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Comstock Provides an Update on VG Zone Drilling

Vancouver, BC - September 24, 2012 - Comstock Metals Ltd. (TSX-V: CSL) is pleased to provide an update on the drilling programme at its QV Project in the White Gold district, south of Dawson City, Yukon.

The drilling program for 2012 is now complete, and consisted of eight core holes totalling 1,334.94 metres.  The drill program tested the target over a length of 260 metres along strike and up to 240 metres down dip. The drilling intersected thick zones of quartz-sericite-carbonate altered quartz-biotite gneiss, feldspar augen gneiss, and feldspar porphyry dikes with stockworked quartz veining, breccias, disseminated and vein controlled pyrite, and, locally, visible gold. The alteration and mineralization appears to be hosted along a north-east trending fault zone, with a shallow 30˚ dip to the northwest, and overlay intensely potassic and iron altered footwall units. The zone is open along strike and at depth, and the geology and style of mineralization is similar to that of the Kinross’ Golden Saddle Deposit located ten kilometers from Comstock’s discovery. 

No assay results have been received, but will become available to shareholders as soon as they are received by the company.

The QV Project drill program was designed to test strong gold enrichment discovered in trenches at the VG Zone, including 3.31 g/t gold over a 95m sample length from trench QVTR12-06 and 3.77 g/t gold over 45m in QVTR12-15 (see Comstock news release dated September 4, 2012). The gold mineralization occurs within quartz-carbonate veins, stockwork and breccias, as well as pyrite veinlets, fractures and disseminations within a north-east trending zone of strongly quartz-sericite-carbonate altered felsic  gneiss and granitic intrusive that has been defined over a minimum strike length of 390 m and is open to both the east and west.

In addition to drilling, considerably more trenching and soil sampling has been completed on other targets at QV which will likely establish additional targets for further follow-up.   Results of this work will be released upon receipt of analytical results.

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

The 2012 drilling program is supervised by Jodie Gibson, P.Geo, Consultant for Comstock Metals Ltd. and Gordon Davidson, P.Geol, Director Comstock Metals. Both are Qualified Persons as defined by NI 43-101. Drill core will be cut in half using a diamond saw, with one half placed in sealed bags, and delivered to Acme Analytical Laboratories Ltd. in Whitehorse, Yukon. The technical information in this Release has been reviewed by both Mr. Davidson and Mr. Gibson.

About Comstock Metals Ltd.

Comstock Metals is focused on two principal 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. Comstock has an option to acquire a 100% interest in QV Property by making exploration expenditures totalling $ 1,500,000, property payments totalling $ 320,000, and issuing 1,250,000 shares prior to October 22, 2015. The Optionor is entitled to a 2.0% NSR that the Company has the right to acquire half of (1.0%) for a payment of $2,500,000.

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.

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

For further information, contact Rasool Mohammad or Larry Johnson at 604-639-4533.

COMSTOCK METALS LTD.
Rasool Mohammad, B.Sc. (Mining)
President & CEO
Phone:  604-639-4533

www.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.

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