Corvus Gold Signs Letter of Intent with City of Beatty, Nevada to Assess Supplying Water to the North Bullfrog Project

   Corvus Gold Signs Letter of Intent with City of Beatty, Nevada to Assess
                Supplying Water to the North Bullfrog Project

PR Newswire

VANCOUVER, Jan. 24, 2013

TSX: KOR  OTCQX: CORVF

VANCOUVER, Jan. 24,  2013 /PRNewswire/  - Corvus  Gold Inc.  ("Corvus" or  the 
"Company") - (TSX:  KOR, OTCQX:  CORVF) announces it  has signed  a Letter  of 
Intent (LOI) with the Beatty Water  and Sanitation District (BWSD) in  Beatty, 
Nevada, to evaluate the potential for the BWSD to be able to supply water  for 
use at the  North Bullfrog  Project. Under  the terms  of the  LOI, BWSD  will 
retain hydrologists  and  engineers  to review  technical  data,  perform  due 
diligence on BWSD's  existing water  rights and  infrastructure, and  estimate 
future water  demand  in order  to  establish  the basis  for  evaluating  the 
Company's water  purchase proposal.  Under this  agreement, the  Company  will 
reimburse BWSD for the cost of this evaluation.

Carl Brechtel,  COO of  Corvus, stated:  "We are  very pleased  to be  working 
together with BWSD to explore  opportunities to develop a mutually  beneficial 
relationship for BWSD to supply water to the Company's North Bullfrog project.
The development of a  water supply arrangement for  the project represents  an 
opportunity to  create  a  long-term  public/private  partnership  which  will 
benefit both the  local community and  the Company. With  a proposed  start-up 
date of late 2014, the Mayflower Mine at the North Bullfrog Project is  poised 
to become Nevada's  next gold mine.  Development of this  mining project  will 
bring much needed  economic activity and  family-wage jobs to  Beatty and  Nye 
County."

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately
68 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 private mineral leases  of patented 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  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.

Carl E. Brechtel,  PE, a qualified  person as defined  by National  Instrument 
43-101, is  responsible  for  planning  and execution  of  the  technical  and 
engineering studies at North Bullfrog, and has approved the disclosure herein.
He has over 30  years of experience  in the mining  industry, is a  registered 
professional engineer  in  the  States  of  Colorado  and  Nevada,  and  is  a 
Registered Member of SME. Mr. Brechtel is not independent of Corvus, as he  is 
the COO 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, a Qualified  Person as defined by  NI 
43-101, 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  a 
production decision  at  North  Bullfrog,  the potential  for  any  mining  or 
production at North  Bullfrog following a  production decision, the  potential 
for the Beatty Water and Sanitation District to be able to supply water to the
North Bullfrog  project, whether  by 2014  or at  all, 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.

Contact:

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