• 0.33 grams/tonne gold (g/t Au) over 85 metres (m) from the north end of QVTR12-27, including 0.9 g/t Au over 10 m, open to the south, west and east
• located 12 km northwest of Comstock Metals’ VG zone, which returned 2.34 g/t Au over 89.85 m in DDH QV12-004 and 3.31g/t Au over 95 m in trench QVTR-06 (previously released); the VG zone lies 11 km north of Kinross’ Golden Saddle deposit
• associated with easterly magnetic break along a north trending magnetic high similar to that observed at the VG zone and the Golden Saddle deposit

Comstock Metals Ltd. (TSX VENTURE:CSL) (the “Company”) is pleased to announce the discovery of a new area of gold mineralization during trenching on its QV Property, White Gold district, Yukon Territory. The Shadow target covers a discontinuous, westerly trending, 1.3 km by up to 700 m wide greater than 10 ppb gold in soil anomaly, with maximum values of 492.4 ppb Au. The soil anomaly is coincident with an easterly break in the magnetic high trend which extends northerly from the Golden Saddle deposit of Kinross Gold Corp., through the VG zone and the Shadow target. Similar easterly breaks occur at the VG zone, 12 km to the southeast of the Shadow, and at the Golden Saddle deposit, a further 11 km to the south.

A total of 618 m in four trenches were excavated by Talus Exploration Inc. of Dawson City, using a Candig mini-excavator. Sampling was completed by GroundTruth Exploration Inc., of Dawson City, under the direction of Jean Pautler, P.Geo. Important results include:

The best results were obtained in the northwestern portion of the soil anomaly from the north end of Trench QVTR12-27, which returned 0.33 g/t Au over 85 m, including 0.9 g/t Au over 10 m. The highest grade five metre chip sample returned 1.19 g/t Au. The zone is open to the north, west and east. Mineralization consists of variably limonitic and quartz stringered to veined intrusive rock. Trenches QVTR12-24 to -26 were excavated on the southeastern portion of the soil anomaly, 1.3 km from Trench 27. Trench figures and a location map are available athttp://comstock-metals.com/projects/yukon/qv_project/. Additional grid soils, infill soils and trenching are planned for 2013.

Results reported are the weighted averages from composite chip samples collected over 5m sample lengths. The trenches were sampled in their entirety. Sample material consisted of weathered and broken rock (subcrop), which is interpreted to be in-place and typical of the White Gold district.

Gold assays were completed by Acme Analytical Laboratories Ltd., Vancouver, British Columbia, an IS0 9001:2008 accredited facility, by metallic screen gold assay, the recommended analytical procedure when visible gold is observed in rock samples. Soil samples were analyzed by Acme’s Group 1DX2 analysis, a 36 element ICP-MS package, with gold by aqua regia on a 15 g split. A QA/QC program was implemented consisting of randomly inserted blanks and standards and field duplicates.

The technical information in this release has been reviewed by Jean Pautler (P.Geo.), a Qualified Person as defined by National Instrument 43-101.

About Comstock Metals Ltd.

Comstock Metals’ flagship project is the QV Property in the Yukon Territory, which covers 14,180 hectares (35,000 acres) within the prolific White Gold District in the Yukon Territory, about 70 kilometres south of Dawson City. Kinross Gold’s Golden Saddle deposit is 10 km to the southeast, and Kaminak Gold’s Coffee projects are about 40 km to the south.

Comstock’s Corona Gold-Silver Property is located in the prolific Sierra Madre Occidental in Chihuahua, Mexico. The Company completed a drill programme in the spring of 2012, which discovered two new zones of gold and silver mineralization.

FORWARD-LOOKING INFORMATION

This News Release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein, or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise.