Corvus Gold Inc.
TSX : KOR

Corvus Gold Inc.

March 30, 2011 09:01 ET

Corvus Gold Intersects 15 Metres of 2.4 g/t Gold at the North Bullfrog Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2011) - Corvus Gold Inc. ("Corvus" or the "Company") (TSX:KOR) announces the latest results from its ongoing drill program at the North Bullfrog Project near Beatty, Nevada. Highlights from drilling include 15.2 metres of 2.4 g/t gold at the new Connection target; 62.5 metres of 0.5 g/t gold at the Yellow Jacket target; 64.0 metres of 0.5 g/t gold at the Savage Valley target; and 19.8 metres of 0.6 g/t gold at the Jolly Jane target (see Figure 1). The continued success of drilling in all target areas has led to a further expansion of the initial 2011 drilling program to 15,000 metres, and the program will therefore now continue through to the end of May.

Connection Target

Three of four initial holes drilled at the new Connection target have returned results, including 21 metres of 1.1 g/t gold in hole NB-11-78 at a depth of 11 metres and 41 metres of 1.3 g/t gold in hole NB-11-79 at a depth of 6 metres (Table 1). These results have begun to outline an area of near-surface, higher grade mineralization which may have a significant impact on potential mining plans. Drill hole NB-11-77, a 400 metre step out hole to the west, encountered only weak mineralization in the targeted structure.

Yellow Jacket Target

Drill hole NB-11-68 was drilled to the west and below the previously reported (see NR11-03) intersections at Yellow Jacket and returned a broad zone of mineralization (105 metres at 0.4 g/t gold) within the favourable stratigraphic host unit with higher grade internal intervals. An additional five holes are pending or in progress at the target area.

Savage Valley Target

Assays have been received from the first four holes, with three holes returning broad, moderate grade intercepts. These include hole NB-11-65 which returned 64 metres of 0.5 g/t gold, connecting intervals previously announced in NR11-03, and forming a new large, open zone of gold mineralization. An additional five holes have pending assays from this zone. Hole NB-11-66, which represented a 500 metre step out the south, did not return significant values.

Jolly Jane Target

Results from eight additional holes have expanded the previously defined mineralization (Figure 1). These holes continue to delineate broad intervals of shallow oxide mineralization, such as that found in hole NB-11-72 which intercepted 56 metres of 0.4 g/t gold starting at 8 metres below the surface.

Jeff Pontius, Chief Executive Officer of Corvus, stated: "The Savage Valley target represents a completely blind discovery which appears to have a strike length in excess of 400 metres. This confirms our belief that with continued systematic, district-wide exploration, the North Bullfrog Project has the potential to grow into a major multi-million-ounce, bulk-tonnage gold deposit."

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/.

To view "Figure 1: Locations of holes drilled in the current 2010-2011 program", please visit the following link: http://media3.marketwire.com/docs/c329.pdf

Table 1: Significant intercepts* from recent drilling at North Bullfrog
 
* Intercepts calculated using 0.1 g/t gold cutoff with maximum of 3 metres of internal dilution. These intercepts are not true widths. At this time, there is insufficient data with respect to the shape of the mineralization to calculate its true orientation in space.
 
Hole ID From (metres) To (metres) Interval (metres) Gold (g/t) Silver (g/t) Area
NB-11-65 67.1 166.1 99.1 0.37 0.80 Savage Valley
  Including 73.2 137.2 64.0 0.47 0.84  
  Including 79.3 112.8 33.5 0.54 0.94  
NB-11-66 No Significant Intercepts   Savage Valley
NB-11-67 202.7 257.6 54.9 0.30 0.36 Savage Valley
  Including 217.9 239.3 21.3 0.41 0.46  
  Including 234.7 239.3 4.6 0.78 0.56  
NB-11-68 248.4 353.6 105.2 0.41 1.02 Yellow Jacket
  Including 266.7 329.2 62.5 0.52 1.26  
  Including 269.8 288.0 18.3 0.81 0.57  
NB-11-68 400.8 423.7 22.9 0.22 0.46  
NB-11-68 428.2 464.8 36.6 0.15 0.29  
NB-11-69 39.6 61.0 21.3 0.20 0.33 Jolly Jane
NB-11-70 6.1 68.6 62.5 0.32 0.66 Jolly Jane
  Including 32.0 62.5 30.5 0.39 0.56  
NB-11-71 18.3 27.4 9.1 0.29 0.43 Jolly Jane
NB-11-72 7.6 64.0 56.4 0.41 0.72 Jolly Jane
  Including 41.2 61.0 19.8 0.59 0.91  
NB-11-73 0.0 6.1 6.1 0.22 0.34 Jolly Jane
NB-11-73 57.9 114.3 56.4 0.26 0.50  
  Including 99.1 106.7 7.6 0.48 0.59  
NB-11-74 82.3 129.5 47.2 0.29 0.54 Jolly Jane
  Including 99.1 112.8 13.7 0.39 0.62  
NB-11-75 74.7 132.6 57.9 0.25 0.48 Jolly Jane
  Including 111.3 121.9 10.7 0.47 0.84  
NB-11-76 36.6 57.9 21.3 0.20   Jolly Jane
NB-11-76 62.5 118.9 56.4 0.24    
NB-11-77 No Significant Intercepts   Connection
NB-11-78 10.7 32.0 21.3 1.14   Connection
  Including 12.2 18.3 6.1 2.69    
NB-11-79 6.1 47.2 41.1 1.27 1.96 Connection
  Including 16.8 32.0 15.2 2.44 2.83  
NB-11-79 50.3 61.0 10.7 0.57 0.88 Connection

About the North Bullfrog Project, Nevada

The North Bullfrog Project covers over 24 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick. The project has excellent infrastructure, being adjacent to a major highway and power corridor, and is 100% controlled by the Company.

The project currently includes eight prospective gold targets with one prospect – the Mayflower target – containing an NI 43-101 compliant initial Indicated Resource of 2.6 million tonnes at an average grade of 0.67 g/t gold (at a 0.3 g/t cutoff) for 76,300 ounces of gold and an Inferred Resource of 2.2 million tonnes at 0.56 g/t gold for 39,000 ounces of gold 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 by structural zones with breccias and quartz-sulfide vein stockworks such as the Mayflower and Yellowjacket targets. The Company is pursuing both types of mineralization with an expanded 15,000 metre Phase 1 drill program.

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 that form the basis for this news release and has approved the disclosure herein. Mr. Pontius is not independent of the Company, as he is the CEO and holds common shares and incentive stock options.

The work program at North Bullfrog was designed and supervised by Russell Myers, President of the Company, and Mark Reischman, 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 photograph the core from each individual borehole prior to preparing the split core and log and track all samples prior to sealing and shipping. All sample shipments are sealed and shipped to ALS Chemex in Reno, Nevada, or Vancouver, B.C., for assay. 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. Quality control is further assured by the use of international and in-house standards. 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 Alaska and Nevada, which controls a number of exploration projects representing a spectrum from early-stage to advanced gold projects. Corvus is committed to building shareholder value through new discoveries and leveraging those discoveries via partner funded exploration work into carried and/or royalty interests that provide shareholders with exposure to gold production to maximize the value for their investment.

On behalf of Corvus Gold Inc.

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 anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for higher grade zones of mineralization to exist at North Bullfrog, the potential for the identification of multiple deposits at North Bullfrog and the operation of a central processing facility to treat North Bullfrog mineralization, 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.

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