• QV12-004 intersected 89.85 metres (m) of 2.34 grams/tonne gold (g/t Au) starting at 43.75 m including 3.35 m of 9.98 g/t Au, and 45.5 m of 3.04 g/t Au including 12.9 m of 4.89 g/t Au
• The high grades encountered in QV 12-004 are consistent with the strong silicification, brecciation, and pyrite content noted by geologists familiar with the White Gold Camp
• Strong increase in grades and thicknesses down-dip to the northwest, as indicated in QV12-004, suggest the depth potential of the VG Zone discovery is excellent
• The VG Zone discovery has remarkably similar geology to Golden Saddle with the exception that mineralization dips at a shallow angle (30˚) beneath a low-rising hill
• Other targets with a similar or stronger signature, as the VG Zone, remain untested

Comstock Metals Ltd. (TSX VENTURE:CSL) (the “Company”) is pleased to announce additional new results from preliminary gold assays for drill holes QV12-003 and -004, recently completed on the VG Zone at its QV Project in the White Gold District, south of Dawson City, Yukon. In September of 2012, the Company completed eight drill holes at the VG Zone targeting gold mineralization discovered in trenches completed earlier in the summer. The first two drill holes completed on the VG Zone, QV 12-001 and 002, intersected broad zones of gold mineralization down dip of the trenches (See previously announced drill results listed below and the company’s October 10, 2012 News Release). The most recent drill results has further extended the limits of the gold mineralization down dip in hole QV12-004 and along strike in hole QV12-003; an updated cross-section is available at: http://www.comstock-metals.com/_resources/maps/2012_NR_Section.pdf

Drill holes QV12-001, -002, and -004 were collared from the same drill pad. Holes QV12-001 and -002 were drilled southeasterly at -50° and -80° respectively, such that the intervals reported are estimated to have true widths of 70 metres and 55 metres respectively. Drill hole QV12-004 was drilled in the opposite direction, northwesterly at -50°, such that the true widths are 65% of the reported intervals. Hole QV12-003 was collared approximately 50 metres northeast at -65°. A drill collar map and updated cross section are available at: http://www.comstock-metals.com/projects/yukon/qv_project/

These new results show a strong increase in grades and widths down-dip, suggesting the depth potential of the VG Zone discovery is excellent. The high grades encountered in QV12-004 are consistent with the strong silicification, brecciation, and pyrite content noted by geologists familiar with the White Gold Camp. Also of note is step-out hole QV12-003, which confirms that the zone extends easterly. The reduced thickness encountered by this hole may be related to a minor fault offset.

The VG Zone is a new discovery in the White Gold District, just 10 kilometres from Kinross’s Golden Saddle Deposit. The geology of the VG Zone discovery is remarkably similar to Golden Saddle with the exception that mineralization dips at a shallow angle (30˚) beneath a low-rising hill. All eight holes at the VG Zone intersected thick zones of quartz-sericite-carbonate altered gneiss and feldspar porphyry dykes with quartz vein stockworks, breccias, disseminated and vein controlled pyrite, and visible gold.

“The (deformation) zone’s width and gold grade increase down-dip to the northwest. This will help us build tonnage quickly, once we start systematic drilling on the VG Zone,” commented the Company President & CEO, Rasool Mohammad. “Other targets identified to date with similar or stronger signatures as the VG Zone indicate that other zones similar to the VG zone can be found on the QV Project.”

The 2012 drilling programme at the VG Zone consisted of eight core holes totalling 1,334 metres. Assays are pending for Drill holes QV12-005, -006, -007 and -008. The drill programme was designed to test gold mineralization found in trenches. The trenches completed to date have targeted a large area defined by high contrast gold and pathfinder element soil anomalies coincident with quartz vein float containing grains of visible gold. Concurrent with the recent drilling programme, field crews completed considerably more trenching and soil sampling on other targets at QV. It is expected that additional targets for further follow-up will result from this work. Results of this large programme are still being received, compiled, and reviewed by field staff. Detailed maps of the property and exploration results as well as photographs may be found on the Company’s website at: www.comstock-metals.com.

The 2012 drilling programme is supervised by Jodie Gibson, P.Geo., Consultant for Comstock Metals Ltd.; and Gordon Davidson, P.Geo., Director, Comstock Metals. Both are Qualified Persons as defined by NI 43-101. Drill core was cut in half using a diamond saw, with one half placed in sealed bags and delivered to Acme Analytical Laboratories Ltd. in Whitehorse, Yukon. All samples were fire assayed, and the Company used an industry standard QA/QC programme consisting of standards and blanks inserted into the sample stream to ensure assay accuracy and repeatability. The technical information in this Release has been reviewed by both Mr. Davidson and Mr. Gibson.

About Comstock Metals Ltd.

Comstock Metals is focused on two projects: the QV Property in the Yukon Territory, and the Corona Property in Mexico. The QV Property 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 million ounce Golden Saddle deposit is 10 km to the southeast, and Kaminak Gold’s Coffee projects are 40 km to the south.

The Company has also earned a 60% interest in the Corona Property in Mexico and can earn an additional 15% interest to hold a 75% interest by completing a positive bankable feasibility study. Comstock’s Corona Gold-Silver project is located in the prolific Sierra Madre Occidental in Chihuahua, Mexico. The Company completed a drill programme in the spring of 2012. The drill programme discovered two new zones of gold and silver mineralization. Please refer to the website at http://comstock-metals.com/projects/mexico/corona/ for details.

To learn more, please visit the Company’s website at: www.comstock-metals.com

Disclaimer for Forward Looking Information: This News Release includes forward looking statements that are subject to assumptions, risks, and uncertainties. Statements in this News Release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company’s intentions, plans, estimates, expectations, or beliefs regarding the future. Although the Company believes that any forward looking statements in this News Release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company’s future operations and business prospects, are based on assumptions none of which can be assured and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.

Any forward looking statements are made as of the date of this News Release, and the Company assumes no obligation to update the forward looking statements or to update the reasons that actual events or results could or do differ from those projected in the forward looking statements. The Company assumes no obligation to update any forward looking statements, whether as a result of new information, future events, or otherwise.