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Corvus Gold Continues to Hit High-Grade Gold-Silver Vein System in Yellow Jacket Step-out Drilling, North Bullfrog, Nevada

November 28, 2012

    Highlights include: NB-12-183: 49 metres of 1.9 g/t gold with 43 g/t
                        Silver
                        including 1.7 metres of 13.1 g/t gold with 549 g/t
                        Silver

TSX: KOR  OTCQX: CORVF

VANCOUVER, Nov. 28, 2012 /PRNewswire/ – Corvus Gold Inc. (“Corvus” or the
“Company”) – (TSX: KOR, OTCQX: CORVF) announces the latest assays from
the first hole of the 2012 Phase II Yellow Jacket drill program at the
North Bullfrog Project, Nevada. The four hole program was designed to
further identify and delineate the bonanza grade feeder system
identified earlier in 2012 in hole NB-12-138 which returned 72.4 metres
@ 1.74 g/t gold and 98.7 g/t silver including 4.3 metres @ 20 g/t gold
and 1,519 g/t silver.

The most recent results, Hole NB-12-183, intersected 49 metres @ 1.9 g/t gold and 43 g/t silver including 1.7m @ 13.1 g/t
gold and 549 g/t silver (Table 1).

The Yellow Jacket high-grade, fault controlled, gold and silver
mineralization has been encountered over a strike length of
approximately 700 metres and remains open. 3D IP imaging has
highlighted a number of other structural zones with high-grade
potential. Aggressive follow-up drilling at several other targets is
expected to commence early 2013.

During the most recent program, which commenced in early October, 780
metres of core were drilled in four holes. Three of the four holes hit
significant vein mineralization, which remains open to the north and at
depth. All vein intersections to date are within 150 metres of the
surface (which could represent open pit mining depths) with quartz
veins widening at depth (Figure 2) and have not been included in the
current North Area resource.  The silver to gold ratio of holes
NB-12-138 & NB-12-183 is distinctly higher than that of the overall
North Bullfrog resource estimate and could represent a major new silver
discovery in the district which could benefit the overall project
financing.  Assays for the remainder of hole NB-12-183 and the other
three holes are pending at this time.

Table 1
Significant New Intercepts* from Phase II 2012 Yellow Jacket Drilling

     ____________________________________________
    |         |From |      |Interval|Gold |Silver|
    | Hole ID | (m) |To (m)|  (m)   |(g/t)|(g/t) |
    |_________|_____|______|________|_____|______|
    |NB-12-183|80.3 |128.9 |   48.7 | 1.9 |   43 |
    |_________|_____|______|________|_____|______|
    |including|91.9 |102.3 |   10.4 | 4.7 |  119 |
    |_________|_____|______|________|_____|______|
    |including|99.1 |100.8 |   1.7  |13.1 |  549 |
    |_________|_____|______|________|_____|______|
    |including|119.5|125.9 |   6.3  | 3.6 |   85 |
    |_________|_____|______|________|_____|______|
    |including|121.0|124.0 |   3.1  | 5.7 |   72 |
    |_________|_____|______|________|_____|______|
    |NB-12-183|137.4|138.8 |   1.4  | 1.2 |   3  |
    |_________|_____|______|________|_____|______|

*Intercepts are approximate true width and are
calculated with 0.2 g/t gold cut-off and up to 0.7
metres of internal waste.

Jeff Pontius, Corvus CEO stated:  “As we continue with the planned
development of the South area Mayflower deposit targeting gold
production in late 2014, these new high-grade gold and silver
intercepts in the North area open the door for a very exciting new
Nevada high-grade discovery.  The recent intercepts confirming and
extending the spectacular mineralization found in hole NB-12-138 along
with the substantial quartz vein thicknesses in the following three
holes are giving shape to a significant new discovery that could
dramatically change both the North Bullfrog project and the overall
Corvus story.”

Yellow Jacket Vein System

The Yellow Jacket vein system represents a completely blind discovery of
a previously unrecognized style of mineralization in the North Bullfrog
District (Figure 1). Prior drilling in this area was focussed to the
east in an area of historic prospect pits along the Liberator and
Yellow Jacket Faults with RC hole NB-10-63 intersecting 10.7 metres @ 7.5 g/t gold and 6.5 g/t silver and core hole NB-12-126 intersecting 11.4 metres @ 4.9 g/t gold and 7.0 g/t silver. Core hole NB-12-127 (7.7 metres @ 2.4 g/t gold and 11.31 g/t silver) was designed to follow up on an interesting intersection in RC hole
NB-11-91 (9.1 metres @ 2.07 g/t gold and 2.32 g/t silver) which was the first time quartz vein related mineralization was
encountered.

These results were used to target the hotter boiling zone part of the
quartz vein system which led to the Yellow Jacket discovery in hole
NB-12-138 (72.4 metres @ 1.74 g/t gold and 98.7 g/t silver including 4.3 metres @
20 g/t gold and 1,519 g/t silver
). Structural analysis based on oriented core indicates that the
mineralization in NB-12-138 is controlled by the intersection of the
Blind and Mai Faults (Figure 1). Holes NB-12-183 and NB-12-184 were
designed to drill perpendicular to the plunge of that intersection
(Figure 2) and successfully hit the target which appears to have an
expanding vein system at depth.

In general the Yellow Jacket Zone of high-grade, fault controlled, gold
and silver mineralization has been encountered over a strike length of
approximately 700 metres and remains open. The mineralization is
relatively shallow and could possibly be exploited as part of an
expanded Sierra Blanca open pit, although to date this mineralization
has not been included in the North Bullfrog resource estimate. The
structural concepts developed and proven at Yellow Jacket are now being
applied to generate targets on the rest of the North Bullfrog
property.  As part of this exploration program, Corvus is conducting an
integrated high-grade targeting study that incorporates the new 3D IP
geophysical data with new geological and structural mapping to further
define and delineate these new targets.  To date, the Company has
defined three additional high-grade targets in the North Area that will
be tested during the 2013 exploration program as well as the deep
high-grade vein potential below the Mayflower deposit.

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers
approximately 43 km² in southern Nevada just north of the historic
Bullfrog gold mine formerly operated by Barrick Gold.  The property
package is made up of a number of leased patented federal mining claims
and 461 federal unpatented mining claims owned by the Company.  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 February 2012 (available at www.sedar.com).

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 contained ounces of gold and an Inferred Resource
of 156 Mt at 0.28 g/t gold for 1,410,096 contained ounces of gold (both
at a 0.2 g/t gold 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,
Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and
forward-looking information (collectively, “forward-looking
statements”) within the meaning of applicable Canadian and US
securities legislation.  All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost of
exploration programs, anticipated exploration program results, the
discovery and delineation of mineral deposits/resources/reserves, the
potential for any mining or production at North Bullfrog, the potential
for the identification of multiple deposits at North Bullfrog, the
potential for the increased silver/gold ratio in certain core to
represent a new silver discovery and/or to change the potential of, and
financing for, the North Bullfrog project, the potential for the newly
discovered mineralization to be exploited through open pit methods, the
potential for the existence or location of additional high-grade veins,
including under the Mayflower deposit, the potential for additional
resources to be located between certain of the existing deposits, the
potential for the Company to secure or receive any royalties in the
future, business and financing plans and business trends, are
forward-looking statements.  Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct.  Forward-looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, postulate, target and similar expressions, or are
those, which, by their nature, refer to future events.  The Company
cautions investors that any forward-looking statements by the Company
are not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking statements
as a result of various factors, including, but not limited to,
variations in the nature, quality and quantity of any mineral deposits
that may be located,
variations in the market price of any mineral products the Company may
produce or plan to produce, the Company’s inability to obtain any
necessary permits, consents or authorizations required for its
activities, the Company’s inability to produce minerals from its
properties successfully or profitably, to continue its projected
growth, to raise the necessary capital or to be fully able to implement
its business strategies, and other risks and uncertainties disclosed in
the Company’s latest interim Management Discussion and Analysis and
filed with certain securities commissions in Canada.  All of the
Company’s Canadian public disclosure filings may be accessed via www.sedar.com
and readers are urged to review these materials, including the technical
reports filed with respect to the Company’s mineral properties.

Cautionary Note Regarding References to Resources and Reserves

National Instrument 43 101 – Standards of Disclosure for Mineral
Projects (“NI 43-101″) is a rule developed by the Canadian Securities
Administrators which establishes standards for all public disclosure an
issuer makes of scientific and technical information concerning mineral
projects.  Unless otherwise indicated, all resource estimates contained
in or incorporated by reference in this press release have been
prepared in accordance with NI 43-101 and the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”)
Standards on Mineral Resource and Mineral Reserves, adopted by the CIM
Council on November 14, 2004 (the “CIM Standards”) as they may be
amended from time to time by the CIM.

United States shareholders are cautioned that the requirements and
terminology of NI 43-101 and the CIM Standards differ significantly
from the requirements and terminology of the SEC set forth in the SEC’s
Industry Guide 7 (“SEC Industry Guide 7″).  Accordingly, the Company’s
disclosures regarding mineralization may not be comparable to similar
information disclosed by companies subject to SEC Industry Guide 7. 
Without limiting the foregoing, while the terms “mineral resources”,
“inferred mineral resources”, “indicated mineral resources” and
“measured mineral resources” are recognized and required by NI 43-101
and the CIM Standards, they are not recognized by the SEC and are not
permitted to be used in documents filed with the SEC by companies
subject to SEC Industry Guide 7.  Mineral resources which are not
mineral reserves do not have demonstrated economic viability, and US
investors are cautioned not to assume that all or any part of a mineral
resource will ever be converted into reserves.  Further, inferred
resources have a great amount of uncertainty as to their existence and
as to whether they can be mined legally or economically.  It cannot be
assumed that all or any part of the inferred resources will ever be
upgraded to a higher resource category.  Under Canadian rules,
estimates of inferred mineral resources may not form the basis of a
feasibility study or prefeasibility study, except in rare cases.  The
SEC normally only permits issuers to report mineralization that does
not constitute SEC Industry Guide 7 compliant “reserves” as in-place
tonnage and grade without reference to unit amounts.  The term
“contained ounces” is not permitted under the rules of SEC Industry
Guide 7.  In addition, the NI 43-101 and CIM Standards definition of a
“reserve” differs from the definition in SEC Industry Guide 7.  In SEC
Industry Guide 7, a mineral reserve is defined as a part of a mineral
deposit which could be economically and legally extracted or produced
at the time the mineral reserve determination is made, and a “final” or
“bankable” feasibility study is required to report reserves, the
three-year historical price is used in any reserve or cash flow
analysis of designated reserves and the primary environmental analysis
or report must be filed with the appropriate governmental authority.

Caution Regarding Adjacent or Similar Mineral Properties

This news release contains information with respect to adjacent or
similar mineral properties in respect of which the Company has no
interest or rights to explore or mine.  The Company advises US
investors that the mining guidelines of the US Securities and Exchange
Commission (the “SEC”) set forth in the SEC’s Industry Guide 7 (“SEC
Industry Guide 7″) strictly prohibit information of this type in
documents filed with the SEC.  Readers are cautioned that the Company
has no interest in or right to acquire any interest in any such
properties, and that mineral deposits on adjacent or similar properties
are not indicative of mineral deposits on the Company’s properties.

This press release is not, and is not to be construed in any way as, an
offer to buy or sell securities in the United States. 

SOURCE Corvus Gold Inc.

Image with caption: “Figure 1: Plan of the Yellow Jacket zone showing the major structures and the drill holes related to the discovery of the high-grade vein system. (CNW Group/Corvus Gold Inc.)”. Image available at: http://photos.newswire.ca/images/download/20121128_C4111_PHOTO_EN_21303.jpg

Image with caption: “Figure 2: Drill section in the plane of NB-12-183 and NB-12-184 showing how the geology and assays compare between NB-12-138 and the new holes. (CNW Group/Corvus Gold Inc.)”. Image available at: http://photos.newswire.ca/images/download/20121128_C4111_PHOTO_EN_21304.jpg


Source: PR Newswire