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CSL.V Stock Symbol

2012

Comstock Completes $1.5-Million Financing

December 28, 2012, Vancouver, BC – Comstock Metals Ltd. (TSX-V: CSL) (the "Company") announces that it has closed the non-brokered private placement previously announced on December 21, 2012, for gross proceeds of $1,500,000.  In connection with the private placement, the Company issued an aggregate of 7,894,736 flow-through common shares at a price of $0.19 per share.

In connection with the closing of the private placement, the Company paid finder's fees consisting of approximately $120,000 in cash and warrants entitling the finders to acquire up to 315,789 common shares until June 27, 2014 at a price of $0.20 per share.

All securities issued in connection with the private placement will have a hold period expiring April 28, 2013.

The proceeds from the private placement will be used to incur eligible Canadian Exploration Expenses pursuant to the Income Tax Act (Canada) in connection with its exploration and development on the Company's mineral properties.

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.

For more information about Comstock Metals Ltd., please go to www.comstock-metals.com or contact:

Rasool Mohammad, B.Sc. (Mining), President & CEO
Larry Johnson, B.Sc. (Geology), Chief Financial Officer

COMSTOCK METALS LTD.                                               
Phone:  (604) 639-4533
Email: info@comstock-metals.com

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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