Comstock Samples 3.31 g/t Gold Over 95 m at VG Zone on QV Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2012) - Comstock Metals Ltd. (TSX VENTURE:CSL) ("Comstock" or the "Company") is pleased to announce additional results from its ongoing exploration program on the QV Project in the White Gold district, Yukon, following the discovery trench QVTR12-06 at the VG Zone which returned 3.74 grams/tonne gold (g/t Au) over 75.0 metres (m).

Trench Results Highlights

• 3.31g/t Au over 95 m in QVTR-06 extension
• 2.18 g/t Au over 85 m and open to the north in QVTR12-13
• 3.77 g/t Au over 45 m and open to the east in QVTR12-15
• 1.63 g/t Au over 95 m and open in both directions in QVTR12-12
• 1.07 g/t Au over 55 m and open to the north in QVTR12-16
• 0.31 g/t Au over 55 m and open in QVTR12-14
• 0.81 g/t Au over 65 m in QVTR12-03 extension
• The VG mineralized zone has now been confirmed by trenching over 390 metres of strike length and remains open to the west and east

Comstock has completed infill and offset trenches at the VG Zone following the discovery of gold mineralization in trench QVTR12-06 (3.74 g/t Au over 75 m, see July 25, 2012 News Release). The trench-indicated gold mineralization extends over 390 m of assumed strike length and is considered open to the west and east. Mineralization at the VG Zone is oriented in a northeasterly direction and is associated with quartz veins and stockwork, silicification, and brecciation, accompanied by pyrite. See Figure 1 for trench locations, visit the following link: http://media3.marketwire.com/docs/CSLmapNR904.jpg

VG Zone-Significant Trench Results
Trench Name	Average Gold g/t	Width* (m)	Minimum Au g/t	Maximum Au g/t		Comments
QVTR12-06	3.31 g/t Au	95 m	0.82	7.31		VG Zone - Discovery Trench Extension
QVTR12-13	2.18 g/t Au	85 m	0.23	10.91		50 m west of QVTR12-03
QVTR12-12	1.63 g/t Au	95 m	0.12	5.22		Open at both ends; 80m west of QVTR12-06
QVTR12-15	3.77 g/t Au	45 m	0.15	10.63		Open to the east
QVTR12-16	1.07 g/t Au	55 m	0.26	2.6		140 m west of the QVTR12-06
QVTR12-03	0.81 g/t Au	65 m	0.13	2.12		QVTR12-03 Extension
QVTR12-14	0.31 g/t Au	55 m	0.09	0.52		50 m east of QVTR12-03
* Reported widths are apparent widths-true widths are unknown

In comparison, the initial trenching on the Golden Saddle zone at Kinross Gold Corporation's White Gold deposit, 15 km to the south of the QV, returned 1.3 g/t Au over 37.5 m, with a maximum grade of 4.7 g/t over 5 m and a minimum grade of 0.1 g/t Au over 0.3 m (Underworld News Release, June 17th, 2008). Initial trench results from the Coffee Project of Kaminak Gold Corporation included 2.3 g/t Au over 21.0 m and 11.45 g/t Au over 5.0 m (Kaminak News Release, October 8th, 2009). The highest individual grade from the Company's recent trenching is 10.91 g/t Au over 5.0 metres in trench QVTR12-13.

The Company is aggressively exploring the QV project using detailed soil geochemical surveys, ground geophysics, and trenching to define and expand the current zone(s) and identify other targets using these basic exploration techniques.

"The intensity of alteration, mineralization, and gold grades gives us confidence that the Company has identified a new zone of gold mineralization that may be part of much larger system," commented the Company's President and CEO Rasool Mohammad. "The exploration models developed at the Golden Saddle and Coffee deposits are similar to what we are seeing at the QV Project, and our exploration efforts have certainly benefited from the geological knowledge gained from other discoveries in the district."

Stewart Grid and "C Zone":

Three trenches, QVTR12-08, -09, and -10, were planned on the Stewart Grid soil anomaly some 5.0 kilometres northeast of the VG Zone. QVTR12-09 and -10 encountered frozen ground and didn't reach the planned length. However, individual pit assays form QVTR12-09 ranged from below detection limit to 0.27 g/t Au, 0.40 g/t Au, and 0.48 g/t Au. QVTR12-08 encountered 0.13 g/t Au over 26 m with anomalous barium associated with the gold anomalies in a younger intrusion. The Company is conducting additional work to follow up on the results received to date. Comstock has also staked an additional 30 claims to cover a gold-in-soil anomalous zone in the northeast part of the property, named "C Zone", where gold-in-soils reach from below detection limit to 492.4 ppb Au. Follow-up sampling and trenching is planned for the C Zone.

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

The Company would also like to grant 500,000 stock options to certain directors, officers, and consultants pursuant to the Company's stock option plan for a five-year term, subject to the Exchange's approval. The exercise price will be today's closing price of the Company's stock. The options granted will be subject to any applicable regulatory hold periods. The Company has hired Nichola Vermiere of NV Marketing Ltd. and Carly Walton as IR Consultants.

The technical information in this Release has been reviewed by Gordon Davidson, P. Geol., a Qualified Person as defined by National Instrument 43-101.

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 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 that were optioned from Shawn Ryan, a Yukon-based prospector responsible for the discovery of two of the prominent gold discoveries in the White Gold district: Kinross Gold's 1.5 million ounce Golden Saddle deposit and Kaminak Gold's Coffee projects.

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. Previous reverse circulation drilling identified both bulk tonnage and high-grade vein type gold/silver targets, some of which the Company plans to diamond drill. For the Corona Gold Silver Project location, please visit the following link: http://comstock-metals.com/_resources/Corona-SMO.jpg.

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

COMSTOCK METALS LTD.

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