News

Vancouver, B.C……..Corvus Gold Inc. (“Corvus” or the “Company”) - (TSX: KOR, OTCQX: CORVF) is pleased to announce the closing of its non-brokered private placement (the “Offering”) announced on October 16, 2012.

The Company sold 3,250,000 common shares at a price of $1.07 for total proceeds of $3,477,500.  The majority of the financing was taken by large existing shareholders such as Haywood Securities Inc. Chairman John Tognetti, Apogee Global Advisors, Inc. and Equity Management Associates as well as two individual investors.  The Company has paid cash finder’s fees in connection with a portion of the Offering equal to 4% of the gross proceeds of that portion of the Offering.  All securities issued in the Offering have a hold period in Canada of four months from the closing of the Offering.  All common shares issued in the United States are subject to resale restrictions under U.S. federal and state securities laws.

The net proceeds from the Offering are intended for use to complete the Phase I feasibility study and rapidly advance the high-grade exploration on its North Bullfrog project.  The North Bullfrog project is currently evaluating a new high-grade gold and silver discovery at its Yellow Jacket target as well as a two stage, fast track development opportunity with a low initial capex.  The February 2012 Preliminary Economic Assessment of the North Bullfrog project indicates the potential for an attractive new Nevada mining operation with excellent infrastructure and in one of the best mining jurisdictions in the world.

The securities issued in the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

Contact Information:
Ryan Ko
Investor Relations
Email: info@corvusgold.com
Phone: 1-888-770-7488 (toll free) or (604) 638-3246 / Fax: (604) 408-7499

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 proposed use of the proceeds of the Offering and 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.

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