VANCOUVER, Jan. 24, 2013 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces it has signed a Letter of Intent (LOI) with the Beatty Water and Sanitation District (BWSD) in Beatty, Nevada, to evaluate the potential for the BWSD to be able to supply water for use at the North Bullfrog Project. Under the terms of the LOI, BWSD will retain hydrologists and engineers to review technical data, perform due diligence on BWSD's existing water rights and infrastructure, and estimate future water demand in order to establish the basis for evaluating the Company's water purchase proposal. Under this agreement, the Company will reimburse BWSD for the cost of this evaluation.
Carl Brechtel, COO of Corvus, stated: "We are very pleased to be working together with BWSD to explore opportunities to develop a mutually beneficial relationship for BWSD to supply water to the Company's North Bullfrog project. The development of a water supply arrangement for the project represents an opportunity to create a long-term public/private partnership which will benefit both the local community and the Company. With a proposed start-up date of late 2014, the Mayflower Mine at the North Bullfrog Project is poised to become Nevada's next gold mine. Development of this mining project will bring much needed economic activity and family-wage jobs to Beatty and Nye County."
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 68 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold Corp. The property package is made up of a number of private mineral leases of patented mining claims and 758 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor.
The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca, Jolly Jane and Connection) containing an estimated Oxidized Indicated Resource of 27 Mt at an average grade of 0.28 g/t gold for 246,810 ounces of gold and an Oxidized Inferred Resource of 234.5 Mt at 0.18 g/t gold for 1,387,870 ounces of gold (both at a 0.1 g/t gold cutoff), with appreciable silver credits. Unoxidized Inferred mineral resources are 221.6 Mt at 0.19 g/t for 1,361,000 ounces of gold (at a 0.1 g/t gold cutoff).
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in Nevada, Alaska and Quebec, which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects. Corvus is focused on advancing its 100% owned Nevada, North Bullfrog project towards a potential development decision and continuing to explore for new major gold discoveries. Corvus is committed to building shareholder value through new discoveries and leveraging noncore assets via partner funded exploration work into carried and or royalty interests that provide shareholders with exposure to gold production.
SOURCE Corvus Gold Inc.