Corvus Gold PEA Outlines Two Stage Development and Near Term Production Strategy for North Bullfrog Gold Project, Nevada

   Corvus Gold PEA Outlines Two Stage Development and Near Term Production
               Strategy for North Bullfrog Gold Project, Nevada

PR Newswire

VANCOUVER, Dec. 6, 2012

Highlights Include: Potential Near Term Production, Increased Recovered Gold
and Annual Production, Base Case IRR of 26%

VANCOUVER, Dec.  6, 2012  /PRNewswire/ -  Corvus Gold  Inc. ("Corvus"  or  the 
"Company") - (TSX: KOR, OTCQX: CORVF) is pleased to announce the results of an
independently prepared Preliminary Economic  Assessment ("PEA") for the  North 
Bullfrog Project, Nevada. The two phased PEA development plan is based on  the 
Company's updated  resource estimate  and does  not include  any of  the  2012 
drilling outside of the Mayflower deposit infill drilling.

The study produced a robust positive  economic analysis for a conceptual,  low 
capex, heap leach  project that  generates average annual  gold production  of 
74,800 ounces over 10 years (Figure 1), at a life of mine ("LOM") strip  ratio 
of 0.48 to 1 (overburden to  process feed), indicating a pre-tax,  pre-royalty 
NPV(5%) of $166M, and an IRR of 26% at $1,479 per ounce gold price (Table  1). 
All dollar figures are in US$.

The PEA also shows the project has a considerable leverage to gold price, with
a pre-tax, pre-royalty NPV(5%) of $345 M and an IRR of 43% at $1,800 per ounce
gold price  (Table 2).

North Bullfrog Project Highlights:

  *Two (2) phase project development with initial mining on patented mining
    claims to create potential for initial production in late 2014, two years
    early.
  *Large in-pit resource of 1.0 M ounces contained and 765,000 ounces
    recoverable gold.
  *High gold recovery with low cost heap leach system averaging 75% gold
    recovery over life of project.
  *Average annual production of 74,800 ounces of gold at total cash cost of
    $816/ounce.
  *Low entry cost gold project with initial capex for both phases at $95M
    (phase I at $60M) inclusive of contingency and pre-production/indirect
    costs, phase II development drilling, engineering and permitting, added
    crushing plant and infrastructure upgrades.
  *New PEA does not include 2012 exploration results which indicate
    significant expansion potential:

       *high-grade Yellow Jacket results (4.3m of 20.0 g/t gold & 1,519 g/t
         silver)
       *bulk tonnage step out drilling (52m of 0.8 g/t gold)
       *the potential of byproduct silver impacting the project economics -
         silver recovery unaccounted for in PEA

  *Favourable low strip ratio of 0.48.
  *Potential fast track development project that is within the scope of a
    junior producer having strong leverage to gold with NPV(5%) $345M, 43% IRR
    & 3.2 year payback at $1,800 gold.
  *Favourable permitting environment with recent examples of timely
    approvals.
  *Excellent infrastructure for mine development, highway and grid power a
    few kilometres from deposit and an existing, skilled mining workforce in
    the nearby communities.
  *Recently expanded land package to 68 km² to cover potential gold system
    extension and to address potential future mining operation.

Jeffrey Pontius,  CEO  of Corvus,  stated:  "These initial  results  are  very 
impressive and reinforce  the potential  for creating a  new near-term  Nevada 
gold producer.  The  low cost  project,  linked  with a  low  initial  capex, 
attractive  start-up  phase,  a  favourable  permitting  environment,  and  an 
excellent infrastructure and labour  force, significantly de-risk this  highly 
prospective project. With  recent successes  in our step  out and  high-grade 
drilling programs we see this initial positive PEA as a critical first step in
developing what we believe will be one of Nevada's next gold mines."

PEA Description

The PEA  assumes a  2 Phase  development of  a conventional  drill and  blast, 
surface mine  using  haul  trucks  and  front  end  loaders,  and  heap  leach 
processing  of  the  mineralized  material.  Mineralized  material  would   be 
delivered to a crushing plant, where it would be crushed to 80% passing  minus 
19 mm (¾ inch), then  transported and stacked on  heap leach pads, using  both 
truck loading and a conveyor/stacker. Leach solution would be used to dissolve
the gold  and would  be processed  through a  standard carbon-in-column  leach 
plant, with a gold doré produced in an on-site refinery. Physical data for the
mine operation are summarized in Table 3.

The PEA utilized preliminary estimates of heap leach recovery based on  bottle 
roll  testing  and  preliminary  column   leach  testing  data  from   ongoing 
metallurgical tests  on composite  samples constructed  from Mayflower,  Jolly 
Jane, Savage  Valley and  Sierra Blanca  2012 PQ  core drilling.  The  process 
recovery assumptions indicated an average recovery of 75% of fire assay grade.

The Company cautions that the  PEA is preliminary in  nature, and is based  on 
technical and economic  assumptions which  will be further  evaluated in  more 
advanced studies. The PEA is based on the North Bullfrog resource model (as at
October, 2012) which consists of material  in both the indicated and  inferred 
classifications. Inferred  mineral resources  are considered  too  speculative 
geologically to have the  economic considerations applied  to them that  would 
enable them  to be  categorized  as mineral  reserves.  The current  basis  of 
project information  is not  sufficient to  convert the  mineral resources  to 
mineral reserves, and mineral resources that  are not mineral reserves do  not 
have demonstrated economic viability. Accordingly,  there can be no  certainty 
that the results estimated in this PEA  will be realized. The PEA results  are 
only intended  as  an initial,  first-pass  review of  the  potential  project 
economics based on preliminary information.

The Company  will file  an  updated NI  43-101  technical report,  which  will 
include the results of the  PEA, (the "Report") on  SEDAR within 45 days,  and 
investors are urged to review the Report in its entirety.

Estimated initial  capital costs  are listed  in Table  4, which  include  the 
initial capital for Phase 1 of the  project on patented claims, and the  start 
up capital for Phase 2  mining on Federal land. The  Phase 2 start up  capital 
considers the contribution of cash flow from the first 2 years of the Phase  1 
operation. Phase 1 capital includes $12 M for feasibility resource  definition 
and engineering and both infrastructure and mobile equipment that are utilized
for the project LOM. Life of mine sustaining capital is estimated to be $128.3
M.

                                   Table 1
               North Bullfrog Project - Heap Leach PEA Summary
 (values in 2012 USD based on $1,300 Whittle shell, mining recoverable in-pit
                               resources above
                  0.1 g/t (0.003 oz/ton) gold cut off grade)

              Parameter                             Summary Data
     In-pit resource - Indicated       20.8 Mt at 0.31 g/t for 209,250 Au Oz.
     In-pit resource - Inferred       114.9 Mt at 0.22 g/t for 804,570 Au Oz.
NPV(5%) ; IRR at USD 1,479 per Au Oz             USD 166.2M; 26.4%
                                        1 to 0.48 (mined mineral resource to
         Overall Strip Ratio                        overburden)
   Average Annual Gold Production                 74,800k Oz/year
        Average Gold Recovery                           75%
      Average Total Mining Rate                    55 k tonne/day
 Average Mineralized Material Mining
                Rate                               37 k tonne/day

                                   Table 2
      Base Case Gold Price Sensitivity Analysis - North Bullfrog Project
                      (all values in constant 2012 US$)

Gold Price ($/Oz) NPV[5%] ($M) NPV[7.5%] ($M) IRR (%) Payback (yrs)
      $1300           $62            $38        13.0%       7.1
      $1400           $119           $87        19.7%       6.3
      $1479           $166          $130        26.4%       5.2
      $1600           $232          $186        31.7%       4.3
      $1700           $288          $235        37.3%       3.6
      $1800           $345          $284        42.7%       3.2



                                   Table 3
          PEA Key Physical Data - North Bullfrog Heap Leach Project

    Key Physical Data              Units          Value
   Process Feed Mined            M tonnes         135.7
    Overburden Mined             M tonnes         64.6
  Total Material Mined           M tonnes         200.3
        Mine Life                  Years           10
     Contained Gold                M Oz           1.01
     Recovered Gold                M Oz           0.76
   Average Strip Ratio    Overburden/Process Feed 0.48
   Average Gold Grade               g/t           0.233
  Average Gold Recovery              %             75
Annual Process Feed Mined       M tonnes/yr       13.6
  Annual Gold Produced            K Oz/yr         74.8



                                   Table 4
       PEA Initial Capital Estimate- North Bullfrog Heap Leach Project

     Capital Area       Estimated Capital Cost (USD $M)
Phase 1 Initial Capital             $59.8 M
   Phase 2 Start up                 $35.4 M
  Sustaining Capital               $128.3 M
                       
        Total*                     $223.5 M

*adjusted for year 1 and year 2 cash contribution at base case gold price

Operating costs  included  in the  PEA  were  based on  mining,  processing  , 
administration and reclamation  , and are  listed in Table  5, where they  are 
normalized to  process  tonnage and  recovered  gold ounces.  Total  LOM  cash 
operating costs are  projected to  be $8 16  / o  z and LOM  capital cost  was 
estimated to be an additional $314 /oz .

                                   Table 5
              Operating Costs- North Bullfrog Heap Leach Project

        Cost         Cost per Process tonne Cost/Recovered Gold Oz ($/Oz)
                           ($/tonne)
       Mining                $2.17                      $384
     Processing              $1.72                      $305
   Administration            $0.59                      $ 106
    Reclamation              $0.12                       $21
Total Operating Cost         $4.60                      $816

This initial stage PEA includes additional geologic data produced in the  2012 
drilling program at the Mayflower resource,  which began in July, 2012.  Other 
resource drilling  data  from  the  Jolly Jane  and  Sierra  Blanca  resources 
indicated potential  to expand  the  current resource  estimate, but  were  at 
spacings greater  than required  for  the inclusion  of material  in  inferred 
resources. Refined  estimates  of bulk  density  were developed  for  all  the 
resources and were used in the October 2012 update.

Cash Flow Model Inputs and Assumptions

Resources - The analysis included both indicated and inferred resources in the
mining and economic study.  Indicated resources make  up approximately 21%  of 
the gold ounces in the production plan.

Project Phases - The analysis in the PEA is based on two phases, being a Phase
1 project  which would  produce  minerals from  the  portions of  the  deposit 
located on the  patented claims that  contain a portion  of the Mayflower  and 
Jolly Jane resources, and a Phase 2 project that would produces minerals  from 
the portion of the deposit located on Federal claims. Construction of Phase 1
begins in year -1, with 2 years of production at the 7,700 tonnes per day rate
before the beginning of Phase 2. Phase  2 construction is assumed to begin  in 
year 2, with  production beginning  in year  3 at  an average  rate of  42,200 
tonnes per day of mineralized  material. Separate mine facilities and  process 
facilities have been assumed at each location.

Mining Method - A standard  surface mine using a  drill, blast, load and  haul 
mining plan was used for the study,  assuming a 50 degree pit slope. The  mine 
volume was defined by Lerchs-Grossman  optimization methods and the  resulting 
surfaces at  $1,300/ounce  gold price  were  used to  schedule  production.  A 
cut-off grade of 0.1 g/t gold  was used for selection of mineralized  material 
to be sent to  the processing facility. Detail  design has been performed  for 
the Phase 1  Mayflower resource.  The assumed  averge mining  rate was  37,200 
tonnes of mineralized material per day.

Processing Method - A heap leach  design was developed for the Mayflower  site 
operated at a placement rate of 7,700 tonnes of mineralized material per  day, 
with all material  assumed to be  crushed to 80%  - 19 mm  (-3/4 inch).  Truck 
placement  of  the  Mayflower  mineralized  material  was  assumed  after  the 
crushing. The Phase  2 heap leach  pad was  assumed to operate  at an  average 
placement rate of  48,300 tonnes/day,  with all  mineralized material  assumed 
crushed to 80%  passing -19 mm  (-3/4 inch), and  placed on the  leach pad  by 
conveyor/stacker. Separate CIC  process plants  were assumed at  the Phase  1 
Mayflower and Phase 2 leach pad sites.

Gold  Recovery  Model  -  Process  recoveries  were  estimated  based  on  the 
preliminary results  of bottle  roll  and column  leach testing  of  composite 
samples created from the 2012 PQ metallurgical drilling program. A total of 23
sample composites from  the 3 current  resource areas have  been created  from 
2012 PQ core and used  to create duplicate column  tests at a nominal  crushed 
size of 80% -19 mm (-3/4 inch). The LOM average recovery was assumed to be 75%
of fire assay results.

Operating and Capital Cost Estimates - Preliminary capital and operating costs
were developed  using  information  available from  other  Nevada  heap  leach 
operations, a  commercially available  mining and  development cost  database, 
plus all available  project technical data  and metallurgical/process  related 
test work.  Feasibility  design  work,  currently underway  for  the  Phase  1 
project, has  been  used to  refine  the capital  cost  estimate.  Preliminary 
configurations of Phase  2 site infrastructure  alternatives (heap leach  pad, 
overburden storage facility, roads, shops,  offices etc.) have been  evaluated 
and an arrangement was defined as the basis of capital cost estimates. Capital
costs were  developed  based on  a  nominal mining  rate  of 7,700  tonnes  of 
mineralized material per day for the  Phase 1 Mayflower operation, and  42,200 
tonnes per  day of  mineralized  material for  the  Phase 2  operation.  Total 
processed material would be 136 M tonnes. Major fixed equipment and all mobile
equipment was assumed to be financed over the first 6 years of life. All costs
are in constant USD from Q4 2012.  No escalation was applied in the  financial 
model.

Taxes and  Royalties -  Taxes  and royalty  charges  were excluded  from  this 
preliminary analysis of  the project.  Net smelter return  royalty rates  vary 
from 0-4% across the project and average approximately 0.7%, assuming exercise
by the Company of partial royalty buy-out rights.

Revenue - Revenue was determined in  the base case financial model assuming  a 
$1,600 per gold ounce for the first 3 years of production, then dropping to  a 
constant gold  price of  $1,450 per  ounce. All  sensitivities to  gold  price 
assumptions were assessed using a constant price, except for the base case.

October 2012 Resource Update

Giroux Consulting  Ltd., of  Vancouver  BC, has  produced an  updated  mineral 
resource estimate (effective as  at October, 2012),  based on resource  infill 
drilling at the  Mayflower resource during  2012 and the  increased amount  of 
bulk density data at the Jolly Jane and Sierra Blanca resources. This resource
estimate has been used as the basis for  the PEA, and will be included in  the 
Report. The current  mineral resources, based  on a cut-off  grade of 0.1  g/t 
gold ("COG"),  are  listed in  Tables  6 and  7,  for indicated  and  inferred 
classifications, respectively.

                                   Table 6
                  2012 NBP Oxidized Resources at 0.1 g/t COG

   Resource     Tonnes>0.1 g/t Au Grade (g/t) Ag Grade (g/t) Au Ozs  Ag Ozs
   Mayflower      12,650,000       0.330          0.310      133,810 126,100
  Jolly Jane      14,400,000       0.244          0.450      113,000 208,000
Total Indicated   27,050,000       0.284          0.384      246,810 344,100

                                   Table 7
                  2012 NBP Oxidized Resources at 0.1 g/t COG

   Resource    Tonnes>0.1  Au Grade Ag Grade (g/t)  Au Ozs    Ag Ozs
                   g/t      (g/t)
  Mayflower     3,280,000   0.140       0.250       14,870    26,360
  Jolly Jane   31,650,000   0.198       0.390       201,000   397,000
Sierra Blanca  198,460,000  0.182       0.860      1,161,000 5,487,000
  Connection    1,080,000   0.320         -         11,000       -
Total Inferred 234,470,000  0.184       0.784      1,387,870 5,910,360

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately
68 km²  in southern  Nevada just  north  of the  historic Bullfrog  gold  mine 
formerly operated by Barrick Gold Corp. The property package, shown in Figure
2, is made up of a number of private mineral leases of 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 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 NI  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.

Dr. Roger Steininger, PhD, CPG, an independent consulting geologist, has acted
as the Qualified Person, as defined in  NI 43-101, for the description of  the 
general site  information,  the  mineral exploration,  and  the  site  geology 
portions of the Report. He has 40+ years' experience and has been involved  in 
mineral exploration, mine  site geology and  operations, mineral resource  and 
reserve estimations and feasibility studies  on numerous underground and  open 
pit base metal and gold deposits in Canada, the United States, and Mexico.  He 
is a Certified Professional  Geologist (CPG 7417),  certified by the  American 
Institute of Professional  Geologists. Dr.  Steininger is  independent of  the 
Company under NI 43-101.

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.

Mr. William J. Pennstrom, Jr., a consulting process engineer and President  of 
Pennstrom Consulting Inc., has acted as the Qualified Person, as defined by NI
43-101, for evaluation of the metallurgical testing data, process  evaluation, 
operating cost estimation and process capital cost estimation portions of  the 
Report. He  has over  30 years  of experience  in mineral  process design  and 
operation, and has  been an independent  process and metallurgical  consultant 
for the mining industry for the last  eleven years. He is a Registered  Member 
of the Society of Mining, Metallurgy  and Exploration (SME Member #  2503900). 
Mr. Pennstrom  and  Pennstrom Consulting  Inc.  are both  independent  of  the 
Company under NI 43-101.

Mr. Scott  E. Wilson,  CPG, President  of Metal  Mining Consultants,  formerly 
Scott E. Wilson  Consulting Inc.,  is a consulting  geologist specializing  in 
surface mine  design, optimization  and analysis,  production scheduling,  due 
diligence evaluations and Mineral Resource and Reserve reporting. He is acting
as Qualified Person, as defined in NI 43-101, for the evaluation of the mining
design, production  schedule,  operating  costs, project  capital  costs,  and 
financial evaluation portions  of the  Report. Mr.  Wilson has  over 23  years 
experience in surface mining and is a Registered Member of Society of  Mining, 
Metallurgy and  Exploration.  Mr.  Wilson and  Metal  Mining  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 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. McClelland  Laboratories Inc. prepared  composites 
from duplicated RC sample splits collected during drilling. Bulk samples  were 
sealed on site and delivered to McClelland Laboratories Inc. by ALS Chemex  or 
Corvus personnel. All metallurgical testing  incorporated into the Report  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 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

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 and the  timing 
thereof, the discovery and delineation of mineral deposits/resources/reserves,
the potential for the identification  of multiple deposits at North  Bullfrog, 
the potential for a low capex and/or  opex heap leach mine operation at  North 
Bullfrog, the potential for there to be  a low strip ratio in connection  with 
any mine at  North Bullfrog, the  potential for the  existence or location  of 
additional high-grade veins,  the proposed completion  of a feasibility  study 
for either Phase  1 or  Phase 2  or both of  the North  Bullfrog project,  the 
potential for a production decision to be made, the potential commencement  of 
any development of a mine at  North Bullfrog following a production  decision, 
the potential for any  mining or production at  North Bullfrog, 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, significant increases in the cost of labour, materials,  equipment 
and supplies required to develop and  operate any mine at North Bullfrog,  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 Annual  Information 
Form and  interim  Management  Discussion  and  Analysis  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.

Image with caption: "Figure 1. Projected PEA production profile for the two
phase North Bullfrog project (CNW Group/Corvus Gold Inc.)". Image available
at:
http://photos.newswire.ca/images/download/20121206_C6780_PHOTO_EN_21632.jpg

Image with caption: "Figure 2: Corvus land position at North Bullfrog with
resource areas shown. (CNW Group/Corvus Gold Inc.)". Image available at:
http://photos.newswire.ca/images/download/20121206_C6780_PHOTO_EN_21631.jpg

Contact:

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