Gracetree Investments, LLC Files Early Warning Report

VANCOUVER, BC --(Marketwired - May 18, 2017) - Gracetree Investments, LLC ("Gracetree") announces that it has filed an early warning report in respect of its acquisition on February 27, 2017 (the "Closing Date") of 3,333,333 units (the "Units") of Comstock Metals Ltd. (the "Company"), by way of a private placement at a Canadian dollar price of CAD$0.15 per Unit for a total subscription price of $500,000.

Each Unit was comprised of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share of the Company at an exercise price of $0.20 per Share for a period of 24 months from the Closing Date.

Immediately prior to the Closing Date, Gracetree owned 2,500,000 Shares and 1,250,000 Warrants. This represented approximately 4.42% of the issued and outstanding shares of the Company on a non-diluted basis and approximately 6.49% on a partially diluted basis.

As a result of this purchase, Gracetree now beneficially owns 5,833,333 Shares and 4,583,333 Warrants. This represents approximately 7.95% of the issued and outstanding shares of the Company on a non-diluted basis and approximately 13.35% on a partially diluted basis.

The securities were acquired for investment purposes. Gracetree has a long-term view of the investment and may, depending on market and other conditions, or as future circumstances may dictate, from time to time, on an individual or joint basis, increase or dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position. Gracetree may also from time to time seek to have certain indebtedness owing by the Company to Gracetree settled through the issuance of Shares.

This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated May 9, 2017. A copy of the early warning report relating to Gracetree's acquisition of the Units will be available under the Company's profile on SEDAR. A copy of the early warning report being filed by Gracetree may also be obtained by contacting the Company at (604) 639-4533.