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Corvus Gold Inc. Announces Closing of CAD 7 Million Private Placement Financings

Vancouver, B.C........Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR) is pleased to announce that it has closed the private placement equity financing announced on October 20, 2010 (the "Offering") with a syndicate of agents (collectively the "Agents").  The Company has issued 6,500,000 common shares of the Company (the "Common Shares") at a price of CAD 0.88 per Common Share for aggregate gross proceeds of CAD 5,720,000.  In addition, the Company has completed a non-brokered private placement of 1,500,000 Common Shares, for gross proceeds of CAD 1,320,000 (the "Private Placement").

The Company intends to use the net proceeds raised under the Offering and the Private Placement for exploration of the Company's existing mineral projects, property investigations, the acquisition of additional mineral properties or interests therein and for general working capital purposes.

The Agents received a cash commission of 5% of the proceeds raised through the Offering and warrants ("Broker Warrants") equal to 5% of the number of Common Shares issued in the Offering.  Each Broker Warrant is exercisable to acquire one Common Share at an exercise price of CAD 1.10 until March 31, 2012.  In connection with the Private Placement, the Company paid a cash finder's fee equal to 5% of the proceeds raised from the sale of 500,000 Common Shares.  The securities issued by the Company in connection with both the Offering and the Private Placement are subject to a 4-month hold period, expiring on April 1, 2011.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

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 from early stage to the advanced gold projects.  Corvus is committed to building shareholder value through new discoveries and leveraging those discoveries via partner funded exploration into carried and or royalty interests that provide its shareholders significant exposure to produced gold to maximize the value for their investment.

On behalf of
Corvus Gold Inc.

(signed) Jeffrey A. Pontius

Jeffrey A. Pontius,
Chairman and 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 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.

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