Edgar Filing: GOLDSPRING INC

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2009

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 000-32429

GOLDSPRING, INC.

(Exact name of registrant as specified in its charter)

Nevada		1081		65-0955118
(State or other jurisdiction of incorporation or organization)		(Primary Standard Industrial Classification Code Number)		(I.R.S. Employer Identification No.)

P.O. Box 1118

Virginia City, NV 89440

(775) 847-5272

(Address, including zip code, and telephone number,

including area code, of registrant's principal executive offices)

Securities Registered pursuant to Section 12(b) of the Act: None

Securities Registered pursuant to Section 12(g) of the Act: Common Stock, par value $.000666 per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨ No x

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer
Non-accelerated filer ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

The aggregate market value of the 3,119,251,058 shares of voting stock held by non-affiliates of the registrant based on the closing price on the Over the Counter Bulletin Board on June 30, 2009 was $37,400,000.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

	Shares Outstanding
Title of Class	April 9, 2010
Common Stock	3,782,450,927

DOCUMENTS INCORPORATED BY REFERENCE

None

TABLE OF CONTENTS

PART I

ITEM 1	BUSINESS	3
ITEM 1A	RISK FACTORS	5
ITEM 2	PROPERTIES	11
ITEM 3	LEGAL PROCEEDINGS	38
ITEM 4	SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS	38

PART II

ITEM 5	MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	38
ITEM 7	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	39
ITEM 8	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	F-1
ITEM 9	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	47
ITEM 9A(T)	CONTROLS AND PROCEDURES	47
ITEM 9B	OTHER INFORMATION	48

PART III

ITEM 10	DIRECTORS , EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	48
ITEM 11	EXECUTIVE COMPENSATION	51
ITEM 12	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	54
ITEM 13	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	56
ITEM 14	PRINCIPAL ACCOUNTANT FEES AND SERVICES	56

PART IV

ITEM 15	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	56

	SIGNATURES	57

Statement Regarding Forward-Looking Statements

The statements contained in this report on Form 10-K that are not purely historical are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements regarding our “expectations,” “anticipation,” “intentions,” “beliefs,” or “strategies” regarding the future. Forward looking statements also include statements regarding fluctuations in the price of gold or certain other commodities, (such as silver, copper, diesel fuel, and electricity); changes in national and local government legislation, taxation, controls, regulations and political or economic changes in the United States or other countries in which we may carry on business in the future; business opportunities that may be presented to or pursued by us; our ability to integrate acquisitions successfully; operating or technical difficulties in connection with exploration or mining activities; the speculative nature of gold exploration, including risks of diminishing quantities or grades of reserves; and contests over our title to properties. All forward-looking statements included in this report are based on information available to us as of the filing date of this report, and we assume no obligation to update any such forward-looking statements. Our actual results could differ materially from the forward-looking statements. Among the factors that could cause actual results to differ materially are the factors discussed in Item 1A, “Description of Business - Risk Factors.”

PART I

Item 1. Business

Overview

GoldSpring, Inc. is a North American precious metals mining company, headquartered in Nevada, with significant land holdings in the Comstock Gold-Silver District of Nevada. GoldSpring was incorporated in Florida in 1999 and redomiciled in Nevada in 2008.We have located a deposit of mineralized material in our Comstock holdings, at the Hartford Complex, and have secured several of the key mining permits required to resume mining. We completed the first phase of an exploration drilling program in the first quarter of 2009, and then analyzed the results to define the extent of the Hartford Deposit, assess other key exploration targets on our large land package and push the project toward production. The high-grade nature of the Hartford deposit and its potentially favorable configuration has potentially positioned us to become a profitable gold and silver producer in the future.

We operated the Billie the Kid pit as a test mine from 2004 to 2006. 16,175 ounces of gold and 68,514 ounces of silver were recovered from the mined material, using our heap leach processing facility in American Flat.

In early 2007, we temporarily closed our test mining operation. This shutdown allowed us to focus on the geology to gain a comprehensive understanding of the mineralization at the Hartford complex at our Comstock project. We then commenced a drilling program in December 2007 to further delineate the mineralized material and to determine the most effective process for mining operations. Our goal has been to define and map the geology and to prepare geologic cross sections to be utilized in mine planning and as a result, to be able to build a new mine model using geostatistics and extensive drill hole data. There is also ongoing metallurgic testing to attempt to maximize recovery of the high grade fraction of the material and to determine optimum size to continue heap leaching.

The exploration and developmental drilling program commenced at the Comstock project in mid December 2007 and continued through February 2009. During this program, we drilled 182 holes at the Lucerne / Hartford Complex at our Comstock Project. Once the drilling was complete, a mine model was built to evaluate the economic viability of the deposit. We wrote an in-house report to classify the mineralized material, based on the Society of Mining Engineers 2007 guidelines. Based on those favorable results, we made the decision to complete the necessary studies and return the mine to production.

We are actively seeking financing to reopen the mine, further expansion of our Comstock Lode Project and to meet our working capital needs. If we are unable to secure such financing, we may be unable to continue as a going concern.

The following table sets forth certain information regarding our current projects.

Name	Location	Type
Comstock Lode Gold and Silver Properties	Storey and Lyon Counties, Nevada	Gold and silver lode claims
Spring Valley and Gold Canyon (South Comstock)	Lyon County, Nevada	Placer and lode gold and silver claims
Como	Lyon County, Nevada	Gold and silver lode claims
Big Mike	Pershing County, Nevada	Copper lode claims

Our Comstock Lode exploration project is located between Carson City and Virginia City, Nevada, about 30 miles southeast of Reno, in an area known as American Flat. Our Spring Valley and Gold Canyon claims are located in Lyon County, Nevada, five miles south of our Comstock Lode project. Our Big Mike Copper property is located approximately two hours east of Reno near Winnemucca, Nevada.

Our Comstock exploration activities include open pit gold and silver test mining. As defined by SEC Industry Guide 7, we have not yet established any proven or probable reserves at our Comstock Lode Project.. Therefore, all of our activities are considered test mining and exploratory in nature.

We have completed only initial exploratory activities on our Spring Valley and Gold Canyon claims. We have not as yet explored or developed our Como claims, or Big Mike properties. We have not established reserves on any of these properties. Therefore, there can be no assurance that we will be able to produce sufficient gold to cover our investment and operating costs, if any gold at all.

Employees

We have 14 employees, including our executives, managers, administrative staff, engineers, geologists, lab technicians, and process operators. We use consultants with specific skills to assist with various aspects of our operation, including planning, scheduling, project evaluation, due diligence and acquisition initiatives.

Principal Markets

We plan to sell our production on world markets at prices established by market forces. These prices are not within our control.

Government Regulation

Mining operations and exploration activities are subject to various national, state, and local laws and regulations in the United States, which govern prospecting, development, mining, production, exports, taxes, labor standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances, and other matters. We have obtained or have pending applications for those licenses, permits, and other authorizations currently required to conduct our exploration and other programs. We believe that we are in compliance in all material respects with applicable mining, health, safety, and environmental statutes and regulations.

Reclamation

We are generally required to mitigate long-term environmental impacts by stabilizing, contouring, sloping, and vegetating various portions of a site after mining and mineral processing operations are completed. These reclamation efforts are conducted in accordance with detailed plans, which must be reviewed and approved by the appropriate regulatory agencies.

The Nevada Revised Statutes and regulations promulgated thereunder by the Nevada State Environmental Commission and the Nevada Division of Environmental Protection, Bureau of Mining and Reclamation require a surety bond to be posted for mining projects to assure we will leave the site safe, stable and capable of providing for a productive post-mining land use. Pursuant to the approved Reclamation Plan for our Comstock project, we posted a surety bond in the amount of $1,106,882, of which $776,768 was in the form of a cash deposit and the balance was secured from a surety agent.

Competition

We compete with other mineral exploration and mining companies in connection with the acquisition of gold and other mineral properties. There may be competition for gold acquisition opportunities, some of which may involve other companies having substantially greater financial resources than we do.

Financing Events

·	In 2009, we financed operations through issuance of promissory notes and sales of our common stock, all in private placement transactions, which provided us with $3,647,500 in net funding.

·	In November 2009, we sold a 0.29% net smelter royalty on our Obester Property for $260,000 to Precious Royalties, LLC. These funds were used to offset the purchase of the Obester Property in December 2009.

Item 1A. Risk Factors

An investment in our common stock involves risk. You should carefully consider the following risk factors, in addition to those discussed elsewhere in this report, in evaluating our company, its business, and prospects. The following risks could cause our business, financial condition, and operating results to be materially and adversely affected.

We have limited resources and our inability to obtain additional financing could negatively affect our growth and success.

We have incurred substantial losses since our inception, and we are currently experiencing a cash flow deficiency from operations. Our current cash flow and capital resources are limited, and we will require additional funds to pursue our business. We may not be able to secure further financing in the future or if we do, we may not be able to secure financing on favorable terms. If we are not able to obtain additional financing on reasonable terms, we may not be able to execute our business strategy, conduct our operations at the level desired, or even to continue business.

If we are not able to obtain financing, it is unlikely that we will be able to continue as a going concern.

If we are unable to raise additional working capital through outside financing, it is unlikely that the cash generated from our internal operations will suffice as a primary source of the liquidity necessary for anticipated working capital requirements, capital expenditure requirements and interest payments associated with our lease obligations and indebtedness. There is no assurance that the Company’s initiatives to improve its liquidity and financial position will be successful. Accordingly, there is substantial risk that the Company will be unable to continue as a going concern. In the event of insolvency, liquidation, reorganization, dissolution or other winding up of the Company, the Company’s creditors would be entitled to payment in full out of the Company’s assets before stockholders would be entitled to any payment, and it is unlikely that the value of such assets would exceed the claims on such assets.

We have received a qualified report from our independent auditors

Our independent auditors report on our financial statements indicates that our recurring losses from operations and working capital deficit raise substantial doubt about our ability to continue as a going concern

Relative to our cash flows we have substantial indebtedness.

As of December 31, 2009, we had current indebtedness of $16.1 million in addition to $4.9 million of current accrued interest payable. For the fiscal year ended December 31, 2009, we had a deficit of cash flows from operating activities of $3.6 million. Our substantial indebtedness, and our ability to incur additional indebtedness, may further negatively affect our cash flow and our ability to operate our business and react to changes in the economy or our industry.

Inability to raise sufficient funds to increase growth

Our recent financings have only provided capital to continue existing operations but not to continue significant exploration and growth. Without the ability to attract sufficient amounts of capital at any one time, it is unlikely that we can achieve profitability in the foreseeable future, if ever, or to continue long term operation of the Company.

We have invested capital in high-risk mineral projects where we have not conducted sufficient exploration and engineering studies.

We have invested capital and have otherwise been involved in various mineral properties and projects in Nevada where we may not have conducted sufficient exploration and engineering studies to minimize the risk of project failure to the extent that is typical in the mining industry or prudent considering our size. Our mineral projects involve high risks because we have not invested sufficient sums in the characterization of mineralized material, geologic analysis, metallurgical testing, mine planning and economic analysis to the same extent that other mining companies might deem reasonable due to limited resources. Standard industry practice calls for a mining company to prepare a formal mine plan and mining schedule and have these documents reviewed by a third party specialist. We do not have a formal mine plan that has been reviewed by a third party specialist. Because we have not established proven or probable reserves, there can be no assurance that we will be able to produce sufficient gold to recover our investment and operating costs.

We will not be successful unless we recover precious metals and sell them for a profit.

Our success depends on our ability to recover precious metals, process them, and successfully sell them for more than the cost of production. The success of this process depends on the market prices of metals in relation to our costs of production. We may not always be able to generate a profit on the sale of gold or other minerals because we can only maintain a level of control over our costs and have no ability to control the market prices. The total cash costs of production at any location are frequently subject to great variation from year to year as a result of a number of factors, such as the changing composition of ore grade or mineralized material production, and metallurgy and exploration activities in response to the physical shape and location of the ore body or deposit. In addition costs are affected by the price of commodities, such as fuel and electricity. Such commodities are at times subject to volatile price movements, including increases that could make production at certain operations less profitable. A material increase in production costs or a decrease in the price of gold or other minerals could adversely affect our ability to earn a profit on the sale of gold or other minerals.

We do not have proven or probable reserves, and there is no assurance that the quantities of precious metals we produce will be sufficient to recover our investment and operating costs.

Our success depends on our ability to produce sufficient quantities of precious metals to recover our investment and operating costs. We do not have proven or probable reserves. There can be no assurance that our exploration activities will result in the discovery of sufficient quantities of mineralized material to lead to a commercially successful operation.

The cost of our exploration and acquisition activities is substantial, and there is no assurance that the quantities of minerals we discover or acquire will justify commercial operations or replace reserves established in the future.

Mineral exploration, particularly for gold and other precious metals, is highly speculative in nature, involves many risks, and frequently is nonproductive. There can be no assurance that our exploration and acquisition activities will be commercially successful. If gold mineralization is discovered, it may take a number of years from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change. Substantial expenditures are required to acquire existing gold properties, to establish ore reserves through drilling and analysis, to develop metallurgical processes to extract metal from the ore, and in the case of new properties, to develop the processing facilities and infrastructure at any site chosen for mineral exploration. There can be no assurance that any gold reserves or mineralized material that may be discovered or acquired in the future, if any, will be in sufficient quantities or of adequate grade to justify commercial operations or that the funds required for mineral production operation can be obtained on a timely or reasonable basis. Mineral exploration companies must continually replace mineralized material or reserves depleted by production. There can be no assurance that we will be successful in replacing any reserves or mineralized material acquired or established in the future.

The price of gold fluctuates on a regular basis and a downturn in price could negatively impact our operations and cash flow.

Our operations are significantly affected by changes in the market price of gold. Gold prices can fluctuate widely and may be affected by numerous factors, such as expectations for inflation, levels of interest rates, currency exchange rates, central bank sales, forward selling or other hedging activities, demand for precious metals, global or regional political and economic crises and production costs in major gold-producing regions, such as South Africa and the former Soviet Union. The aggregate effect of these factors, all of which are beyond our control, is impossible for us to predict. The demand for and supply of gold affect gold prices, but not necessarily in the same manner as supply and demand affect the prices of other commodities. The supply of gold consists of a combination of new mineral production and existing stocks of bullion and fabricated gold held by governments, public and private financial institutions, industrial organizations, and private individuals. As the amount produced in any single year constitutes a small portion of the total potential supply of gold, normal variations in current production do not have a significant impact on the supply of gold or on its price. If gold prices decline substantially, it could adversely affect the realizable value of our assets and potential future results of operations and cash flow.

The use of hedging instruments may not prevent losses being realized on subsequent price decreases or may prevent gains being realized from subsequent price increases.

We may from time to time sell some future production of gold pursuant to hedge positions. If the gold price rises above the price at which future production has been committed under these hedge instruments, we will have an opportunity loss. However, if the gold price falls below that committed price, our revenues will be protected to the extent of such committed production. In addition, we may experience losses if a hedge counterparty defaults under a contract when the contract price exceeds the gold price. As of the date of filing of this report, we have no open hedge positions.

Since our business consists of exploring for or acquiring gold prospects, the drop in the price of gold will negatively affect our asset values, cash flows, potential revenues and profits.

We plan to pursue opportunities to acquire properties with gold mineralized material or reserves with exploration potential. The price that we pay to acquire these properties will be influenced, in large part, by the price of gold at the time of the acquisition. Our potential future revenues are expected to be derived from the production and sale of gold from these properties or from the sale of some of these properties. The value of any gold reserves and other mineralized material, and the value of any potential mineral production therefrom, will vary in direct proportion to variations in those mineral prices. The price of gold has fluctuated widely as a result of numerous factors beyond our control. The effect of these factors on the price of gold, and therefore the economic viability of any of our projects, cannot accurately be predicted. Any drop in the price of gold would negatively affect our asset values, cash flows, potential revenues, and profits.

We compete with other mineral exploration and mining companies

We compete with other mineral exploration and mining companies or individuals, including large, established mining companies with substantial capabilities and financial resources, to acquire rights to mineral properties containing gold and other minerals. There is a limited supply of desirable mineral lands available for claim staking, lease, or other acquisition. There can be no assurance that we will be able to acquire mineral properties against competitors with substantially greater financial resources than we have.

Our activities are inherently hazardous and any exposure may exceed our insurance limits or may not be insurable.

Mineral exploration and operating activities are inherently hazardous. Operations in which we have direct or indirect interests will be subject to all the hazards and risks normally incidental to exploration and production of gold and other metals, any of which could result in work stoppages, damage to property, and possible environmental damage. The nature of these risks is such that liabilities might exceed any liability insurance policy limits. It is also possible that the liabilities and hazards might not be insurable, or we could elect not to insure ourselves against such liabilities because of the high premium costs, in which event, we could incur significant costs that could have a material adverse effect on our financial condition.

We do not have proven or probable reserves, and our mineral calculations are only estimates; any material change may negatively affect the economic viability of our properties.

Substantial expenditures are required to acquire existing gold properties with established reserves or to establish proven or probable reserves through drilling and analysis. We do anticipate expending sums for additional drilling and analysis which may or may not establish proven or probable reserves on our properties. We drill in connection with our mineral exploration activities and not with the purpose of establishing proven and probable reserves. Therefore, our activity must be called exploration or test mining. While we estimate the amount of mineralized material we believe exists on our properties, our calculations are estimates only, subject to uncertainty due to factors, including the quantity and grade of ore, metal prices, and recoverability of minerals in the mineral recovery process. There is a great degree of uncertainty attributable to the calculation of any mineralized material, particularly where there has not been significant drilling, mining, and processing. Until the mineralized material located on our properties is actually mined and processed, the quantity and quality of the mineralized material must be considered as an estimate only. In addition, the quantity of mineralized material may vary depending on metal prices. Any material change in the quantity of mineralized material may negatively affect the economic viability of our properties. In addition, there can be no assurance that we will achieve the same recoveries of metals contained in the mineralized material as in small-scale laboratory tests or that we will be able to duplicate such results in larger scale tests under on-site conditions or during production.

Our operations are subject to strict environmental regulations, which result in added costs of operations and operational delays.

Our operations are subject to environmental regulations, which could result in additional costs and operational delays. All phases of our operations are subject to environmental regulation. Environmental legislation is evolving the United States generally, and Nevada specifically, in a manner that may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for companies and their officers, directors, and employees. There is no assurance that any future changes in environmental regulation will not negatively affect our projects.

We have no insurance for environmental problems.

Insurance against environmental risks, including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from exploration and production, has not been available generally in the mining industry. We have no insurance coverage for most environmental risks. In the event of a problem, the payment of environmental liabilities and costs would reduce the funds available to us for future operations. If we are unable to fund fully the cost of remedying an environmental problem, we might be required to enter into an interim compliance measure pending completion of the required remedy.

We are subject to federal laws that require environmental assessments and the posting of bonds, which add significant costs to our operations and delays in our projects.

The Bureau of Land Management (BLM) requires that mining operations on lands subject to its regulation obtain an approved plan of operations subject to environmental impact evaluation under the National Environmental Policy Act. Any significant modifications to the plan of operations may require the completion of an environmental assessment or Environmental Impact Statement prior to approval. Mining companies must post a bond or other surety to guarantee the cost of post-mining reclamation. These requirements could add significant additional cost and delays to any mining project undertaken by us. Our mineral exploration operations are required to be covered by reclamation bonds deemed adequate by regulators to cover these risks. We believe we currently maintain adequate reclamation bonds for our operations.

Changes in Nevada laws, which are already strict and costly, can negatively affect our operations by becoming stricter and costlier.

At the state level, mining operations in Nevada are regulated by the Nevada Division of Environmental Protection, or NDEP. Nevada state law requires our Nevada projects to hold Nevada Water Pollution Control Permits, which dictate operating controls and closure and post-closure requirements directed at protecting surface and ground water. In addition, we are required to hold Nevada Reclamation Permits required under Nevada law. These permits mandate concurrent and post-mining reclamation of mines and require the posting of reclamation bonds sufficient to guarantee the cost of mine reclamation. Other Nevada regulations govern operating and design standards for the construction and operation of any source of air contamination and landfill operations. Any changes to these laws and regulations could have a negative impact on our financial performance and results of operations by, for example, requiring changes to operating constraints, technical criteria, fees or surety requirements.

Title claims against our properties could require us to compensate parties, if successful, and divert management’s time from operations.

There may be challenges to our title in the properties in which we hold material interests. If there are title defects with respect to any of our properties, we might be required to compensate other persons or perhaps reduce our interest in the effected property. The validity of unpatented mineral claims, which constitute most of our holdings in the United States, is often uncertain and may be contested by the federal government and other parties. The validity of an unpatented mineral claim, in terms of both its location and its maintenance, depends on strict compliance with a complex body of federal and state statutory and decisional law. Although we have attempted to acquire satisfactory title to our properties, we have not obtained title opinions or title insurance with respect to the acquisition of the unpatented mineral claims. While we have no pending claims or litigation pending contesting title to any of our properties, there is nothing to prevent parties from challenging our title to any of our properties. While we believe we have satisfactory title to our properties, some risk exists that some titles may be defective or subject to challenge. Also, in any such case, the investigation and resolution of title issues would divert management’s time from ongoing exploration programs.

We have never paid a cash dividend on our common stock and do not expect to pay cash dividends in the foreseeable future.

We have never paid cash dividends, and we do not plan to pay cash dividends in the foreseeable future. Consequently, your only opportunity to achieve a return on your investment in us will be if the market price of our common stock appreciates and you sell your shares at a profit. There is no assurance that the price of our common stock will increase.

Our business depends on a limited number of key personnel, the loss of whom could negatively affect us.

Each of our officers and employees is important to our success. If any of them becomes unable or unwilling to continue in their respective positions and we are unable to find suitable replacements, our business and financial results could be materially negatively affected.

If we fail to adequately manage our growth, we may not be successful in growing our business and becoming profitable.

We plan to expand our business and the number of employees over the next 12 months. In particular, we intend to hire additional operational personnel. Our inability to hire and retain additional qualified employees could have a negative impact on our chances of success.

The issuance of securities by us may not have complied with or violated federal and state securities laws and, as a result, the holders of these shares and warrants may have rescission rights.

Securities issued by us may not have complied with applicable federal and state securities laws, the result of which is that the holders of these securities may have rescission rights that could require us to reacquire the securities.

Outstanding convertible securities and warrants may result in substantial dilution.

At December 31, 2009 we had outstanding 3, 662,067,844 shares of common stock. In addition, we had outstanding convertible notes and related interest plus various common stock purchase warrants. At December 31, 2009, these notes, related interest and warrants were convertible into or exercisable for a total of approximately 3.8 billion additional shares of our common stock, subject to further anti-dilution provisions.

Our stock is a penny stock and trading of our stock may be restricted by the SEC’s penny stock regulations, which may limit a stockholder’s ability to buy and sell our stock.

Our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9, which generally defines “penny stock” to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers that sell to persons other than established customers and “accredited investors.” The term “accredited investor” refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 individually or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC, which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer’s account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer’s confirmation. In addition, the penny stock rules require that, prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of our common stock. The Financial Industry Regulatory Authority (FINRA) sales practice requirements may also limit a stockbroker’s ability to buy or sell our stock.

In addition to the “penny stock” rules promulgated by the Securities and Exchange Commission, the FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives, and other information. Under interpretation of these rules, the NASD believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy or sell our stock and have an adverse effect on the market for our shares.

Item 2. Properties

Comstock Lode Project

Location, Access, and Title to the Property

We own or lease the following mineral exploration projects: The Comstock gold and silver exploration and test mining project, the Spring Valley and Gold Canyon placers project, the Como mineral claims, and the Big Mike copper project.

Our Comstock Lode Project is located in Storey and Lyon Counties, Nevada. The property is physically situated roughly three (3) miles south of Virginia City, Nevada. Paved state highways from Reno, Carson City, and Virginia City provide access to the property.

The Spring Valley and Gold Canyon project (South Comstock) is located in Lyon County, Nevada, approximately 1.5 miles south of Silver City, Nevada. We have performed geological reconnaissance and limited sampling on this property. During 2009, six drill holes were drilled on the property.

The Como mineral Claims are located in Lyon County, Nevada, approximately 15 miles east of Carson City. We have performed geological reconnaissance on this property, but have not drilled or collected any samples.

The Big Mike copper project is located in Pershing County, Nevada, and has not been explored or developed by us.

Comstock Lode Project

Our property rights to the mineral estate of the Comstock Lode Project consist of several mineral leases, numerous unpatented mineral claims, and fee ownership of real property.

Obester Property Purchase (2009):

In 2009, we secured long-term control of eleven patented mining claims in Storey and Lyons Counties, Nevada, through a purchase agreement from the Obester Group. This property includes five patented claims in the Lucerne / Billie the Kid area, representing the focus of our recent drilling program. It also includes six claims in the Occidental area, which provide a target for future exploration. The purchase supersedes a mining lease with Claire Obester, dated January 1, 1997, and a mining lease with Claire Obester, Jim Obester, Alan Obester, and Julian Smith dated May 1, 2008.

The total price to be paid to the Obester Group is $1,650,000. A down-payment of $250,000 was accepted, with the balance to be paid in quarterly payments of $250,000 with an interest rate of 6%. These payments are current as of the date of this report. The transaction is expected to close through escrow on or before April 15, 2010. Once the transaction is complete, the Obester Group will receive a Net Smelter Royalty (NSR) of 1% of all future mineral production from the property, which reduces the our royalty obligation by 80%.

The purchase of this property was financed, in part, by an agreement to sell a NSR on the property to Precious Royalties, LLC. Under the agreement, Precious Royalties can earn up to a 5% NSR for a total price of $4,500,000. The agreement calls for all funding to be received by March 31, 2010. During 2009, $260,000 has been funded under the agreement, which was used to make the down payment on the property. As of December 31st, 2009, the Precious Royalties NSR was 0.29%.

Donovan Lease:

We have a mineral exploration and mining lease agreement with the Donovan Silver Hills, LLC dated September 1, 1999 covering seven patented claims and 13 unpatented claims located in Storey and Lyon Counties. The lease remains in effect for as long as exploration, development, mining, or processing operations are conducted on a continuous basis, without a lapse of activity for more than 180 days. We pay a royalty to the lessor amounting to the greater of $500 per month or a royalty percentage of the Net Smelter Returns. The royalty percentage varies based on the price of gold: 3% if gold is less than $400 per ounce, 4% if gold is at least $400 per ounce but less than $500 per ounce, and 5% if gold is $500 or greater per ounce. We are also responsible for payment and filing of annual maintenance fees, if any, and taxes for these claims.

Fred Garrett Lease:

We entered into a mineral exploration and mining lease agreement with the Fred Garrett et al on April 1, 2008, covering one patented claim located in Storey, Nevada. The lease remains in effect for as long as exploration, development, mining, or processing operations are conducted on a continuous basis, without a lapse of activity for more than 180 days. We pay a royalty to the lessor of $250 per month or a 3% Net Smelter Return, which ever is greater. We are also responsible for payment and filing of annual maintenance fees, if any, and taxes for these claims.

James Obester Lease:

We have a mineral exploration and mining lease agreement with James Obester dated August 1, 2008, covering ten unpatented claims located in Storey County. The lease remains in effect for as long as exploration, development, mining, or processing operations are conducted on a continuous basis, without a lapse of activity for more than 180 days. We pay a royalty to the lessor amounting to $200 per month for the first two years increasing to $300 a month for the next three years and then increasing to $500 per month thereafter, in addition to a royalty percentage of the Net Smelter Returns. The royalty percentage is a 2% NSR when gold is $900 or less per ounce and 3% NSR when gold is greater than $900 per ounce. We are also responsible for payment and filing of annual maintenance fees, if any, and taxes for these claims.

DWC Resources Letter of Intent:

On August 13, 2008, we entered into a binding letter of intent to purchase certain property owned by DWC Resources, Inc. in Storey County, Nevada. The purchase price is $7,500,000, but is subject to adjustment pursuant to the results of a fairness opinion and/or appraisal to be obtained by us. The purchase price will be paid through issuance of a $7,500,000 convertible promissory note which shall bear interest at the rate of 9% per year with quarterly interest payments due throughout the term of the note which is 5 years. The purchased assets include patented and unpatented lode mining claims owned by DWC Resources, Inc. in the Comstock Lode district. The letter of intent also provides for the payment of royalties ranging from 2% - 6% of “net smelter returns” based upon the price of gold per ounce and a 1% royalty to be paid to the party which sold the subject property to DWC Resources in 2007. There is also a commitment by us to expend a minimum of $250,000 per year on exploration for five years. During 2009, we satisfied this annual obligation.

Sutro Tunnel Sublease:

Simultaneously with the DWC Resources Letter of intent, we entered into a binding letter of intent to sublease the Sutro Tunnel Lease dated January 1, 2008 between Sutro Tunnel Co. and John Winfield or his nominee. The purchase price for the sublease is $2,000,000 (which is subject to adjustment upon receipt of a third party fairness opinion/appraisal) payable pursuant to the issuance of a $2,000,000 convertible promissory note which shall bear interest at the rate of 9%per year with quarterly interest payments due throughout the term of the note which is 5 years. The letter of intent also provides for the payment of royalties ranging from 6% - 8% of “net smelter returns” based upon the price of gold per ounce and a 1% royalty to be paid to Mr. Winfield if Mr. Winfield provides an acceptable buyer of the Sutro property. We are also required to fulfill lessee’s obligations under the Sutro Tunnel Lease with regard to payment of royalties and exploration expenditures. During 2009, we satisfied this obligation.

Railroad & Gold Lease:

We entered into a mineral exploration and mining lease agreement with the Railroad and Gold, LLC on October 1, 2009 covering nine patented mining claims and sixteen unpatented mining claims in Storey County. The lease also includes rights for nine town lots and a rural parcel in American Flats. The lease is for an initial term of 15 years, but remains in effect for as long as exploration, development, mining, or processing operations are conducted on a continuous basis. We made an initial payment of $25,000 for the lease. We will make annual advance minimum royalty payments, starting with $30,000 on the first anniversary, and increasing by $5,000 each year. We pay a royalty to the lessor of a 4% Net Smelter Return, which will be reduced by the sum of previously-paid advance minimum royalties. We are also responsible for payment and filing of annual maintenance fees, if any, and taxes for these claims.

GoldSpring Unpatented Claims:

In addition to the mineral leases, we hold 179 unpatented mineral claims in Storey County, hold eight unpatented mineral claims in Lyon County, and own title to 40 acres of land in Storey County. The W. Hughes Brockbank Living Trust has a lien against and a security interest in these unpatented mineral claims and the 40 acres of land pursuant to a Deed of Trust dated October 31, 2003, entered into with W. Hughes Brockbank Living Trust. The Deed of Trust was granted to secure a promissory note, dated October 31, 2003, in the amount of $1 million for the balance of the purchase price for the property. The non-interest bearing promissory note requires ten quarterly payments of $100,000 each. In 2007, Mr. Winfield’s affiliates, Intergroup Corporation, Santa Fe Financial and Portsmouth Square, purchased the note from the W. Hughes Brockbank Living Trust. As of December 31, 2009, the outstanding balance of the note was $250,000.

Table of all Comstock Lode Project Owned or Controlled Patented Claims:

Claim Number	Claim Name	Owner/Lessor	Position	Acres
800-001-009	Green	GSPG (Obester)	Fee	11.0
800-001-11	Echo Parcel	GSPG (Obester)	Fee	7.0
800-001-12	Lucerne	GSPG (Obester)	Fee	8.0
800-001-08	St. Louis Parcels	GSPG (Obester)	Fee	7.0
800-002-71	Billie the Kid	GSPG (Obester)	Fee	18.0
800-001-010	North Occidental	GSPG (Obester)	Fee	7.2
800-001-025	East North Occidental	GSPG (Obester)	Fee	12.2
800-001-021	Dean Parcel	GSPG (Obester)	Fee	11.0
800-001-024	South Occidental	GSPG (Obester)	Fee	20.6
800-001-068	Occidental	GSPG (Obester)	Fee	7.8
800-001-026	Edwards	GSPG (Obester)	Fee	17.8

USS 84	Tarto Lode	Donovan	Lease	1.0
USS 86	Hartford	Donovan	Lease	14.0
USS 1723	Succor Lode	Donovan	Lease	6.0
USS 3760	Olympia	Donovan	Lease	6.0
USS 4728	Hardluck	Donovan	Lease	6.0
USS 4728	Friendship	Donovan	Lease	7.0
USS 4728	Brown Lode	Donovan	Lease	8.0
USS 125	Niagra	Donovan / DWC	Lease	3.0
USS 1066	S. Comstock	Donovan / DWC	Lease	12.0

38822	Bells Hill	DWC	Lease	4.0
33721	Black Bird	DWC	Lease	11.0
2438	Chonta Lode	DWC	Lease	6.4
6916	Cliffhouse	DWC	Lease	16.9
3704	Corey Jay Boer	DWC	Lease	7.4
33733	East Alamo Ledge	DWC	Lease	11.9
USS 49A/B	Front Lode A/B	DWC	Lease	10.4
38822	German	DWC	Lease	3.6
16755	Holman	DWC	Lease	8.8
69	Justice	DWC	Lease	19.2
785	Keystone Comstock	DWC	Lease	12.1
1436	Memphis	DWC	Lease	14.1
39507	Overland	DWC	Lease	0.5
38822	Sebastopol	DWC	Lease	0.8
33722	South Alamo	DWC	Lease	9.4
39507	Wedge	DWC	Lease	1.2
16696	White Lode	DWC	Lease	11.8
353	Woodville	DWC	Lease	5.2

USS 114	Pride of Washoe	Garrett	Lease	25.3

USS 61	Chollar Potosi (below Sutro)	RR & Gold	Lease	35.2
USS 178	Culver	RR & Gold	Lease	13.8
USS 142/179	Culver Addition	RR & Gold	Lease	10.6

Claim Number	Claim Name	Owner/Lessor	Position	Acres
USS 357	Frankel	RR & Gold	Lease	5.5
USS 126/107	Gibbs	RR & Gold	Lease	10.4
USS 39	Knickerbocker (N half)	RR & Gold	Lease	5.4
USS 215	Rock Island	RR & Gold	Lease	20.3
USS 63	Savage (below Sutro)	RR & Gold	Lease	19.4

USS 64	Gould & Curry	RR &Gold / Sutro	Lease	25.3
142	Alpha	Sutro	Lease	8.6
USS 65	Alta (Woodville)	Sutro	Lease	24.7
128	Bacon (USS 58)	Sutro	Lease	1.5
129	Bacon (USS 59)	Sutro	Lease	0.6
	Belcher	Sutro	Lease
130	Burke & Hamilton	Sutro	Lease	1.3
2611	Capitol	Sutro	Lease	9.2
131	Challenge	Sutro	Lease	1.5
1254	Comstock Lode (Bullion)	Sutro	Lease	27.3
68	Confidence	Sutro	Lease	4.0
9920	Crown Point	Sutro	Lease	3.3
149	Empire North	Sutro	Lease	1.8
150	Empire South	Sutro	Lease	0.7
216	Exchequer	Sutro	Lease	10.0
353	Granville (Lady Washington)	Sutro	Lease	5.9
USS 146	Grosh	Sutro	Lease	7.4
USS 147	Grosh	Sutro	Lease	5.3
3161	Grosh Consolidated Mining	Sutro	Lease	15.5
9919	Imperial	Sutro	Lease	2.6
125	Joseph Trench	Sutro	Lease	0.7
USS 84	Julia	Sutro	Lease	9.1
9921	Kentuck	Sutro	Lease	0.9
9922	Kentuck MG.	Sutro	Lease	2.7
643	La Cata	Sutro	Lease	13.8
644	Sara Ann	Sutro	Lease	13.8
	Seg. Belcher	Sutro	Lease
USS 90	Ward	Sutro	Lease	7.1
143	Wm Sharon	Sutro	Lease	0.9
9918	Yellow Jacket	Sutro	Lease	7.7

Table of all Comstock Lode Project Owned or Controlled Unpatented Claims:

Serial #

Claim

Name

Location

Date

Owner /

Lessor

Type

Position

Land

Source

Acres

NMC416049

Big Mike

04/07/1987

Donovan

Lode

Lease

BLM

20.0

NMC416048

Cliff House Fraction

04/07/1987

Donovan

Lode

Lease

BLM

4.0

NMC416043

Echo St. Louis Fraction

04/07/1987

Donovan

Lode

Lease

BLM

0.3

NMC416041

Green St. Louis Fraction

03/04/1987

Donovan

Lode

Lease

BLM

7.0

NMC676492

Hartford Lucerne Fraction

04/07/1987

Donovan

Lode

Lease

BLM

0.9

NMC416040

Hartford South Extension

04/07/1987

Donovan

Lode

Lease

BLM

3.0

NMC416042

Hartford St. Louis Fraction

04/07/1987

Donovan

Lode

Lease

BLM

6.5

NMC416044

Justice Lucerne Fraction

04/07/1987

Donovan

Lode

Lease

BLM

1.7

NMC416046

Justice Woodville Fraction

04/07/1987

Donovan

Lode

Lease

BLM

3.1

NMC416047

New Deal Fraction

04/07/1987

Donovan

Lode

Lease

BLM

12.0

NMC416045

South Comstock St. Louis

04/07/1987

Donovan

Lode

Lease

BLM

1.0

NMC416033

Vindicator #8

04/06/1987

Donovan

Lode

Lease

BLM

20.7

NMC705983

Cook & Grey

11/09/1953

DWC

Lode

Fee

BLM

1.8

NMC116359

Cumberland #2

08/19/1901

DWC

Lode

Fee

BLM

5.4

NMC116360

Cumberland #3

06/21/1902

DWC

Lode

Fee

BLM

1.0

NMC116369

Cumberland Frac

09/28/1931

DWC

Lode

Fee

BLM

1.5

NMC116356

Flora Temple

09/17/1957

DWC

Lode

Fee

BLM

0.2

NMC705982

New Flora Temple

08/09/1994

DWC

Lode

Fee

BLM

5.1

NMC116358

Overland

4/30/1875

DWC

Lode

Fee

BLM

2.7

NMC116362

Overlap

10/01/1921

DWC

Lode

Fee

BLM

8.5

NMC116363

Overlap #1

10/01/1921

DWC

Lode

Fee

BLM

1.3

NMC555211

Overlap #3

04/24/1989

DWC

Lode

Fee

BLM

5.9

NMC116351

Windy Fraction

11/09/1953

DWC

Lode

Fee

BLM

0.3

NMC705983

Woodville Extension

08/10/1994

DWC

Lode

Fee

BLM

10.3

NMC275502

Alta #5

07/22/1983

J. Obester

Lode

Lease

BLM

20.7

Serial #

Claim

Name

Location

Date

Owner /

Lessor

Type

Position

Land

Source

Acres

NMC275503

Alta #6

07/22/1983

J. Obester

Lode

Lease

BLM

20.7

NMC275504

Alta #7

07/22/1983

J. Obester

Lode

Lease

BLM

20.7

NMC275505

Alta #8

07/22/1983

J. Obester

Lode

Lease

BLM

12.7

NMC275506

Alta #9

07/22/1983

J. Obester

Lode

Lease

BLM

20.7

NMC275507

Alta #10

07/22/1983

J. Obester

Lode

Lease

BLM

20.7

NMC276609

Alta #12

07/22/1983

J. Obester

Lode

Lease

BLM

12.1

NMC300858

Brunswick #1

12/24/1983

J. Obester

Lode

Lease

BLM

20.7

NMC300859

Brunswick #2

12/24/1983

J. Obester

Lode

Lease

BLM

20.7

NMC300860

Brunswick #4

12/24/1983

J. Obester

Lode

Lease

BLM

20.7

NMC705397

Alto No. 9

09/23/1994

RR & Gold

Lode

Lease

BLM

10.7

NMC705392

Angels East Annex

07/22/1994

RR & Gold

Lode

Lease

BLM

7.4

NMC705390

Angels No. 1

07/21/1994

RR & Gold

Lode

Lease

BLM

14.6

NMC705391

Angels No. 2

09/22/1994

RR & Gold

Lode

Lease

BLM

20.7

NMC705395

Hawk

09/26/1994

RR & Gold

Lode

Lease

BLM

12.9

NMC705396

Hawk Fraction

09/26/1994

RR & Gold

Lode

Lease

BLM

18.8

NMC705400

Iona

09/27/1994

RR & Gold

Lode

Lease

BLM

12.6

NMC705388

Latigo

09/27/1994

RR & Gold

Lode

Lease

BLM

18.7

NMC705389

Latigo 2

09/27/1994

RR & Gold

Lode

Lease

BLM

22.4

NMC705403

Maryland Fraction

09/26/1994

RR & Gold

Lode

Lease

BLM

20.7

NMC705393

Merrilite

09/23/1994

RR & Gold

Lode

Lease

BLM

15.6

NMC705394

Merrilite North Annex

07/22/1994

RR & Gold

Lode

Lease

BLM

15.7

NMC705401

Oro Plato

09/27/1994

RR & Gold

Lode

Lease

BLM

14.4

NMC705402

Owl

09/26/1994

RR & Gold

Lode

Lease

BLM

5.9

NMC705398

West Nick

07/21/1994

RR & Gold

Lode

Lease

BLM

20.7

NMC705399

West Nick No. 1

09/26/1994

RR & Gold

Lode

Lease

BLM

20.7

NMC821729

Comstock #1

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821730

Comstock #2

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821731

Comstock #3

10/16/2000

GSPG

Lode

Fee

BLM

20.7

Serial #

Claim

Name

Location

Date

Owner /

Lessor

Type

Position

Land

Source

Acres

NMC821735

Comstock #7

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821736

Comstock #8

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821737

Comstock #9

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821739

Comstock #11

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821740

Comstock #12

10/16/2000

GSPG

Lode

Fee

BLM

20.6

NMC821741

Comstock #13

12/01/2000

GSPG

Lode

Fee

BLM

20.6

NMC821742

Comstock #14

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821743

Comstock #15

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821744

Comstock #16

10/16/2000

GSPG

Lode

Fee

BLM

20.7

NMC821745

Comstock #17

12/01/2000

GSPG

Lode

Fee

BLM

20.7

NMC821746

Comstock #18

12/01/2000

GSPG

Lode

Fee

BLM

13.8

NMC821492

Comstock #115

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821493

Comstock #116

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821494

Comstock #117

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821495

Comstock #118

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821496

Comstock #119

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821497

Comstock #120

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821498

Comstock #121

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821499

Comstock #122

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821500

Comstock #123

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821501

Comstock #124

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821502

Comstock #125

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821503

Comstock #126

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821504

Comstock #127

04/08/2004

GSPG

Lode

Fee

BLM

20.7

NMC821505

Comstock #128

04/08/2004

GSPG

Lode

Fee

BLM

13.8

NMC821506

Comstock #129

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821507

Comstock #130

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821508

Comstock #131

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821509

Comstock #132

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821510

Comstock #133

07/01/2004

GSPG

Lode

Fee

BLM

20.7

Serial #

Claim

Name

Location

Date

Owner /

Lessor

Type

Position

Land

Source

Acres

NMC821511

Comstock #134

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821512

Comstock #135

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821513

Comstock #136

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821514

Comstock #137

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821515

Comstock #138

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821516

Comstock #139

07/01/2004

GSPG

Lode

Fee

BLM

14.4

NMC821517

Comstock #140

07/01/2004

GSPG

Lode

Fee

BLM

18.3

NMC821518

Comstock #141

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC821519

Comstock #142

07/01/2004

GSPG

Lode

Fee

BLM

20.7

NMC983353

Comstock Lode 100

12/21/2007

Plum Mining

Lode

Fee

BLM

16.0

NMC983354

Comstock Lode 101

12/21/2007

Plum Mining

Lode

Fee

BLM

6.1

NMC983355

Comstock Lode 102

12/21/2007

Plum Mining

Lode

Fee

BLM

5.4

NMC983356

Comstock Lode 103

12/21/2007

Plum Mining

Lode

Fee

BLM

2.0

NMC983357

Comstock Lode 104

12/21/2007

Plum Mining

Lode

Fee

BLM

2.2

NMC983358

Comstock Lode 105

12/21/2007

Plum Mining

Lode

Fee

BLM

1.1

NMC983359

Comstock Lode 106

12/21/2007

Plum Mining

Lode

Fee

BLM

8.6

NMC983360

Comstock Lode 107

12/21/2007

Plum Mining

Lode

Fee

BLM

12.7

NMC983361

Comstock Lode 108

12/21/2007

Plum Mining

Lode

Fee

BLM

1.0

NMC983362

Comstock Lode 109

12/21/2007

Plum Mining

Lode

Fee

BLM

2.3

NMC983363

Comstock Lode 110

12/21/2007

Plum Mining

Lode

Fee

BLM

19.2

NMC983364

Comstock Lode 111

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983365

Comstock Lode 112

12/21/2007

Plum Mining

Lode

Fee

BLM

16.6

NMC983366

Comstock Lode 113

12/21/2007

Plum Mining

Lode

Fee

BLM

17.1

NMC983367

Comstock Lode 114

12/21/2007

Plum Mining

Lode

Fee

BLM

1.7

NMC983368

Comstock Lode 115

12/21/2007

Plum Mining

Lode

Fee

BLM

12.2

NMC983369

Comstock Lode 116

12/21/2007

Plum Mining

Lode

Fee

BLM

20.4

NMC983370

Comstock Lode 117

12/21/2007

Plum Mining

Lode

Fee

BLM

20.4

NMC983371

Comstock Lode 118

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

Serial #

Claim

Name

Location

Date

Owner /

Lessor

Type

Position

Land

Source

Acres

NMC983372

Comstock Lode 119

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983373

Comstock Lode 120

12/21/2007

Plum Mining

Lode

Fee

BLM

1.1

NMC983374

Comstock Lode 121

12/21/2007

Plum Mining

Lode

Fee

BLM

4.1

NMC983375

Comstock Lode 122

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983376

Comstock Lode 123

12/21/2007

Plum Mining

Lode

Fee

BLM

4.6

NMC983377

Comstock Lode 124

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983378

Comstock Lode 125

12/21/2007

Plum Mining

Lode

Fee

BLM

13.5

NMC983379

Comstock Lode 126

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983380

Comstock Lode 127

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983381

Comstock Lode 128

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983382

Comstock Lode 129

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983383

Comstock Lode 130

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983384

Comstock Lode 131

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983385

Comstock Lode 132

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983386

Comstock Lode 133

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983387

Comstock Lode 134

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983388

Comstock Lode 135

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983389

Comstock Lode 136

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983390

Comstock Lode 137

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983391

Comstock Lode 138

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983392

Comstock Lode 139

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983393

Comstock Lode 140

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983394

Comstock Lode 141

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983395

Comstock Lode 142

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983396

Comstock Lode 143

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983397

Comstock Lode 144

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983398

Comstock Lode 145

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

Serial #

Claim

Name

Location

Date

Owner /

Lessor

Type

Position

Land

Source

Acres

NMC983399

Comstock Lode 146

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983400

Comstock Lode 147

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983401

Comstock Lode 148

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983402

Comstock Lode 149

12/21/2007

Plum Mining

Lode

Fee

BLM

20.5

NMC983403

Comstock Lode 150

12/21/2007

Plum Mining

Lode

Fee

BLM

8.4

NMC983404

Comstock Lode 151

12/21/2007

Plum Mining

Lode

Fee

BLM

14.5

NMC983405

Comstock Lode 152

12/21/2007

Plum Mining

Lode

Fee

BLM

20.1

NMC983406

Comstock Lode 153

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983407

Comstock Lode 154

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983408

Comstock Lode 155

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983409

Comstock Lode 156

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983410

Comstock Lode 157

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983411

Comstock Lode 158

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983412

Comstock Lode 159

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983413

Comstock Lode 160

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983414

Comstock Lode 161

12/21/2007

Plum Mining

Lode

Fee

BLM

15.6

NMC983415

Comstock Lode 162

12/21/2007

Plum Mining

Lode

Fee

BLM

19.5

NMC983416

Comstock Lode 163

12/21/2007

Plum Mining

Lode

Fee

BLM

7.7

NMC983417

Comstock Lode 164

12/21/2007

Plum Mining

Lode

Fee

BLM

12.8

NMC983418

Comstock Lode 165

12/21/2007

Plum Mining

Lode

Fee

BLM

20.5

NMC983419

Comstock Lode 166

12/21/2007

Plum Mining

Lode

Fee

BLM

6.3

NMC983420

Comstock Lode 167

12/21/2007

Plum Mining

Lode

Fee

BLM

20.7

NMC983421

Comstock Lode 168

12/21/2007

Plum Mining

Lode

Fee

BLM

16.2

NMC992973

Comstock Lode 169

07/10/2008

Plum Mining

Lode

Fee

BLM

1.4

NMC992974

Comstock Lode 172

04/25/2008

Plum Mining

Lode

Fee

BLM

20.7

NMC992975

Comstock Lode 173

04/25/2008

Plum Mining

Lode

Fee

BLM

20.7

NMC992976

Comstock Lode 174

04/25/2008

Plum Mining

Lode

Fee

BLM

20.2

Serial #

Claim

Name

Location

Date

Owner /

Lessor

Type

Position

Land

Source

Acres

NMC992977

Comstock Lode 175

04/25/2008

Plum Mining

Lode

Fee

BLM

20.7

NMC992978

Comstock Lode 176

04/25/2008

Plum Mining

Lode

Fee

BLM

15.5

NMC992979

Comstock Lode 177

04/25/2008

Plum Mining

Lode

Fee

BLM

19.0

NMC992980

Comstock Lode 179

04/25/2008

Plum Mining

Lode

Fee

BLM

20.7

NMC992981

Comstock Lode 180

04/25/2008

Plum Mining

Lode

Fee

BLM

20.7

NMC992982

Comstock Lode 181

04/25/2008

Plum Mining

Lode

Fee

BLM

20.1

NMC992983

Comstock Lode 182

04/25/2008

Plum Mining

Lode

Fee

BLM

10.3

NMC992984

Comstock Lode 183

04/25/2008

Plum Mining

Lode

Fee

BLM

19.8

NMC992985

Comstock Lode 184

04/25/2008

Plum Mining

Lode

Fee

BLM

0.0

NMC965375

Ghost #1

09/30/2007

GSPG

Load

Fee

BLM

20.7

NMC965376

Ghost #2

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965377

Ghost #3

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965378

Ghost #4

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965379

Ghost #5

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965380

Ghost #6

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965381

Ghost #7

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965382

Ghost #8

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965383

Ghost #9

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965384

Ghost #10

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC965385

Ghost #11

09/30/2007

GSPG

Lode

Fee

BLM

20.7

NMC810323

Lee #2

11/31/1999

GSPG

Lode

Fee

BLM

19.8

NMC810324

Lee #3

11/31/1999

GSPG

Lode

Fee

BLM

20.7

NMC810321

Lee #5

11/31/1999

GSPG

Lode

Fee

BLM

19.4

NMC814553

Lee #8

01/29/2000

GSPG

Lode

Fee

BLM

19.5

NMC814554

Lee #9

01/29/2000

GSPG

Lode

Fee

BLM

19.2

NMC1003426

Loring 1

11/24/2008

GSPG

Lode

Fee

BLM

11.0

NMC1003427

Loring 2

11/24/2008

GSPG

Lode

Fee

BLM

18.8

NMC1003428

Loring 3

11/24/2008

GSPG

Lode

Fee

BLM

18.7

NMC1003429

Loring 4

11/24/2008

GSPG

Lode

Fee

BLM

18.9

NMC1003430

Loring 5

11/24/2008

GSPG

Lode

Fee

BLM

15.6

NMC1003431

Loring 6

11/24/2008

GSPG

Lode

Fee

BLM

9.1

NMC1003432

Loring 7

11/24/2008

GSPG

Lode

Fee

BLM

1.6

NMC1003433

Loring 8

11/24/2008

GSPG

Lode

Fee

BLM

1.7

NMC1003434

Loring 9

11/24/2008