Corvus Gold

Corvus’s mandate is to become a leading exploration and development company with the ultimate goal of becoming a non-operating gold producer with significant carried interest and royalty exposure.  To achieve this goal, the company is committed to fostering a culture of disciplined exploration, teamwork, innovation and integrity with the following principles:

• Value creation through discovery of mineral deposits;
• Focusing exploration activities in highly prospective, under explored terrain in countries and regions that offer security of tenure and support mineral deposit development.
• Maintaining majority ownership during critical, high-value discovery and definition stage of the process while carrying out aggressive exploration;
• Seeking alliances with major mining companies for the development of its deposits;
• Providing a safe working environment;
• Fulfilling employee's aspirations;
• Protecting the environment;
• Respecting cultural values and differences;
• Supporting local communities

Chisna Project, Alaska

• Covers 900 km2 in the Chistochina Mining District in south-central Alaska.
• Project targets new Copper-Gold Porphyry Belt with two large, well-mineralized porphyries discovered to date.
• JV partner earning 51% by spending $20 million in exploration to March 15, 2015.
• 2010 exploration work identified several styles of mineralization, including porphyry copper-gold-molybdenum, skarn copper-iron and copper-gold targets as well as structurally controlled gold-copper mineralization. 
• Two new targets discovered in 2010 which will be the focus of 2011 exploration.

Terra Project, Alaska

• Covers 130 km2 in the Hartman Mining District of Western Alaska.
• Project targets a large, high-grade gold-silver vein system.
• Current NI43-101 Inferred Resource of 428,000 tonnes at 12.2 g/t Au for 168,000 oz contained and 23.1 g/t silver for 318,000 oz contained at a cutoff grade of 5.0 g/t Au.
• JV partner earning 51% for $6 million spend over 3 years to Dec. 31, 2013.  Corvus will hold a 0.5 - 5% NSR for precious metals production. 
• Aggressive advanced exploration/metallurgical program targeted for 2011-12.

LMS Project, Alaska

• Covering 61 km2 in the Goodpaster Mining District, 40 km south of the Pogo Gold Mine (second largest gold mine in Alaska operated by Sumitomo Metals Co.).*
• 2010-11 drilling programs returned both thick bulk tonnage and narrower high-grade vein-type mineralization including 21.2 m of 5.8 g/t Au and 19.1 m of 2.51 g/t Au.
• JV partner earning 55% interest by spending $3.5 million in exploration before 2013.  An NSR royalty of 3-4% gold will be payable to Corvus.
• JV partner plans a +6,000 metre drill program commencing in June 2011.

West Pogo Project, Alaska

• Covering 17 km2 in the Goodpaster Mining District, 5 km west of the Pogo Gold Mine in Alaska.
• Project targets high-grade, intrusion-related gold vein system similar to those being mined at the Pogo Mine.
• JV Partner earning 55% interest by ­spending $2.8 million in exploration before    Dec. 31, 2013.  An NSR royalty of 3-4% will be payable to Corvus.
• 2011 exploration program, including +1,500 metres of drilling, by JV partner will follow up on high-grade vein discoveries made in 2009 and 2010.

North Bullfrog Project, Nevada

The North Bullfrog Project consists of patented and unpatented mining claims covering an area of approximately 43 km2 situated 15 km north of Beatty, Nevada, and 8 km north of the Bullfrog Mine*.  The project represents a large, low-sulphidation, epithermal bulk-tonnage gold system hosted in volcanic and sedimentary rocks.

The North Bullfrog project includes eight prospective gold targets, one of which (the Mayflower property) was drilled by the Company in 2008 and contains an initial NI 43-101 estimated Indicated resource of 2.02Mt at 0.88 g/t gold for 57,086 contained ounces of gold and Inferred resource of 0.95Mt at 0.78 g/t gold for 23,793 contained ounces of gold (at 0.5 g/t gold cutoff grade).


Ownership


Gold was discovered in the Bullfrog district in 1904 resulting in an estimated production of approximately 112,000 ounces of gold and 869,000 ounces of silver through 1921 from high-grade vein systems that remained open along strike and down dip.  There was only minor activity in the district after the initial production period until modern exploration at the North Bullfrog project area started up in 1974 and continued until 1996 during which time several companies mapped, sampled, and drilled several areas of gold mineralization.  Declining precious metal prices in the late 1990s resulted in reduced interest in the area.

In 2005, the project was picked up and explored by Redstar Gold Corporation and International Tower Hill (ITH) entered into a joint venture with Redstar to explore the project in 2007.
Geology and Mineralization
North Bullfrog Geology

The North Bullfrog project lies along a northerly trending district-scale fault system which extends from the Bullfrog mine into the project area and believed to be a regional control to gold mineralization.  Numerous normal faults cut the volcanic sequence and localized vein-style gold mineralization in both areas.  Basement Paleozoic limestone, shale and quartzite occur in the project area, locally as large rootless inclusions within volcanic debris-flow breccias.  Unlike the Bullfrog mine area, the North Bullfrog contains abundant syn-volcanic intrusions, possibly indicating a more proximal magmatic/volcanic environment compared to the Bullfrog mine.

Two styles of precious metal epithermal mineralization are present at the project: 1) potentially high-grade, structurally controlled fissure veins and associated stockwork zones, and 2) low-grade disseminated or replacement deposits within altered volcanic rocks.

Gerfaut Project - Quebec

The Gerfaut Project covers an area of approximately 21 km2 in Northern Quebec situated within the Cape Smith Belt (Raglan).  The belt extends for some 375 km in an east-west direction across the Ungava Peninsula of Nunavik. Mineralization at Gerfaut occurs as both quartz veins and disseminated in meta volcanic and meta sedimentary rocks.  The nickel mining industry of this part of Quebec has developed extensive infrastructure.  

 
Ownership

As reported on the February 9, 2012 News Release, Corvus Gold Inc. signed a letter of intent with Les Resources Tectonic Inc. (LRT) to acquire a majority interest in the project.  The key terms of the Joint Venture Agreement are as follows:

• Payment for signing and claim staking: $10,000
• Obtaining a majority 60% interest in the project over a period of 5 years by spending $565,000 in work commitments and payments of $255,000
• LRT to receive a 2% Net Smelter Return Royalty (NSR) with the option for Corvus to reduce royalty to 1% with a payment of $1.5M
• Corvus has option to increase interest by an additional 20% in project by spending $2M in work commitments over a period of 3 years
• After completion of the earn-in, LRT has option to reduce interest in project to a 10% ownership position, their interest would be converted to a 3% Net Profit Interest (NPI)

Geology and Mineralization

The Cape Smith Belt is interpreted as a foreland thrust-fold belt that constitutes the Northeastern extension of the Trans-Hudson Orogen, an early Proterozoic collision zone which seperates the Archean Superior Province from the Proterozoic Churchill Province.  The Trans-Hudson Orogen includes the Thompson Nickel Belt in Manitoba and the New Quebec Orogen (Labrador Trough) on the opposite sides of the Superior Province.  The most notable mine within the Cape Smith Belt is the Raglan Mine, owned and operated by Xstrata Nickel Plc. (formerly Falconbridge Ltd.).

Jeffrey A. Pontius
CEO & Director

Dr. Russell Myers
President

Carl Brechtel
Manager of Project Development

Mark Reischman
Nevada Exploration Manager

Chris Brown
Alaska Exploration Manager

Peggy Wu
Chief Financial Officer

Lawrence W. Talbot
Vice-President & General Counsel

Marla K. Ritchie
Corporate Secretary


Rowland Perkins
Chairman


Steve K. Aaker
Director


Daniel A. Carriere
Director


Anton J. Drescher
Director


Ed Yarrow
Director

As of financial statements for period ending November 30, 2011

Top 10 Institutional Holders  Source:  IPREO, November 10, 2011