Corvus Gold Announces Discovery of New Gold Targets at the Chisna Project, Alaska

Corvus Gold Announces Discovery of New Gold Targets at the Chisna Project, Alaska

Corvus Gold Inc. is pleased to announce the discovery of two new gold targets at the Chisna Project in south-central Alaska. Surface exploration results from work conducted in 2010 has established the Golden Range target, where bedrock values of up to 50.4 g/t gold and soil values of up to 6.5 g/t gold have been found along a 9- kilometre-long zone of extensive gossanous iron carbonate alteration. A second target, known as Southwest Grubstake, has been discovered as a series of parallel quartz-dolomite-barite veins up to 2 metres wide defined over a 600-metre-long trend containing metal values from rock chip sampling of up to 46.5 g/t gold, 17.9 g/t silver, 1.3% lead and 0.19% zinc. These new targets will be further explored in 2011.

Golden Range Target

Large Continuous Gold Trend Defined By Bedrock and Soil Samples

The Golden Range target is located 5 km north of the Grubstake porphyry system discovered in the fall of 2010. A largely continuous gold anomaly has been defined by over 300 rock and grab samples taken across a 9 km by 2 km area of intense alteration. Reconnaissance sampling took place mostly along topographic crests, where sampled material is inferred to be approximately in place. All rock samples taken over the target area average 0.6 g/t gold, with 29 of 151 samples returning over 100 ppb (0.10 g/t) gold, and having a high value of 50.4 g/t gold. Samples returning over 100 ppb gold are present across the entire 9 km strike length of the Golden Range target.

Out of 176 soil samples taken across the same area, 71 samples returned greater than 100 ppb (0.10 g/t) gold with an average of 0.23 g/t gold and a high value of 6.53 g/t gold. Of the balance, 42 samples returned results between 0.05 g/t and 0.1 g/t gold and the remaining 63 samples returned results between 0.003 g/t to 0.48 g/t gold. This extensively mineralized gold zone occurs within a highly gossanous, iron-carbonate altered sequence of volcanic rocks and follows a strong northwest-to-southeast trending structural zone. The Golden Range target will be a priority during the 2011 Chisna exploration program, which will include detailed geological mapping, expansion of bedrock and soil sampling grids, and drill target definition.

Southwest Grubstake Target

Gold-Silver-Lead-Zinc Mineralized Vein System Discovered

New high-grade gold mineralization has been discovered along a series of en-echelon quartz-dolomite-barite veins on the southwest side of the existing Grubstake porphyry target. These polymetallic quartz veins have returned high gold values along with significant silver, lead and zinc values from veins ranging in width from 20 cm up to 2 metres. This vein swarm, which strikes NNE to NE within a NW to SW mineralized trend, has been delineated over a strike length in excess of 600 metres. A total of 19 rock samples derived from in-place quartz-dolomite-barite boulder trains and outcrops returned an average of 7.38 g/t gold, 8.82 g/t silver, 0.91% lead and 0.16% zinc, with highs of 46.5 g/t gold, 29.8 g/t silver, 4.22% lead and 1.22% zinc.

Mapping of vein lengths and density, and determination of the relationship between this veined mineralization and the adjacent Grubstake copper-gold porphyry system, will be a primary focus of 2011 exploration in advance of drilling.

Final 2010 POW and Grubstake Drill Results

In 2010, the Chisna project was advanced with the completion of airborne geophysics (6700 line kilometres of ZTEM) and extensive ground geophysics (100 line kilometres of 3D induced polarization) together with surface prospecting and drilling. This work has defined over a dozen priority targets of which only two, POW and Grubstake, were initially tested with drilling.

Results have been returned from the final POW target drill hole (PW-10-02) which was designed to cut down across the north-dipping copper-gold mineralization intersected in PW-10-01 and PW-10-03, previously reported on September 30, 2010. The hole was lost prematurely in a fault zone prior to intersecting the previously defined copper-gold mineralized zone. As such, the down dip continuity and tenor of the POW mineralization has yet to be tested and will be a target of exploration in 2011.

Results have also been returned from four reconnaissance diamond drill holes at the Grubstake target. Drill holes GS-10-02, GS-10-04, GS-10-05 and GS-10-06 all encountered pyritic porphyry-related alteration but did not intersect significant mineralized intervals. Geological mapping and interpretation of geophysical and drill data will continue on the Grubstake porphyry target to define future drill targets.

While a porphyry-style copper-gold mineralized system has been discovered at Grubstake, exploration in 2011 will mainly focus on the large gold-bearing systems which have been identified at the new Golden Range and Southwest Grubstake targets as well as the exiting POW target.

About the Chisna Project

The Chisna Project is focused on a new and emerging Alaskan copper-gold porphyry belt of deposits with copper and gold mineralization associated with mid-Cretaceous intrusions of similar age to the Pebble deposit to the west and Orange Hill deposit to the east.

Corvus and its predecessor-in-title, International Tower Hill Mines Ltd., began exploration on the project in 2006 and discovered the Grubstake porphyry copper system in 2007. Beginning in 2010, the Chisna project is being operated as a joint venture between Raven Gold Alaska Inc. (a subsidiary of Corvus) and Ocean Park Alaska Corp. (a subsidiary of Ocean Park Ventures Corp.), with Ocean Park earning 51% by contributing US$20 million in exploration expenditures over a 5 year period, thereby providing Corvus with a no-cost assessment of this belt. Ocean Park may earn an additional 19% by producing a bankable feasibility that delineates a mining project on the Chisna property that produces at least 300,000 gold equivalent ounces per year. Raven Gold has been designated as operator of the joint venture through 2011.

At present, the Corvus/Ocean Park Ventures Corp. joint venture controls over 232,000 acres of either State of Alaska Mining Claims or land leased from Ahtna Corporation.

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 Corvus Gold, as he is the CEO and holds common shares and incentive stock options.

The work program at Chisna was designed and supervised by Russell Myers, President of Corvus. On-site personnel at the project photograph the core from each individual borehole prior to preparing the split core. On-site personnel at the project log and track all samples prior to sealing and shipping. All sample shipments are sealed and shipped to ALS Chemex in Fairbanks, Alaska, for preparation and then on 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.

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