Corvus Gold Intercepts Additional Gold Mineralization from Surface at North Bullfrog, Nevada

Highlights include:

NB-12-195:  47 metres of 0.6 g/t gold from surface NB-12-196:  65 metres of 0.3 g/t gold from surface NB-12-197:  96 metres of 0.3 g/t gold from 16 metres

Vancouver, B.C., Corvus Gold Inc. (“Corvus” or the “Company”) – (TSX: KOR, OTCQX: CORVF) announces the latest assay results from the first 10 drill holes of a 33 hole program on private (patented mining claims) land within the Jolly Jane deposit known as the ZuZu Zone.  Initial results have shown the outcropping at the ZuZu zone to be thicker and overall higher grade than the previously defined estimated resource in this part of the deposit, as illustrated by hole NB-12-195 returning 47 metres of 0.60 g/t gold starting at surface.  Drilling at Jolly Jane was designed to upgrade and expand the existing inferred gold resource to measured and indicated for inclusion in the Mayflower project feasibility study, presently underway and scheduled for release in Q1 of 2013.

This additional zone of mineralization on private land could significantly enhance the economics of the Mayflower project by adding additional early stage gold ounces where production is anticipated for late 2014.

Table 1
Significant New Intercepts* from Infill Drilling at ZuZu

*Intercepts are approximate true width and calculated with 0.1 g/t gold cut-off and up to 3.0 metres of internal waste.
**Calculated using a 0.06 cut-off to illustrate that the system is weak but present

Jeff Pontius, Corvus Gold CEO, stated:  “The ZuZu Zone offers a great opportunity to add to our proposed early production at the Mayflower project with its very low strip ratio and deep oxidation.  We look forward to the rapid completion of this strategic drilling program as well as the return of the remainder of the Yellow Jacket high-grade zone drill results which should be available in the next few weeks.  As our work progresses at North Bullfrog, we continue to be encouraged as this exciting mining opportunity moves closer toward becoming Nevada’s next operating gold mine”.

ZuZu Zone Drilling

The Company’s recent updated Preliminary Economic Assessment for the North Bullfrog project (see NR12-37, December 6, 2012) highlighted the opportunity for additional leach pad capacity for the Mayflower project.  The ZuZu zone at the Jolly Jane deposit (Figure 1) has emerged as a possible source for low strip ratio oxide mineralization also situated on private land to take advantage of this added capacity.  A drill program was initiated in November 2012 and initial results have shown that good continuity exists in the zone and it is thicker than originally projected.  Following return of all assay results a new estimated resource will be calculated and utilized in the ongoing Mayflower feasibility study which will form the basis for the mining permit submission scheduled for Q2 2013.  The ZuZu program will consist of 33 holes totalling 4000 metres, and is scheduled for completion in January, 2013.

The first drilling has defined the northern limits of the mineralization bounded by a fault down dropping the preferred host unit below volcanic cover and has also confirmed the structural and host rock continuity of the mineralized zone to the south.  It appears that mineralization is closely related to a set of NE-trending structures that may have acted fluid pathways.

Figure 1:  Location of the ZuZu Claim and drill holes reported in this release.
Topographic contour interval is 10 metres.

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corporation.  The property package is made up of a number of leased 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 Company’s independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in December 2012.

The project currently includes numerous prospective gold targets, with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an estimated Indicated Resource of 15 Mt at an average grade of 0.37 g/t gold for 182,577 ounces of gold and an Inferred Resource of 156 Mt at 0.28 g/t gold for 1,410,096 ounces of gold (both at a 0.2 g/t cutoff), with appreciable silver credits.  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 in structural feeder 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.

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, 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.

About Corvus Gold Inc.

Corvus Gold Inc. is a resource exploration company, focused in Nevada, Alaska and Quebec, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects.  Corvus is focused on advancing its 100% owned Nevada, North Bullfrog project towards a potential development decision and continuing to explore for new major gold discoveries.  Corvus is committed to building shareholder value through new discoveries and leveraging noncore assets 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