Comstock (LODE) 10-Q 23 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 19, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Entity Registrant Name	Comstock Mining Inc.
Entity Central Index Key	1,120,970
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		151,951,864

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 2,483,490	$ 5,308,804
Accounts receivable		322,406
Inventories	308,993	428,235
Stockpiles and mineralized material on leach pads	705,069	1,743,053
Prepaid expenses	1,604,301	833,360
Total current assets	5,101,853	8,635,858
MINERAL RIGHTS AND PROPERTIES, Net	7,208,171	7,318,175
PROPERTIES, PLANT AND EQUIPMENT, Net	28,702,288	26,207,062
RECLAMATION BOND DEPOSIT	2,642,804	2,642,804
RETIREMENT OBLIGATION ASSET	1,404,517	1,619,101
OTHER ASSETS	13,461	32,872
TOTAL ASSETS	45,073,094	46,455,872
CURRENT LIABILITIES:
Accounts payable	1,299,673	2,265,723
Accrued expenses	1,654,366	4,408,568
Long-term debt and capital lease obligations – current portion	9,792,093	5,897,219
Derivative liabilities	27,847	33,298
Total current liabilities	12,773,979	12,604,808
LONG-TERM LIABILITIES:
Long-term debt and capital lease obligations	6,024,475	5,701,264
Long-term reclamation liability	6,760,875	5,908,700
Other liabilities	745,104
Total long-term liabilities	13,530,454	11,609,964
Total liabilities	$ 26,304,433	$ 24,214,772
COMMITMENTS AND CONTINGENCIES [NOTE 10]
STOCKHOLDERS’ EQUITY:
Common stock, $.000666 par value, 3,950,000,000 shares authorized, 149,748,219 and 82,480,600 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 99,732	$ 54,932
Additional paid-in capital	211,805,727	210,795,244
Accumulated deficit	(193,136,798)	(188,609,108)
Total stockholders’ equity	18,768,661	22,241,100
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 45,073,094	46,455,872
7.5% Series A-1 convertible preferred stock; $.000666 par value, 1,500,000 shares authorized; 0 and 24,362 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively
STOCKHOLDERS’ EQUITY:
Convertible Preferred Stock; 50,000,000 shares authorized		16
7.5% Series A-2 convertible preferred stock, $.000666 par value, 250,000 shares authorized; 0 and 1,610 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively
STOCKHOLDERS’ EQUITY:
Convertible Preferred Stock; 50,000,000 shares authorized		1
7.5% Series B convertible preferred stock, $.000666 par value, 600,000 shares authorized; 0 and 22,676 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively
STOCKHOLDERS’ EQUITY:
Convertible Preferred Stock; 50,000,000 shares authorized		$ 15

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value per share (in dollars per share)	$ 0.000666	$ 0.000666
Common stock, shares authorized	3,950,000,000	3,950,000,000
Common stock, shares issued	149,748,219	82,480,600
Common stock, shares outstanding	149,748,219	82,480,600
Preferred stock, shares authorized	50,000,000	50,000,000
7.5% Series A-1 Convertible Preferred Stock [Member]
Preferred stock, dividend rate	7.50%	7.50%
Preferred stock, par or stated value per share (in dollars per share)	$ 0.000666	$ 0.000666
Preferred stock, shares authorized	1,500,000	1,500,000
Preferred stock, shares issued	0	24,362
Preferred stock, shares outstanding	0	24,362
7.5% Series A-2 Convertible Preferred Stock [Member]
Preferred stock, dividend rate	7.50%	7.50%
Preferred stock, par or stated value per share (in dollars per share)	$ 0.000666	$ 0.000666
Preferred stock, shares authorized	250,000	250,000
Preferred stock, shares issued	0	1,610
Preferred stock, shares outstanding	0	1,610
7.5% Series B Convertible Preferred Stock
Preferred stock, dividend rate	7.50%	7.50%
Preferred stock, par or stated value per share (in dollars per share)	$ 0.000666	$ 0.000666
Preferred stock, shares authorized	600,000	600,000
Preferred stock, shares issued	0	22,676
Preferred stock, shares outstanding	0	22,676

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Revenue - Mining	$ 4,301,169	$ 6,513,348	$ 15,670,371	$ 18,098,395
Revenue - Hospitality and lease	43,904	274,201	200,411	668,530
Total revenues	4,345,073	6,787,549	15,870,782	18,766,925
COST AND EXPENSES
Costs applicable to mining revenue	3,450,311	4,377,791	10,388,054	14,607,454
Hospitality and lease operating costs	42,549	331,613	303,843	922,758
Exploration and mine development	1,505,492	767,552	2,639,346	2,262,329
Mine claims and costs	691,444	1,064,519	2,112,806	2,981,441
Environmental and reclamation	169,148	167,194	473,958	750,190
Land and road development	818,474	0	1,680,720	0
General and administrative	1,637,313	1,509,494	5,095,306	5,177,802
Total cost and expenses	8,314,731	8,218,163	22,694,033	26,701,974
LOSS FROM OPERATIONS	(3,969,658)	(1,430,614)	(6,823,251)	(7,935,049)
OTHER INCOME (EXPENSE)
Change in fair value of derivatives	0	(366,011)	0	(582,845)
Interest expense	(337,700)	(264,323)	(891,824)	(757,857)
Other income (expense), net	0	1,012,190	3,187,385	1,013,426
Total other income (expense), net	(337,700)	381,856	2,295,561	(327,276)
NET INCOME (LOSS) BEFORE INCOME TAXES	(4,307,358)	(1,048,758)	(4,527,690)	(8,262,325)
INCOME TAXES	0	0	0	0
NET INCOME (LOSS)	(4,307,358)	(1,048,758)	(4,527,690)	(8,262,325)
DIVIDENDS ON CONVERTIBLE PREFERRED STOCK	(3,644,888)	(931,680)	(5,452,445)	(2,802,769)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (7,952,246)	$ (1,980,438)	$ (9,980,135)	$ (11,065,094)
Net income (loss) per common share – basic (in dollars per share)	$ (0.07)	$ (0.02)	$ (0.11)	$ (0.14)
Net income (loss) per common share – diluted (in dollars per share)	$ (0.07)	$ (0.02)	$ (0.11)	$ (0.14)
Weighted average common shares outstanding — basic	112,133,768	82,912,805	94,036,959	77,065,692
Weighted average common shares outstanding — diluted	112,133,768	82,912,805	94,036,959	77,065,692

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES:
Net income (loss)	$ (4,527,690)	$ (8,262,325)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, amortization and depletion	5,789,517	5,058,532
Stock payments and stock-based compensation	152,431	1,705,160
Accretion of reclamation liability	192,880	257,915
(Gain) loss on sale of properties, plant, and equipment	77,579	45,499
Amortization of debt discounts and issuance costs	464,391	474,297
Net change in fair values of derivatives	(5,451)	635,355
Changes in operating assets and liabilities:
Accounts receivable	322,406	436
Inventories	119,242	(196,766)
Stockpiles and mineralized material on leach pads	1,037,984	(183,350)
Prepaid expenses	(654,724)	(116,132)
Other assets	19,411	19,411
Accounts payable	(650,075)	(441,281)
Accrued expenses and other liabilities	(1,909,098)	(1,591,031)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	428,803	(2,594,280)
INVESTING ACTIVITIES:
Proceeds from sale of properties, plant and equipment	117,065	150,415
Purchase of mineral rights and properties, plant and equipment	(4,861,914)	(1,856,628)
Increase in reclamation bond deposit	(100,000)	(750,000)
NET CASH USED IN INVESTING ACTIVITIES	(4,844,849)	(2,456,213)
FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations	(7,828,660)	(3,684,252)
Proceeds from long-term debt obligations	9,419,392	4,626,289
Proceeds from the issuance of common stock	0	10,993,283
Common stock issuance costs	0	(32,019)
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,590,732	11,903,301
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(2,825,314)	6,852,808
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	5,308,804	2,409,446
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,483,490	9,262,254
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	995,292	567,824
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible preferred stock to common stock (par value)	35,723	1
Reclamation bond deposit included in accrued expenses and other liabilities	0	150,000
Additions to reclamation liability and retirement obligation asset	659,295	0
Issuance of common stock for properties, plant and equipment	966,819	814,956
Dividends paid in common stock (par value)	7,887	1,502
Issuance of long-term debt obligations for purchase of mineral rights and properties, plant and equipment	2,046,745	3,006,094
Vested restricted common stock (par value)	40	1,183
Properties, plant and equipment purchases in accounts payable	$ 24,268	$ 135,020

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	Interim Financial Statements Basis of Presentation The interim condensed consolidated financial statements of Comstock Mining Inc. ("Comstock", "Company", "we", "our" or "us") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2015 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . During the three and nine months ended September 30, 2015 , the Company shipped 3,847 and 13,117 ounces of gold, respectively, resulting in recognized revenue of approximately $4.3 million and $15.7 million , respectively. During the three and nine months ended September 30, 2015 , the Company shipped 62,480 and 179,074 ounces of silver, respectively, for approximately $0.9 million and $2.9 million , respectively. Silver is accounted for as a by-product credit in costs applicable to mining revenue for financial reporting purposes. Liquidity and Management Plans The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern which considers the realization of assets and discharge of liabilities in the normal course of business and does not include any adjustments that might result from the outcome of uncertainties noted below. The Company has recurring net losses from operations and an accumulated deficit of $193.1 million at September 30, 2015 . For the nine -month period ended September 30, 2015 , the Company recognized a net loss of $4.5 million , however, the Company has been cash positive with $0.4 million of cash provided by operations. As of September 30, 2015 , the Company had current assets of $5.1 million (including cash and cash equivalents of $2.5 million ) and current liabilities of $12.8 million . The Company’s current capital resources include cash and cash equivalents and other working capital resources, cash generated through operations, and existing financing arrangements, including a lease financing agreement and a revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC ("Auramet") . Under the Revolving Credit Facility, the Company may have borrowings up to $8 million outstanding at any given time, subject to satisfying certain conditions and obtaining certain consents. The Revolving Credit Facility has a maturity of February 6, 2017 and allows for re-advances on the facility up to the $8 million availability. The Company has financed its exploration, development, and start up activities principally from the sale of equity securities and, to a lesser extent, debt financing. While the Company has been successful in the past in obtaining the necessary capital to support its operations, including registered equity financings from its existing shelf registration, borrowings, or other means, there is no assurance that the Company will be able to obtain additional equity capital or other financing, if needed. As described in Note 12, on October 19, 2015 the Company completed an equity offering which provided net proceeds of $5.9 million . The Company believes it will have sufficient funds to sustain its operations during the next 12 months as a result of the sources of funding detailed above. Future production rates and gold prices below management’s expectations would adversely affect the Company’s results of operations, financial condition and cash flows. If the Company was unable to obtain any necessary additional funds, this could have an immediate material effect on liquidity and could raise substantial doubt about the Company’s ability to continue as a going concern. In such case, the Company could be required to limit or discontinue certain business plans, activities or operations, reduce or delay certain capital expenditures or sell certain assets or businesses. There can be no assurance that the Company would be able to take any of such actions on favorable terms, in a timely manner or at all. Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to valuation of inventories, stockpiles and mineralized material on leach pads, the estimated useful lives and valuation of plant and equipment, mineral rights, deferred tax assets, derivative assets and liabilities, reclamation liabilities, stock-based compensation and payments, and contingent liabilities. Derivative Liabilities Derivative liabilities are recorded at fair value when issued and the subsequent change in fair value each period is recorded in the condensed consolidated statements of operations. We do not hold or issue any derivative financial instruments for speculative trading purposes. The Company manages its exposure to changes in gold market prices by entering into various derivative contracts including gold forward contracts, gold call option contracts, and gold put option contracts. Depending on the specific nature of each of the derivative contracts, the changes in the fair value are recognized as either a component of revenue or other income (expense) in the condensed consolidated statements of operations. Reclassifications Certain reclassifications have been made to the prior period, consolidated financial statements to conform to the current period presentation. We believe these changes provide increased transparency and improved comparability of our cost classifications. Exploration and Mine Development, Mine Claims and Costs, and Environmental and Reclamation Presentatio n The Company separated its exploration and mine development, mine claims and costs, and environmental and reclamation line items from its previously reported reclamation and exploration costs line item in the consolidated statements of operations. Comprehensive Income The only component of comprehensive loss for the three and nine months ended September 30, 2015 and 2014 was net loss. Income Taxes We recognize deferred tax assets and liabilities based on differences between the consolidated financial statement carrying amounts and tax bases of certain recorded assets and liabilities and for tax loss carry forwards. Realization of deferred tax assets is dependent upon our ability to generate sufficient future taxable earnings. Where it is more likely than not that some portion or all of the deferred tax asset will not be realized, we have provided a valuation allowance. The Company has provided a full valuation allowance at September 30, 2015 , and December 31, 2014, for its net deferred tax assets as it cannot conclude it is more likely than not that they will be realized. Recently Issued Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. This ASU provides that an entity, that measured inventory by using first-in, first-out or average cost, should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices of such inventory in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using last-in, first-out or the retail inventory method. The update is effective for fiscal years beginning after December 15, 2016, including interim periods within these fiscal years. Early application of this ASU is permitted as of the beginning of an interim or annual reporting period. The Company elected early application of this ASU, which did not have a material impact on the condensed consolidated financial statements.

Inventories, Stockpiles and Min

Inventories, Stockpiles and Mineralized Material on Leach Pads	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventories, Stockpiles and Mineralized Material on Leach Pads	Inventories, Stockpiles and Mineralized Material on Leach Pads Inventories, stockpiles and mineralized materials on leach pads consisted of the following: September 30, 2015 December 31, 2014 In-process $ 308,993 $ 428,235 Finished goods — — Total inventories $ 308,993 $ 428,235 Stockpiles $ 90,999 $ 326,126 Mineralized material on leach pads 614,070 1,416,927 Total stockpiles and mineralized material on leach pads $ 705,069 $ 1,743,053 Total $ 1,014,062 $ 2,171,288

Properties, Plant and Equipment

Properties, Plant and Equipment	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Properties, Plant and Equipment	Properties, Plant and Equipment The Company made capital expenditures totaling approximately $7.3 million during the nine months ended September 30, 2015 . Approximately $1.9 million was used for the design and construction of the heap leach expansion and related infrastructure. Approximately $5.4 million was used to purchase strategic properties located in Storey County including 897 acres of various properties adjacent to the mining and processing operation. During the three and nine months ended September 30, 2015 , the Company recognized depreciation expense of $1.6 million and $4.8 million , respectively. Depreciation expense for the three and nine months periods ended September 30, 2014 , was $1.5 million and $4.1 million , respectively.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Derivative financial instruments consisted of the following: September 30, 2015 December 31, 2014 Derivative Type Derivative liabilities Gold call and put options $ 37,249 $ 32,698 Gold forwards (9,402 ) 600 Total derivative liabilities $ 27,847 $ 33,298 Gold Call and Put Option and Forward Derivatives - During the nine months ended September 30, 2015 , the Company entered into separate gold forward and call and put option derivative contracts related to future gold sales with its primary customer. Premiums received at the inception of written gold call and put options are recorded as a liability. During the three and nine month periods ended September 30, 2015 , the Company recognized a loss of $1,427 and $10,002 , respectively, on the change in fair value of the gold forward derivatives. During the three and nine month periods ended September 30, 2015 , the Company recognized a gain of $ 78,295 and a loss of $4,551 , respectively, on the change in fair value of the call option derivatives. The recognized gains and losses were included as a component of mining revenues as the contracts relate to gold sales. The gold forward and call and put option derivative contracts outstanding at September 30, 2015 covered a total of 4,957 gold ounces with an average price of $1,188 for calls and forwards and $1,091 for gold puts. Silver calls totaled 15,000 silver ounces with an average price of $16.42 per ounce. The outstanding gold forward and call and put option derivative contracts are expected to settle or expire within three months.

Long-Term Reclamation Liability

Long-Term Reclamation Liability and Retirement Obligation Asset	9 Months Ended
	Sep. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Long-Term Reclamation Liability and Retirement Obligation Asset	Long-Term Reclamation Liability and Retirement Obligation Asset Following is a reconciliation of the aggregate reclamation liability associated with our reclamation plan for our mining projects: September 30, 2015 December 31, 2014 Long-term reclamation liability — beginning of period $ 5,908,700 $ 5,424,410 Additional obligations incurred 659,295 140,573 Accretion of reclamation liability 192,880 343,717 Long-term reclamation liability — end of period $ 6,760,875 $ 5,908,700 Following is a reconciliation of the aggregate retirement obligation asset associated with our reclamation plan for our mining projects: September 30, 2015 December 31, 2014 Retirement obligation asset — beginning of period $ 1,619,101 $ 2,491,956 Additional obligations incurred 659,295 140,573 Amortization of retirement obligation asset (873,879 ) (1,013,428 ) Retirement obligation asset — end of period $ 1,404,517 $ 1,619,101

Long-Term Debt and Capital Leas

Long-Term Debt and Capital Lease Obligations	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt and Capital Lease Obligations	Long-Term Debt and Capital Lease Obligations Long-term debt and capital lease obligations consisted of the following: Note Description September 30, 2015 December 31, 2014 Note Payable (Auramet Facility) $ 2,800,000 $ 1,071,427 Note Payable (Caterpillar Equipment) 2,889,894 3,968,019 Note Payable (V&T) 1,000,000 — Note Payable (Daney Ranch Property) 849,230 — Note Payable (Dayton Resource Area) 494,795 1,953,784 Note Payable (Donovan Property) 442,450 574,141 Note Payable (Gold Hill Hotel) 264,024 278,254 Note Payable (White House) 282,526 286,595 Notes Payable - Other 394,848 549,466 Lease Obligation (Varilease) 3,925,167 — Capital Lease Obligations 2,473,634 2,916,797 Subtotal 15,816,568 11,598,483 Less current portion (9,792,093 ) (5,897,219 ) Long-term portion of long-term debt and capital lease obligations $ 6,024,475 $ 5,701,264 Long-Term Debt Obligations On March 6, 2015, the Company entered into an amended and restated $8 million revolving credit facility (the “Revolving Credit Facility”) with Auramet International, LLC (“Auramet”), pursuant to which the Company may borrow up to $8 million , subject to satisfying certain conditions and obtaining certain consents. The Revolving Credit Facility expires on February 6, 2017. On March 6, 2015, the Company drew $5 million (the "Note"), representing cash proceeds of approximately $4.4 million , net of prepaid interest and fees of approximately $0.6 million recognized as a component of prepaid assets in the condensed consolidated balance sheets and amortized over the life of the payment terms using the effective interest rate method. The Note will be repaid through 25 semi-monthly cash payments of $200,000 beginning April 30, 2015, and ending April 30, 2016, with total principal and interest obligations not exceeding $5 million . Interest is payable at 9.5% per annum, and was paid in advance on the closing date of the Note. The indebtedness under the Revolving Credit Facility is secured by a security interest in certain real estate owned by the Company within the Company’s starter mine and a first priority security interest in all personal property of the Company and its wholly-owned subsidiary Comstock Mining LLC, subject to any existing or future Permitted Liens (as defined under the Revolving Credit Facility). The proceeds from the Note will primarily be used for an accelerated construction schedule for rerouting State Route 342, located in the Company’s Lucerne Resource Area, the first phase of which was completed in early June 2015, and the second phase is scheduled for completion before 2015 year end. The Note contains a covenant that requires the Company to maintain a minimum liquidity balance of $1 million (including cash and cash equivalents, plus 90% of the value of any doré that has been picked up by a secured carrier but not yet paid for, as of any date of determination). The Note additionally contains customary representations, warranties, affirmative covenants, negative covenants, and events of default, as well as conditions to borrowings. The Company and Auramet agreed to re-advance under the Revolving Credit Facility evidenced by the Note and extend up to $8 million of availability thereunder for the period from and after June 30, 2015 to April 28, 2017. On July 31, 2015, the Company entered into a note with V&T Management, LLC in the amount of $1 million for the purchase of approximately 212 acres of land. The note does not bear interest and payments are due quarterly each in the amount of $250,000 with the first payment due on October 1, 2015 and the last payment due on July 1, 2016. On August 31, 2015, the Company entered into a note in the amount of $1.8 million for the purchase of land and buildings. The note does not bear interest and is due in full on January 31, 2016. Upon entering into the note, the Company issued 1,538,462 shares of common stock to the noteholder as partial payment on the note. The final balance due on this note will be the amount remaining after the 1,538,462 shares of common stock are sold by the noteholder and the proceeds from the sale of stocks are applied to the unpaid balance. As of September 30, 2015, the net amount due on the note after consideration of the shares of common stock issued is $0.9 million . Lease Obligations On May 12, 2015, the Company entered into a master lease agreement with Varilease Finance Inc. in which the Company obtained capital financing under a sale-leaseback transaction in the amount of $5 million. Due to certain types of continuing involvement, the Company was precluded from applying sale leaseback accounting and has accounted for the transaction under the financing method. The Company's obligations under the Varilease agreement are secured by an interest in the Company's mining equipment in exchange for 24 monthly payments of $228,820 totaling the cash proceeds of $5 million and applicable interest. Capital Lease Obligations On March 10, 2015, the Company entered into a new capital lease agreement totaling $175,015 with Kimball Equipment for the purchase of mining equipment.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity On August 26, 2015, the Company received written authorization from a majority of the holders of the Company’s outstanding Series A-1 Convertible Preferred Stock, Series A-2 Convertible Preferred Stock and Series B Convertible Preferred Stock (collectively, the "Preferred Stock") to amend the certificates of designation of rights, preferences, rights and limitations of the Preferred Stock (the “Charters”). The amendments to the Charters resulted in the automatic conversion of the Preferred Stock into shares of Common Stock at the conversion price of each series of Preferred Stock. As a result of the approval of the amendments to the Charters, the Company issued approximately 53.6 million shares of common stock. Further, as a result of the approval of the amendments to the Charters, the Company declared and paid each Preferred Stock holder a one-time dividend of 127 common shares per share of Preferred Stock. Approximately 6.2 million shares of common stock were issued for this one-time dividend. The Certificates of Amendment to the Charters were filed with the Secretary of State of the State of Nevada on August 27, 2015. During the nine months ended September 30, 2015 , the Company amended an agreement entered into in 2013 with V&T Management LLC, to purchase approximately 212 acres of land. The original agreement included a cash payment of $1.5 million and 650,000 in Company restricted common stock. The new terms of the amended agreement revoke the portion of the purchase price paid in shares and require the remaining balance to be paid in cash. As a result of the amendment, 650,000 restricted shares of common stock were returned to the Company and the shares canceled. During the nine months ended September 30, 2015 , the Company terminated a prior year agreement to purchase a building near its current mine offices. The original agreement included a cash payment of $34,000 and $388,000 in Company restricted common stock. The Company did not close escrow on the property and no transfer of deed had occurred under the agreement. Accordingly, the related property and equity issued were not given accounting consideration in the Company's condensed consolidated financial statements. As a result of the termination, 235,151 restricted shares of common stock were returned to the Company and the shares canceled. During the nine months ended September 30, 2015 , the Company issued 30,303 shares of common stock from the conversion of 50 shares of Series B Convertible Preferred Stock. During the nine months ended September 30, 2015 , the Company entered into an agreement to purchase patented mining claims referred to as "Vulcan". The total purchase price was comprised of $20,500 cash payment and 36,145 shares of Company restricted common stock. No transfer of deed will take place prior to sellers receiving the proceeds from the sale of shares. As of September 30, 2015, no transfer of deed has occurred under the agreement. Accordingly, the related property and equity issued were not given accounting consideration in the Company's condensed consolidated financial statements. During the nine months ended September 30, 2015 , the Company closed escrow on the purchase of land near its mining operations. The purchase was closed on August 31, 2015, and included the issuance of 1,538,462 shares of common stock with a fair value of $845,129 . During the nine months ended September 30, 2015 , the Company issued 172,850 shares of common stock in consideration of a property transaction related to the purchase of a commercial residential building and an additional lot with a fair value of $107,916 . During the nine months ended September 30, 2015 , the Company closed escrow on the purchase of additional land lots. The purchase, recorded on January 29, 2015, included the issuance of 15,000 shares of common stock with a fair value of $16,040 . During the nine months ended September 30, 2015 , 60,000 shares of restricted stock vested under the 2011 Equity Incentive Plan. In January 2015 and in July 2015, the Company declared and issued 5,670,065 shares of common stock at par value as dividends on outstanding shares of convertible preferred stock.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table presents our liabilities measured at fair value on a recurring basis: Fair Value Measurements at September 30, 2015 Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Gold call and put options $ 37,249 $ — $ 37,249 $ — Gold forwards (9,402 ) — (9,402 ) — Note payable (Daney Ranch Property) $ 849,230 $ — $ 849,230 $ — Total Liabilities $ 877,077 $ — $ 877,077 $ — The following table presents our liabilities measured at fair value on a recurring basis: Fair Value Measurements at December 31, 2014 Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Gold call options $ 32,698 $ — $ 32,698 $ — Gold forwards 600 — 600 — Total Liabilities $ 33,298 $ — $ 33,298 $ — We had no assets measured at fair value on a non-recurring basis at September 30, 2015 and December 31, 2014 . During the nine months ended September 30, 2015 and twelve months ended December 31, 2014 , there were no transfers of assets or liabilities between Level 1, Level 2, or Level 3. Following is a description of the valuation methodologies used for the Company’s financial instruments measured at fair value on a recurring basis as well as the general classification of such instruments pursuant to the valuation hierarchy. Gold call and put option, forward, and collar options - The Company’s gold forward, call options, and put option derivatives are valued based on a Black-Scholes model with various observable inputs. These inputs include contractual terms, gold market prices, volatility of gold prices, and risk free interest rates. Because the inputs are all observable market-based inputs, these derivatives are classified within Level 2 of the valuation hierarchy. Note payable (Daney Ranch Property) - The note payable is valued as the difference between the $1.8 million face amount, reduced by the proceeds to be received by the noteholder from the sale of the 1,538,462 shares of common stock to be sold through January 31, 2016 by the noteholder. The Company has estimated the proceeds to be received upon the sale of the common stock by the noteholder using the Black-Scholes model with various observable inputs. These inputs include contractual terms, stock price, volatility, dividend yield, and risk free interest rates. Because the inputs are all observable market-based inputs, this instrument is classified within Level 2 of the valuation hierarchy.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Common Share	Net Loss Per Common Share Basic earnings per share are computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if stock options, warrants, and convertible securities were exercised or converted into common stock. The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Net loss $ (4,307,358 ) $ (1,048,758 ) $ (4,527,690 ) $ (8,262,325 ) Preferred stock dividends (3,644,888 ) (931,680 ) (5,452,445 ) (2,802,769 ) Net loss available to common shareholders $ (7,952,246 ) $ (1,980,438 ) $ (9,980,135 ) $ (11,065,094 ) Denominator: Basic weighted average shares outstanding 112,133,768 82,912,805 94,036,959 77,065,692 Effect of dilutive securities — — — — Diluted weighted average shares outstanding 112,133,768 82,912,805 94,036,959 77,065,692 Net income (loss) per common share: Basic $ (0.07 ) $ (0.02 ) $ (0.11 ) $ (0.14 ) Diluted $ (0.07 ) $ (0.02 ) $ (0.11 ) $ (0.14 ) The following table includes the number of common stock equivalent shares that are not included in the computation of diluted income and (loss) per share, because the inclusion of such shares would be anti-dilutive or certain performance conditions have not been achieved. September 30, 2015 2014 Convertible preferred stock — 53,653,703 Stock options and warrants 50,000 583,500 Restricted stock 1,688,000 1,796,600 1,738,000 56,033,803

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has minimum royalty obligations with certain of its mineral properties and leases. Minimum royalty payments payable are $57,400 per year in 2015, increasing by approximately $5,000 per year through 2017 and $2,000 thereafter. For most of the mineral properties and leases, the Company is subject to a range of royalty obligations once production commences. These royalties range from 0.5% to 6% of net smelter revenues (NSR) from minerals produced on the properties. Some of the factors that will influence the amount of the royalties include ounces extracted and the price of gold. The Company has an operating agreement with Northern Comstock LLC, an entity controlled by a related party. 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 this agreement were amended on August 27, 2015, and September 28, 2015 (the "Amendments"), with the other members of its Northern Comstock LLC joint venture. The Amendments resulted in reduced capital contribution obligations of the Company from $31.05 million down to $9.75 million . The terms of the Amendments provide that the Company will make monthly cash capital contributions of $30,000 and annual capital contributions in the amount of $482,500 to be made in the form of cash, or in certain circumstances, the Company’s common stock. The operating agreement requires that these capital contributions commence in October 2015, and end in September 2027, unless prepaid by the Company. The Amendments also eliminated all royalties with the related party associated with these properties. On October 20, 2010, the Company exchanged all of its senior secured convertible and senior indebtedness owed to members of the Winfield Group, shareholders of the Company, for newly created Series A-1 preferred stock. As part of the exchange, the Company agreed to indemnify the Winfield Group for any amounts as part of the exchange that were determined to be taxable as ordinary income to each member of the Winfield Group. As a result of this transaction, the Company recorded an accrual loss contingency provision in 2010. In September 2014, a portion of the indemnity lapsed. In March 2015, the remaining portion of the indemnity has lapsed, and accordingly, the Company recognized a reduction in the loss contingency accrual of approximately $3.2 million , which is included in other income in the condensed consolidated statements of operations for the nine months ended September 30, 2015 . The Company’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations so as to protect the public health and environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. In early February, the Nevada Department of Transportation, (NDOT), closed an approximate two-mile section of SR-342, south of Gold Hill, as a safety precaution following roadway cracking and area specific sinking during a weekend of heavy rains. The area of sinking is above a historic mine-shaft dating back to the early 1900's, and that portion of the road sits on old mine dumps and looser fill that has a history of instability and, in some cases, failure. The Company owns the land, with NDOT granted prescriptive rights to operate the state roadbed over that private land. Storey County, NDOT, the Company, and other applicable regulatory agencies evaluated several remedies for the realignment of SR-342. The route will be realigned to the east of the historic shaft, enabling safe travel and continued mining, while positioning the area for future mining and development. The realignment occurs over two phases, with Phase 1 requiring approximately 12 weeks and Phase 2 requiring an additional six months . Phase 1 of the project was completed during the second quarter effectively and safely realigning a portion of the state route away from the early 1900’s historic Silver Hill Shaft and loose dump fill that caused the instability in that portion of the road. The historic shaft was also capped permanently. The cost of Phase 1 was approximately $862 thousand . Phase 2 included removal of additional material on the east side of the canyon and will conclude with a tie in of the south end of the newly constructed (Phase 1) alignment. Phase 2 began during the third quarter. Costs related to Phase 2 were approximately $819 thousand . These costs are classified as land and road development on the Company’s Statement of Operations. A short closure is necessary toward the end of Phase 2 for the tie in and completion of the realignment. The project is estimated to last through November of 2015, with an estimated remaining cost of approximately $1 million . Upon completion of the bypass, NDOT’s prescriptive rights to operate the road will be transferred from the existing closed section of State Route 342 to the new roadway alignment. From time to time, we are involved in lawsuits, claims, investigations and proceedings that arise in the ordinary course of business. There are no matters pending that we expect to have a material impact on our business, results of operations, financial condition or cash flows.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting As of September 30, 2015 the Company operates two segments, mining, and hospitality and lease. The mining segment consists of all activities and expenditures associated with mining. The hospitality and lease segment consists of hotel rooms, cottages, restaurant, bar and other services provided by Gold Hill Hotel. We evaluate the performance of our operating segments based on operating income (loss). All intercompany transactions have been eliminated, and inter-segment revenues are not significant. Financial information relating to our reportable operating segments and reconciliation to the consolidated totals is as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenue Mining $ 4,301,169 $ 6,513,348 $ 15,670,371 $ 18,098,395 Hospitality and lease 43,904 274,201 200,411 668,530 Total revenue 4,345,073 6,787,549 15,870,782 18,766,925 Cost and Expenses Mining (8,272,182 ) (7,886,550 ) (22,390,190 ) (25,779,216 ) Hospitality and lease (42,549 ) (331,613 ) (303,843 ) (922,758 ) Total cost and expenses (8,314,731 ) (8,218,163 ) (22,694,033 ) (26,701,974 ) Operating Income (Loss) Mining (3,971,013 ) (1,373,202 ) (6,719,819 ) (7,680,821 ) Hospitality and lease 1,355 (57,412 ) (103,432 ) (254,228 ) Total loss from operations (3,969,658 ) (1,430,614 ) (6,823,251 ) (7,935,049 ) Other income (expense), net (337,700 ) 381,856 2,295,561 (327,276 ) Net loss $ (4,307,358 ) $ (1,048,758 ) $ (4,527,690 ) $ (8,262,325 ) Depreciation, Depletion and Amortization Mining $ 1,921,305 $ 1,735,195 $ 5,701,880 $ 4,969,374 Hospitality and lease 32,120 24,204 87,637 89,158 Total depreciation, amortization and depletion $ 1,953,425 $ 1,759,399 $ 5,789,517 $ 5,058,532 Capital Expenditures Mining $ 3,893,218 $ 2,815,573 $ 7,544,841 $ 4,906,700 Hospitality and lease — — 14,663 83,477 Total capital expenditures $ 3,893,218 $ 2,815,573 $ 7,559,504 $ 4,990,177 As of September 30, As of December 31, 2015 2014 Assets Mining $ 43,733,951 $ 45,029,258 Hospitality and lease 1,339,143 1,426,614 Total assets $ 45,073,094 $ 46,455,872 On March 20, 2015, the Company entered into an agreement to lease the Gold Hill Hotel to independent operators. The lease is effective April 1, 2015. The Company retains ownership to the land and Gold Hill Hotel properties while leasing the facilities to independent operators. The initial term of the lease agreement begins on April 1, 2015, and ends in March 2020. The tenant may renew the lease for two extended terms of five years each. Lease payments are due in monthly installments.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 19 2015, the Company issued 10,169,492 shares of common stock at a price per share of $.059 . As a result of the offering, the Company will receive net cash proceeds of approximately $5.9 million . On October 1, 2015, the Company amended the existing $1.8 million note agreement related to the Daney Ranch property. Under the terms of the original agreement, the final payment was to be made in cash. The October 1, 2015 amendment permits the Company to settle the note payable in shares of common stock, which will then be sold by note holder in satisfaction of the outstanding principal amount.

Interim Financial Statements (P

Interim Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to valuation of inventories, stockpiles and mineralized material on leach pads, the estimated useful lives and valuation of plant and equipment, mineral rights, deferred tax assets, derivative assets and liabilities, reclamation liabilities, stock-based compensation and payments, and contingent liabilities.
Derivative Liabilities	Derivative Liabilities Derivative liabilities are recorded at fair value when issued and the subsequent change in fair value each period is recorded in the condensed consolidated statements of operations. We do not hold or issue any derivative financial instruments for speculative trading purposes. The Company manages its exposure to changes in gold market prices by entering into various derivative contracts including gold forward contracts, gold call option contracts, and gold put option contracts. Depending on the specific nature of each of the derivative contracts, the changes in the fair value are recognized as either a component of revenue or other income (expense) in the condensed consolidated statements of operations.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period, consolidated financial statements to conform to the current period presentation. We believe these changes provide increased transparency and improved comparability of our cost classifications.
Income Taxes	Income Taxes We recognize deferred tax assets and liabilities based on differences between the consolidated financial statement carrying amounts and tax bases of certain recorded assets and liabilities and for tax loss carry forwards. Realization of deferred tax assets is dependent upon our ability to generate sufficient future taxable earnings. Where it is more likely than not that some portion or all of the deferred tax asset will not be realized, we have provided a valuation allowance. The Company has provided a full valuation allowance at September 30, 2015 , and December 31, 2014, for its net deferred tax assets as it cannot conclude it is more likely than not that they will be realized.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. This ASU provides that an entity, that measured inventory by using first-in, first-out or average cost, should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices of such inventory in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using last-in, first-out or the retail inventory method. The update is effective for fiscal years beginning after December 15, 2016, including interim periods within these fiscal years. Early application of this ASU is permitted as of the beginning of an interim or annual reporting period. The Company elected early application of this ASU, which did not have a material impact on the condensed consolidated financial statements.

Inventories, Stockpiles and M19

Inventories, Stockpiles and Mineralized Material on Leach Pads (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories, stockpiles and mineralized materials on leach pads consisted of the following: September 30, 2015 December 31, 2014 In-process $ 308,993 $ 428,235 Finished goods — — Total inventories $ 308,993 $ 428,235 Stockpiles $ 90,999 $ 326,126 Mineralized material on leach pads 614,070 1,416,927 Total stockpiles and mineralized material on leach pads $ 705,069 $ 1,743,053 Total $ 1,014,062 $ 2,171,288

Derivative Financial Instrume20

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives	Derivative financial instruments consisted of the following: September 30, 2015 December 31, 2014 Derivative Type Derivative liabilities Gold call and put options $ 37,249 $ 32,698 Gold forwards (9,402 ) 600 Total derivative liabilities $ 27,847 $ 33,298

Long-Term Reclamation Liabili21

Long-Term Reclamation Liability and Retirement Obligation Asset (Tables)	9 Months Ended
	Sep. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Other Noncurrent Liabilities	Following is a reconciliation of the aggregate reclamation liability associated with our reclamation plan for our mining projects: September 30, 2015 December 31, 2014 Long-term reclamation liability — beginning of period $ 5,908,700 $ 5,424,410 Additional obligations incurred 659,295 140,573 Accretion of reclamation liability 192,880 343,717 Long-term reclamation liability — end of period $ 6,760,875 $ 5,908,700
Schedule of Asset Retirement Obligations	Following is a reconciliation of the aggregate retirement obligation asset associated with our reclamation plan for our mining projects: September 30, 2015 December 31, 2014 Retirement obligation asset — beginning of period $ 1,619,101 $ 2,491,956 Additional obligations incurred 659,295 140,573 Amortization of retirement obligation asset (873,879 ) (1,013,428 ) Retirement obligation asset — end of period $ 1,404,517 $ 1,619,101

Long-Term Debt and Capital Le22

Long-Term Debt and Capital Lease Obligations (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-Term Debt and Capital Lease Obligations	Long-term debt and capital lease obligations consisted of the following: Note Description September 30, 2015 December 31, 2014 Note Payable (Auramet Facility) $ 2,800,000 $ 1,071,427 Note Payable (Caterpillar Equipment) 2,889,894 3,968,019 Note Payable (V&T) 1,000,000 — Note Payable (Daney Ranch Property) 849,230 — Note Payable (Dayton Resource Area) 494,795 1,953,784 Note Payable (Donovan Property) 442,450 574,141 Note Payable (Gold Hill Hotel) 264,024 278,254 Note Payable (White House) 282,526 286,595 Notes Payable - Other 394,848 549,466 Lease Obligation (Varilease) 3,925,167 — Capital Lease Obligations 2,473,634 2,916,797 Subtotal 15,816,568 11,598,483 Less current portion (9,792,093 ) (5,897,219 ) Long-term portion of long-term debt and capital lease obligations $ 6,024,475 $ 5,701,264

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	The following table presents our liabilities measured at fair value on a recurring basis: Fair Value Measurements at September 30, 2015 Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Gold call and put options $ 37,249 $ — $ 37,249 $ — Gold forwards (9,402 ) — (9,402 ) — Note payable (Daney Ranch Property) $ 849,230 $ — $ 849,230 $ — Total Liabilities $ 877,077 $ — $ 877,077 $ — The following table presents our liabilities measured at fair value on a recurring basis: Fair Value Measurements at December 31, 2014 Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Gold call options $ 32,698 $ — $ 32,698 $ — Gold forwards 600 — 600 — Total Liabilities $ 33,298 $ — $ 33,298 $ —

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator used in Basic and Diluted Computation of New Loss Per Share	The following is a reconciliation of the numerator and denominator used in the basic and diluted computation of net loss per share: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Net loss $ (4,307,358 ) $ (1,048,758 ) $ (4,527,690 ) $ (8,262,325 ) Preferred stock dividends (3,644,888 ) (931,680 ) (5,452,445 ) (2,802,769 ) Net loss available to common shareholders $ (7,952,246 ) $ (1,980,438 ) $ (9,980,135 ) $ (11,065,094 ) Denominator: Basic weighted average shares outstanding 112,133,768 82,912,805 94,036,959 77,065,692 Effect of dilutive securities — — — — Diluted weighted average shares outstanding 112,133,768 82,912,805 94,036,959 77,065,692 Net income (loss) per common share: Basic $ (0.07 ) $ (0.02 ) $ (0.11 ) $ (0.14 ) Diluted $ (0.07 ) $ (0.02 ) $ (0.11 ) $ (0.14 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table includes the number of common stock equivalent shares that are not included in the computation of diluted income and (loss) per share, because the inclusion of such shares would be anti-dilutive or certain performance conditions have not been achieved. September 30, 2015 2014 Convertible preferred stock — 53,653,703 Stock options and warrants 50,000 583,500 Restricted stock 1,688,000 1,796,600 1,738,000 56,033,803

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Financial Information Relating to Reportable Operating Segments and Reconciliation to Condensed Consolidated Totals	Financial information relating to our reportable operating segments and reconciliation to the consolidated totals is as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenue Mining $ 4,301,169 $ 6,513,348 $ 15,670,371 $ 18,098,395 Hospitality and lease 43,904 274,201 200,411 668,530 Total revenue 4,345,073 6,787,549 15,870,782 18,766,925 Cost and Expenses Mining (8,272,182 ) (7,886,550 ) (22,390,190 ) (25,779,216 ) Hospitality and lease (42,549 ) (331,613 ) (303,843 ) (922,758 ) Total cost and expenses (8,314,731 ) (8,218,163 ) (22,694,033 ) (26,701,974 ) Operating Income (Loss) Mining (3,971,013 ) (1,373,202 ) (6,719,819 ) (7,680,821 ) Hospitality and lease 1,355 (57,412 ) (103,432 ) (254,228 ) Total loss from operations (3,969,658 ) (1,430,614 ) (6,823,251 ) (7,935,049 ) Other income (expense), net (337,700 ) 381,856 2,295,561 (327,276 ) Net loss $ (4,307,358 ) $ (1,048,758 ) $ (4,527,690 ) $ (8,262,325 ) Depreciation, Depletion and Amortization Mining $ 1,921,305 $ 1,735,195 $ 5,701,880 $ 4,969,374 Hospitality and lease 32,120 24,204 87,637 89,158 Total depreciation, amortization and depletion $ 1,953,425 $ 1,759,399 $ 5,789,517 $ 5,058,532 Capital Expenditures Mining $ 3,893,218 $ 2,815,573 $ 7,544,841 $ 4,906,700 Hospitality and lease — — 14,663 83,477 Total capital expenditures $ 3,893,218 $ 2,815,573 $ 7,559,504 $ 4,990,177 As of September 30, As of December 31, 2015 2014 Assets Mining $ 43,733,951 $ 45,029,258 Hospitality and lease 1,339,143 1,426,614 Total assets $ 45,073,094 $ 46,455,872

Interim Financial Statements (D

Interim Financial Statements (Details)	Oct. 19, 2015USD ($)	Sep. 30, 2015USD ($)oz	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)oz	Sep. 30, 2014USD ($)	Mar. 06, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Line of Credit Facility [Line Items]
Proceeds from the issuance of common stock				$ 0	$ 10,993,283
Ounces of gold sold during the period | oz		3,847		13,117
Gold revenue		$ 4,301,169	$ 6,513,348	$ 15,670,371	18,098,395
Ounces of silver sold during the period | oz		62,480		179,074
Silver sales		$ 900,000		$ 2,900,000
Retained earnings (accumulated deficit)		(193,136,798)		(193,136,798)			$ (188,609,108)
Net income (loss)		(4,307,358)	(1,048,758)	(4,527,690)	(8,262,325)
Net cash provided by (used) in operating activities				428,803	(2,594,280)
Current assets		5,101,853		5,101,853			8,635,858
Cash and cash equivalents		2,483,490	$ 9,262,254	2,483,490	$ 9,262,254		5,308,804	$ 2,409,446
Current liabilities		12,773,979		12,773,979			$ 12,604,808
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility, borrowing capacity						$ 8,000,000
Additional future borrowing capacity		8,000,000		8,000,000
Note Payable (Auramet Facility) | Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility, borrowing capacity		$ 8,000,000		$ 8,000,000
Subsequent Event
Line of Credit Facility [Line Items]
Proceeds from the issuance of common stock	$ 5,900,000

Inventories, Stockpiles and M27

Inventories, Stockpiles and Mineralized Material on Leach Pads (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
In-process	$ 308,993	$ 428,235
Finished goods	0	0
Total inventories	308,993	428,235
Stockpiles	90,999	326,126
Mineralized material on leach pads	614,070	1,416,927
Total stockpiles and mineralized material on leach pads	705,069	1,743,053
Total	$ 1,014,062	$ 2,171,288

Properties, Plant and Equipme28

Properties, Plant and Equipment (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)a	Sep. 30, 2014USD ($)
Property, Plant and Equipment [Abstract]
Capital expenditures			$ 7.3
Capital expenditures for design and construction of the heap leach expansion and related infrastructure			1.9
Escrow amount closed on purchase of property			$ 5.4
Area of properties purchased (in acres) | a			897
Depreciation expense	$ 1.6	$ 1.5	$ 4.8	$ 4.1

Derivative Financial Instrume29

Derivative Financial Instruments (Schedule of Derivatives) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Total derivative liabilities	$ 27,847	$ 33,298
Call and put options | Commodity contracts
Derivative [Line Items]
Total derivative liabilities	37,249	32,698
Forward contracts | Commodity contracts
Derivative [Line Items]
Total derivative liabilities	$ (9,402)	$ 600

Derivative Financial Instrume30

Derivative Financial Instruments (Narrative) (Details) - Commodity contracts	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)$ / oz	Sep. 30, 2015USD ($)oz$ / oz
Forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives | $	$ (1,427)	$ (10,002)
Call option
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives | $	$ 78,295	$ (4,551)
Number of silver ounces covered by contract | oz		15,000
Call option | Silver
Derivative Instruments, Gain (Loss) [Line Items]
Average forward price (in dollars per oz)	16.42	16.42
Forward contracts and call options
Derivative Instruments, Gain (Loss) [Line Items]
Number of gold ounces covered by contract | oz		4,957
Forward contracts and call options | Gold
Derivative Instruments, Gain (Loss) [Line Items]
Average forward price (in dollars per oz)	1,188	1,188
Put option | Gold
Derivative Instruments, Gain (Loss) [Line Items]
Average forward price (in dollars per oz)	1,091	1,091

Long-Term Reclamation Liabili31

Long-Term Reclamation Liability and Retirement Obligation Asset (Reconciliation of Aggregate Retirement Liability) (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Mine Reclamation and Closing Liability [Roll Forward]
Long-term reclamation liability — beginning of period	$ 5,908,700	$ 5,424,410
Additional obligations incurred	659,295	140,573
Accretion of reclamation liability	192,880	343,717
Long-term reclamation liability — end of period	$ 6,760,875	$ 5,908,700

Long-Term Reclamation Liabili32

Long-Term Reclamation Liability and Retirement Obligation Asset (Reconciliation of Aggregate Retirement Asset) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Retirement obligation asset — beginning of period	$ 1,619,101	$ 2,491,956	$ 2,491,956
Additional obligations incurred	659,295	$ 0	140,573
Amortization of retirement obligation asset	(873,879)		(1,013,428)
Retirement obligation asset — end of period	$ 1,404,517		$ 1,619,101

Long-Term Debt and Capital Le33

Long-Term Debt and Capital Lease Obligations (Schedule of Long-Term Debt) (Details) - USD ($)	Sep. 30, 2015	May. 12, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Subtotal	$ 15,816,568		$ 11,598,483
Less current portion	(9,792,093)		(5,897,219)
Long-term portion of long-term debt and capital lease obligations	6,024,475		5,701,264
Note Payable (Auramet Facility)
Debt Instrument [Line Items]
Subtotal	2,800,000		1,071,427
Note Payable (Caterpillar Equipment)
Debt Instrument [Line Items]
Subtotal	2,889,894		3,968,019
Note Payable (V&T)
Debt Instrument [Line Items]
Subtotal	1,000,000		0
Note Payable (Daney Ranch Property)
Debt Instrument [Line Items]
Subtotal	849,230		0
Note Payable (Dayton Resource Area)
Debt Instrument [Line Items]
Subtotal	494,795		1,953,784
Note Payable (Donovan Property)
Debt Instrument [Line Items]
Subtotal	442,450		574,141
Note Payable (Gold Hill Hotel)
Debt Instrument [Line Items]
Subtotal	264,024		278,254
Note Payable (White House)
Debt Instrument [Line Items]
Subtotal	282,526		286,595
Notes Payable - Other
Debt Instrument [Line Items]
Subtotal	394,848		549,466
Lease Obligation (Varilease) | Capital Lease Obligations
Debt Instrument [Line Items]
Subtotal	3,925,167	$ 5,000,000	0
Capital Lease Obligations | Capital Lease Obligations
Debt Instrument [Line Items]
Subtotal	$ 2,473,634		$ 2,916,797

Long-Term Debt and Capital Le34

Long-Term Debt and Capital Lease Obligations (Long-Term Debt Obligations) (Details)	Aug. 31, 2015USD ($)shares	Jul. 31, 2015USD ($)a	May. 12, 2015USD ($)payment	Mar. 06, 2015USD ($)	Sep. 30, 2015USD ($)payment	Mar. 10, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Capital lease obligations					$ 15,816,568		$ 11,598,483
Capital lease obligations						$ 175,015
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, borrowing capacity				$ 8,000,000
Amounts borrowed on facility				5,000,000
Proceeds from lines of credit				4,400,000
Prepaid interest and fees				$ 600,000
Number of cash payments | payment					25
Periodic installments amount					$ 200,000
Total principal payment and interest					5,000,000
Revolving credit facility, interest rate (as a percent)				9.50%
Covenant compliance, minimum required liquidity amount				$ 1,000,000
Covenant compliance, percentage of dore value included in liquidity amount				90.00%
Additional future borrowing capacity					8,000,000
Note Payable (V&T)
Debt Instrument [Line Items]
Periodic installments amount		$ 250,000
Long term note		$ 1,000,000
Area of land purchased (in acres) | a		212
Capital lease obligations					1,000,000		0
Lease Obligation (Varilease) | Capital Lease Obligations
Debt Instrument [Line Items]
Number of cash payments | payment			24
Capital lease obligations			$ 5,000,000		3,925,167		$ 0
Monthly payment amount			228,820
Proceeds from sale leaseback			$ 5,000,000
Additional Land and Buildings
Debt Instrument [Line Items]
Long term note	$ 1,800,000
Note payable					$ 900,000
Common Stock | Additional Land and Buildings
Debt Instrument [Line Items]
Stock issued during period for purchase of assets (in shares) | shares	1,538,462

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details)	Aug. 31, 2015USD ($)shares	Aug. 26, 2015shares	Jan. 29, 2015USD ($)shares	Sep. 30, 2015USD ($)shares	Dec. 31, 2013USD ($)ashares
Class of Stock [Line Items]
Common stock dividend paid (in common shares per share of preferred stock)		127
Common stock dividends declared and issued (in shares)		6,200,000
Payments to acquire mining claims | $				$ 20,500
Restricted common shares issued towards purchase of mining claims				36,145
Restricted stock awards vested in period (in shares)				60,000
Series A-1 Preferred Stock
Class of Stock [Line Items]
Shares of common stock issued upon conversion of convertible preferred stock		53,600,000
7.5% Series B Convertible Preferred Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock, shares				50
Common Stock
Class of Stock [Line Items]
Common stock dividends declared and issued (in shares)				5,670,065
Shares issued upon conversion of convertible preferred stock				30,303
Termination of Agreement to Purchase Building
Class of Stock [Line Items]
Payments to acquire buildings | $				$ 34,000
Additional Land and Buildings | Common Stock
Class of Stock [Line Items]
Stock issued during period for purchase of assets (in shares)	1,538,462
Purchase of properties, plant and equipment | $	$ 845,129
Commercial Residential Building and Lot
Class of Stock [Line Items]
Stock issued during period for purchase of assets (in shares)				172,850
Fair value of assets acquired | $				$ 107,916
Additional Land Lots
Class of Stock [Line Items]
Stock issued during period for purchase of assets (in shares)			15,000
Purchase of properties, plant and equipment | $			$ 16,040
Restricted stock | Termination of Agreement to Purchase Building | Common Stock
Class of Stock [Line Items]
Restricted shares returned and canceled (in shares)				235,151
Purchase of properties, plant and equipment | $				$ 388,000
Land
Class of Stock [Line Items]
Area of land purchased (in acres) | a					212
Payments to acquire land | $					$ 1,500,000
Land | Restricted stock | Common Stock
Class of Stock [Line Items]
Stock issued during period for purchase of assets (in shares)					650,000
Restricted shares returned and canceled (in shares)				650,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Aug. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Measurements, Recurring
Liabilities:
Note payable (Daney Ranch Property)		$ 849,230
Total Liabilities		877,077	$ 33,298
Fair Value, Measurements, Recurring | Call and put options
Liabilities:
Derivative liability		37,249
Fair Value, Measurements, Recurring | Call option
Liabilities:
Derivative liability			32,698
Fair Value, Measurements, Recurring | Forward contracts
Liabilities:
Derivative liability		(9,402)	600
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)
Liabilities:
Note payable (Daney Ranch Property)		0
Total Liabilities		0	0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Call and put options
Liabilities:
Derivative liability		0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Call option
Liabilities:
Derivative liability			0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Forward contracts
Liabilities:
Derivative liability		0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Liabilities:
Note payable (Daney Ranch Property)		849,230
Total Liabilities		877,077	33,298
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Call and put options
Liabilities:
Derivative liability		37,249
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Call option
Liabilities:
Derivative liability			32,698
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Forward contracts
Liabilities:
Derivative liability		(9,402)	600
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Liabilities:
Note payable (Daney Ranch Property)		0
Total Liabilities		0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Call and put options
Liabilities:
Derivative liability		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Call option
Liabilities:
Derivative liability			0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Forward contracts
Liabilities:
Derivative liability		$ 0	$ 0
Additional Land and Buildings
Liabilities:
Long term note	$ 1,800,000
Common Stock | Additional Land and Buildings
Liabilities:
Stock issued during period for purchase of assets (in shares)	1,538,462

Net Loss Per Common Share (Reco

Net Loss Per Common Share (Reconciliation of Net Loss Per Share) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net loss	$ (4,307,358)	$ (1,048,758)	$ (4,527,690)	$ (8,262,325)
Preferred stock dividends	(3,644,888)	(931,680)	(5,452,445)	(2,802,769)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (7,952,246)	$ (1,980,438)	$ (9,980,135)	$ (11,065,094)
Denominator:
Basic weighted average shares outstanding	112,133,768	82,912,805	94,036,959	77,065,692
Effect of dilutive securities (in shares)	0	0	0	0
Diluted weighted average shares outstanding	112,133,768	82,912,805	94,036,959	77,065,692
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.07)	$ (0.02)	$ (0.11)	$ (0.14)
Diluted (in dollars per share)	$ (0.07)	$ (0.02)	$ (0.11)	$ (0.14)

Net Loss Per Common Share (Sche

Net Loss Per Common Share (Schedule of Excluded Common Stock Equivalent Shares) (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,738,000	56,033,803
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	53,653,703
Stock options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	50,000	583,500
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,688,000	1,796,600

Commitments and Contingencies (

Commitments and Contingencies (Details)	Aug. 27, 2015USD ($)	Aug. 26, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)phase	Sep. 30, 2014USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum annual lease payments			$ 57,400		$ 57,400
Annual lease payment increase for years 2016 and 2017			5,000		5,000
Annual lease payment increase, thereafter			2,000		2,000
Loss Contingencies [Line Items]
Phase 1 construction costs			818,474	$ 0	$ 1,680,720	$ 0
Minimum
Loss Contingencies [Line Items]
Percentage of royalty obligations					0.50%
Maximum
Loss Contingencies [Line Items]
Percentage of royalty obligations					6.00%
Winfield Group Indemnity
Loss Contingencies [Line Items]
Loss contingency accrual			3,200,000		$ 3,200,000
NDOT Realignment of SR-342
Loss Contingencies [Line Items]
Number of construction phases to complete realignment | phase					2
Phase 1 duration					84 days
Phase 2 duration					6 months
Phase 1 construction costs					$ 862,000
Phase 2 construction costs			819,000
Remaining estimated cost of project			$ 1,000,000		$ 1,000,000
Northern Comstock LLC
Operating Leased Assets [Line Items]
Capital contributions obligations	$ 9,750,000	$ 31,050,000
Monthly cash capital contributions	30,000
Annual lease payment	$ 482,500

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)termsegments	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of operating segments | segments			2
Number of extended terms | term			2
Renewal term			5 years
Segment Reporting Information [Line Items]
Revenue	$ 4,345,073	$ 6,787,549	$ 15,870,782	$ 18,766,925
Cost and Expenses	(8,314,731)	(8,218,163)	(22,694,033)	(26,701,974)
LOSS FROM OPERATIONS	(3,969,658)	(1,430,614)	(6,823,251)	(7,935,049)
Other income (expense), net	(337,700)	381,856	2,295,561	(327,276)
NET INCOME (LOSS)	(4,307,358)	(1,048,758)	(4,527,690)	(8,262,325)
Depreciation, amortization and depletion	1,953,425	1,759,399	5,789,517	5,058,532
Capital Expenditures	3,893,218	2,815,573	7,559,504	4,990,177
Assets	45,073,094		45,073,094		$ 46,455,872
Mining
Segment Reporting Information [Line Items]
Revenue	4,301,169	6,513,348	15,670,371	18,098,395
Cost and Expenses	(8,272,182)	(7,886,550)	(22,390,190)	(25,779,216)
LOSS FROM OPERATIONS	(3,971,013)	(1,373,202)	(6,719,819)	(7,680,821)
Depreciation, amortization and depletion	1,921,305	1,735,195	5,701,880	4,969,374
Capital Expenditures	3,893,218	2,815,573	7,544,841	4,906,700
Assets	43,733,951		43,733,951		45,029,258
Hospitality and lease
Segment Reporting Information [Line Items]
Revenue	43,904	274,201	200,411	668,530
Cost and Expenses	(42,549)	(331,613)	(303,843)	(922,758)
LOSS FROM OPERATIONS	1,355	(57,412)	(103,432)	(254,228)
Depreciation, amortization and depletion	32,120	24,204	87,637	89,158
Capital Expenditures	0	$ 0	14,663	$ 83,477
Assets	$ 1,339,143		$ 1,339,143		$ 1,426,614

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 19, 2015	Sep. 30, 2015	Sep. 30, 2014	Oct. 01, 2015
Subsequent Event [Line Items]
Proceeds from the issuance of common stock		$ 0	$ 10,993,283
Subsequent Event
Subsequent Event [Line Items]
Common stock issued during period (in shares)	10,169,492
Shares issued during period, price per share (in dollars per share)	$ 0.059
Proceeds from the issuance of common stock	$ 5,900,000
Amended Note Payable (Daney Ranch Property) | Subsequent Event
Subsequent Event [Line Items]
Long term note				$ 1,800,000