Corvus Gold Refines North Bullfrog Preliminary Economic Assessment to Include Consideration of Tax and Royalty Estimates

Corvus Gold Refines North Bullfrog Preliminary Economic Assessment to Include 
Consideration of Tax and Royalty Estimates 

    --  $1,300 after tax and royalty base case NPV(5%) of $94.6M with
        IRR of 17%
    --  Planned recoverable ounces remain the same at 852,700 gold &
        333,200 silver
    --  Total cash costs remain the same at $778 per ounce of gold


VANCOUVER, Oct. 28, 2013 /CNW/ - Corvus Gold Inc. ("Corvus" or the "Company") 
- (TSX: KOR, OTCQX: CORVF) announces the revision of the independently 
prepared Preliminary Economic Assessment ("PEA") for the North Bullfrog 
Project in Nye County, Nevada to include estimates of taxation and royalties 
on the projected stand alone economic performance. The production plan is 
unchanged and is based on the existing resource estimate as of June 4, 2013. 
The Company is planning to issue an updated resource estimate and revised PEA 
study early in 2014 following completion of the drill program currently 
underway. The updated resource estimate and PEA will include the drill 
results from the 2012 and 2013 North Area and Yellowjacket drilling, both of 
which have returned encouraging results.

The revised PEA study, contained in a technical report dated October 23, 2013, 
continues to produce a positive economic analysis at a $1,300 gold price (base 
case) for a conceptual, low capex, heap leach project that generates average 
annual gold production of 76,500 ounces over 11 years with a NPV(5%) of 
$94.6M, IRR of 17% and 5.7 year payback (all post tax and royalty) (Table 1), 
at a life of mine ("LOM") strip ratio of 0.53 to 1 (overburden to process 
feed) and cash operating costs of $778 per ounce of gold (Table 5). After 
consideration of estimated taxes and royalties, the project remains positive 
down to a gold price of $1,200 and exceptional at the three year trailing gold 
price average of $1,500 (Table 2). All dollars in this news release are US 

North Bullfrog Project PEA Highlights:
    --  Large open pit mining operation with an estimated production of
        1,067,400 ounces of gold (852,700 recoverable ounces) from
        151.8 M tonnes at an average grade of 0.219 g/t Au (at an 0.1
        g/t Au cutoff), of which 23% is from the current indicated
        resource and 77% is from the current inferred resource.
    --  High gold recovery with a low cost heap leach system averaging
        80% gold recovery, life of mine.
    --  Average annual production of 76,500 ozs gold & 30,000 ozs
        silver at total cash cost of $778/oz gold.
    --  Low entry cost gold project with initial capex $101M inclusive
        of $36M of contingency and pre-production/indirect costs, and
        final engineering studies.
    --  Strong leverage to gold with NPV((5%)) $192M, 28.4% IRR & 3.7
        yr payback @ $1,500 gold.
    --  PEA resource does not include 2012-13 step-out exploration
        results which indicate significant expansion and project

    economic enhancement potential:
  o high-grade Yellow Jacket results (4.3m of 20.0 g/t gold & 1,519 g/t 
  o lower grade potential bulk tonnage 400 metre stepout drilling (52m 

    of 0.8 g/t gold)
    --  Favourable low strip ratio of 0.53.
    --  Potential for a fast track development project with strong
        local, regional and Federal support that is within the scope of
        a junior producer.
    --  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 for a larger
        future mining operation.

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 
of June 4, 2013) 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.

Jeffrey Pontius, CEO of Corvus, stated: "The North Bullfrog revised PEA has 
produced a strong potential project, even at recent lower gold prices, and we 
believe it should be further enhanced by our ongoing resource expansion and 
high-grade drilling program. The results of this work continue to reinforce 
the potential for Corvus to emerge as a new Nevada gold producer. The 
in-hand, base case PEA project, linked with recent successes in our "new 
discovery" stepout and high-grade drilling programs, highlights the positive 
potential for Corvus shareholders as we further expand and develop this new 
and exciting Nevada Gold District discovery."

PEA Description

The PEA assumes 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 a conveyor/stacker. Leach 
solution would be used to dissolve the gold and silver, which would then be 
processed through a standard carbon-in-column leach plant, with a doré 
produced in an on-site refinery. Physical data for the mine operation are 
summarized in Table 3.

The PEA utilized estimates of heap leach recovery based on column leach 
testing data for composite samples constructed from Mayflower, Jolly Jane, 
Savage Valley and Sierra Blanca 2012 PQ core drilling. A total of 23 column 
leach tests have been run at McClelland Laboratories Inc. at a particle size 
of 80% passing -19 mm (-3/4 inch) between the four resource areas. The process 
recovery assumptions reflect consideration of particle size resulting from 
primary and secondary crushing to P80 -19 mm (-3/4 inch) and the leach pad 
placement schedule. The leach pad production model predicts an average gold 
recovery of 80%, and an average silver recovery of 8% of fire assay grade.

Estimated capital costs are listed in Table 4, where they are divided between 
initial and sustaining capital. The initial capital is estimated to be $101.2 
M which includes equipment and construction, EPCM and Contingency. Sustaining 
capital includes leach pad expansions, mobile equipment purchases and 
rebuilds. Life of mine sustaining capital is estimated to be $108.8 M.

Table 1: North Bullfrog Project - Heap Leach PEA Summary
(values in 2013 USD based on $1,300 Whittle shell, mining recoverable 
resources above 0.1 g/t (0.003 oz/ton) gold cut off grade)

|                 Parameter      |                 Summary Data      |
| Estimated head leach feed from |26.9 Mt at 0.290 g/t for 250,750 Au|
|       Indicated Resource       |                Oz.                |
| Estimated heap leach feed from | 124.9 Mt at 0.203 g/t for 816,650 |
|       Inferred Resource        |              Au Oz.               |
|NPV(5%) and IRR at $1,300 per Oz|                 $146.8M; 23%      |
| Au (before tax and royalties)  |                                   |
|NPV(5%) and IRR at $1,300 per Oz|                  $94.5M; 17%      |
|  Au (after tax and royalties)  |                                   |
|         Overall Strip Ratio    | 1 to 0.53 (mined mineral resource |
|                                |          to overburden)           |
| Average Annual Gold Production |               76,500 Oz/year      |
|        Average Gold Recovery   |                        80%        |
|           Average Cash Cost    |                USD 778/Au oz      |
|      Average Silver Recovery   |                        8%         |
|     Average Total Mining Rate  |              57.7 k tonne/day     |
|   Average Mineralized Material |              37.8 k tonne/day     |
|           Mining Rate          |                                   |

Table 2
Base Case Gold Price Sensitivity Analysis After Tax and Royalties - North 
Bullfrog Project
(all values in constant 2013 US$)

|Gold Price ($/Oz)|NPV(5%) ($M)|NPV(7.5%)  ($M)|IRR (%)|Payback (yrs)|
|         $1000   |   ($56.2)  |      ($66.6)  |(2.6%) |        na   |
|         $1100   |    $(2.2)  |      $(18.9)  |  4.7% |       9.3   |
|         $1200   |     $45.3  |       $23.2   | 10.9% |       7.0   |
|         $1300   |     $94.6  |       $66.6   | 17.0% |       5.7   |
|         $1400   |    $143.9  |      $110.0   | 22.8% |       4.7   |
|         $1500   |    $192.0  |      $152.4   | 28.4% |       3.7   |
|         $1600   |    $238.6  |      $193.7   | 33.8% |       3.1   |

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

|      Key Physical Data  |             Units     |Value|
|     Process Feed Mined  |           M tonnes    |151.8|
|      Overburden Mined   |           M tonnes    |80.1 |
|   Total Material Mined  |           M tonnes    |231.9|
|           Mine Life*    |             Years     |  11 |
|        Contained Gold   |              M Oz     |1.07 |
|        Recovered Gold   |              M Oz     |0.853|
|      Recovered Silver   |              M Oz     |0.333|
|    Average Strip Ratio  |Overburden/Process Feed|0.53 |
|     Average Gold Grade  |               g/t     |0.219|
|   Average Gold Recovery |                %      |  80 |
|Annual Process Feed Mined|         M tonnes/yr   |13.8 |
|   Annual Gold Produced  |            K Oz/yr    |76.5 |

*-excludes leach pad rinse period at end of mine life

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

|          Capital Area    |Estimated Capital Cost (USD $M)|
|        Initial Capital   |                  $66.2 M      |
|                EPCM      |                  $13.1 M      |
|           Contingency    |                  $21.9 M      |
|Total Initial Capital Cost|                 $101.2 M      |
|                          |                               |
|      Sustaining Capital  |                  108.8 M      |
|   Total LOM Capital Cost |                  210.0 M      |

Working capital and initial fills, which are recovered at the end of the 
project, were estimated to be $14.1M. 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 $778/Au oz and 
LOM capital cost was estimated to be an additional $246/Au oz.

Table 5
Operating Costs*- North Bullfrog Heap Leach Project

|                    |Cost* per Process tonne|Cost*/Recovered Gold Oz|
|            Cost    |                       |                       |
|                    |       ($/tonne)       |        ($/Oz)         |
|          Mining    |             $2.14     |              $380     |
|       Processing   |             $1.73     |              $309     |
|    Administration  |             $0.41     |              $ 73     |
|      Reclamation   |             $0.09     |               $16     |
|Total Operating Cost|             $4.37     |              $778     |

*excludes royalties

This initial stage PEA includes additional geologic data produced in Q1 2013 
RC definition drilling at the Jolly Jane resource, which was used to update 
the Jolly Jane resource model. The 2012 Mayflower and Sierra Blanca resource 
models described in the December 2012 NBP technical report were also used in 
the mining evaluations. All scheduled resource and mining geometries were 
redefined by Lerch Grossman optimization using updated parameters to reflect 
current gold price environment and improved metallurgical data developed 
during 2012.

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 23% (26.9 Mt at 0.290 
g/t for 250,750 oz Au) and Inferred resources make up 77% (124.9 Mt at 0.203 
g/t for 816,650 oz Au.) of the gold ounces in the production plan.

Project Schedule- The project schedule assumed a one (1) year period for 
construction of the mine infrastructure, and the initiation of mining at the 
Mayflower and Sierra Blanca resources. Mining was assumed to start at Jolly 
Jane in year 3, and production from the three resources was blended to level 
the required number of haul trucks and reach a peak leach pad loading rate of 
42,400 tonnes per day.

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. Conceptual locations for the crusher 
and overburden dumps were used to estimate truck haulage cycles, and the 
production schedule was constrained by the truck fleet capacity.

Processing Method - A conceptual heap leach model was developed for the 
northern area of North Bulfrog to be operated at a peak placement rate of 
42,400 tonnes (average rate of 37,800 tonnes) of mineralized material per day, 
with all material assumed to be crushed to 80% - 19 mm (-3/4 inch), with a 
large capacity gyratory primary crusher and 2 parallel secondary crushers. All 
mineralized material was assumed to be placed on the leach pad by 
conveyor/stacker. A CIC and ADR processing facility with a nominal 8,000 
gallons per minute flow capacity was assumed.

Gold Recovery Model - Process recoveries were estimated based the results of 
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 were 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 column leach test data was used with a recovery model that simulated the 
effects of time and leach pad loading to project the produced gold and silver. 
The recovery model predicted LOM average gold recovery to be 80% of contained 
gold content and 8% of contained silver content.

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. Detailed design work, used to assess the potential for a smaller 
scale start up mine, has been used to refine the capital cost estimate. 
Preliminary configurations of the 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 
37,800 tonnes of mineralized material per day, and 57,750 tonnes per day of 
mineralized material plus overburden. Total processed material would be 151.8 
M tonnes. Major fixed equipment and all mobile equipment was assumed to be 
financed over the first 5 years of life. All costs are in constant USD from Q2 
2013. No escalation was applied in the financial model.

Taxes and Royalties - Taxes and royalty charges were included in this 
preliminary economic analysis of the project. Estimates of US Federal 
corporate income tax (highest effective rate 35%) and Nevada State net 
proceeds tax (5%) were made based on the assumed production schedule and 
operating and capital cost estimates, and take into account assumed depletion 
over the projected period for which minerals are extracted. Net smelter 
return royalty rates vary from 0-4% across the project and average 
approximately 0.8% on the total process feed, assuming no exercise by the 
Company of the royalty buy-out rights.

Revenue - Revenue was determined in the base case financial model assuming a 
constant $1,300 per ounce gold. All sensitivities to gold price assumptions 
were assessed using a constant price.

June 2013 Jolly Jane Resource Update

Giroux Consulting Ltd., of Vancouver BC, has produced an updated mineral 
resource estimate (effective as of June 4, 2013), based on resource infill 
drilling at the Jolly Jane resource during 2013. This resource estimate has 
been used as the basis for the PEA. The current oxidized mineral resource, 
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
2013 NBP Indicated Oxidized Resources at 0.1 g/t COG

| Resource |Tonnes>0.1|Au Grade (g/t)|Ag Grade (g/t)|Au Ozs |Ag Ozs |
|          |   g/t    |              |              |       |       |
|Mayflower |12,650,000|      0.330   |      0.310   |133,810|126,080|
|Jolly Jane|24,060,000|      0.225   |      0.410   |174,050|317,150|
|  Total   |36,710,000|      0.261   |      0.380   |307,860|443,230|
|Indicated |          |              |              |       |       |

Table 7
2013 NBP Inferred Oxidized Resources at 0.1 g/t COG

|   Resource  |   Tonnes  |Au Grade |Ag Grade |  Au Ozs |  Ag Ozs |
|             |   >0.1g/t |  (g/t)  |  (g/t)  |         |         |
|   Mayflower | 3,280,000 |   0.140 |   0.250 |  14,870 |  26,360 |
|  Jolly Jane |17,840,000 |   0.178 |   0.430 | 102,100 | 246,640 |
|Sierra Blanca|198,460,000|   0.182 |   0.860 |1,161,000|5,487,000|
|  Connection | 1,080,000 |   0.320 |      -  |  11,000 |      -  |
|     Total   |220,660,000|   0.182 |   0.812 |1,288,970|5,760,00 |
|   Inferred  |           |         |         |         |         |

The Company will today file on SEDAR an updated NI 43-101 technical report, 
entitled "Technical Report and Preliminary Economic Assessment for the North 
Bullfrog Project, Bullfrog Mining District, Nye County, Nevada" and dated 
October 23, 2013 (the "Report"). For full details with respect to the 
assumptions underlying the current resource estimate and preliminary economic 
analysis detained herein, investors are urged to review the Report in its 

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 36.7 Mt at an average grade of 0.26 g/t gold 
for 307,860 ounces of gold and an Oxidized Inferred Resource of 220.7 Mt at 
0.18 g/t gold for 1,288,970 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.

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 and PEA) 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 

Mr. Scott E. Wilson, SME, President of Metal Mining Consultants, 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, Inc. are independent of the Company under NI 

Mr. Herbert Osborne, SME, a consulting process engineer, has acted as the 
Qualified Person, as defined by NI 43-101, for evaluation of the metallurgical 
testing data portions of the Report, and process evaluation, process operating 
cost estimation, and process and infrastructure capital cost estimation and 
financial evaluation portions of the Report. He has over 50 years of 
experience in mineral process design and operations. He is a registered Member 
of the Society of Mining, Metallurgy and Exploration (SME Member No. 2430050 
RM). Mr. Osborne is 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 and 
Alaska, which controls a number of exploration projects representing a 
spectrum of early-stage to advanced gold projects. Corvus is focused on 
advancing its 100% controlled 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 to expand the existing estimated 
resource at the North Bullfrog project, the potential for the North Bullfrog 
system to continue to grow and/or to develop into a major new Nevada gold 
system, the potential for the existence or location of additional high-grade 
veins, 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 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 Information:  Ryan Ko Investor Relations 
Phone: 1-888-770-7488 (toll free) or (604) 638-3246 / Fax: (604)  408-7499 
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CO: Corvus Gold Inc.
ST: British Columbia
-0- Oct/28/2013 12:00 GMT
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