Corvus Gold announces extension of high-grade zone at Terra Gold Project, Alaska

The objective of the 2011 drill program was to expand the currently known Terra gold mineralization by further defining the gold vein, which was accomplished. In 2012, WestMountain has indicated that it will continue drilling to further expand the known extent of the vein while undertaking the first bulk sampling of the vein using a pilot mill that was moved onto the site in 2011. WestMountain’s expressed overall objective is to bring the deposit into small scale production as quickly as possible.

All of the foregoing information has been provided by WestMountain, which is the operator of the joint venture on the Terra Project. Russell Myers (CPG 11433), a qualified person as defined by National Instrument 43-101, has reviewed and independently verified the WestMountain information that forms the basis for this news release on behalf of Corvus and has approved the disclosure herein. Mr. Myers is not independent of the Company, as he is the President and holds common shares and incentive stock options in Corvus.

Terra Project Background

On March 1, 2011, Terra Mining Corporation-whose wholly-owned Alaska subsidiary, Terra Gold Corporation (“Terra Alaska”), is Raven Gold’s joint venture partner on the Terra project-was acquired by WestMountain. With the acquisition, WestMountain has acquired, through its indirect ownership of Terra Alaska, the right to earn a 51% interest in the Terra Gold Project from Raven Gold by spending a total of USD 6.0 million. WestMountain can further increase its ownership to 80% with an additional USD 3.05 million investment for a total of USD 9.05 million invested over a four-year period.

The Terra Gold Project is a high-grade gold vein system with a current National Instrument 43-101 compliant Inferred Resource of 428,000 tonnes at 12.2 g/t Au (using a cutoff grade of 5.0 g/t Au) for contained metal content of 168,000 ounces. The project’s primary focus is the Ben Vein, where 28 drill holes completed to date have returned 111 vein intersections of over 3 g/t gold. Initial metallurgical work has indicated a high recovery rate via gravity circuit, illustrating potential for near-term production. Given the high-grade nature of the gold veins, coupled with the favourable mining configuration and gravity recovery characteristics, the deposit may be amenable to near-term gold production for an anticipated 30,000 ounce per year operation. Further information on the Terra Project can be found at http://www.corvusgold.com/projects/alaska/terra/.

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 of 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.

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 planned completion of a bulk sample, the possibility of any increase in the known extent of the Ben Vein or the current estimated mineral resource at the Terra Project, the possibility for any production, whether near-term or otherwise, from the Terra Project, 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. In addition, information with respect to the proposed activities of WestMountain on the Terra property has been provided by WestMountain (the operator of the Terra joint venture) and, as such activities are not within the control of the Company, the Company takes no responsibility for the accuracy of such statements. 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 or any of its joint venture partners 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 or its joint venture partners 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 2011 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.

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.

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.