Canvas Secondary

Corvus Gold Increases column-leach Au recovery at Jolly Jane

Vancouver, B.C……..Corvus Gold Inc. (“Corvus” or the “Company”) – (TSX: KOR, OTCQX: CORVF) is pleased to announce the results of a series of column leach and bottle roll tests on sample composites from the Jolly Jane and Sierra Blanca areas of the North Area deposit at the North Bullfrog Project, Nevada (Table 1). These results from ongoing heap leaching studies indicate higher overall gold recovery rates than the 68% used for the Jolly Jane area of the Company’s latest Preliminary Economic Assessment (PEA) released on December 6th (Corvus Gold PEA Outlines Two Stage Development and Near Term Production Strategy for North Bullfrog Gold Project, Nevada, December 6, 2012).  The new data continues to support the trend of increasing overall leach recoveries for the North Bullfrog project in general.

Mid-term column leach data for the Jolly Jane area has not only returned gold recoveries higher than previously estimated but like other test data indicates that a high percentage of the soluble gold as predicted from the bottle roll tests is recoverable.  Currently, column recoveries are calculated using assayed heads. At the completion of the column tests, residue assays will be taken and final gold recoveries for each of the columns will be calculated. In the interim, this ongoing column leach data can be compared to the 96 hour bottle roll tests (Table 2) which have indicated high recovery of the contained gold (76-88%) for particles ≤ 200 mesh (0.075 mm) and relates closely with the ongoing column test data on the -19 mm material (46-85%). This early recovery data continues to support the high gold leachability of the North Areas oxide mineralization.  The full impact of this increasing recovery data will be integrated into the Company’s upcoming Mayflower Feasibility Study due in the first quarter of next year and the North Area Feasibility Study scheduled for completion in early 2014 once the columns are complete and final recovery data is obtained.

New Sierra Blanca 96 hour bottle roll test results also confirm high recovery of contained gold (72-94%) for particle sizes <200 mesh (0.075 mm) and indicate that the gold is highly soluble for leach extraction (Table 3).  Given the high correlation between soluble gold at a partial size <200 mesh (0.075 mm) in the 96 hour bottle roll tests and that from the longer term column tests at the currently projected crush size of 19mm (-3/4 inch) these results are encouraging.  Large diameter column leach tests on Savage Valley and Sierra Blanca from PQ core composite samples are ongoing, and will be completed next year ahead of the planned North Area Feasibility Study.

Carl Brechtel, COO of Corvus, stated: “The current gold recovery results continue to be very encouraging and fully support process assumptions used in our Mayflower and North Area mining plans. These results continue to enhance the North Bullfrog project and support the significant potential for developing Nevada’s next new gold mine.”

Table 1
Jolly Jane PQ Core Composite Samples, Phase I Drilling, North Bullfrog Project Preliminary, Mid-term, Gold Recovery in Column Leach Tests at 63-68 days of Leach Time Nominal Particle Size 87% -19 mm (-3/4 inch)

JJ PQ 1
JJ PQ 2
 JJ  PQ 3
JJ PQ 4
JJ  PQ 5
% Gold Recovery*
77%
56%
76%
72%
73%

*-based on Au head assay

Table 2
Jolly Jane PQ Core Composite Samples , Phase I Drilling, North Bullfrog Project Gold Recovery (%) in 96 hr Bottle Roll Tests at Varying Nominal Particle Sizes

Sample
80% – 0.075 mm
80% – 1.7 mm
80% – 6.3 mm
87% -19 mm
JJ PQ 1
75.6%
85.6%
86.0%
85.2%
JJ PQ 2
81.1%
72.1%
61.4%
46.7%
JJ PQ 3
86.6%
80.9%
78.2%
70.1%
JJ PQ 4
87.8%
77.7%
70.3%
66.9%
JJ PQ 5
84.3%
81.3%
76.5%
72.8%

Table 3
Sierra Blanca PQ Core Composite Samples, Phase I Drilling, North Bullfrog Project Gold Recovery (%) in 96 hr Bottle Roll Tests at Varying Nominal Particle Size

Sample
80% – 0.075 mm
80% – 1.7 mm
80% – 6.3 mm
89% -19 mm
SB PQ 1
88.0%
81.5%
69.0%
63.1%
SB PQ 2
93.7%
89.2%
84.8%
77.8%
SB PQ 3
71.6%
66.3%
58.4%
59.6%
SB PQ 4
92.8%
89.5%
86.5%
81.5%
SB PQ 5
85.9%
81.0%
74.6%
79.2%
SB PQ 6
94.2%
93.1%
90.7%
90.1%
SB PQ 7
90.0%
87.0%
84.2%
81.6%

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corp.  The property package is made up of a number of private mineral leases of patented federal mining claims and 758 federal unpatented mining claims.  The project has excellent infrastructure, being adjacent to a major highway and power corridor.

The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an estimated Oxidized Indicated Resource of 27 Mt at an average grade of 0.28 g/t gold for 246,810 ounces of gold and an Oxidized Inferred Resource of 234.5 Mt at 0.18 g/t gold for 1,387,870 ounces of gold (both at a 0.1 g/t gold cutoff), with appreciable silver credits.  Unoxidized Inferred mineral resources are 221.6 Mt at 0.19 g/t for 1,361,000 ounces of gold (at a 0.1 g/t gold cutoff).

Mineralization occurs in two primary forms: (1) broad stratabound bulk-tonnage gold zones such as the Sierra Blanca and Jolly Jane systems; and (2) moderately thick zones of high-grade gold and silver mineralization hosted by structural zones with breccias and quartz-sulphide vein stockworks such as the Mayflower and Yellowjacket targets.  The Company is actively pursuing both types of mineralization.

A video of the North Bullfrog project showing location, infrastructure access, and 2010 winter drilling is available on the Company’s website at http://www.corvusgold.com/investors/video/.

Qualified Person and Quality Control/Quality Assurance

Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information (other than the resource estimate) that form the basis for this news release and has approved the disclosure herein.  Mr. Pontius is not independent of Corvus, as he is the CEO and holds common shares and incentive stock options.

Carl E. Brechtel, PE, a qualified person as defined by National Instrument 43-101, is responsible for planning and execution of the technical and engineering studies at North Bullfrog, and has prepared this news release. He approves the disclosure herein. He has over 30 years of experience in the mining industry, is a registered professional engineer in the States of Colorado and Nevada, and is a Registered Member of SME. Mr. Brechtel is not independent of Corvus, as he is the COO and holds common shares and incentive stock options.

Mr. William J. Penstrom, Jr., a consulting process engineer and President of Pennstrom Consulting, Inc.  has acted at the Qualified Person, as defined by NI 43-101, for evaluation of the metallurgical testing data. He has over 30 years of experience in mineral process design and operation, and has been an independent process and metallurgical consultant for the mining industry fo the last 10 years. He is a Registered Member of the Society of Mining, Metallurgy and Exploration (SME Member No. 2503900). Mr. Pennstrom and Pennstrom Consulting Inc. are both independent of the Company under NI 43-101.

Mr. Gary Giroux, M.Sc., P. Eng (B.C.), a consulting geological engineer employed by Giroux Consultants Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the Giroux Consultants Ltd. mineral resource estimate.  He has over 30 years of experience in all stages of mineral exploration, development and production.  Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field.  He has authored many papers on geostatistics and ore reserve estimation and has practiced as a Geological Engineer since 1970 and provided geostatistical services to the industry since 1976.  Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.

The work program at North Bullfrog was designed and supervised by Russell Myers (CPG 11433), President of Corvus, a Qualified Person defined by NI 43-101, by and Mark Reischman, Corvus Nevada Exploration Manager, who are responsible for all aspects of the work, including the quality control/quality assurance program.  On-site personnel at the project log and track all samples prior to sealing and shipping. Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment. All resource sample shipments are sealed and shipped to ALS Chemex in Reno, Nevada, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assaying.  ALS Chemex’s quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999.  Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control. McClelland Laboratories Inc. prepared composites from duplicated RC sample splits collected during drilling. Bulk samples were sealed on site and delivered to McClelland Laboratories Inc. by ALS Chemex or Corvus personnel. All metallurgical testing reported here was conducted or managed by McClelland Laboratories Inc.

About Corvus Gold Inc.

Corvus Gold Inc. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects.  Corvus is committed to building shareholder value through new discoveries and leveraging those discoveries via partner funded exploration work into carried and or royalty interests that provide shareholders with exposure to gold production.

On behalf of
Corvus Gold Inc.

(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chairman and Chief Executive Officer

Contact Information:
Ryan Ko
Investor Relations
Email: info@corvusgold.com
Phone: 1-888-770-7488 (toll free) or (604) 638-3246 / Fax: (604) 408-7499