Corvus Gold Hits 5.4m of 16.2g/t Gold and 1,218 g/t Silver in Yellow Jacket Feeder Zone, North Bullfrog Project, Nevada

May 23, 2012

Vancouver, B.C. - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) is pleased to announce the latest results from diamond drilling in the Yellow Jacket Zone at the Company’s 100%, North Bullfrog Project near Beatty, Nevada. Hole NB-12-138, which is outside the current in-pit resource as reported in the Preliminary Economic Assessment (NR 12-07, Feb.28, 2012) is the fifth core hole to be drilled in the Yellow Jacket Zone that encountered high-grade gold mineralization (Table 1). This latest intersection returned three separate high-grade intervals with the best being  16.2g/t (0.47 ozs/t) gold and 1,218 g/t (35.5 ozs/t) silver over 5.4 metres including 2.1 metres of 33.0 g/t (0.96 ozs/t) gold and 2,870 g/t (83.7 ozs/t) silver within quartz veined hydrothermal breccia. These high-grade intervals have elevated selenium and tellurium values similar to those reported in the silver-rich gold mineralization found at the historic Bullfrog Mine approximately 10 km’s to the south of North Bullfrog. High selenium values are an important characteristic at the Ken Snyder deposit in northern Nevada. The results continue to confirm the continuity of the structurally controlled, high-grade gold mineralization previously reported from this area (NR12-10, Mar. 22, 2012) and open up an attractive new high-grade gold and silver target at depth.