Comstock Commences Drilling at VG Zone on QV Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2012) - Comstock Metals Ltd. (TSX VENTURE:CSL) ("Comstock" or the "Company") is pleased to announce that a diamond drilling program has commenced on the QV Project in the White Gold district, Yukon.

The drilling program is designed to test strong gold enrichment discovered in trenches at the VG Zone, including 3.31 g/t gold over 95m from trench QVTR12-06 and 3.77 g/t gold over 45m in QVTR12-15 (see Comstock news release dated September 4, 2012). The gold mineralization occurs within lode quartz-carbonate veins, stockworks, and breccias, as well as pyrite veinlets, fractures and disseminations within a north-east trending zone of strongly quartz-sercite-carbonate altered felsic schists, and granitic intrusives that has been defined over a minimum strike length of 390 m and is open to both the east and west.

In addition to drilling, additional trenching and soil sampling is continuing to more closely define the limits of this gold anomaly.

For detailed maps of the property and the locations, please visit the website at: www.comstock-metals.com.

The 2012 drilling program is supervised by Jodie Gibson, P.Geo., Consultant for Comstock Metals Ltd. and Gordon Davidson, P.Geol., Director Comstock Metals. Both are Qualified Persons as defined by NI 43-101. Drill core will be cut in half using a diamond saw, with one half placed in sealed bags, and delivered to Acme Analytical Laboratories Ltd. in Whitehorse, Yukon. 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 principal projects: the QV Property in the Yukon Territory, and the Corona Property in Mexico. The QV Property lies within an area of 494 claims covering 10,374 hectares (25,634 acres) within the prolific White Gold District in the Yukon Territory about 70 kilometres south of Dawson City.

The Company has also earned a 60% interest in the Corona Property in Mexico and can earn an additional 15% interest from Golden Goliath Resources (GNG) to hold a 75% interest by completing a positive bankable feasibility study by December 31, 2017. Comstock's Corona Gold-Silver project is located in the prolific Sierra Madre Occidental in Chihuahua, Mexico. The Company completed a drill program in the spring of 2012. The drill program discovered two new zones of gold and silver mineralization. Please refer to the website at http://www.comstock-metals.com/projects/corona_gold_silver/ for details.

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

COMSTOCK METALS LTD.

Rasool Mohammad, B.Sc. (Mining), President & CEO