000 feet of drill
data in our Dayton Resource Area. In our exploration and development campaigns, all drilling, surface and down-hole surveying,
hole abandonment, geologic logging, sampling, and assays were performed to industry-recognized standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Lucerne Resource Area is located in
Storey County, Nevada, approximately three miles south of Virginia City and 30 miles southeast of Reno. Our Dayton Resource Area,
the proposed site for our second commercial mining activities, is located in Lyon County, Nevada, approximately six miles south
of Virginia City. Access to the properties is by State Route 342, a paved highway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We continue acquiring additional properties
in the Comstock District, expanding our footprint and creating opportunities for exploration and mining. The Company now owns or
controls approximately 5,869 acres of mining claims in the Comstock District. The acreage is comprised of 1,336 acres of patented
claims (private lands) and surface parcels (private lands) and 4,533 acres of unpatented mining claims, which the Bureau of Land
Management (&ldquo;BLM&rdquo;) administers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Strategic Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In April 2010, the Board approved a strategic
plan designed to restructure and recapitalize the Company, accelerate mine development and production and continue exploration.
Since then, we have accomplished all of the key milestones contemplated by the strategic plan within the time frame contemplated
to date, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">operational and management restructuring, including the appointment of a new chief executive officer, chief accounting officer,
controller, vice president of strategic resource planning, vice president of operations, metallurgical process manager, senior
mine planner and director of environmental and regulatory management;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">the 200:1 reverse stock split of all common shares outstanding;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">the acquisition of ownership or control of more than 1,800 acres, leading to substantial increases in the Company&rsquo;s measured,
indicated and inferred resources;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">balance sheet restructuring, including the exchange of approximately $29.4 million of secured convertible indebtedness for
convertible preferred equity;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">an equity capital raise of approximately $35.75 million through the issuance of convertible preferred equity;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">listing of the Company&rsquo;s Common Stock on the NYSE MKT; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding: 0; text-indent: 0">obtaining key required permits for exploration drilling and production purposes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As part of the strategic plan, the Company
has scheduled the exploration and development drilling intended to validate mine design and identify qualified resources and reserves
with three intermediate objectives of validating measured and indicated resources containing 1,000,000 gold equivalent ounces,
1,500,000 gold equivalent ounces, and 2,000,000 gold equivalent ounces, respectively, and the long term planned objective of 3,250,000
gold equivalent ounces to be achieved in 2013, with an annual run rate of at least 20,000 gold equivalent ounces with respect to
the Company&rsquo;s existing exploration targets. The Company has already met the first two intermediate exploration objectives.
The Company commenced the start of production operations in September 2012. See &ldquo;Recent Developments &mdash; Production&rdquo;
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Related Party Transactions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Northern Comstock LLC </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 20, 2010, the Company entered
into an operating agreement to form Northern Comstock LLC (&ldquo;Northern Comstock&rdquo;) with Mr. Winfield, a shareholder of
the Company, and an entity controlled by Mr. Winfield, DWC Resources, Inc. (&ldquo;DWC&rdquo;). As part of the operating agreement,
the Company obtained the exclusive rights of production and exploration on certain property formerly owned by DWC in Storey County,
Nevada and two parcels leased by Mr. John Winfield in Storey County, Nevada from the Sutro Tunnel Company and Virginia City Ventures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As part of the operating agreement, the
Company obtained the exclusive rights of production and exploration on certain parcels in Storey County, Nevada. The terms of the
operating agreement provide that on each anniversary of the operating agreement, up to and including the thirty-ninth (39th) anniversary,
the Company will make contributions in the amount of $862,500, in the form of Series A-1 Convertible Preferred Stock or cash upon
request of Northern Comstock. If an event of default occurs under the operating agreement, the additional capital contributions
could be accelerated and the entire unpaid amount of the Company&rsquo;s capital contribution, up to the aggregate 34,500 shares
of Series A-1 Convertible Preferred Stock (approximately 53 million shares of Common Stock as converted), could become issuable
immediately. The Company has made the first three capital contributions and therefore there are capital contributions of 31,912.5
shares of Series A-1 Convertible Preferred Stock (approximately 49.0 million shares of Common Stock as converted) remaining as
of October 31, 2012. The operating agreement further requires the Company to make certain capital expenditures of not less than
$750,000 over five years with respect to each parcel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mineral production from the DWC-contributed
property is subject to a royalty on a sliding scale to DWC. At gold prices over $750 per ounce, production of the first 500,000
ounces is subject to a 3% net smelter royalty. Production over 500,000 ounces is subject to a 6% net smelter royalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mineral production on the Sutro property
is subject to a royalty on a sliding scale to John Winfield. At gold prices over $250 per ounce, production of the first 500,000
ounces is subject to a 1% net smelter royalty. Production over 500,000 ounces is subject to a 2% net smelter royalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the operating agreement,
all operating activities from the minerals or finished products produced from the parcel are conducted by the Company and recognized
in the Company&rsquo;s consolidated financial statements. The Company has no right to receive periodic or liquidating distributions
related to any amounts contributed to Northern Comstock. The payments to Northern Comstock do not result in the acquisition of
any equity interest in Northern Comstock as there is no entitlement to receive future distributions or changes in the fair value
of the net assets of Northern Comstock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Indemnification </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 20, 2010, the Company exchanged
senior secured convertible and senior indebtedness owed to Mr. Winfield and certain entities affiliated with Mr. Winfield (the
&ldquo;Winfield Group&rdquo;) for shares of Series A-1 Convertible Preferred Stock. As part of the exchange, the Company agreed
to indemnify the Winfield Group for any amounts as part of the exchange that are determined to be taxable as ordinary income to
each member of the Winfield Group. Such indemnified amounts would include (i) any federal, state and local income tax, penalties
and interest such member is actually obligated to pay out-of-pocket as a result of such determination, after taking into account
(a) all increases in federal, state and local income taxes actually payable as a result of the receipt of any such indemnity payment
and (b) the deduction to which such member would be entitled for federal income tax purposes for state and local income taxes paid.
The Company may at its option, pay the indemnity amount either in cash or in a number of common shares equal to the indemnity amount
divided by the average of the volume weighted average closing prices of common shares for the five consecutive trading days ending
on the trading day that is immediately prior to the date of such payment. As of September 30, 2012, the Company has recorded a
liability of $3,985,664 for this tax indemnification at the amount that is probable of being indemnified by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Production </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our strategic plan called for a return to
mine production during the third quarter of 2012. During the second quarter of 2012, we completed the expansion of the heap leach
pad from its three existing cells to five cells. We also received and installed the new Merrill Crowe facility. We installed the
crushing facility, including the jaw and cone crusher, the super stacker, conveyors and related components on site.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have hired essentially all of our planned
mine and processing staff. This includes the mining operations, crushing plant, Merrill Crowe facility, laboratory, and metallurgical
process staff. With the additions of these staff, we are able to run our full mining operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the third quarter of 2012, we commissioned
the crushing and Merrill Crowe facilities, including successful calibration and testing of the facility&rsquo;s equipment. We commenced
the haulage of mineralized material from the mine to the crushing facility, and crushing and stacking material. Once material was
stacked, we commenced processing and poured dor&eacute; beginning in late September 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Through October 31, 2012, the Company shipped
1,258 ounces of gold and 14,802 ounces of silver. In addition, the Company delivered 28 ounces of gold and 292 ounces of silver
to the Northwest Territorial Mint, In Dayton, Nevada, to facilitate the minting of the commemorative bar celebrating the first
pour. The combined sale of metal (received payments and payments due on gold and silver sold) was in excess of $2.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Through October 31, 2012, the Company has
crushed over 175,000 dry tons of mineralized material. Material placed on the heap leach pad after crushing remains under solution
for as long as the pad is utilized. Throughout this period, the recovery of gold and silver continues, but the most effective economic
recovery of gold and silver takes between 45 to 60 days to complete. The recovery of gold and silver from the first month represents
only a portion of the expected recovery. Once initiated, the Merrill-Crowe process is continuous. Likewise, the heap is continuously
expanded as new material is brought from the mine and sent through the crusher. As a result, the amount of gold and silver recovered
and shipped for payment always represents only a fraction of the ultimately recovered amount of gold and silver potential in the
amount actually on the heap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has completed a financial analysis
for the Lucerne mine and anticipates annual operating expenses, including mining, processing, royalties and mine administration
costs of approximately $13.3 million per annum, with a production schedule that commences processing at a rate of one million tons
per annum. The Company anticipates temporary, higher haulage costs of $2.25 million for the first nine months of operations in
2013, associated with hauling on an alternative route until a new Right of Way permit is issued to us by the BLM. These mining,
processing and related costs do not include corporate administration or other general and administrative costs, nor do they include
exploration and mine development costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Surety Bond </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July 2012, the Company placed a $4.67
million reclamation surety bond, through the Lexon Surety Group with the State of Nevada&rsquo;s Bureau of Mining Regulation Reclamation.
The bond insures for the estimated costs required to safely reclaim the natural environment to the regulatory standards established
by the State of Nevada&rsquo;s Division of Environmental Protection with the purposes of ensuring public safety, protecting the
waters of the state, and providing for post mining land use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Working Capital and Equipment Financings </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July 2012, the Company entered into a
Master Loan and Security Agreement and other arrangements with Caterpillar Financial Services Corporation (the &ldquo;Cat Equipment
Facility&rdquo;) pursuant to which the Company may borrow up to $5 million secured by certain equipment of the Company. On July
30, 2012, the Company borrowed $2 million under the Cat Equipment Facility. The Cat Equipment Facility will bear interest at a
rate of 5.85% with a term of 30 months except in the event of a default, including the occurrence of certain liquidity events,
the principal balance will bear interest at a rate of the lesser of 18% per annum or the highest applicable rate allowed by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July 2012, the Company also entered into
an agreement with Resource Income Fund (&ldquo;RIF&rdquo;), with Auramet Trading, LLC (&ldquo;Auramet&rdquo;) acting as gold agent,
pursuant to which the Company may borrow up to $5 million outstanding at any one time. The Company&rsquo;s obligations under the
agreement are secured by a security interest in all personal property of the Company and its wholly-owned subsidiary Comstock Mining
LLC (the &ldquo;Subsidiary&rdquo;), and certain real estate owned by the Company within the Company&rsquo;s starter mine (the &ldquo;Starter
Mine Patents&rdquo;). The proceeds will be used for working capital and capital expenditures associated with the commencement of
production. The proceeds will be repaid through the delivery of 3,720 ounces of gold payable in 12 semi-monthly deliveries of 310
ounces each beginning February 2013 and ending July 2013, or December 2013, if any amounts are redrawn under the agreement. The
agreement is non-interest bearing except in the event of a default, in which case the balance would then bear interest at the lesser
rate of 15% per annum or the highest applicable rate allowed by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company also granted to RIF a call option
to purchase 5,950 ounces of gold at a strike price of $2,000 per ounce, exercisable on, and expiring on, July 24, 2013. In connection
with entry into the agreement, the Company and the Subsidiary have also entered into a purchase and sale agreement with Auramet,
and the Company entered into a trading agreement the terms of which will govern all transactions of metals between Auramet and
the Company. The Company drew down $5 million under the agreement in July 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>C</B></FONT><B>orporate
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s executive offices are
located at 1200 American Flat Road, Virginia City, Nevada 89440 and its telephone number is (775) 847-5272. The Company&rsquo;s
mailing address is P.O. Box 1118, Virginia City, Nevada 89440. The Company&rsquo;s website address is www.comstockmining.com. The
Company&rsquo;s website and the information contained on, or that can be accessed through, the website are not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORWARD LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The information
appearing under &ldquo;Statement Regarding Forward Looking Statements&rdquo; in the 2011 Form 10-K,</FONT> <FONT STYLE="font-size: 10pt">the
First Quarter Form 10-Q, the Second Quarter 10-Q, the Third Quarter 10-Q, is hereby incorporated by reference. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information appearing under &ldquo;Risks
Factors&rdquo; in the 2011 Form 10-K, the First Quarter Form 10-Q, the Second Quarter 10-Q, the Third Quarter 10-Q, is hereby incorporated
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any proceeds from the
sale of any shares offered hereby by the sellers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SELLING STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling stockholders consist of the
persons listed below and their subsequent transferees, pledgees, donees and successors. The sellers may from time to time offer
and sell shares of our Common Stock pursuant to this prospectus or any applicable prospectus supplement. The selling stockholders
are affiliates of the Company. Mr. John V. Winfield was elected as a director of the Company on June 23, 2011. Mr. Winfield is
deemed to be the beneficial owner of the shares held by the other selling stockholders. Mr. Winfield, together with the other selling
stockholders, is the Company&rsquo;s largest investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding: 0 3pt 3pt; font-weight: bold; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: center"><B>Before
    Offering &nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: center"><B>After
    Offering &nbsp;</B></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 36%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 3pt"><B>Name
    &nbsp;</B></TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; padding: 0 3pt; border-right: windowtext 1pt solid"><B>Total
    Number of Shares Beneficially Owned </B></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding: 0 3pt; border-right: windowtext 1pt solid"><B>Number
    of Shares Offered <SUP>(1)</SUP> &nbsp;</B></TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; padding: 0 3pt; border-right: windowtext 1pt solid"><B>Shares
    Beneficially Owned After Offering<SUP>&nbsp;(1) &nbsp;</SUP></B></TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding: 0 3pt; border-right: windowtext 1pt solid"><B>Percentage
    of Shares Beneficially Owned After Offering&nbsp;<SUP>(1)(2) &nbsp;</SUP></B></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 3pt 3pt; text-indent: 0">John
    V. Winfield<SUP>(3)</SUP></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">38,664,217</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">10,798,863&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">7,541,344&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">9.0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 3pt 3pt; text-indent: 0">The
    InterGroup Corporation<SUP>(3)</SUP></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">11,112,221</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">10,095,269&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">1,016,952&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">1.7%</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 3pt 3pt; text-indent: 0">Portsmouth
    Square, Inc. <SUP>(3)</SUP></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">7,559,740</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">6,773,610&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">786,130&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">1.4%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 3pt 3pt; text-indent: 0">Santa
    Fe Financial Corporation<SUP>(3)</SUP></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">3,854,607</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">3,455,131&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">399,476&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 3pt 3pt; text-align: right; text-indent: 0">0.8%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; padding: 0; text-indent: 0">(1)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Assumes all shares registered hereby are sold.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">(2)</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Applicable percentage of ownership is based on 48,466,267 shares of Common Stock outstanding as of December 28, 2012, together with all applicable options, warrants and other securities convertible into shares of our Common Stock for such stockholder.&nbsp;&nbsp;Beneficial ownership is determined in accordance with the rules of&nbsp;&nbsp;the Commission, and includes voting and investment power with respect to shares.&nbsp;&nbsp;Shares of our Common Stock subject to options, warrants or other convertible securities exercisable within 60 days after December 28, 2012 are deemed outstanding for computing the percentage ownership of the person holding such options, warrants or other convertible securities, but are not deemed outstanding for computing the percentage of any other person.&nbsp;&nbsp;Except otherwise noted, the named beneficial owner has the sole voting and investment power with respect to the shares of Common Stock shown.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">(3)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Mr. Winfield is the President, Chief Executive Officer and Chairman of the Board of The InterGroup Corporation (&ldquo;InterGroup&rdquo;), Santa Fe Financial Corporation (&ldquo;Santa Fe&rdquo;) and Portsmouth Square, Inc. (&ldquo;Portsmouth&rdquo;) and may be deemed to share voting and dispositive power over shares of the Company&rsquo;s securities owned by each of InterGroup, Santa Fe and Portsmouth. Mr. Winfield has sole voting power over shares of the Company&rsquo;s securities held by Northern Comstock LLC (&ldquo;Northern Comstock&rdquo;). The 38,664,217 shares of the Company&rsquo;s Common Stock beneficially owned by Mr. Winfield includes (i) 1,008,477 shares of Common Stock held directly by Mr. Winfield, (ii) 287,500 shares of Common Stock issuable upon exercise of vested warrants held directly by Mr. Winfield, (iii) 10,798,863 shares of Common Stock issuable upon conversion of currently convertible shares of Series A-1 Convertible Preferred Stock held directly by Mr. Winfield, (iv) 901,952 shares of Common Stock held by InterGroup, (v) 10,095,269 shares of Common Stock issuable upon conversion of currently convertible shares of Series A-1 Convertible Preferred Stock held by InterGroup, (vi) 115,000 shares of Common Stock issuable upon exercise of vested warrants held by InterGroup, (vii) 671,130 shares of Common Stock held by Portsmouth, (viii) 6,773,610 shares of Common Stock issuable upon conversion of currently convertible shares of Series A-1 Convertible Preferred Stock held by Portsmouth, (ix) 115,000 shares of &nbsp;Common Stock issuable upon exercise of vested warrants held by Portsmouth, (x) 341,976 shares of Common Stock held by Santa Fe, (xi) 3,455,131 shares of&nbsp; Common Stock issuable upon conversion of currently convertible shares of Series A-1 Convertible Preferred Stock held by Santa Fe, (xii) 57,500 shares of Common Stock issuable upon exercise of vested warrants held by Santa Fe (xiii) 68,155 shares of Common Stock held by Northern Comstock and (xiv) 3,974,654 shares of Common Stock issuable upon conversion of currently convertible shares of Series A-1 Convertible Preferred Stock held by Northern Comstock. The holders of Series A-1 Convertible Preferred Stock are entitled to vote with the holders of Common Stock as a single class on all matters submitted to the vote of the Common Stock (on an as-converted basis); provided that each share of the Series A-1 Convertible Preferred Stock held by affiliates of Mr. Winfield is entitled to five times the number of votes per share of Common Stock to which it would otherwise be entitled. Mr. Winfield is therefore entitled to 178,479,324 votes on matters submitted to the vote of the Common Stock or approximately 71.3% of votes entitled to be cast on matters submitted to the vote of the Common Stock.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF COMMON STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information appearing under &ldquo;Item
1. Description of Registrant&rsquo;s Securities to be Registered&rdquo; in the Form 8-A, is hereby incorporated by reference. The
Company currently has 48,466,267 shares of Common Stock issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each seller may, from time to time, sell
any or all of their shares of Common Stock on the Trading Market or any other stock exchange, market or trading facility on which
the shares are traded or in private transactions. If the shares of Common Stock are sold through underwriters or broker-dealers,
the sellers will be responsible for underwriting discounts or commissions or agent&rsquo;s commissions. These sales may be at fixed
prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of the sale or at negotiated
prices. A seller may use any one or more of the following methods when selling shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="width: 95%; padding: 0 0 3pt; text-indent: 0">on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">in the over-the-counter market;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">in transactions otherwise than on these exchanges or systems or in the over-the-counter market;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">ordinary brokerage transactions and transactions in which the broker&#45;dealer solicits purchasers;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">block trades in which the broker&#45;dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">purchases by a broker&#45;dealer as principal and resale by the broker&#45;dealer for its account;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">an exchange distribution in accordance with the rules of the applicable exchange;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">privately negotiated transactions;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">broker&#45;dealers may agree with the sellers to sell a specified number of such shares at a stipulated price per share;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">a combination of any such methods of sale;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0; width: 5%">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0; width: 95%">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt; font-family: Symbol; text-align: center; text-indent: 0">&middot;</TD>
    <TD STYLE="padding: 0 0 3pt; text-indent: 0">any other method permitted pursuant to applicable law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sellers may also
sell shares under Rule 144 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), if available, rather
than under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Broker-dealers engaged
by the sellers may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts
from the sellers (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated,
but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary
brokerage commission in compliance with the rules of the Trading Market or other stock exchange on which the Common Stock is traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the sale of the Common
Stock or interests therein, the sellers may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the Common Stock in the course of hedging the positions they assume. The sellers may
also sell shares of the Common Stock short and deliver these securities to close out their short positions, or loan or pledge the
Common Stock to broker-dealers that in turn may sell these securities. The sellers may also loan or pledge shares of Common Stock
to broker-dealers that in turn may sell such shares. The sellers may also enter into option or other transactions with broker-dealers
or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer
or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution
may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The sellers and any broker-dealers or agents
that are involved in selling the shares may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act
in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale
of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is required to pay certain fees
and expenses incurred by the Company incident to the registration of the shares. The Company has agreed to indemnify the sellers
against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We agreed to keep this prospectus effective
until the earlier of (i) the date on which the shares may be resold by the sellers without registration and without regard to any
volume limitations by reason of Rule 144(e) under the Securities Act or any other rule of similar effect or (ii) all of the shares
have been sold pursuant to the prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale
shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.
In addition, in certain states, the resale shares may not be sold unless they have been registered or qualified for sale in the
applicable state or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under applicable rules and regulations under
the Exchange Act, any person engaged in the distribution of the resale shares may not simultaneously engage in market making activities
with respect to the Common Stock for a period of two business days prior to the commencement of the distribution. In addition,
the sellers will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation
M, which may limit the timing of purchases and sales of shares of the Common Stock by the sellers or any other person. At the time
a particular offering of the shares of Common Stock is made, a prospectus supplement, if required as determined by the Company
in its sole discretion, will be distributed which will set forth the aggregate amount of shares of Common Stock being offered and
the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms
constituting compensation from the sellers and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.
We will make copies of this prospectus available to the sellers and have informed them of the need to deliver a copy of this prospectus
to each purchaser at or prior to the time of the sale unless exempted from the prospectus delivery requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The sellers may pledge or grant a security
interest in some or all of the shares of Common Stock owned by them and, if they default in the performance of their secured obligations,
the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this prospectus or
any amendment or supplement to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act, amending,
if necessary, the list of sellers to include the pledgee, transferee or other successors in interest as sellers under this prospectus.
The sellers also may transfer and donate the shares of Common Stock in other circumstances in which case the transferees, donees,
pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that any sellers
will sell any or all of the shares of Common Stock registered pursuant to the registration statement, of which this prospectus
forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once sold under the
registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely tradable in the hands
of persons other than our affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any of the proceeds
from the sale by the sellers of the shares of Common Stock. We will pay all expenses of the registration of the shares of Common
Stock pursuant to the registration rights agreement, including, without limitation, Securities and Exchange Commission filing fees
and expenses of compliance with state securities or &quot;blue sky&quot; laws; provided, however, that a sellers will pay all underwriting
discounts and selling commissions, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALIDITY OF THE SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the securities offered and
to be offered hereby and certain other legal matters will be passed upon for us by McDonald Carano Wilson LLP. Counsel for any
underwriter or agent will be named in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements, and
the related financial statement schedule, incorporated in this Prospectus by reference from the Company&rsquo;s Annual Report on
Form 10-K have been audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm, as stated in their
report, which is incorporated herein by reference. Such consolidated financial statements and financial statement schedule have
been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No expert or counsel named in this prospectus
as having prepared or certified any part thereof or having given an opinion upon the validity of the securities being registered
or upon other legal matters in connection with the registration or offering of our Common Stock was employed on a contingency basis
or had or is to receive, in connection with the offering, a substantial interest, directly or indirectly, in us. Additionally,
no such expert or counsel was connected with us as a promoter, managing or principal underwriter, voting trustee, director, officer
or employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 14. Other Expenses of Issuance and Distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth all fees
and expenses payable by the registrant in connection with the issuance and distribution of the securities being registered hereby
(other than underwriting discounts and commissions). All of such expenses, except the Commission registration fee, are estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="width: 50%; border: windowtext 1pt solid; padding: 0 0 0 0.625in; text-indent: 0">Commission registration fee</TD>
    <TD STYLE="width: 50%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 0 0 0.125in; text-indent: 0">$9,615</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 0 0 0.625in; text-indent: 0">Accounting fees and expenses</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 0 0 0.125in; text-indent: 0">$10,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 0 0 0.625in; text-indent: 0">Legal fees and expenses</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 0 0 0.125in; text-indent: 0">$12,500</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 0 0 0.625in; text-indent: 0">Printing and miscellaneous expenses</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 0 0 0.125in; text-indent: 0">$750</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 0 0 0.625in; text-indent: 0">Total</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 0 0 0.125in; text-indent: 0">$32,865</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 15. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Articles of Incorporation and Bylaws
provide for the indemnification of a present or former director or officer. We indemnify any director, officer, employee or agent
who is successful on the merits or otherwise in defense on any action or suit. Such indemnification shall include, but not necessarily
be limited to, expenses, including attorney's fees actually or reasonably incurred by him. Nevada law also provides for discretionary
indemnification for each person who serves as or at our request as an officer or director. We may indemnify such individual against
all costs, expenses and liabilities incurred in a threatened, pending or completed action, suit or proceeding brought because such
individual is a director or officer. Such individual must have conducted himself in good faith and reasonably believed that his
conduct was in, or not opposed to, our best interests. In a criminal action, he must not have had a reasonable cause to believe
his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Nevada Law</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the provisions of Nevada Revised
Statutes 78.751, we shall indemnify any director, officer and employee as follows: every director, officer, or employee of ours
shall be indemnified by us against all expenses and liabilities, including counsel fees, reasonably incurred by or imposed upon
him/her in connection with any proceeding to which he/she may be made a party, or in which he/she may become involved, by reason
of being or having been a director, officer, employee or agent of us or is or was serving at our request as a director, officer,
employee or agent of us, partnership, joint venture, trust or enterprise, or any settlement thereof, whether or not he/she is a
director, officer, employee or agent at the time such expenses are incurred, except in such cases wherein the director, officer,
employee or agent is adjudged guilty of willful misfeasance or malfeasance in the performance of his/her duties; provided that
in the event of a settlement the indemnification herein shall apply only when the Board approves such settlement and reimbursement
as being for our best interests. We shall provide to any person who is or was a director, officer, employee or agent of us or is
or was serving at our request as a director, officer, employee or agent of the corporation, partnership, joint venture, trust or
enterprise, the indemnity against expenses of a suit, litigation or other proceedings which is specifically permissible under applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 16.</B> <B>Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT>&#9;The
exhibits listed in the following table have been filed as part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding: 0; text-align: center"><B>Exhibit</B><BR>
    <B><U>Number</U></B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 87%; padding: 0; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Description of Exhibit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">5.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Opinion of McDonald Carano Wilson LLP regarding the validity of the securities registered hereunder.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">23.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Consent of McDonald Carano Wilson LLP (included in Exhibit 5.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">23.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Consent of Deloitte &amp; Touche LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">24.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Powers of Attorney of Directors and Certain Officers of the Registrant (included on the signature page hereof).</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 17.</B> <B>Undertakings </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(1)</TD><TD STYLE="padding: 0; text-indent: 0">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(i)</TD><TD STYLE="padding: 0; text-indent: 0">to include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(ii)</TD><TD STYLE="padding: 0; text-indent: 0">to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(iii)</TD><TD STYLE="padding: 0; text-indent: 0">to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><I>provided</I>, <I>however</I>, that paragraphs (i),
(ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section&nbsp;13
or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in
a form of prospectus filed pursuant to Rule&nbsp;424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(2)</TD><TD STYLE="padding: 0; text-indent: 0">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(3)</TD><TD STYLE="padding: 0; text-indent: 0">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(4)</TD><TD STYLE="padding: 0; text-indent: 0">That, for the purpose of determining liability under the Securities Act to any purchaser:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(i)</TD><TD STYLE="padding: 0; text-indent: 0">If the registrant is relying on Rule 430B:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">A)</TD><TD STYLE="padding: 0; text-indent: 0">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement
as of the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(B)</TD><TD STYLE="padding: 0; text-indent: 0">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(ii)</TD><TD STYLE="padding: 0; text-indent: 0">If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on
Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part
of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such date of first use.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(5)</TD><TD STYLE="padding: 0; text-indent: 0">That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The undersigned registrant undertakes that in a primary
offering of securities of the undersigned registrant pursuant to this Registration Statement, regardless of the underwriting method
used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(i)</TD><TD STYLE="padding: 0; text-indent: 0">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(ii)</TD><TD STYLE="padding: 0; text-indent: 0">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(iii)</TD><TD STYLE="padding: 0; text-indent: 0">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">(iv)</TD><TD STYLE="padding: 0; text-indent: 0">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Virginia City, Nevada, on December 28, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">COMSTOCK MINING INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 46%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">By:</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-align: center; text-indent: 0">/s/ Corrado De Gasperis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">Corrado De Gasperis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">(Principal Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center; text-indent: 0">and Principal Financial Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">KNOW ALL PERSONS BY THESE PRESENTS, that
each individual whose signature appears below hereby constitutes and appoints Corrado De Gasperis as his or her true and lawful
agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him and in his name, place and stead,
in any and all capacities, to (i) act on, sign and file with the Securities and Exchange Commission any and all amendments to this
registration statement (which includes any additional registration statement under Rule 462(b)) together with all schedules and
exhibits thereto, (ii) act on, sign and file with the Securities and Exchange Commission any and all exhibits to this registration
statement and any and all exhibits and schedules thereto, (iii) act on, sign and file any and all such certificates, applications,
registration statements, notices, reports, instruments, agreements and other documents necessary or appropriate in connection with
the registration or qualification under foreign and state securities laws of the securities described in this registration statement
or any amendment thereto, or obtain an exemption therefrom, in connection with the offerings described therein and (iv) take any
and all such actions which may be necessary or appropriate in connection therewith, granting unto such agents, proxies and attorneys-in-fact,
and each of them individually, full power and authority to do and perform each and every act and thing necessary or appropriate
to be done, as fully for all intents and purposes as he might or could do in person, and hereby approving, ratifying and confirming
all that such agents, proxies and attorneys-in-fact, any of them or any of his or their substitute or substitutes may lawfully
do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding: 0; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Name</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 61%; padding: 0; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Title</TD>
    <TD STYLE="width: 18%; padding: 0; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Date</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ John V. Winfield</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">John V. Winfield</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chairman of the Board of Directors</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">December 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Corrado De Gasperis</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Corrado De Gasperis</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">President, Chief Executive Officer and Director</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">December 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(Principal Executive Officer and Principal Financial Officer)</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Daniel Kappes</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Daniel Kappes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Director</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">December 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ William Nance</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">William Nance</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Director</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">December 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Robert Reseigh</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Robert Reseigh</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Director</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">December 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mark Jewett</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Mark Jewett</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Accounting Officer (Principal Accounting Officer)</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">December 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding: 0; text-align: center"><B>Exhibit</B><BR>
    <B><U>Number</U></B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 87%; padding: 0; font-weight: bold; text-decoration: underline; text-align: center; text-indent: 0">Description of Exhibit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">5.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Opinion of McDonald Carano Wilson LLP regarding the validity of the securities registered hereunder.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">23.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Consent of McDonald Carano Wilson LLP (included in Exhibit 5.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">23.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Consent of Deloitte &amp; Touche LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">24.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Powers of Attorney of Directors and Certain Officers of the Registrant (included on the signature page hereof).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v331034_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 5.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 28, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comstock Mining Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1200 American Flat Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Virginia City, NV 89440</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Re: Registration
Statement on Comstock Mining Inc.&rsquo;s Form S-3</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as special
Nevada counsel to Comstock Mining Inc., a Nevada corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the filing
by the Company of a Registration Statement on Form S-3 (including the prospectus which is a part thereof, the &ldquo;<U>Registration
Statement</U>&rdquo;), with the Securities and Exchange Commission in connection with the registration under the Securities Act
of 1933 as amended (the &ldquo;<U>Act</U>&rdquo;) of up to 31,122,873 shares of common stock of the Company, par value $0.00666
per share (the &ldquo;<U>Common Stock</U>&rdquo;), issuable upon conversion of shares of the Company&rsquo;s Series A-1 Convertible
Preferred Stock, for resale by certain stockholders as provided in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You have requested
our opinion as to the matters set forth below in connection with the Registration Statement. For purposes of rendering that opinion,
we have examined the Registration Statement, the Company&rsquo;s Articles of Incorporation, as amended, and Bylaws, as amended,
and the corporate action of the Company that provides for the issuance of the shares, and we have made such other investigation
as we have deemed appropriate. We have examined and relied upon certificates of public officials and, as to certain matters of
fact that are material to our opinion, we have also relied upon the representations and warranties of the Company contained in
those certain documents included as Exhibits to the Registration Statement and on a certificate of an officer of the Company. In
rendering our opinion, we have made the assumptions that are customary in opinion letters of this kind. We have also assumed that
the number of shares of Common Stock, when issued as dividends or otherwise offered and sold by the Company, when combined with
the number of issued and outstanding shares of common stock of the Company at such time, will not exceed the maximum authorized
number of shares provided in Section 3 of the Company&rsquo;s Articles of Incorporation and any applicable Certificates of Designation.
We have not verified these assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion set forth
below is limited to the laws of the State of Nevada, including reported judicial decisions interpreting those laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon and subject
to the foregoing, it is our opinion that the shares of Common Stock are duly authorized for issuance by the Company and, when issued
upon conversion of such Series A-1 Convertible Preferred Stock in accordance with the terms thereof, will be validly issued, fully
paid, and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us in the Registration
Statement and any amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify; text-indent: 0.5in">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify; text-indent: 0.5in">McDONALD CARANO WILSON
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>v331034_ex23.htm
<DESCRIPTION>EXHIBIT 23
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration
Statement on Form S-3 of our report dated March 30, 2012, relating to the consolidated financial statements and financial statement
schedule of Comstock Mining Inc. and subsidiaries appearing in the Annual Report on Form 10-K of Comstock Mining, Inc. and subsidiaries
for the year ended December 31, 2011, and to the reference to us under the heading &ldquo;Experts&rdquo; in the Prospectus, which
is part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ DELOITTE &amp; TOUCHE LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salt Lake City, Utah</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 28, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
