Corvus Gold Announces Closing of Cad $7.22M Strategic At Market Private Placement with Tocqueville Asset Management L.p and Anglogold Ashanti (U.S.A) Exploration Inc.

TSX: KOR  OTCQX: CORVF

VANCOUVER, April 3, 2013 /CNW/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the closing of a CAD 7.22M non-brokered private placement.

Under the terms of the private placement (the "Placement"), the Company issued 8,300,000 common shares at a price of $0.87 for total proceeds of CAD $7,221,003.  The participants in the Placement were Tocqueville Asset Management L.P, AngloGold Ashanti (U.S.A.) Exploration Inc. and Jeffrey Pontius, Corvus' CEO. No finder's fees were paid in connection with the Placement and no warrants were issued. All securities issued will have a four month hold period, expiring August 2, 2013.  Following the completion of the Placement, Corvus now has working capital of approximately CAD 10.1M.

Jeff Pontius, Corvus' CEO, stated "The closing of this strategic financing highlights the confidence our major shareholders have in the Corvus project portfolio and business plan while maintaining the integrity of our strong share structure.  These additional funds will be used to accelerate our North Bullfrog exploration program focusing on expanding our new high-grade gold-silver discovery, expanding the North Area resource base and advancing the Mayflower project through permitting this year to position the Company for anticipated initial production in late 2014."

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. There is no change of control as a result of the Placement.

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,
Chief Executive Officer

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 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 expand the current North Area estimated resources, the potential for the Company to secure the necessary permits in order to be able to place the Mayflower deposit into production in 2014, or at all, the potential for a production decision at North Bullfrog, the potential for any mining or production at North Bullfrog following a production decision, the proposed completion of a feasibility study for the North Bullfrog project, the proposed use of the proceeds of the Private Placement by the Company, 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, 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.

SOURCE Corvus Gold Inc.