UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SEC FILE NUMBER
000-32429
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FORM 12b-25
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CUSIP NUMBER
205750 102
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(Check one):
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xForm 10-K oForm 20-F oForm 11-K oForm 10-Q oForm 10D oForm N-SAR
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oForm N-CSR
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For Period Ended:
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December 31, 2010
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oTransition Report on Form 10-K
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oTransition Report on Form 20-F
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oTransition Report on Form 11-K
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oTransition Report on Form 10-Q
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oTransition Report on Form N-SAR
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For the Transition Period Ended:
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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
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Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
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If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
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Comstock Mining Inc.
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Full Name of Registrant
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GoldSpring, Inc.
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Former Name if Applicable
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1200 American Flat Road
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Address of Principal Executive Office (Street and Number)
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Virginia City, Nevada 89440
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City, State and Zip Code
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(a)
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The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
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(b)
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The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
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x
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(c)
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The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
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(1)
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Name and telephone number of person to contact in regard to this notification
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Robert T. Faber
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775
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847-5272
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(Name)
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(Area Code)
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(Telephone Number)
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(2)
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Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to
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file such report(s) been filed ? If answer is no, identify report(s).
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Yes x No o
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(3)
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Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report or portion thereof ?
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Yes x No o
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If so: attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
The Company had a higher net loss in 2010 than in 2009. Net loss for 2010 was $60.3 million, resulting primarily from a loss on extinguishment of debt of $26.4 million and a charge for the change in the fair value of derivative liabilities of $23.5 million. Net loss for 2009 was $6.1 million, including a non-cash gain for the change in the fair value of derivative liabilities of $2.8 million.
Total debt at year-end 2010 was $1.5 million, all relating to mortgage obligations, as compared to $19.7 million in 2009, primarily related to the now extinguished convertible debentures and promissory notes.
Cash, cash equivalents and investments at year-end were $29.8 million.
Higher net loss for fiscal year 2010 is primarily due to the extinguishment of debt as described above in Part III.
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Comstock Mining Inc.
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(Name of Registrant as Specified in Charter)
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Date
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March 31, 2011
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By
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/s/ Corrado De Gasperis
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Corrado De Gasperis
Chief Executive Officer and Principal Financial Officer
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