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Corvus Gold Inc
Symbol KOR
Shares Issued 65,115,028
Close 2013-07-08 C$ 0.74
Market Cap C$ 48,185,121
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Corvus drills 8.34 m of 10.72 g/t Au at North Bullfrog

2013-07-09 08:20 ET - News Release

Mr. Jeff Pontius reports

CORVUS GOLD SIGNIFICANTLY EXPANDS HIGH-GRADE YELLOW JACKET DISCOVERY WITH 120 METRE STEP-OUT HOLE AT NORTH BULLFROG PROJECT, NEVADA

Corvus Gold Inc. has released the first drill results from the company's 2013 phase one drill program on its new Yellow Jacket high-grade gold-silver discovery at the North Bullfrog project, Nevada. Hole NB-13-344 represents a 120-metre step-out to the north of the previously defined 2012 high-grade discovery (see news release dated May 23, 2012). A select prioritized section of hole NB-13-344, which intersected vein material with visible gold, averaged 10.7 grams per tonne gold and 10.4 g/t silver over 8.3 metres, including 1.2 metres averaging 50 g/t gold and 36 g/t silver (the remainder of the drill hole assays are pending).

In addition, hole NB-13-341, which represents a 70-metre step-out to the north of the 2012 discovery, returned 0.85 g/t gold over 46 metres within an overall interval of 116 metres of 0.6 g/t gold. These results show the continuity and geometry of the Yellow Jacket zone, and along with continuing drilling that has intersected broad zones (plus 50 m) of stockwork and multistage veining as far north as has been drilled, highlight the zone's expansion potential.

To date, nine core holes on the Yellow Jacket high-grade target and seven reverse circulation (RC) drill holes on the North Sierra Blanca starter pit target have been completed as part of the initial 20,000-metre phase of the North Bullfrog 2013 drill program (80-hole program). At Yellow Jacket, the alteration signature of the broad, approximately one g/t gold vein system discovered in 2012 has been intersected in all of the holes drilled to date which represents a plus-200-metre extension to the north. At the North Sierra Blanca target, broad zones (plus-50 m) of strong mineralization-related alteration have been intersected in all of the drill holes drilled to date which are on 100-metre centres and represent approximately a 500 m step-out from the previously defined Sierra Blanca resource. The 2013 drilling program results to date are providing strong encouragement for a possible resource expansion which will be completed at year-end following this phase of drilling.

Jeff Pontius, chief executive officer, stated: "These early results show that the Yellow Jacket system has potential to expand into a major new high-grade gold-silver vein system with potential to add significant open-pit tonnage of plus-one g/t gold mineralization to the North Bullfrog mine plan. The similarity of our recent Yellow Jacket discovery to the historic 2.6-million-ounce Bullfrog mine, which is eight kilometres south, is very encouraging and highlights the exceptional potential of this emerging new gold district."

Hole NB-13-341, which encountered 116 metres of 0.6 g/t gold, and drill hole NB-13-342 were drilled to determine the geometry of the stockwork mineralization previously identified in NB-12-127. The results show that a broad zone of stockwork mineralization is focused in the Middle Sierra Blanca tuff unit, where multiple faults interact to form a horst-like structure.

Holes NB-13-343 (pending) and NB-13-344 define a section. In NB-13-344, visible gold was recognized in the core and as a result a 24-metre interval was rushed for assaying. This confirmed the high-grade veins in the zone with two intervals running greater than one ounce per tonne gold. In this hole, visible gold is frequently associated with silver sulphide similar to drill hole NB-12-138 drilled 120 metres to the south within the same structural zone.

  SIGNIFICANT INTERCEPTS FROM 2012 AND 2013 CORE HOLES

Hole         From    To    Interval      Gold      Silver 
               (m)   (m)         (m)     (g/t)       (g/t)

NB-12-127   105.3 182.1        76.8      0.80        2.76
Including   129.0 147.5        18.6      1.67        6.50
NB-13-341    86.5 202.7       116.2      0.59        1.50
Including   112.3 158.4        46.1      0.85        2.30
NB-13-342    98.7 193.1        94.4      0.20        1.01
Including   133.3 160.0        26.7      0.34        1.00
NB-13-344   118.2 126.6        8.34     10.72       10.45
Including   118.2 119.1        0.90     32.31       41.36
Including   123.7 124.9        1.17     50.05       36.07

* Intercepts calculated with 0.1 g/t cut-off and up to 
1.7 m internal waste.

About the North Bullfrog project, Nevada

Corvus controls 100 per cent of its North Bullfrog project, which covers approximately 70 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 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 million tonnes at an average grade of 0.37 g/t gold for 182,577 ounces of gold and an inferred resource of 156 million tonnes at 0.28 g/t gold for 1,410,096 ounces of gold (both at a 0.2 g/t cut-off), with appreciable silver credits. Mineralization occurs in two primary forms: broad stratabound bulk-tonnage gold zones, such as the Sierra Blanca and Jolly Jane systems; and 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. For details with respect to the assumptions underlying the current resource estimate and preliminary economic analysis, see the technical report entitled "Technical Report and Preliminary Economic Assessment for the Mayflower and North Mine Areas at the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada," dated Dec. 6, 2012, and available under the company's profile at SEDAR.

Qualified person and quality assurance/quality control

Jeffrey 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 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 holds common shares and incentive stock options.

Gary Giroux, MSc, PEng (British Columbia), 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 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, has practised as a geological engineer since 1970, and has provided geostatistical services to the industry since 1976. Both Mr. Giroux and Giroux Consultants 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 assurance/quality control 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, Nev., for preparation and then on to ALS Chemex in Reno, Nev., 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. McClelland Laboratories Inc. prepared composites from duplicated RC sample splits collected during drilling. Bulk samples were sealed on-site and delivered to McClelland Laboratories by ALS Chemex or Corvus personnel. All metallurgical testing reported here was conducted or managed by McClelland Laboratories.

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