Comstock Proposes to Extend Warrant Expiry Date

VANCOUVER, British Columbia, May 23, 2018 (GLOBE NEWSWIRE) -- Comstock Metals Ltd. (TSX-V:CSL) (“Comstock” or the “Company”) is pleased to announce that, subject to receipt of TSX Venture Exchange approval, it will be extending the expiry date of the common share purchase warrants issued in connection with the private placement of 12,506,671 units that was completed in two closings on June 9, 2016 and June 27, 2016.  Each of the 12,506,671 warrants permit the holders thereof to acquire one common share at an exercise price of $0.18 and originally expired on June 9, 2018 or June 27, 2018, depending on which closing they were issued under.  The Company is proposing to extend the expiry date by 18 months to December 9, 2019 or December 27, 2019, as applicable.  Approximately 9% of the warrants are held by insiders of the Company.

The exercise price of $0.18 and all other terms of the warrants will remain unchanged for the extended exercise period.  The Company will be applying to the TSX Venture Exchange for approval of the proposed extension.

About Comstock Metals Ltd.

Comstock Metals Ltd. is a Canadian-focussed mineral exploration company with various resource projects located in Canada.

For more information about Comstock Metals Ltd., please visit www.comstock-metals.com or contact:

Steven H. Goldman
Interim President, CEO and Director
COMSTOCK METALS LTD.
Phone: (416) 867-9100
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.