Comstock Reports New RAB Drill Results from its QV Project, Yukon, Including 12.19 m Averaging 5.53 g/t Gold

Vancouver, BC – November 08, 2016 – Comstock Metals (TSXV:CSL) is pleased to provide an update on its ongoing Rotary Air Blast (RAB) drilling program at its +16,335 hectare QV Property located in the White Gold district of the Yukon Territory (the “QV Property”).  A total of 2,299.70 m of RAB drilling have been completed in 32 holes since commencing drilling in late August (see Comstock news release August 30, 2016).  Results for the first 12 holes (16QVRAB001-012) were reported in the Company’s October 13, 2016 news release and results for RAB holes 13 to 23 (16QVRAB013-023) are reported herein.  The samples from RAB hole numbers 24 to 32, which includes drilling at the Shadow and Stewart targets on the QV Property, are currently in the lab and results will be reported in the future once received and interpreted.

The RAB drill program has been designed to inexpensively and rapidly screen numerous prospective targets within the QV Property for subsequent follow-up with a diamond drill program.   These prospective target areas include the VG deposit area, as well as the previously undrilled Shadow and Stewart targets.

Significant RAB drill results for holes 13 to 23 (16QVRAB013-023) are presented below in Table 1; highlights include:

• 12.19 m averaging 5.53 g/t gold starting at 83.82 m below surface in 16QVRAB017, within a wider interval of 57.91 m averaging 1.89 g/t gold that extends to the end of the hole at 114.30 m depth. This significant intercept is a 50m step-out down dip of hole VG13-12, and demonstrates that the VG deposit is open and untested to the west in this area.

• 10.67 m averaging 1.65 g/t gold starting at 16.76 m below surface in 16QVRAB014 within a wider interval of 64.01 m averaging 0.52 g/t gold that extends to the bottom of the hole.  This large intercept is considered important as it correlates with a resistivity low, the top of which was cut by 16QVRAB006 (35.05 m averaging 0.46 g/t gold), collared 185 m to the east and demonstrating strong potential for extending the VG deposit to the northeast in this area with further diamond drilling.

• 18.29 m averaging 1.14 g/t gold starting at 85.34 m below surface in 16QVRAB018 and extending to the end of the hole at 103.63 m depth.  Hole 16QVRAB018 was drilled to the north from the same location as hole 16QVRAB017, reported above; combined the two holes have extended mineralization 100m down dip of diamond drill hole QV13-12.

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