Mr. Jeffrey Pontius of Corvus reports

CORVUS GOLD SIGNS PRIVATE PLACEMENT FINANCING AND ALASKAN ROYALTY SALE TOTALLING $1.25M WITH EMX ROYALTY

Corvus Gold Inc. has entered into an agreement with EMX Royalty Corp. for a $900,000 private placement in Corvus and sale of royalties to EMX for $350,000. Pursuant to the private placement, the company will be issuing 500,000 common shares at a price of $1.80 per share to EMX for gross proceeds to the company of $900,000. No warrants will be issued and no commission paid. Additionally, four non-core Alaskan royalty interests owned by Corvus will be sold to EMX for a purchase price paid to Corvus of $350,000, bringing the total transaction with EMX to $1.25-million. Proceeds of the financing are expected to finance an expanded exploration program at both the Mother Lode and the North Bullfrog projects in Nevada.

The general terms of the Alaskan royalty package sale include:

• Chisna project 1-per-cent net smelter return royalty (NSR);
• LMS project 3-per-cent NSR;
• Goodpaster district 1-per-cent NSR;
• West Pogo (WP) project 2-per-cent NSR;
• Corvus has retained a 1-per-cent NSR in the WP project which is immediately west of the operating Pogo mine in the Goodpaster district of Alaska.

Upon closing, with this addition the treasury of Corvus will total approximately $5.5-million which the company expects to fully finance an expanded 2019 to 2020 fiscal year budget.

Jeff Pontius, president and chief executive officer of Corvus, said: "We are pleased to have the EMX group as a new strategic investor in Corvus. The additional funding will complete our needs for our expanded fiscal year 2019/2020 exploration program at the expanding Mother Lode deposit as well as the new discovery drill program at the North Bullfrog property. This funding will provide key development capital with favourable terms, maintained upside royalty exposure to a core Alaska property as well as adding an important new long-term investor to the share register. Our 2019/2020 exploration program offers our shareholders exposure to an expanding Mother Lode resource base as well as the discovery of new deposits in this very productive new Nevada gold district."

The common shares issued in the private placement are subject to minimum hold periods as required under applicable securities laws. Conditional approval by the Toronto Stock Exchange to the issuance of the common shares under the private placement is pending.

About the North Bullfrog and Mother Lode projects, Nevada

Corvus controls 100 per cent of its North Bullfrog project, which covers approximately 86.6 square kilometres in southern Nevada. The property package is made up of a number of private mineral leases of patented federal mining claims and 1,057 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor, as well as a large water right. The company also controls 445 federal unpatented mining claims on the Mother Lode project which totals approximately 36.5 square km which it owns 100 per cent. The total Corvus Gold 100-per-cent land ownership now covers over 123.1 square km, hosting two major new Nevada gold discoveries.

The combined Mother Lode and North Bullfrog projects contain a measured mineral resource for the mill of 9.3 million tonnes at an average grade of 1.59 g/t gold, containing 475,000 ounces of gold and indicated mineral resources for the mill of 18.2 million tonnes at an average grade of 1.68 g/t gold containing 988,000 ounces of gold and an inferred mineral resource for the mill of 2.3 million tonnes at an average grade of 1.61 g/t gold containing 118,000 ounces of gold. In addition, the project contains a measured mineral resource for oxide, run of mine and heap leach of 34.6 million tonnes at an average grade of 0.27 g/t gold containing 305,000 ounces of gold and an indicated mineral resource for oxide, run of mine and heap leach of 149.4 million tonnes at an average grade of 0.24 g/t gold containing 1.15 million ounces of gold, and an inferred oxide, run of mine and heap leach mineral resource of 78.7 million tonnes at an average grade of 0.26 g/t gold containing 549,000 ounces of gold.

Qualified person and quality assurance/quality control

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 that forms 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 president and holds common shares and incentive stock options.

Carl E. Brechtel (Nevada PE 008744 and registered member 353000 of SME), a qualified person as defined by NI 43-101, has co-ordinated execution of the work outlined in this news release and has approved the disclosure herein. Mr. Brechtel is not independent of Corvus, as he is the COO and holds common shares and incentive stock options.

The work program at Mother Lode was designed and supervised by Mark Reischman, Corvus Gold's Nevada exploration manager, who is responsible for all aspects of the work, including the QA/QC 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 American Assay Laboratories (AAL) in Reno, Nev., for preparation and assaying. AAL is independent of the company. AAL'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 AAL and an ISO-compliant third party laboratory for additional quality control. Mr. Pontius, a qualified person, has verified the data underlying the information disclosed herein, including sampling, analytical and test data underlying the information by reviewing the reports of AAL, methodologies, results and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgment. There were no limitations on the verification process.

Scott E. Wilson, CPG (10965), registered member of SME (4025107), president of Resource Development Associates Inc., is an independent consulting geologist specializing in mineral reserve and resource calculation reporting, mining project analysis and due diligence evaluations. He is acting as the qualified person, as defined in NI 43-101, and is the primary author of the technical report for the mineral resource estimate and has reviewed and approved the mineral resource estimate and the preliminary economic assessment summarized in this news release. Mr. Wilson has over 29 years of experience in surface mining, resource estimation and strategic mine planning. Mr. Wilson is president of Resource Development Associates Inc. and is independent of the company under NI 43-101.

Mr. Wilson, a qualified person, has verified the data underlying the information disclosed herein, including sampling, analytical and test data underlying the information by reviewing the reports of AAL, methodologies, results and all procedures undertaken for quality assurance and quality control in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgment. There were no limitations on the verification process.

Metallurgical testing on North Bullfrog and Mother Lode samples has been performed by McClelland Analytical Services Laboratories Inc. of Sparks, Nev. McClelland is an ISO 17025-accredited facility that supplies quantitative chemical analysis in support of metallurgical, exploration and environmental testing using classic methods and modern analytical instrumentation. McClelland has met the requirements of the IAS Accreditations Criteria for Testing Laboratories (AC89), has demonstrated compliance with ANS/ISO/IEC Standard 17025:2005, general requirements for the competence of testing and calibration laboratories, and has been accredited, since Nov. 12, 2012. Hazen Research Inc., an independent laboratory, has performed flotation, AAO testing and cyanide leach testing on samples of sulphide mineralization from the YellowJacket zone and Swale area of Sierra Blanca, and roasting tests on Mother Lode flotation concentrate. Hazen holds analytical certificates from state regulatory agencies and the U.S. Environmental Protection Agency. Hazen participates in performance evaluation studies to demonstrate competence and maintains a large stock of standard reference materials from the National Institute of Standards and Technology (NIST), the Canadian Centre for Mineral and Energy Technology (CANMET), the EPA, and other sources. Hazen's QA program has been developed for conformance to the applicable requirements and standards referenced in 10 CFR 830.120 subpart A, quality assurance requirements, Jan. 1, 2002. Pressure oxidation testwork on Mother Lode concentrate samples was performed by Resource Development Inc. of Wheatridge, Colo.

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