Comstock Metals Ltd.: Corporate Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/15/13 -- Comstock Metals Ltd. (TSX VENTURE: CSL) ("Comstock" or "the Company") is pleased to review some of the Company's corporate milestones for the year 2012 and to provide exploration guidance for 2013. The past year was the first full year of operations and was highlighted by a promising new gold discovery at its 100%-owned QV Project.

QV Gold Project, White Gold District, Yukon

At the beginning of 2012, the QV project was known to be a well-located property situated on the northern extension of the same geology that hosts Kinross Gold's White Saddle discovery. Field crews had earlier encountered multi-element soil anomalies with good gold values that coincided with a magnetic anomaly that could be traced southward onto Kinross ground. Field work in early summer then encountered ever-increasing gold values in soils culminating in a showing of mineralized quartz that held visible gold. During late July, trenching was completed on the priority target, the VG Zone, yielding spectacular results. By late August, a drill rig was mobilized and managed to complete eight diamond-drill holes before the end of October. Results were very positive, such that the Company has been able to raise additional money in order to carry on drilling in 2013.

Overviews of accomplishments at QV include:

--  The VG zone drilling highlights include 2.34 g/t Au over 89.85 m, 3.76
    g/t Au over 14.93 m, and 2.75 g/t Au over 15.2 m
--  1334 m drilled and eight diamond-drill holes
--  Highlights of the VG trenching include 3.31 g/t Au over 95 m, and Shadow
    zone 0.33 g/t Au over 85 m. Tetra grid returned no significant assays.
--  2390 soils collected
--  3380 m trenched
--  Soil-sampling results identified new targets and refined existing
    targets
--  New targets confirmed by trenching at the Shadow zone; early-stage
    positive indicators encountered on Stewart grid, and north of the VG
    Zone discovery.
--  Trenching confirmed soil anomalies of VG zone, Stewart grid, and Shadow
    zone

Corona Gold/Silver Project, Mexico

Comstock Metal's other important project is the Corona, located in the western Sierra Occidental of Chihuahua, Mexico. The region is known for its proliferation of epithermal gold and silver discoveries and is an important centre of precious metal exploration, mining, and competitor activity. At the beginning of 2012 the Company had completed an in depth review of historical data and results from 2001 to 2009 and committed to a programme of diamond-drilling on two of the historically known targets: the Northeast and the Esperanza Zones. In conjunction with drilling, field crews broadened the prospecting and geological coverage of the property and in so doing encountered new zones of mineralization and alteration that were previously not known.

Overviews of accomplishments at Corona Gold Silver Project include:

--  12 diamond-drill holes completed, comprising 2,126 m
--  Two new zones discovered (Jerry and Esperanza Zones) and confirmation of
    an historic zone (Northeast Zone)
--  Jerry Zone drill intercepts included 0.36 grams per tonne gold (g/t Au)
    over 34.5 m, and Esperanza Zone drill intercepts included 6.33 g/t Au,
    258 g/t Silver (Ag), 3.8% Lead (Pb), and 2.8% Zinc (Zn) over 1.0 m
--  An 800 m strike length of favourable lithologies discovered which
    include vuggy quartz and alunite clays overlying intrusive at depth
    found in the valley bottoms

Corona is owned 60% by Comstock Metals in joint venture with Golden Goliath Resources Limited.

2013 Exploration Plans

Our focus during 2013 will be on our Yukon discoveries.

QV Project

--  Anticipated drill program in two phases comprises 10,000 m: Phase One
    5000 m; Phase Two 5000 m, which is to be contingent upon results from
    Phase One
--  Drilling targets include infill/step-out drilling on the VG zone, and
    exploration drilling on Shadow zone and Stewart grid
--  Trenching and soil-sampling

Walhalla Project

--  1,000 m diamond-drilling
--  Trenching and soil-sampling

Corona Gold/Silver Project

--  Detail surface mapping of the Jerry zone
--  Follow-up diamond-drilling as warranted during the fall /winter 2013

Comstock is pleased with the progress made on the QV Project in the Yukon. In the beginning of the year 2012, the QV Project was a soil anomaly of 395 ppb. Towards the end of the year, the QV Project has been recognized as a legitimate gold discovery in the White Gold District of the Yukon. The Company is planning on developing this discovery to the next level of resource estimation. The year 2013 plan is to drill systematic drill holes to delineate an ore body and also to drill-test other gold zones identified through trenching in 2012.

On the Walhalla Project, the Company plans on doing detail grid soil-sampling and trenching, followed by 1000 m diamond-drill program towards the end of summer 2013.

At Corona, a surface-mapping program on the newly-identified 800 m strike length of vuggy quartz and alunite clays area (Jerry zone) possibly followed by deep drilling is contemplated.

New Addition to the Comstock Team

The Company is pleased to announce the addition to its exploration team of Duncan McBean (P. Geo) as the Vice-President of Exploration. Mr. McBean brings over 20 years exploration experience including work at advanced exploration projects and producing mines. Recent experience includes project management with Peregrine Diamonds Ltd and mineral resource management at De Beers' Snap Lake deposit. Prior to that, Mr. McBean was responsible for project advancement and exploration at Eldorado Gold Ltd. Mexican operations. Mr. McBean brings a strong background in project advancement and evaluation to the team.

The technical information in this Release has been reviewed by J. Blackwell (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