Comstock Metals Ltd.
TSX VENTURE : CSL

Comstock Metals Ltd.

September 12, 2013 16:15 ET

Comstock Metals Ltd.: British Columbia Security Commission Technical Disclosure Review

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 12, 2013) - Comstock Metals Ltd. (TSX VENTURE:CSL) ("Comstock" or "the Company") announces that, as a result of a review by the British Columbia Securities Commission (the "BCSC"), we are issuing the following news release to clarify and retract certain technical disclosures regarding our Corona Gold-Silver Project in Mexico.

In the Corona Project video on the Corona Project page of its website, the Company disclosed a 90,647 ounce gold resource for the Northeast Zone of the project. In addition, under the "Highlights of 2008 work" heading on the Corona Project page, the Company disclosed a preliminary geological resource of 90,000 ounces of gold. The Company retracts the resource as it was not prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the Standards Committee on Reserve Definitions and adopted by the CIM Council on November 27, 2010, nor is it supported by a technical report prepared in accordance with NI 43-101. The Company hereby retracts the resource estimate and states that any references to an estimated mineral resource for the Corona Project should not be relied on.

A copy of the current technical report on the Corona Project, titled "Technical Report On The Corona Gold-Silver Property Sierra Madre Occidental, State Of Chihuahua, Mexico", SEDAR filed July 26, 2011, is available at the SEDAR website (www.sedar.com) under the Company's profile and filing documents.

The technical information in this Release has been reviewed by Duncan McBean, P Geo.

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 program in the spring of 2012, which discovered two new zones of gold and silver mineralization.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

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.

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