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Corvus Gold Expands Yellow Jacket High-Grade Zone and Hits New High-Grade Vein at Mayflower, North Bullfrog, Nevada


July 24, 2012 - VANCOUVER, BRITISH COLUMBIA

Corvus Gold Inc. ("Corvus" or the "Company") (TSX: KOR)(OTCQX: CORVF) is pleased to release the final results from the 2012 phase 1 core drilling program that ended June 2012 at the North Bullfrog Project, Nevada. Final assays from hole NB-12-138 in the Yellow Jacket target area defined a thick mineralized zone around the previously discovered high grade vein (NR12-14, May 23, 2012) that has now expanded the overall intercept to 72.4 metres @ 1.74 g/t gold and 98.7 g/t silver or a gold equivalent(i) grade of 3.53 g/t (0.114 opt gold equivalent(i) over 237 feet), beginning at about 40 metres vertically below surface (Table 1).

(i) Gold equivalent grade calculated using a 55 to 1, silver to gold ratio

Yellow Jacket Results

At the Yellow Jacket target the complete results from hole NB-12-138 has now outlined a thick, near-surface zone of high-grade mineralization which could expand the Sierra Blanca open pit deposit north in this direction (Figure 1: http://media3.marketwire.com/docs/kor-0724-fig1.pdf). Hole NB-12-139 at the Yellow Jacket target, 60 metres north of NB-12-138 drilled through a fault into the distal footwall zone of the high-grade vein target intersected in hole NB-12-138 and intersected a high-grade quartz veining with 5.14 g/t gold over 1.5 metres. It also encountered extensive explosive hydrothermal zones indicating the target boiling zone lies below this elevation. These new intersections have opened up potential for defining a new, higher grade, bulk tonnage zone of mineralization to the North of the currently defined deposits. In August, a 3D induced polarization (IP) survey will be carried out over Yellow Jacket to evaluate the depth and continuity of this new high-grade discovery. Phase 2 drilling of the Yellow Jacket target is scheduled for Q4 2012, subject to drill permit issuance.

Mayflower Deposit

Additionally, results from large diameter core drilling at the Mayflower Deposit has validated and enhanced earlier reverse circular (RC) drilling results. This drilling also intersected a massive quartz-adularia vein (Figure 2: http://media3.marketwire.com/docs/kor-0724-fig2.pdf) which returned high-grade gold within a broader lower grade interval (54.4 metres @ 0.81 g/t gold including 1.1 metres @ 6.85 g/t gold). This intersection and the general higher grade nature of the core drilling over RC drilling results (Table 1) suggests higher-grade mineralization may be underrepresented in the Mayflower resource estimate where the current indicated resource averages 0.38 g/t gold (Technical Report and Preliminary Economic Assessment for the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada, February 28, 2012). The current phase 2 Mayflower infill drilling program will determine the extent of the higher-grade mineralization and result in an updated resource summary and preliminary economic assessment (PEA) in Q4 of this year.



Table 1

Significant Intercepts(i) from Phase 1 2012 Mayflower and Yellow Jacket
Programs
Mayflower results are true width but true width cannot be determined yet at
Yellow Jacket due to lack of drilling

From To Interval Gold Silver
HoleID (m) (m) (m) (g/t) (g/t) Hole Location
----------------------------------------------------------------------------
NB-12-137 107.7 122.1 14.4 0.41 0.69
127.9 139.1 11.2 0.55 1.17
163.7 253.9 90.2 0.24 0.78 (footwall zone)
including 169.0 192.3 23.4 0.36 1.28
including 218.9 236.3 17.4 0.29 0.70
261.8 296.9 35.1 0.27 1.74
-------------------------------------------------------------
NB-12-138 59.6 132.0 72.4 1.74 98.7
including 89.4 93.7 4.3 20.0 1519 Yellow Jacket
including 91.7 93.7 2.1 33.0 2870
including 107.8 109.9 2.1 5.38 152.5
179.2 218.9 39.6 0.22 1.19
228.0 267.6 39.6 0.18 0.66
-------------------------------------------------------------
NB-12-139 84.7 122.8 38.1 0.23 1.50
135.7 180.9 45.2 0.41 1.23 (footwall Zone)
including 154.8 159.4 4.6 2.08 0.92
including 157.9 159.4 1.5 5.14 0.99
----------------------------------------------------------------------------
NB-12-140 34.4 135.0 100.6 0.37 0.49
including 74.1 103.0 28.9 0.76 0.51
-------------------------------------------------------------
NB-12-141 83.1 137.5 54.4 0.81 0.67 Mayflower
including 115.8 116.9 1.1 6.85 1.91
-------------------------------------------------------------
NB-12-142 39.9 95.3 55.3 0.30 0.54
-------------------------------------------------------------
NB-12-143 81.1 92.7 11.6 1.18 0.86
----------------------------------------------------------------------------

(i) Intercepts calculated with 0.1 g/t cutoff and up to 2.0 m of internal
waste.

Jeff Pontius, Corvus Gold CEO, states: "This round of core drilling has opened the door to expanding the Yellow Jacket high-grade system as well as defining a new high-grade target in the Mayflower area 4 kilometres to the south. This ongoing exploration success coupled with our near-term mine development project and ongoing partner funded exploration in Alaska bodes well for adding significant shareholder value in the near future."

The current North Bullfrog mine development program is focussing on infill drilling, advanced metallurgical work and environmental baseline characterization studies in conjunction with a completion of a feasibility study by early 2013 on the Mayflower deposit. The recently completed financing has now provided the Company with the financial resources needed to rapidly advance the mine development assessment of the North Bullfrog area as well as continued exploration of this major new high-grade Nevada gold discovery.

About the North Bullfrog Project, Nevada

Corvus controls 100% of its North Bullfrog Project, which covers approximately 43 km2 in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold. The property package is made up of a number of leased patented federal mining claims and 461 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor. The Company and its independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in February 2012.

The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an NI 43-101 compliant 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 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.

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. 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 reported here was conducted or managed by McClelland Laboratories Inc.

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 North Bullfrog, Nevada project towards a production decision while continuing to explore for major new gold discoveries. Corvus is committed to building shareholder value through advancing new gold discoveries to production while leveraging noncore assets via partner funded exploration work into a portfolio of royalty and carried interests in its projects.

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 any mining or production at North Bullfrog, the potential for the identification of multiple deposits at North Bullfrog, the potential for a low-cost run-of-mine heap leach operation at North Bullfrog, the potential for there to be a low strip ratio in connection with any mine at North Bullfrog, the potential for the existence or location of additional high-grade veins, the proposed completion of a PEA for the North Bullfrog project, 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. 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.

Contacts:
Corvus Gold Inc.
Ryan Ko
Investor Relations
1-888-770-7488 (toll free) or (604) 638-3246
(604) 408-7499 (FAX)
info@corvusgold.com
www.corvusgold.com

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