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Comstock Metals Discovers a New Area of Gold Mineralization

Comstock Metals Discovers a New Area of Gold Mineralization at QV 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/11/12 -- Comstock
Metals Ltd. (TSX VENTURE:CSL) -  
Highlights 


 
--  0.33 grams/tonne gold (g/t Au) over 85 metres (m) from the north end of
    QVTR12-27, including 0.9 g/t Au over 10 m, open to the south, west and
    east 
--  located 12 km northwest of Comstock Metals' VG zone, which returned 2.34
    g/t Au over 89.85 m in DDH QV12-004 and 3.31g/t Au over 95 m in trench
    QVTR-06 (previously released); the VG zone lies 11 km north of Kinross'
    Golden Saddle deposit 
--  associated with easterly magnetic break along a north trending magnetic
    high similar to that observed at the VG zone and the Golden Saddle
    deposit

 
Comstock Metals Ltd. (TSX VENTURE:CSL) (the "Company") is pleased to
announce the discovery of a new area of gold mineralization during
trenching on its QV Property, White Gold district, Yukon Territory.
The Shadow target covers a discontinuous, westerly trending, 1.3 km
by up to 700 m wide greater than 10 ppb gold in soil anomaly, with
maximum values of 492.4 ppb Au. The soil anomaly is coincident with
an easterly break in the magnetic high trend which extends northerly
from the Golden Saddle deposit of Kinross Gold Corp., through the VG
zone and the Shadow target. Similar easterly breaks occur at the VG
zone, 12 km to the southeast of the Shadow, and at the Golden Saddle
deposit, a further 11 km to the south. 
A total of 618 m in four trenches were excavated by Talus Exploration
Inc. of Dawson City, using a Candig mini-excavator. Sampling was
completed by GroundTruth Exploration Inc., of Dawson City, under the
direction of Jean Pautler, P.Geo. Important results include: 


 
--------------------------------------------------------------
Trench            Interval               Chip samples         
No.           From (m)    To (m)          Au (g/t)  Length (m)
--------------------------------------------------------------
TR QV12-24         115       120              0.22           5
--------------------------------------------------------------
                                   break in trench            
                   120       132        no samples          12
--------------------------------------------------------------
and                132       147              0.12          15
--------------------------------------------------------------
TR QV12-25          90       111              0.26          21
--------------------------------------------------------------
TR QV12-27         120       205              0.33          85
--------------------------------------------------------------
including          155       165              0.89          10
--------------------------------------------------------------

 
The best results were obtained in the northwestern portion of the
soil anomaly from the north end of Trench QVTR12-27, which returned
0.33 g/t Au over 85 m, including 0.9 g/t Au over 10 m. The highest
grade five metre chip sample returned 1.19 g/t Au. The zone is open
to the north, west and east. Mineralization consists of variably
limonitic and quartz stringered to veined intrusive rock. Trenches
QVTR12-24 to -26 were excavated on the southeastern portion of the
soil anomaly, 1.3 km from Trench 27. Trench figures and a location
map are available at
http://comstock-metals.com/projects/yukon/qv_project/. Additional
grid soils, infill soils and trenching are planned for 2013. 
Results reported are the weighted averages from composite chip
samples collected over 5m sample lengths. The trenches were sampled
in their entirety. Sample material consisted of weathered and broken
rock (subcrop), which is interpreted to be in-place and typical of
the White Gold district. 
Gold assays were completed by Acme Analytical Laboratories Ltd.,
Vancouver, British Columbia, an IS0 9001:2008 accredited facility, by
metallic screen gold assay, the recommended analytical procedure when
visible gold is observed in rock samples. Soil samples were analyzed
by Acme's Group 1DX2 analysis, a 36 element ICP-MS package, with gold
by aqua regia on a 15 g split. A QA/QC program was implemented
consisting of randomly inserted blanks and standards and field
duplicates. 
The technical information in this release has been reviewed by Jean
Pautler (P.Geo.), a Qualified Person as defined by National
Instrument 43-101. 
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 programme 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. 
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. 
Contacts:
Comstock Metals Ltd.
Rasool Mohammad, B.Sc. (Mining)
President & CEO
(604) 639-4533 
Comstock Metals Ltd.
Larry Johnson, B.Sc. (Geology)
Chief Financial Officer
(604) 639-4533
info@comstock-metals.com
www.comstock-metals.com