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Last updated on April 18, 2014 at 21:21 EDT

Corvus Gold Intercepts Additional Gold Mineralization from Surface at the Jolly Jane Deposit, North Bullfrog, Nevada

January 15, 2013

    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

TSX: KOR  OTCQX: CORVF


Vancouver, Jan. 15, 2013 /PRNewswire/ – 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
     ____________________________________________________
    | Hole ID |From (m)|To (m)|Interval|Au (g/t)|Ag (g/t)|
    |_________|________|______|________|________|________|
    |NB-12-190|NW of resource - no significant intercepts|
    |_________|__________________________________________|
    |NB-12-191|NW of resource - no significant intercepts|
    |_________|__________________________________________|
    |NB-12-192|NW of resource - no significant intercepts|
    |_________|__________________________________________|
    |NB-12-193|    24.4| 100.6|    76.2|  0.10**|    0.50|
    |_________|________|______|________|________|________|
    |NB-12-194|    24.4|  59.4|    35.1|  0.08**|    0.78|
    |_________|________|______|________|________|________|
    |NB-12-195|     0.0|  47.2|    47.2|    0.60|    0.26|
    |_________|________|______|________|________|________|
    |NB-12-196|     0.0|  65.5|    65.5|    0.29|    0.35|
    |_________|________|______|________|________|________|
    |NB-12-197|    16.8| 112.8|    96.0|    0.27|    0.35|
    |_________|________|______|________|________|________|
    |including|    25.9|  39.6|    13.7|    0.57|    0.46|
    |_________|________|______|________|________|________|
    |NB-12-198|    10.7|  35.0|    24.4|    0.25|    0.29|
    |_________|________|______|________|________|________|
    |NB-12-199|     0.0|  65.5|    65.5|    0.22|    0.25|
    |_________|________|______|________|________|________|
    |including|    12.2|  36.6|    24.4|    0.32|    0.27|
    |_________|________|______|________|________|________|

    *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.

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

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 and the
timing thereof, the discovery and delineation of mineral
deposits/resources/reserves, the potential for the identification of
multiple deposits at North Bullfrog, the potential for a low capex
and/or opex heap leach mine operation at North Bullfrog, the potential
for there to be a low strip ratio in connection with any mine at North
Bullfrog, the potential for the existence or location of additional
high-grade veins, the potential for any mining at ZuZu to enhance the
economics of the overall project, the proposed completion of a
feasibility study for either Phase 1 (Mayflower) or Phase 2 (North
Project) or both of the North Bullfrog project, the potential for a
production decision to be made for either Phase 1 or Phase 2, the
potential commencement of any development of a mine at North Bullfrog
following a production decision, the potential for any mining or
production at North Bullfrog, whether by 2014 or at all, the potential
for additional resources to be located between certain of the existing
deposits, the potential for mineralization from the ZuZu area to be
mined and processed in connection with any heap leach at Mayflower, or
at all, 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.  Information concerning mineral
resource estimates and the preliminary economic analysis thereof also
may be deemed to be forward-looking statements in that it reflects a
prediction of the mineralization that would be encountered, and the
results of mining it, if a mineral deposit were developed and mined.
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 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, significant increases in the cost of labour, materials,
equipment and supplies required to develop and operate any mine at
North Bullfrog, 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 Annual Information Form and interim
Management Discussion and Analysis 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: Location of the ZuZu Claim and drill holes reported in this release. Topographic contour interval is 10 metres. (CNW Group/Corvus Gold Inc.)”. Image available at: http://photos.newswire.ca/images/download/20130115_C5898_PHOTO_EN_22572.jpg


Source: PR Newswire