Corvus Gold Signs LOI to Sell Participating JV Interest while Retaining Production Royalty at Terra Project, Alaska

   Corvus Gold Signs LOI to Sell Participating JV Interest while Retaining
                 Production Royalty at Terra Project, Alaska

PR Newswire

VANCOUVER, Feb. 20, 2013

Corvus to Receive $6M Cash and 750,000 WestMountain Shares

TSX: KOR OTCQX: CORVF

VANCOUVER, Feb. 20,  2013 /PRNewswire/  - Corvus  Gold Inc.  ("Corvus" or  the 
"Company") - (TSX: KOR, OTCQX:  CORVF) announces that its Alaskan  subsidiary, 
Raven Gold Alaska Inc.  ("Raven"), has signed a  non-binding Letter Of  Intent 
("LOI") to sell all of its  joint venture participating interest in the  Terra 
Project in  Alaska to  its current  joint venture  partner, Terra  Gold  Corp. 
("Terra Gold")  (a  subsidiary of  WestMountain  Gold Inc.),  while  retaining 
precious and base metal  NSR royalties, for  consideration consisting of  cash 
and shares. Proceeds from the  sale are intended to  be used for the  ongoing 
development of the Company's North Bullfrog project in Nevada. The Company is
preserving its downstream value  potential on the  Terra Project with  Raven's 
retained royalty and share position in WestMountain.

Jeff Pontius, Corvus' CEO, stated:  "Corvus believes the proposed  transaction 
with our partner WestMountain  is a true win-win  deal, where Corvus uses  the 
monetization of its non-core asset to  advance its Nevada production plan  and 
WestMountain can  gain greater  flexibility in  the development  of the  Terra 
asset. This  proposed deal  not  only provides  2013 development  capital  to 
Corvus for the North Bullfrog  project, but also reduces shareholder  dilution 
and  provides  long-term  upside  leverage  with  a  well  structured  royalty 
positions on both precious and base metals. Corvus remains focused on its core
strategy of  becoming  a  near-term  Nevada  gold  producer  and  aggressively 
exploring its significant new high-grade gold and silver discovery on its 100%
owned North Bullfrog in Nevada."

Letter of Intent Executed

Raven and Terra Gold executed the LOI on February 18, 2013. The key proposed
terms for the sale by Raven of all of its participating interest in the Terra
Project to Terra Gold are as follows:

  *$50,000 deposit paid by Terra Gold at signing of LOI
  *Closing deadline of April 15^th 2013, with an initial payment of USD 3.0
    million due at closing and USD 2.0 million due 90 days following (on July
    15, 2013), with a final USD 1.0 million payment due on the first
    anniversary of the closing (April 15, 2014). The last two payments are
    secured by a first mortgage on the Terra project.
  *750,000 shares of WestMountain stock are to be issued to Raven at
    closing. Raven will agree to hold such stock for 24 months following
    closing.
  *Raven's retained royalty will be amended to be a sliding scale NSR royalty
    of 0.5% to 3% on precious metals (3% above a USD 1,500 gold price) and a
    flat 2% NSR royalty on all base metals.
  *Terra Gold will also pay USD 150,000 and deliver 250,000 WestMountain
    shares to International Tower Hill Mines Ltd., as required by the present
    joint venture agreement in order for Terra Gold to vest its maximum
    interest.
  *At closing, Terra Gold will pay Raven the value of Raven's 3% NSR royalty
    on the 2012 gold and silver production from Terra.

Completion of the transaction is subject to completion of final  negotiations, 
settlement and execution of formal documentation, completion by Terra Gold  of 
due diligence  (and a  satisfactory  result thereof)  by  April 5,  2013,  and 
receipt of any necessary  regulatory approvals/acceptances required on  behalf 
of WestMountain.

About the Terra Project

At present, Terra  Gold has  the right  to earn a  51% interest  in the  Terra 
Project from Raven by spending  a total of USD  6.0M over a three-year  period 
(ending December 31,  2013). After  earning its initial  51% interest,  Terra 
Gold has the option to  increase its ownership to  80% with an additional  USD 
3.05M investment  in the  4^th year  of the  agreement, thereby  bringing  the 
required capital investment  total to  USD 9.05M. Terra  Gold's minimum  2013 
work commitment to  complete its  required USD  6.0M investment  is USD  2.5M. 
Raven is also  currently entitled  to an  NSR of between  0.5% and  5% on  all 
precious metal production and a 1% NSR royalty on all base metal production.

About Corvus Gold Inc.

Corvus Gold Inc. is a North American focused gold exploration and  development 
company with projects in  Nevada, Alaska and  Quebec. The Company's  projects 
represent a spectrum of early-stage to advanced gold opportunities. Corvus is
committed to  building  shareholder value  through  a rapidly  advancing  gold 
project in Nevada and new growth discoveries on its other assets. The Company
looks to advance  its earlier and  more risky discoveries  via partner  funded 
exploration  work  into   carried  and/or  royalty   interests  that   provide 
shareholders with  exposure to  low financial  risk on  future potential  gold 
production.

On behalf of
Corvus Gold Inc.

(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chairman and 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  potential identification by  the Company of  mineral 
deposits, resources or reserves on its  properties, completion of the sale  by 
Raven to Terra  Gold of Raven's  current participating interest  in the  Terra 
Project, the proposed use of the proceeds anticipated to be received by  Raven 
in connection with such transaction, the potential for the development of  any 
mining operation at Terra or North  Bullfrog, the potential for any mining  or 
production at  North Bullfrog  or  Terra, the  potential  for the  Company  to 
receive any payment on account of its  retained royalty at Terra or to  secure 
or receive any other  royalties in the future,  the possibility that  business 
activities by the Company will result  in its shareholders having exposure  to 
low financial risk on future potential gold production, 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. In addition, information with
respect to any proposed  activities of Terra  Gold./WestMountain on the  Terra 
property has  been  provided by  Terra  Gold/WestMountain, who  is,  and  will 
continue to be  following the sale  of Raven's participating  interest in  the 
Terra Project to Terra Gold,  the operator of the  Terra Project and, as  such 
activities are not  within the control  of the Company,  the Company takes  no 
responsibility  for  the   accuracy  of   such  statements.   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  or  Terra 
Gold/WestMountain 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,  the failure of  the parties  to agree on,  settle or  execute 
formal documentation with respect  to the sale by  Raven of its  participating 
interest in the  Terra Project, the  inability of WestMountain  to secure  all 
required  regulatory   acceptances/approvals   required   for   the   purchase 
transaction, the  inability  of Terra  Gold/WestMountain  to raise  the  funds 
required to complete the proposed purchase of Raven's participating  interest, 
variations in the market  price of any mineral  products the Company or  Terra 
Gold/WestMountain may produce or plan to produce, the inability of the Company
or Terra  Gold/WestMountain  to  obtain any  necessary  permits,  consents  or 
authorizations required  for its  or their  activities, the  inability of  the 
Company or Terra Gold/WestMountain to  produce minerals from their  properties 
successfully or profitably,  to continue  its projected growth,  to raise  the 
necessary capital or to be fully  able to implement their respective  business 
strategies, and  other  risks and  uncertainties  disclosed in  the  Company's 
latest Annual Information  Form 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 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:

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