Corvus Gold Discovers New 11 Kilometre Copper and Gold System at Gerfaut Project, Quebec

Highlights include: Rock samples with up to 23.6g/t Gold; and 3.9% Copper

TSX: KOR  OTCQX: CORVF

VANCOUVER, Oct. 30, 2012 /CNW/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR) (OTCQX: CORVF) announces results from the initial exploration program on its newly acquired Gerfaut Project in Quebec. Gold mineralized rocks were found over an 11 kilometre strike length with several areas of outcropping copper and gold mineralization outlining a major new discovery (Figure 1). Multiple styles of mineralization were encountered including gold with base metals, silver-lead mineralization and copper only stockwork mineralization (Figure 2, Table 1). On the basis of these positive results, the claim position has been expanded from 24 km² to 75 km² and plans have begun for an aggressive 2013 exploration season, including additional surface exploration work and a discovery phase drill program.

Corvus CEO Jeff Pontius commented, "These very positive results, together with the results reported by Khalkos Exploration Inc. to the north, the extensive mineralized Cape Smith (Raglan) belt directly to the south and historic drilling by Falconbridge Limited during the mid-1990's, leads us to believe that this unexplored region of northern Quebec has the potential to host major new copper and gold deposits.  Corvus' first mover position in this new and emerging mineral belt has given it a unique opportunity to acquire some of the most prospective ground in the belt in one of the best mining jurisdictions in the world.  Gerfaut could represent another major discovery for the Corvus exploration team and produce significant downstream growth potential for our company as we augment our future anticipated production profile."

Table 1: Representative selected rock grab samples from different styles of Gerfaut mineralization, Main block.

The Discovery

The 2012 exploration program has outlined a number of possibly intrusion-related mineral occurrences which could reflect the district-scale zoning of a very dynamic copper-gold system.  Gold mineralization occurs in massive sulphide veins and with disseminated arsenopyrite in shear zones. Silver mineralization occurs with galena in quartz veins while copper occurs as chalcopyrite in the form of replacement patches or in high temperature veins associated with pyrrhotite and/or pyrite. The overall size of the alteration system and areal extent of mineralization is significant.  At present, it is not clear as to precisely what genetic gold depositional model to apply, although it will likely be a combination of structural and stratigraphic controls.

On the basis of these initial positive results, the claim position has been expanded to both the north and the east to cover the extensions of mineralization and an additional block, called the Contact Block, was staked to the northeast of Gerfaut (Figure 4). Initial results from 25 selected rock grab samples collected on the Contact Block returned 10 samples containing greater than 0.1% copper including one with 0.5% (the minimum copper grade was 0.004% and the average of all 25 samples was 0.12%).

About the Gerfaut Project, Quebec

The Gerfaut property is located in the Paleoproterozoic trans-Hudsonian orogen of northern Quebec. Gold and copper mineralization is hosted in meta volcanic and meta sedimentary rocks of the Parent Group. The property was discovered in 1995 by Falconbridge while prospecting for nickel in the region. In 1996 Falconbridge drilled two holes, both of which encountered gold mineralization including 5.8 metres of 4.27 g/t gold in PAR96-01. In 1997 Falconbridge optioned the property to Exploration Boréale Inc. who conducted ground geophysical surveys and collected a number of mineralized rock samples over the property but did not do additional drilling. Eventually the core claims reverted to Les Resources Tectonic Inc. ("LRT").

The Gerfaut Project is being explored under a joint venture agreement with LRT, in which the Company can earn a 60% interest by incurring $565,000 on exploration and making payments to LRT of $225,000 over 5 years.  After having earned its initial 60% interest, the Company can earn an additional 20% by incurring an additional $3,000,000 of expenditures over 3 years. LRT will retain a 2% Net Smelter Return, of which the Company can buy back 1% for $1,500,000. Following the Company having earned its 60% or 80% interest, as applicable, the parties will enter into a joint venture in which each party will be required to contribute its proportionate share of ongoing expenditures.  If either participant should dilute to a 10% or lesser interest, its interest will automatically be converted to a 3% Net Profit Interest.

The newly staked claims are owned 100% by Corvus and are not subject to the joint venture with LRT.

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

The work program at Gerfaut was designed and supervised by Russell Myers (CPG 11433), President of Corvus, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project log and weigh 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. Sample shipments are sealed and shipped to ALS Chemex in Val d'Or, Quebec. Preparation and assaying may be done in ALS facilities in Val d'Or, Sudbury or Vancouver. 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, selected pulps are forwarded to an ISO compliant third party laboratory for additional quality control.

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 Nevada, 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, the discovery and delineation of mineral deposits/resources/reserves, the potential for the Company to produce any minerals 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 inability of the Company or any of its joint venture partners to obtain any necessary permits, consents or authorizations required for its or their activities, the inability of the Company or any of its joint venture partners 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 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.

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, and any production therefore or economics with respect thereto, are not indicative of mineral deposits on the Company's properties or the potential production from, or cost or economics of, any future mining of any of 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.

Image with caption: "Figure 1: Gerfaut claim block showing distribution of gold mineralized rock samples encountered. Black diamonds indicate soil sample locations. Black triangles are rock samples with no gold. Background image is total magnetic field intensity which highlights the structural continuity of the target zone. Gold grades of selected rock grab samples are indicated. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20121030_C3120_PHOTO_EN_19836.jpg

Image with caption: "Figure 2: Gerfaut claims showing distribution of copper in rock samples. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20121030_C3120_PHOTO_EN_19837.jpg

Image with caption: "Figure 3: Gerfaut claims showing distribution of gold in traditional soil samples. The intensity of the gold anomaly may be dampened by the till dilution of the bedrock response, particularly in the NE portion of the property, however, rock outcrop sampling has confirmed that even low level gold in soils may reflect the presence of mineralization. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20121030_C3120_PHOTO_EN_19838.jpg

Image with caption: "Figure 4: Location of the extended Gerfaut claims relative to the regional nickel exploration play and the Khalkos Exploration Inc. copper-gold discovery. (CNW Group/Corvus Gold Inc.)". Image available at: http://photos.newswire.ca/images/download/20121030_C3120_PHOTO_EN_19839.jpg