CSL Comstock Metals Ltd

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Comstock Metals Ltd. (TSX VENTURE:CSL) (the "Company") announces that it will
conduct a non-brokered private placement to raise gross proceeds up to a maximum
of $6,000,000 through any combination of:




a.  flow-through common shares (an "FT Share") of the Company at a price of
    $0.45 per FT Share; and  
b.  non-flow-through units (an "NFT Unit") at a price of $0.38 per Unit.



Each NFT Unit shall be comprised of one common share of the Company and one-half
of a share purchase warrant (each whole warrant, a "Warrant"). Each Warrant
shall be exercisable to purchase a common share of the Company at an exercise
price of $0.45 for a period of 12 months, subject to acceleration on the
occurrence of certain events. Proceeds will be used to advance the Company's
exploration projects, most notably the QV Property in the Yukon's White Gold
District (see News Release dated October 22, 2012 for the most current results)
and for general and administrative costs.


The Company may pay finder fees in connection with the private placement,
subject to compliance with the policies of the TSX Venture Exchange (the
"Exchange"). Completion of the private placement and the payment of finder fees
remain subject to the receipt of all necessary regulatory approvals, including
the Exchange. Securities issued under the private placement will be subject to a
four-month hold period from the date of closing. 


This News Release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


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 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 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 to hold a 75% interest by completing a
positive bankable feasibility study. Comstock's Corona Gold-Silver project is
located in the prolific Sierra Madre Occidental in Chihuahua, Mexico. The
Company completed a drill programme in the spring of 2012. The drill programme
discovered two new zones of gold and silver mineralization. Please refer to the
website at http://comstock-metals.com/projects/mexico/corona/ for details. 


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

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Comstock Metals Ltd.
Rasool Mohammad, B.Sc. (Mining)
President & CEO
604-639-4533


Comstock Metals Ltd.
Larry Johnson
CFO
604-639-4533
www.comstock-metals.com

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