Comstock Drills Into Gold Discovery at QV

Vancouver, BC – October 10, 2012 - Comstock Metals Ltd. (TSX-V: CSL) (the “Company”) is pleased to announce preliminary gold assays from two of eight holes recently completed at its QV Project in the White Gold district, south of Dawson City, Yukon. Gold mineralization was intersected in both holes at grades and width of potential economic interest.

Assay results are considered preliminary since the results from check assays and “metallic fire assays” have not been received. Metallic fire assays check for the presence of coarse gold in core samples and are an important check to ensure gold grains are not being removed during crushing and screening at the sample preparation facility.

Holes were collared from the same drill pad, drilled southwesterly at -50° and -80° respectively. Intervals reported here are within 80% of true widths. A drill collar map and a cross section are available at http://comstock-metals.com/projects/yukon/qv_project/

These initial results both confirm the presence of gold mineralization and demonstrate that a new zone has been discovered in the district, just 10 kilometres from Kinross’s Golden Saddle Deposit. The geology of the QV discovery is remarkably similar to Golden Saddle with the exception that mineralization dips at a shallow angle (30˚) beneath a low-rising hill. All eight holes at QV intersected thick zones of quartz-sericite-carbonate altered gneiss and feldspar porphyry dykes with quartz vein stockworks, breccias, disseminated and vein controlled pyrite, and visible gold. Based upon these initial results, it appears that two and possibly three structures are the focus of highest grade mineralization and extend from hole to hole. These important structures extend beyond drill holes QV12-001 and -002, were intersected in all drill holes, and remain open along strike and at depth.

“The broad, near surface gold zones, along with a shallow dip of 30 degree to the northwest, make an ideal open-pitable mining scenario at the VG zone,” commented the Company President & CEO, Rasool Mohammad. “We are also very encouraged by our high-grade gold zones in the broader low grade near surface mineralization, indicating underground mining potential as well.”

The 2012 drilling programme at QV consisted of eight core holes totalling 1,334 metres. The drill programme was designed to test strong gold enrichment discovered in trenches at the VG Zone, including 3.31 g/t gold over a 95 m sample length from trench QVTR12-06 and 3.77 g/t gold over 45 m in QVTR12-15. 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.Geo., Director, Comstock Metals. Both are Qualified Persons as defined by NI 43-101. Drill core was cut in half using a diamond saw, with one half placed in sealed bags and delivered to Acme Analytical Laboratories Ltd. in Whitehorse, Yukon. All samples were fire assayed, and an industry standard QA/QC programme consisting of standards and blanks were inserted into the sample stream to ensure assay accuracy and repeatability. 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 projects: the QV Property in the Yukon Territory, and the Corona Property in Mexico. The QV Property lies within an area of 523 claims covering 10,263 hectares (25,361 acres) within the prolific White Gold District in the Yukon Territory about 70 kilometres south of Dawson City. Kinross Gold's 1.5 million ounce Golden Saddle deposit is 10 km to the southeast, and Kaminak Gold's Coffee projects are 40 km to the south.

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/mexico/corona/ 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.