Comstock Commences 2012 Exploration Drilling on Corona Gold-Silver Project in Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire -02/13/12)- Comstock Metals Ltd. (the "Company", "Comstock") (TSX-V: CSL.V - News) is pleased to announce that the Company has mobilized its exploration team and commenced the first phase of a planned 7,000 metre drill program on its Corona Gold-Silver Project in the Uruachic District of Chihuahua, Mexico.

As a result of Fresnillo PLC's Orisyvo gold deposit discovery of 9.2 million ounces, the Uruachic district has demonstrated the potential to become a major gold-silver district in northwestern Mexico and subsequently has drawn the attention of a number of gold exploration companies in addition to Comstock.

In preparation for its 2012 drill program, Comstock has constructed and refurbished approximately 16 kilometres of access roads and engaged G4 drilling of Hermosillo, Sonora (Mexico), to carry out the company's 2012 drill program.

Drill Targets

Comstock's current drill program will focus on two targets:

 

i.  Low-Grade, Bulk Tonnage, Oxide Gold Mineralization; The majority of the
    drilling will be conducted on the Northeast zone, where bulk tonnage,
    low-grade style gold mineralization was detected in historic drillholes.
    The oxidized gold mineralization occurs in altered volcanics adjacent to
    higher grade gold bearing quartz veins.

ii. High-Grade Gold-Silver and Base Metals Veins; During 2007/2008
    exploration program, Comstock completed extensive silt, soil, and rock
    geochemical surveys which identified new areas of gold, silver, lead and
    zinc mineralization. One of these areas, the Esperanza Vein, averages
    21.5 grams per tonne (g/t) gold (Au), 1175 g/t silver (Ag), 16% lead
    (Pb), and 1% zinc (Zn) over a narrow width of 15 cm. Veins similar to
    the Esperanza Vein also occur on surface at Fresnillo PLC's Santa Nino
    Vein near Zacatecas, Mexico where drilling returned 1.6 g/t Au, 1087 g/t
    Ag, 0.4% Pb, and 0.7% Zn over 3 m at a 300 m depth. The Santa Nino Vein
    has become the world's richest silver vein.

For the Corona Gold Silver Project location please visit the following link: http://comstock-metals.com/_resources/Corona-SMO.jpg

Please refer to figure1 (http://media3.marketwire.com/docs/csl213_F1.jpg) for the drill target locations.

"We have focussed our resources on exploring mineral districts, where excellent opportunities exist for discovery of sizeable gold-silver deposits. We are looking forward to a busy year of exploration, drilling our two major assets i.e. Corona Gold-Silver project and QV claims in the White Gold district in the Yukon," stated the company's President and CEO, Rasool Mohammad.

Uruachic District Gold Rush / Exploration Boom

Fresnillo PLC's newly-discovered Orisyvo deposit of 9.2 million ounces of gold in the Uruachic District is bringing great attention to this under-explored part of the Sierra Madre Occidental precious metals belt. Fresnillo is currently conducting an economic study that will include driving an exploration adit and metallurgical studies. Agnico-Eagle has subsequently optioned the neighbouring property of Las Bolas and has recently started its exploration work. The Government is building a paved road to the district's centre. The power line has been recently extended, and is now about 6 km away from Corona's property boundary. AuRico Gold and Agnico-Eagle Mines own producing mines in the region, having multi-million ounces of gold and tens of millions of ounces of silver in proven and probable reserves.

Agnico-Eagle President Sean Boyd recently released a video and stated in regard to Agnico-Eagle's recently optioned Las Bolas project, "... (Uruachic district) is the (Agnico-Eagle's) most important and most exciting investment opportunity in Mexico today." Please refer to the Golden Goliath Resources website to see the full video.

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

About Comstock Metals Ltd.

Comstock is also exploring 494 quartz-claims covering 10,374 hectares (25,634 acres) within the prolific White Gold District in the Yukon Territory, Canada, 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 and airborne geophysics programs on the Yukon property with encouraging results which will be followed by trenching and diamond-drilling in the summer of 2012.

To learn more please visit the Company's website at: 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.