Comstock Metals Ltd.: Airborne and Soil Samples Results Received-Gold Up to 1,030 ppb in Soil-Sampling on QV claims, Yukon White Gold District

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2012) - Comstock Metals Ltd. (TSX VENTURE:CSL) -

HIGHLIGHTS

• Gold values range from detection limit to 1,030 ppb (1.03 g/t Au) in soil
• Values of arsenic (As), one of the pathfinder elements found in association with gold, range from detection limit to 3,770 g/t
• 4316 samples collected in 2011
• 142 samples with quartz chips
• One of the strongest soil geochem anomalies identified in the White Gold District
• Two soil grids, namely QV and Stewart grid, have identified two obvious gold trends
• Gold trends align with geophysics magnetic anomalies
• Kaminak's Coffee and Kinross's Golden Saddle style trends identified in both gold-in-soils and magnetics
• Trenching and drilling on the QV claims planned for the summer of 2012

Comstock Metals Ltd. (the "Company") is pleased to announce that final results from its Phase 2 soil-sampling program and airborne geophysics results on the QV Claims in the White Gold District of Yukon have been received.

Summary:

The 2011 exploration program on Comstock's QV Claims included 769 line-kilometre at 100 m spacing airborne magnetic and radiometric survey, reconnaissance ridge and spur soil surveys, and 100 m by 50 m grid soil surveys. Both airborne surveys and soil surveys have consistently identified two gold trends:

• North-easterly trend measuring 2600 m long and open (QV grid)
• North-westerly trend measuring 1530 m long and open (Stewart grid)

The QV and Stewart grids, in the southern part of the claim block, will be followed by trenching and a drill program in the summer of 2012. Gold values on the QV and Stewart grids run as high as 1030 ppb (1.03 g/t Au).

The reconnaissance survey in the northern part of the claim block has identified areas with gold anomalies to be followed by a detailed grid soil sampling in the summer of 2012. Gold values in the northern claim blocks run as high as 152 ppb, with co-incident pathfinder elements of As, Sb, Ba, and Hg.

Airborne Magnetics:

Precision Geophysics of Vancouver, BC, flew an airborne geophysics survey over the property in August 2011. The Company has received final results for the magnetic and radiometric surveys. Kaminak's Coffee style intense magnetic lows, interpreted as structures trending in both north-westerly and north-easterly directions, have been identified from the geophysics survey. Both magnetic lows and magnetic highs align with the gold-in-soil geochemical trend. The Company is very encouraged by the results of the airborne geophysics survey. Please refer to the Company's website http://www.comstock-metals.com/projects/white_gold_north/ for maps showing geophysical results.

Soil Geochem:

The Company has received results for the final batch of soil assays with values ranging up to 1,030 ppb gold (1.03 g/t Au). The grid soil geochem surveys have identified two obvious gold trends supported by very strong pathfinder elements, found in association with gold systems in general and in the White Gold District in particular. These pathfinder elements include As, Sb, Ba, and Hg. Two trends have been identified through the detailed grid (100 m by 50 m) soil sampling, namely:

1. QV trend of north-easterly orientation measures 2600 m in length and open along the trend. Gold values range from detection limit to 1030 ppb (1.03 g/t Au). This trend lines up with a break in the magnetic highs. Please refer to the figure:
   http://comstock-metals.com/_resources/maps/gold_over_vert_grad_20111215.pdf

2. Stewart trend of north-westerly orientation measures 1530 m and open. Gold values range from detection limit to 274 ppb. This trend lines up with very strong magnetic lows similar to the magnetic lows of Kaminak's coffee project. Please refer to the figure:
   http://comstock-metals.com/_resources/maps/gold_over_mag_20111215.pdf

"C" Horizon Soil Sampling:

Since the Klondike region in the Yukon in general and the White Gold District in particular are unglaciated, gold and associated minerals here have not been transported by glaciers and are therefore in situ. For this reason, "C" Horizon soil sampling (soil samples taken near the bedrock layer) is the key to identifying gold deposits. This technique has already resulted in two major gold discoveries in the White Gold District, namely Kinross's Golden Saddle deposit (contiguous to and along trend with Comstock's QV Claims) and Kaminak's Coffee deposit.

"I am pleased with the combined results of both the airborne geophysics and grid soil-sampling programs. The 2011 exploration program has clearly identified the prolific north-easterly and north-westerly gold trends," commented the Company's President, Rasool Mohammad. "We are looking forward to taking our projects in the Yukon to the next level in 2012. During the winter period, the Company will focus on our Mexican projects."

Gordon Davidson, P. Geo., has reviewed technical information in this News Release.

About Comstock Metals Ltd.

Comstock has optioned 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. The claims were optioned from Shawn Ryan, a Yukon based prospector responsible for the discovery of two of the prominent gold discoveries in the White Gold district - Kinross Gold's 1.5 million ounce Golden-Saddle deposit and Kaminak Gold's Coffee projects. The Company has completed two soil sampling programs and an airborne geophysics survey on the Yukon property with encouraging results.

The Company is also earning a 75% interest on the Corona project by an option agreement from Golden Goliath Resources (GNG). Comstock's Corona Au-Ag project is located in the prolific Uruachic Mining camp in Chihuahua, Mexico, and the Company is currently planning an exploration program to generate drill targets from earlier work. Previous reverse circulation drilling identified both bulk tonnage and high-grade vein type gold/silver targets, some of which the Company plans to diamond-drill. For the Corona Gold Silver Project location please visit the following link:
http://comstock-metals.com/projects/corona_gold_silver/

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

COMSTOCK METALS LTD.

Rasool Mohammad, B.Sc. (Mining), President & CEO