News

Corvus Gold Hits Yellow Jacket Higher Grade Feeder Zone, North Bullfrog Project, Nevada

March 22, 2012

Yellow Jacket Diamond Drilling Highlights

• 11.4 metres @ 4.0 g/t Gold
• 13.5 metres @ 2.2 g/t Gold

March 22, 2012 - Vancouver, B.C., Corvus Gold Inc. (“Corvus” or the “Company”) - (TSX: KOR, OTCQX: CORVF) announces the initial results from select intervals in the first 3 holes of its phase I Feeder Zone exploration program at the Company’s 100% controlled North Bullfrog Project near Beatty, Nevada (Table 1).  These initial higher grade intervals are from holes about 400 metres to the northeast of the proposed Sierra Blanca pit and resource (as outlined in the just-released preliminary economic assessment (“PEA”) (NR12-07, February 28, 2012)) along 320 metres of strike and suggest continuity along the north-south trending zone, open in all directions (Figure 1). The Yellow Jacket target is one of several targets in the North Bullfrog District that the Company will be exploring in 2012 and is closely related to the existing resource incorporated in the PEA. The Company will follow-up on the encouraging results from step out holes to the west of Sierra Blanca (NR12-06, February 13, 2012), step out holes to the north of Jolly Jane (NR12-08, February 29, 2012) and these encouraging initial results from Yellow Jacket with a phase II program following the completion of its ongoing large diameter core phase. The phase II program will look to improve confidence and increase the current resource size with a mix of exploration and infill drilling.

Jeff Pontius, Corvus CEO, stated:Â “The discovery of the Yellow Jacket feeder zone is very significant for the North Bullfrog project and Corvus in general as it adds an entire new dimension to the deposit and its potential going forward. Â We are excited about aggressively pursuing both the potential for a near-term mining operation and the expansion of this new and exciting discovery.”

Table 1
Initial Significant Yellow Jacket Diamond Drill Results*

*Intercepts calculated using 0.1g/t cutoff with a maximum of 3 metres of internal dilution.  Reported drill intercepts are not true widths. At this time, there is insufficient data with respect to the shape of the mineralization to calculate its true orientation in space.

Figure 1: Yellow Jacket Ridge and the location of new holes testing the higher grade mineralization. Â Topographic contour interval is 2 metres.

Yellow Jacket High-Grade System Analysis

The Yellow Jacket target is in the northern part of the district and is currently outside pit perimeters utilized in the PEA.  The phase I diamond drilling program included three holes producing oriented core to evaluate the geometry and continuity of the mineralization. The mineralization is related to the north-south trending Yellow Jacket and Liberator fault zone. The new core holes indicate that the higher-grade mineralization is closely related to the intersection of the fault zone and favourable relatively iron-rich lithologies in the dacitic sequence overlying the Crater Flat tuff.  The recognition of this combination of structural and stratigraphic control has important implications for other areas on the property where the dacitic rocks are found.  Additional targets at Savage Valley and Jolly Jane are being evaluated at this time using that concept.

In addition to its ongoing drilling program Corvus, following the completion of its recent PEA, is assessing the potential for a two stage, fast track development project at North Bullfrog with the results expected in May.

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately 43 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold. The property package is made up of a number of leased patented federal mining claims and 461 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor. The Company and its independent consultants completed a robust positive PEA on the existing resource in February 2012.

The Company cautions that the North Bullfrog PEA is preliminary in nature, and is based on technical and economic assumptions which will be evaluated in more advanced studies. Â The PEA is based on the North Bullfrog in-situ resource model (November, 2011) which consists of material in both the indicated and inferred classifications. Â Inferred mineral resources are considered too speculative geologically to have technical and economic considerations applied to them. Â The current basis of project information is not sufficient to convert the in-situ mineral resources to mineral reserves, and mineral resources that are not mineral reserves do not have demonstrated economic viability. Â Accordingly, there can be no certainty that the results estimated in the PEA will be realized. Â The PEA results are only intended as an initial, first-pass review of the potential project economics based on preliminary information.

The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an NI 43-101 estimated Indicated Resource of 15 Mt at an average grade of 0.37 g/t gold for 182,577 ounces of gold and an estimated 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/.Â

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. Â On-site personnel at the project log and track all samples prior to sealing and shipping. Â Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment. Â 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. Â ALS Chemex’s quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Â Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Â Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control. Â McClelland Laboratories Inc. prepared composites from duplicated RC sample splits collected during drilling. Â Bulk samples were sealed on site and delivered to McClelland Laboratories Inc. by ALS Chemex or Corvus personnel. All metallurgical testing reported here was conducted or managed by McClelland Laboratories Inc.

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

Contact Information:Â Â 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 anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for the identification of a higher grade zone or zones at North Bullfrog, the potential for any mining or production at North Bullfrog, the potential for the identification of multiple deposits at North Bullfrog, the potential for the existence or location of additional high-grade veins, the potential for additional resources to be located between certain of the existing deposits, 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, 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.