Comstock Metals Ltd.: Step-out Drilling Significantly Expands VG Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2013) - Comstock Metals Ltd. (TSX VENTURE:CSL) -

Highlights:

• Hole QV13-012, a 130 m step-out from the discovery trench along strike, returned 2.06 g/t Au over 36.4 m from 8.6 m, including 3.24 g/t Au over 11.3 m, and 4.96 g/t Au over 4.50 m.
  
  
• Hole QV13-011, a 350 m step-out down-dip, returned 1.41 g/t Au over 42.6 m including 3.40 g/t Au over 12.54 m.
  
  
• These results extend the footprint of the VG zone to 350 m by 350 m and the zone remains open in all directions.
  
  
• A 650 m step-out along strike, in drill hole QV13-017, confirms the controlling structure(s) continues along strike.
  
  
• Results for five drill holes are pending; follow-up Phase 2 drill program is to commence shortly.
  

Comstock Metals Ltd. (TSX VENTURE:CSL) (the "Company") is pleased to announce results from the first four core drill-holes (QV13-009 to QV13-012) of the 2013 Phase 1 Drilling program on the VG Zone at its QV Project in the White Gold District, south of Dawson City, Yukon. The 2013 Phase 1 drill program completed 2,088 metres in nine drill holes including one significant step-out drill hole 650 m along strike. Phase 2 drilling program is to commence shortly. In September of 2012, the Company completed an initial eight drill holes at the VG Zone targeting gold mineralization discovered in trenches completed earlier in the summer. Results from last year's drilling intersected broad zones of gold mineralization. The most recent drill results have extended the VG zone down-dip and along strike. The zone of mineralization remains open in all directions. The 2013 results to date are summarized in the table below:

The objective of the 2013 drilling was to step out to the west, east, and down-dip from 2012 drilling and expand the zone of mineralization. With results from five holes still pending, this expansion program has doubled the size of the deposit defined in 2012. The widths and grade of the recent 2013 drilling are consistent with that returned in 2012.

The VG Zone is a new discovery in the White Gold District with geology and mineralization remarkably similar to Kinross's Golden Saddle deposit with the exception that mineralization dips at a shallower angle (30°) beneath a low-rising hill. Drilling at the VG Zone has intersected a favourable fault structure that caps a zone of quartz, albite and sericite altered gneiss and feldspar porphyry dykes. Gold mineralization is hosted within units of massive, silicified gneiss cut by swarms of quartz vein stockworks and breccia, with disseminated and vein controlled pyrite, and more rarely visible gold.

"In a short period of time and with a limited amount of drilling at the VG Zone, we have intersected a target that extends 800 m along strike, within which we have outlined the first zone of gold mineralization over 350 m along strike and 350 m down dip. The zone remains open in all directions," commented the Company's President & CEO, Rasool Mohammad. "This has been a real team effort and much of our success to date can be attributed to many of the industry experts with extensive White Gold District experience who have contributed to our exploration efforts at the VG Zone."

Please refer to Figure 1 Plan and Figure 2 section. A drill collar map and updated cross section are also available at: http://www.comstock-metals.com/projects/yukon/qv_project/.

The Company is also advancing other targets on the QV project. Field evaluation of the Stewart and Shadow targets, five kilometres to the northeast and twelve kilometres to the north of the VG zone respectively, are suggestive of an intrusion associated mineralized system. Significant gold-in-soil and gold-in-rock anomalies have been defined. Ongoing exploration is focused on preparing these targets for drill testing. Results of the ongoing expansive exploration program which include geological mapping, geochemistry, and IP geophysics 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 2013 drilling program is supervised by Duncan McBean, P.Geo., a Qualified Persons as defined by NI 43-101. Drill core was cut in half using a diamond saw, with one half placed in sealed bag and delivered to Acme Analytical Laboratories Ltd. in Whitehorse, Yukon. Gold grades for all samples are determined by conventional fire assay techniques and the Company used an industry standard QA/QC program 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 Duncan McBean.

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 project is 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.