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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 4.5pt double"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
July 24, 2012</P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMSTOCK MINING INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nevada</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jurisdiction of Incorporation)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>001-35200</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>65-0955118</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1200 American Flat Road, Virginia City,
Nevada 89440</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices,
including Zip Code)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s Telephone Number, including
Area Code: <B>(775) 847-5272</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</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">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</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: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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"></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"><B>Item 1.01. Entry into a Material Definitive Agreement. </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: 0.5in">Comstock Mining Inc. (the &ldquo;Company&rdquo;
or &ldquo;Comstock Mining&rdquo;) has arranged a loan commitment up to $5 million, subject to certain conditions (the &ldquo;Cat
Equipment Facility&rdquo;) with Caterpillar Financial Services Corporation (&ldquo;Cat Financial&rdquo;) and a $5 million revolving
credit facility (the &ldquo;Revolving Credit Facility&rdquo;) with Resource Income Fund (&ldquo;RIF&rdquo;), with Auramet Trading,
LLC (&ldquo;Auramet&rdquo;) acting as gold agent.</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">On July 24, 2012, the Company and its wholly-owned
subsidiary, Comstock Mining LLC (the &ldquo;Subsidiary&rdquo;) entered into the Revolving Credit Facility with RIF, pursuant to
which the Company may borrow up to $5 million outstanding at any one time. The Company&rsquo;s and the Subsidiary&rsquo;s obligations
under the Revolving Credit Facility are secured by a security interest in all personal property of the Company and the Subsidiary
and certain real estate owned by the Company within the Company&rsquo;s starter mine (the &ldquo;Starter Mine Patents&rdquo;).
The proceeds from the Revolving Credit Facility will be used for working capital and capital expenditures associated with the commencement
of production. The Revolving Credit Facility 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 Revolving Credit Facility. The Revolving Credit Facility is non-interest bearing except in the event of a default, whence the
principal 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">To secure the obligations under the Revolving
Credit Facility, each of the Company and the Subsidiary have entered into Security Agreements with RIF, each dated as of July 24,
2012 (the &ldquo;Security Agreements&rdquo;). The Company also entered into a Pledge Agreement with RIF, dated as of July 24, 2012
(the &ldquo;Pledge Agreement&rdquo;), pursuant to which the Company pledged all of its interests in the Subsidiary to further secure
its obligations under the Revolving Credit Facility, and a Deed of Trust, dated as of July 24, 2012 (the &ldquo;Deed of Trust&rdquo;)
on the Starter Mine Patents as security. The Company also granted to RIF a call option to purchase 5,950 ounces of gold at a strike
price of US$2,000 per ounce, exercisable on, and expiring on, July 24, 2013 (the &ldquo;Option Agreement&rdquo;). In connection
with entry into the Revolving Credit Facility, the Company and the Subsidiary have also entered into a purchase and sale agreement,
dated as of July 24, 2012 (the &ldquo;Master Purchase and Sale Agreement&rdquo;) with Auramet Trading, LLC (&ldquo;Auramet&rdquo;),
as Gold Agent, and the Company entered into a trading agreement, dated as of July 24, 2012 (the &ldquo;Trading Agreement&rdquo;),
the terms of which will govern all transactions of metals between Auramet and the Company. The Revolving Credit Facility, the Security
Agreements, the Pledge Agreement, the Deed of Trust, the Option Agreement, the Master Purchase and Sale Agreement and the Trading
Agreement are collectively referred to herein as the &ldquo;RIF Loan Documents.&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">The Company closed the transactions contemplated
in the RIF Loan Documents on July 25, 2012 and drew down $5 million thereunder 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">On July 25, 2012, the Company and
the Subsidiary entered into a Master Loan and Security Agreement (&ldquo;Master Loan and Security Agreement&rdquo;) with
Cat Financial pursuant to which the Company  borrowed $2 million on July 30, 2012 under the Cat Equipment Facility for the
purpose of purchasing a mobile equipment fleet manufactured by affiliates of Cat Financial (the &ldquo;Cat Equipment&rdquo;)
and the Company and the Subsidiary granted Cat Financial a security interest in the Cat Equipment. 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"></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 RIF Loan Documents and Master Loan and
Security Agreement contain customary representations, warranties, affirmative covenants, negative covenants and events of default,
as well as conditions to borrowings.</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 copy of the Company&rsquo;s press release
announcing the RIF Credit Facility and Cat Equipment Facility is attached to this report as Exhibit 99.1 and is incorporated herein
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-indent: 0.5in">The foregoing descriptions of the RIF Loan
Documents and the Cat Equipment Facility do not purport to be complete and are qualified in their entirety by reference to such
agreements, which will be filed in accordance with the rules and regulations of the Securities Exchange Commission.</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>Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></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 information disclosed in Item 1.01 of
this Form 8-K relating to the RIF Loan Documents and Cat Equipment Facility is incorporated into this Item 2.03.</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 0pt 117pt; text-indent: -117pt"><B>Item 9.01 Financial Statements
and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117pt; text-indent: -117pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">d) <I>Exhibits</I>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; vertical-align: bottom">Exhibit<BR> <U STYLE="text-decoration: none">Number</U></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: none; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U STYLE="text-decoration: none">Description</U></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: left; vertical-align: bottom">99.1</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; padding-left: 5.4pt">Press release dated July 30, 2012.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117pt; text-indent: -117pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></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>SIGNATURE</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">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.</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="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">COMSTOCK MINING INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">Date: July 30, 2012</TD>
    <TD STYLE="width: 3%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 35%; border-bottom: windowtext 1pt solid; font-size: 10pt">/s/ Corrado DeGasperis</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Corrado DeGasperis</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: President, Chief Executive Officer and Director</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</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>EXHIBIT INDEX</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>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Exhibit<BR>
<U>Number</U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <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"><U>Description</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">99.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Press release dated July 30, 2012.</TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
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[{"type": "8-K", "sequence": "1", "filename": "v319831_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 24310}]
{"company-data": {"conformed-name": "Comstock Mining Inc.", "cik": "0001120970", "assigned-sic": "1040", "irs-number": "650955118", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35200", "film-number": "12994611"}, "business-address": {"street1": "1200 AMERICAN FLAT ROAD", "city": "GOLD HILL,", "state": "NV", "zip": "89440", "phone": "480-505-4040"}, "mail-address": {"street1": "P.O. BOX 1118", "city": "VIRGINIA CITY,", "state": "NV", "zip": "85255"}, "former-company": [{"former-conformed-name": "GOLDSPRING INC", "date-changed": "20040730"}, {"former-conformed-name": "GOLDSPRING", "date-changed": "20030821"}, {"former-conformed-name": "STARTCALL COM INC", "date-changed": "20010305"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 24, 2012
COMSTOCK MINING INC.
(Exact Name of Registrant as Specified in
its Charter)
Nevada
(State or Other
Jurisdiction of Incorporation)
001-35200
(Commission File Number)
65-0955118
(I.R.S. Employer
Identification Number)
1200 American Flat Road, Virginia City,
Nevada 89440
(Address of Principal Executive Offices,
including Zip Code)
Registrant's Telephone Number, including
Area Code:
(775) 847-5272
Not Applicable
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
Comstock Mining Inc. (the "Company"
or "Comstock Mining") has arranged a loan commitment up to $5 million, subject to certain conditions (the "Cat
Equipment Facility") with Caterpillar Financial Services Corporation ("Cat Financial") and a $5 million revolving
credit facility (the "Revolving Credit Facility") with Resource Income Fund ("RIF"), with Auramet Trading,
LLC ("Auramet") acting as gold agent.
On July 24, 2012, the Company and its wholly-owned
subsidiary, Comstock Mining LLC (the "Subsidiary") entered into the Revolving Credit Facility with RIF, pursuant to
which the Company may borrow up to $5 million outstanding at any one time. The Company's and the Subsidiary's obligations
under the Revolving Credit Facility are secured by a security interest in all personal property of the Company and the Subsidiary
and certain real estate owned by the Company within the Company's starter mine (the "Starter Mine Patents").
The proceeds from the Revolving Credit Facility will be used for working capital and capital expenditures associated with the commencement
of production. The Revolving Credit Facility 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 Revolving Credit Facility. The Revolving Credit Facility is non-interest bearing except in the event of a default, whence the
principal balance would then bear interest at the lesser rate of 15% per annum or the highest applicable rate allowed by law.
To secure the obligations under the Revolving
Credit Facility, each of the Company and the Subsidiary have entered into Security Agreements with RIF, each dated as of July 24,
2012 (the "Security Agreements"). The Company also entered into a Pledge Agreement with RIF, dated as of July 24, 2012
(the "Pledge Agreement"), pursuant to which the Company pledged all of its interests in the Subsidiary to further secure
its obligations under the Revolving Credit Facility, and a Deed of Trust, dated as of July 24, 2012 (the "Deed of Trust")
on the Starter Mine Patents as security. The Company also granted to RIF a call option to purchase 5,950 ounces of gold at a strike
price of US$2,000 per ounce, exercisable on, and expiring on, July 24, 2013 (the "Option Agreement"). In connection
with entry into the Revolving Credit Facility, the Company and the Subsidiary have also entered into a purchase and sale agreement,
dated as of July 24, 2012 (the "Master Purchase and Sale Agreement") with Auramet Trading, LLC ("Auramet"),
as Gold Agent, and the Company entered into a trading agreement, dated as of July 24, 2012 (the "Trading Agreement"),
the terms of which will govern all transactions of metals between Auramet and the Company. The Revolving Credit Facility, the Security
Agreements, the Pledge Agreement, the Deed of Trust, the Option Agreement, the Master Purchase and Sale Agreement and the Trading
Agreement are collectively referred to herein as the "RIF Loan Documents."
The Company closed the transactions contemplated
in the RIF Loan Documents on July 25, 2012 and drew down $5 million thereunder on July 30, 2012.
On July 25, 2012, the Company and
the Subsidiary entered into a Master Loan and Security Agreement ("Master Loan and Security Agreement") with
Cat Financial pursuant to which the Company  borrowed $2 million on July 30, 2012 under the Cat Equipment Facility for the
purpose of purchasing a mobile equipment fleet manufactured by affiliates of Cat Financial (the "Cat Equipment")
and the Company and the Subsidiary granted Cat Financial a security interest in the Cat Equipment. 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.
The RIF Loan Documents and Master Loan and
Security Agreement contain customary representations, warranties, affirmative covenants, negative covenants and events of default,
as well as conditions to borrowings.
A copy of the Company's press release
announcing the RIF Credit Facility and Cat Equipment Facility is attached to this report as Exhibit 99.1 and is incorporated herein
by reference.
The foregoing descriptions of the RIF Loan
Documents and the Cat Equipment Facility do not purport to be complete and are qualified in their entirety by reference to such
agreements, which will be filed in accordance with the rules and regulations of the Securities Exchange Commission.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information disclosed in Item 1.01 of
this Form 8-K relating to the RIF Loan Documents and Cat Equipment Facility is incorporated into this Item 2.03.
Item 9.01 Financial Statements
and Exhibits.
d)
Exhibits
.
Exhibit
Number
Description
99.1
Press release dated July 30, 2012.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
COMSTOCK MINING INC.
Date: July 30, 2012
By:
/s/ Corrado DeGasperis
Name: Corrado DeGasperis
Title: President, Chief Executive Officer and Director
EXHIBIT INDEX
Exhibit
Number
Description
99.1
Press release dated July 30, 2012.