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Will it Hit Earth: No, its closest approach is 0.23 AU on Oct 16, 2011, where 1 AU is the distance from the Earth to the Sun. To put this in perspective, this is only a little closer than the closest approach of Venus to Earth, and roughly 100 times the distance from the Earth to the Moon. This distance is from the latest MPEC ephemeris which is based on over 100 observations from multiple observatories that have been continuously tracking the comet, so it won't change appreciably.