Comstock's QV Project Drilling Started

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 3, 2013) - Comstock Metals Ltd. (TSX VENTURE:CSL) ("Comstock" or "the Company") is pleased to announce the start of the exploration program on its QV Project in the Yukon. Drilling on the newly discovered VG Zone has commenced as of June 2, 2013. A cold spring in the Yukon Territory has caused a late start to exploration activities.

The QV exploration program includes follow-up drilling on the VG Zone discovery as well as soil-sampling and trenching on two new zones, namely Stewart and Shadow Zones, in addition to the VG Zone.

The VG Zone was discovered last year by following up a 394 ppb gold-in-soils anomaly. Trenching and subsequent drilling discovered the VG Zone, which is geologically similar to the adjacent Kinross Gold's Golden Saddle deposit. Seven out of eight diamond-drill holes intersected significant gold mineralization, including 2.34 grams per tonne gold (g/t Au) over 89.85 metres (m) including 3.04 g/t Au over 45.50 m. The current 2013 drilling program will focus on expanding the length and the width of the zone to determine the size of the ore body. Follow-up Phase 2 program on the VG Zone will be contingent on the results from the current drilling. The Company is assisted by the team who discovered Kinross's Golden Saddle deposit, including Shawn Ryan and Adrian Fleming. The Company also announces issuance of 25,000 options at the price of $0.21 to certain officers and consultants.

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.

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.