Corvus Gold Continues to Expand Yellow Jacket High-Grade Gold-Silver Vein System, North Bullfrog, Nevada

  Corvus Gold Continues to Expand Yellow Jacket High-Grade Gold-Silver Vein
                        System, North Bullfrog, Nevada

PR Newswire

VANCOUVER, Jan. 22, 2013

Highlights in NB-12-184: 58.0 metres of 1.7 g/t gold with 33 g/t silver,
                         including:
                         3.8 metres of 4.1 g/t gold with 151 g/t silver,
                         4.4 metres of 6.9 g/t gold with 50 g/t silver, and
                         4.1 metres of 4.3 g/t gold with 25 g/t silver
                          

TSX: KOR  OTCQX: CORVF

 

VANCOUVER, Jan. 22,  2013 /PRNewswire/  - Corvus  Gold Inc.  ("Corvus" or  the 
"Company") - (TSX:  KOR, OTCQX: CORVF)  announces the latest  assays from  the 
final drill holes of  the Phase II,  2012 Yellow Jacket  drill program at  the 
North Bullfrog Project,  Nevada. The four  hole program has  now extended  and 
further delineated the  trend of  the bonanza grade  feeder system  identified 
earlier in 2012. Best result to date was NB-12-138 which returned 72.4  metres 
@ 1.74 g/t gold and 98.7 g/t silver  including 4.3 metres @ 20.0 g/t gold  and 
1,519 g/t silver (Table 1).

The Yellow Jacket  high-grade target  area is  located directly  north of  the 
currently delineated  Sierra Blanca  deposit. Results  to date  have not  been 
incorporated in  the current  North Bullfrog  estimated resource  and  updated 
preliminary economic assessment.   Subsequent drilling is  expected to add  to 
the overall gold  resource at North  Bullfrog, and a  global resource  update, 
incorporating the Yellow Jacket target results, is planned for late 2013.

The most recent result, Hole NB-12-184,  intersected 58 metres @ 1.7 g/t  gold 
and 33 g/t silver including 3.8 metres @ 4.1 g/t gold and 151 g/t silver,  4.4 
metres @ 6.9 g/t gold and 50.4 g/t silver and 4.1 metres @ 4.3 g/t gold and 25
g/t silver (Table 1).

The Yellow Jacket high-grade, fault controlled, gold and silver mineralization
has been encountered  over a  strike length  of approximately  700 metres  and 
remains open on strike and at depth.  3D IP imaging has now linked the  Yellow 
Jacket discovery  to a  large master  fault system  which extends  for over  2 
kilometres in  length  and could  have  significant potential  for  additional 
high-grade  mineralization.  In  addition,  recent  detailed  mapping,   which 
utilized the  new geophysical  data, has  now highlighted  a number  of  other 
structural zones with similar  signatures to the  Yellow Jacket discovery  and 
possible high-grade  potential. Aggressive  follow-up drilling  of the  Yellow 
Jacket system and several other targets is expected to commence early 2013.

The most recent program, which commenced in October 2012, hit significant vein
mineralization with  broad zones  of gold  and silver  mineralization  hosting 
within it bonanza grade ore  shoots which remain open  on strike and at  depth 
(Table 1). All vein intersections to date are within 150 metres of the surface
(representing potential open pit mining depths) with quartz veins widening  at 
depth (Figure 2), and none  of these have been  included in the current  North 
Area estimated resource.  The silver to gold ratio of mineralization in  these 
veins is distinctly higher than  the overall North Bullfrog resource  estimate 
and could represent a major new  silver discovery in the district which  could 
significantly benefit the overall project.   The Yellow Jacket target area  is 
emerging as  a significant  new high-grade  zone adjacent  to the  North  Area 
deposit which could have a major impact  on mining economics as a starter  pit 
zone within  the  overall deposit,  operating  at  a much  higher  grade  with 
significant silver credits.

Jeff Pontius, Corvus CEO, stated: "The near surface, high-grade Yellow  Jacket 
zone not only offers an immediate positive impact on the North Area mine  plan 
as a potential higher value starter phase, but also potential to evolve into a
major new high-grade  deposit in its  own right.  We  believe the  exploration 
potential for expanding the Yellow Jacket system and discovering new yet to be
tested systems is  high with  our new understanding  of the  District.  We  at 
Corvus are very  excited as we  kick off our  aggressive 2013 exploration  and 
mine development program which will focus on expanding the high-grade and heap
leach potential of  the North  Area as well  as moving  our Mayflower  project 
through permitting and into planned development."

Evolution of the Yellow Jacket Vein System Discovery

The Yellow Jacket  vein system represents  a completely blind  discovery of  a 
large, previously unrecognized, high-grade gold and silver system in the North
Bullfrog District (Figure 1). Prior drilling in this area was focussed to  the 
east in  an area  of historic  prospect pits  along the  Liberator and  Yellow 
Jacket Faults, with RC hole NB-10-63  intersecting 10.7 metres @ 7.5 g/t  gold 
and 6.5 g/t silver and core hole NB-12-126 intersecting 11.4 metres @ 4.9  g/t 
gold and 7.0 g/t silver.  Core hole  NB-12-127 (7.7 metres @ 2.4 g/t gold  and 
11.31 g/t silver) was designed to follow up on an interesting intersection  in 
RC hole NB-11-91 (9.1 metres  @ 2.07 g/t gold and  2.32 g/t silver) which  was 
the first time quartz vein related mineralization was encountered.

These results were used to target the  hotter boiling zone part of the  quartz 
vein system which lead to the Yellow Jacket discovery in hole NB-12-138  (72.4 
metres @ 1.74 g/t gold and 98.7 g/t silver including 4.3 metres @ 20 g/t  gold 
and 1,519 g/t silver).

In the just  completed 4 hole  program, Hole NB-12-181  targeted the down  dip 
projection of  the  veins  in  NB-12-138.  However,  structural  displacements 
related to a NE-trending fault (now known as the Mai Fault) made it  difficult 
to correlate the geology of the two holes (Figure 1, Table 1). Hole  NB-12-182 
was drilled approximately 50 metres south of NB-12-138/181 with the  objective 
of better  defining  the location  and  nature of  the  NE-trending  structure 
encountered  in  NB-12-181.  This  hole  encountered  stockwork  veining  with 
low-grade gold over significant intervals (Table 1) and succeeded in  defining 
the Mai fault (Figure 1). Delineation of  the Mai Fault allowed the plunge  of 
the intersection  of the  Mai and  Blind  faults to  be calculated  and  holes 
NB-12-183 and NB-12-184 were designed to drill perpendicular to the plunge  of 
that intersection and  successfully hit the  target which appears  to have  an 
expanding vein  system at  depth that  could hold  the real  potential of  the 
system intersected to date (Figure 2).

                                     Table 1
       Significant Intercepts* from Yellow Jacket South Quartz Vein System
                                                                           
                From          To        Interval     Gold      Silver    
 Hole ID      (metres)     (metres)     (metres)     (g/t)     (g/t)      Comments
                                                                          Veined
NB-12-138         59.6        132.0         72.4       1.7       98.7     interval
                                                                          Vein 1
including         89.4         93.7          4.3      20.0     1518.8     complete
                                                                          Vein 1
including         91.7         93.7          2.1      33.0     2870.3     internal
including        107.8        109.9          2.1       5.4      152.5     Vein 2
including        124.1        128.5          4.4       1.8        2.6     Vein 3
NB-12-181         84.0        167.8         83.7       0.2        5.1      
including        108.6        110.4          1.8       1.9        6.0     Vein 1?
including        127.5        131.6          4.1       0.7       50.8     Vein 2?
NB-12-182        126.7        163.0         36.3       0.3        1.9      
including        138.8        163.0         24.1       0.5        2.4      
                                                                          Veined
NB-12-183         69.5        141.1         71.6       1.4       28.9     interval
                                                                          Vein 1
including         91.9        100.8          8.9       5.4      129.2     complete
                                                                          Vein 1
including         99.1        100.8          1.7      12.8      548.9     internal
including        119.5        125.9          6.3       3.5       84.6     Vein 2
including        137.4        138.8          1.4       1.2        2.8     Vein 3
                                                                          Veined
NB-12-184         86.2        144.0         57.8       1.7       32.6     interval
                                                                          Vein 1
including         86.2         96.0          9.8       2.0       71.8     complete
                                                                          Vein 1
including         90.4         94.2          3.8       4.1      151.2     internal
                                                                          Vein 2
including        108.1        137.5         29.3       1.8       34.0     complete
                                                                          Vein 2
including        133.1        137.5          4.4       6.9       50.4     internal
including        139.9        144.0          4.1       4.3       24.6     Vein 3?

*Intercepts are  approximate  true width  and  calculated with  0.2  g/t  gold 
cut-off and up to 0.7 metres of internal waste.

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  Corporation.  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 Mt at an  average grade of 0.37 g/t gold for  182,577 
ounces of  gold and  an 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  Yellow Jacket  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  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. 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.

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

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 
results at  Yellow  Jacket to  increase  the  size of  the  current  estimated 
resource at North Bullfrog,  the timing of any  updated resource estimate  for 
North Bullfrog, the potential for there to be additional zones having the same
characteristics as the Yellow  Jacket high grade zone,  the potential for  the 
high-grade Yellow Jacket  zone to  have an  immediate positive  impact on  the 
North Area mine plan  as a potential high  value starter phase, the  potential 
for the high-grade Yellow  Jacket zone to evolve  into a major new  high-grade 
deposit in its own right,  the potential for the  mining of the Yellow  Jacket 
mineralization through open pit mining methods, the potential for subsequently
discovered mineralization  at  Yellow Jacket  to  continue to  have  a  higher 
gold:silver ratio than the  overall deposit, the potential  for any mining  or 
production at North Bullfrog, the  potential for Yellow Jacket  mineralization 
to significantly benefit the overall North Bullfrog project, the potential for
the Yellow Jacket target area to  represent a significant new high-grade  zone 
adjacent to the North Area deposit which  could have a major impact on  mining 
economics as a starter pit zone within the overall deposit and to operate at a
much higher  grade with  significant  silver credits,  the potential  for  the 
existence or location of additional high-grade veins/mineralization at  Yellow 
Jacket, 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.   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.

SOURCE Corvus Gold Inc.

Image with caption: "Figure 1: Plan of the Yellow Jacket zone showing the
major structures and the drill holes related to the discovery of the
high-grade vein system. (CNW Group/Corvus Gold Inc.)". Image available at:
http://photos.newswire.ca/images/download/20130122_C7603_PHOTO_EN_22798.jpg

Image with caption: "Figure 2: Drill section in the plane of NB-12-183 and
NB-12-184 showing how the geology and assays compare between holes (Table 1).
(CNW Group/Corvus Gold Inc.)". Image available at:
http://photos.newswire.ca/images/download/20130122_C7603_PHOTO_EN_22799.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