SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* SUN VALLEY GOLD LLC (Last) (First) (Middle) 620 SUN VALLEY ROAD P.O. BOX 2759 (Street) SUN VALLEY ID 83353 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 10/20/2010	3. Issuer Name and Ticker or Trading Symbol Comstock Mining Inc. [ LODE ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
7 1/2% Series B Convertible Preferred Stock	10/20/2010	(1)	Common Stock	3,141,818	$1.65	D(2)
7 1/2% Series B Convertible Preferred Stock	10/20/2010	(1)	Common Stock	1,706,666	$1.65	I	See Footnotes(3)(4)

1. Name and Address of Reporting Person* SUN VALLEY GOLD LLC (Last) (First) (Middle) 620 SUN VALLEY ROAD P.O. BOX 2759 (Street) SUN VALLEY ID 83353 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Palmedo Peter F. (Last) (First) (Middle) 620 SUN VALLEY ROAD P.O. BOX 2759 (Street) SUN VALLEY ID 83353 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Palmedo Holdings LLLP (Last) (First) (Middle) 620 SUN VALLEY ROAD P.O. BOX 2759 (Street) SUN VALLEY ID 83353 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SUN VALLEY GOLD MASTER FUND, LTD (Last) (First) (Middle) C/O GOLDMAN SACHS (CAYMAN) TRUST LTD 45 MARKET STREET, GEORGE TOWN (Street) GRAND CAYMAN E9 KY1-1103 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The certificates for the Preferred Stock listed herein have no expiration date indicated thereon.

2. These securities are directly held by Sun Valley Gold Master Fund, Ltd. Sun Valley Gold LLC, Peter F. Palmedo and Palmedo Holdings LLLP may be deemed to, indirectly, beneficially own the securities directly held by Sun Valley Gold Master Fund, Ltd. See Footnote 3.

3. These securities are held in the accounts of several investment funds and managed accounts (collectively, the "Investment Vehicles") for which Sun Valley Gold LLC services as investment manager. Peter F. Palmedo and Palmedo Holdings LLLP ("Holdings") are managing members of Sun Valley Gold LLC ("SVG"). SVG, Mr. Palmedo and Holdings may be deemed to beneficially own the securities held by the Investment Vehicles, including those held by Sun Valley Gold Master Fund, Ltd., by virtue of SVG's position as investment manager of the Investment Vehicles and Mr. Palmedo's and Holdings's status as managing members of SVG.

4. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), or for any other purpose. The Reporting Persons affirmatively disclaim being a "group" for purposes of Section 16.

	Sun Valley Gold LLC, By: /s/ Peter F. Palmedo, Managing Member	12/20/2010
	/s/ Peter F. Palmedo	12/20/2010
	Palmedo Holdings LLLP, By: /s/ Peter F. Palmedo, General Partner	12/20/2010
	Sun Valley Gold Master Fund, Ltd., By: /s/ Peter F. Palmedo, Director	12/20/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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