Comstock Files Early Warning Report in Respect of its Holdings in MAS Gold Corp.

Vancouver, British Columbia--(Newsfile Corp. - March 31, 2022) - Comstock Metals Ltd. (TSXV: CSL) ("CSL" or the "Company") announced today that it has filed an early warning report in respect of the acquisition of common shares in the capital of MAS Gold Corp. ("MAS Gold") in connection with the transactions disclosed in the joint Comstock/MAS Gold press release dated March 31, 2022 (the "Press Release").

As a result of the completion of the transactions described in the Press Release, Comstock acquired 27,750,000 common shares in the capital of MAS Gold (the "MAS Shares") which represent approximately 16.2% of the issued and outstanding MAS Shares as calculated in accordance with National Instrument 62-104 Take-Over Bids and Insider Bids ("NI 62-104").

Comstock acquired ownership of the MAS Shares as a result of the sale of 100% of its interest in its Preview SW Gold Project. Prior to the completion of the transaction Comstock did not own or have direct or indirect control over any MAS Shares. Comstock does not currently intend on acquiring any more MAS Shares and will make a determination of whether, when and how to dispose of the MAS Shares based on the market price of the MAS Shares and the developments with Comstock moving forward.

This news release is issued pursuant to National Instrument 62-103 - The Early Warning System. A copy of the Early Warning Report will appear with the Company's documents on the SEDAR website at www.sedar.com.

For more information about Comstock Metals Ltd., please refer to Comstock Metals' website at www.comstock-metals.com or contact:

Steven H. Goldman
President, CEO and Director
COMSTOCK METALS LTD.
Cell Phone: (416) 917-1533
Email: s.goldman@goldmanhine.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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118851