Corvus Gold Announces Closing of $5.5M Private Placement for the Advancement of its North Bullfrog Project, Nevada

May 17, 2012

Vancouver, B.C. - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) is pleased to announce the closing of its non-brokered private placement (the "Offering") announced on April 17, 2012 and increased on May 2, 2012.

The Company sold 8,250,000 common shares at a price of $0.67 for total proceeds of $5,527,500. Over 50% of the placement was taken by management and insiders with CEO Jeff Pontius purchasing 1,000,000 shares. In addition to management, other key participants in the financing include AngloGold Ashanti, Tocqueville Asset Management, Haywood Securities Chairman John Tognetti and Apogee Global Advisors.

Jeff Pontius, Corvus Gold CEO states "The closing of this strategic financing and the support we have received from our key existing investors has now positioned the Company to rapidly advance the North Bullfrog project to production. Our recent drill success outside the current in-pit resource shows the potential for significant expansion of the deposits."

No commissions or finder’s fees are payable in connection with the Offering. The net proceeds from the Offering are intended for use to rapidly advance its North Bullfrog project toward production. The North Bullfrog project is currently being evaluated as a two stage, fast track development opportunity with a low initial capex. The recent Preliminary Economic Assessment of the North Bullfrog project indicates potential for highly attractive new Nevada mining operation with excellent infrastructure and in one of the best mining jurisdiction in the world.

All securities issued in the Offering have a hold period in Canada of four months from the closing of the Offering.

The Company has determined that there are exemptions available from the various requirements of Multilateral Instrument 61-101 for the issuance of any securities to insiders. No new insiders were created, nor was there any change of control, as a result of the Offering.

The foregoing securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

On behalf of
CORVUS GOLD INC.

(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chairman and Chief Executive Officer

Contact Information: Ryan Ko
Investor Relations
Email: info@corvusgold.com
Phone: 1-888-770-7488 (toll free) or (604) 638-3246/Fax: (604) 408-7499

Cautionary Note Regarding Forward-Looking Statements

This news 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 proposed use of the proceeds of the Offering and the Private Placement by the Company 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, those risks and uncertainties disclosed in the Company’s latest interim Management Discussion and Analysis filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. 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.

This news release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.