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Last updated on April 21, 2014 at 9:29 EDT

Corvus Gold Purchases Key Land to Optimize Mayflower Mine Development Plan, North Bullfrog Project, Nevada

February 21, 2013

TSX: KOR  OTCQX: CORVF

VANCOUVER, Feb. 21, 2013 /PRNewswire/ – Corvus Gold Inc. (“Corvus” or the
“Company”) – (TSX: KOR, OTCQX: CORVF) announces the signing of a
purchase agreement for the surface of five patented mining claims owned
by Mr. and Mrs. Gordon Millman and located east of the Mayflower
deposit. The newly acquired area facilitates shorter overburden haul
distances, which is expected to have further positive impacts on
Mayflower mining economics.  Ownership of these surface rights also
improves access to the Mayflower project area and overall project
design flexibility.

Carl Brechtel, COO of Corvus, stated: “The acquisition of the Millman
property and the earlier reported increase in gold recoveries are
further continued enhancements of the Mayflower project over that which
was presented in the Company’s December 2012 PEA.  These latest
developments, along with further advances in the Company’s North Area
project, show significant potential to increase gold recovery, increase
mineralized tonnage and grade, and reduce both capital and mining
costs.  This exciting work by Corvus is anticipated to culminate in the
development of a highly attractive new Nevada gold mine”.

Terms of the Purchase

Corvus Gold Nevada Inc. (a wholly owned Nevada subsidiary of the
Company) has agreed to purchase the surface rights for the subject
property from the Millmans for USD 160,000, payable on closing.  The
terms also include payment by Corvus Nevada of a fee of USD 0.02 per
ton of overburden to be stored on the property, subject to payment for
a minimum of 12 million short tons. The minimum tonnage fee (USD
240,000) bears interest at 4.2% per annum from closing and is evidenced
by a promissory note due on the sooner of the beginning of production
or December 31, 2015.  The purchase transaction is expected to close
within 30 days.

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, 758 federal unpatented mining claims
and surface rights.  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 and 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. 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 a Qualified Person
as defined by NI 43-101, and by 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, the
discovery and delineation of mineral deposits/resources/reserves, the
anticipated completion of the purchase of the Millman surface rights,
the potential for any mining or production at North Bullfrog, the
potential for any increase in the tonnage and/or grade of the Company’s
existing resources at North Bullfrog, the potential for the reduction
of capital and/or operating costs at North Bullfrog, the proposed
completion of a feasibility study for the North Bullfrog project, the
potential for the purchase of the Millman property to improve the
potential economics of the Mayflower deposit, 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 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.


Source: PR Newswire