Aug 9 2012
Corvus Gold Inc. (TSX: KOR, OTCQX: CORVF) is pleased to announce that the Company's joint venture partner WestMountain (OTCBB: WMTN) has indicated they will complete on-site installation of the bulk sample gold mill and will commence test production this summer.
Under the Company's existing joint venture agreement, Corvus will receive 49% of the gold production plus a net smelter royalty (NSR) of 0.5% to 5% at no cost until WestMountain completes the required work commitments by the end of 2013. The 2012 partner funded exploration and development program should significantly advance the Terra Project where the current inferred resource totals 168,000 ounces gold at an average grade of 12.2 g/t gold (Summary Report on the Terra Gold Project, McGrath District, Alaska, June 15, 2010). Planned work for the 2012 season as indicated by the Company's JV partner includes:
- Complete installation of the bulk sample on-site gold mill and commence gold production
- 1,200 meters of core drilling to further extend the Ben Vein Gold structure
- Gustavson & Associates to complete resource update and technical report expected in Q4 2012
- Commence engineering work to support Scoping Study on an underground mining operation expected in Q2 2013
- Initiate surface work program on the Camp Creek Midway porphyry target
Jeff Pontius, Corvus CEO, stated: "The potential to see initial gold production from the Terra Project is an exciting step for Corvus Gold in leveraging its non-core assets to support the development of our 100% wholly owned North Bullfrog, Nevada Project toward anticipated production. Corvus' Alaskan projects represent significant downstream growth potential for both major new gold discoveries and to augment our future anticipated production profile."
About Corvus Gold Inc.
Corvus Gold Inc. is a North American focused gold exploration and development company with projects in Nevada, Alaska and Quebec. The Company's projects represent a spectrum of early-stage to advanced exploration and development gold opportunities. Corvus is committed to building shareholder value through a rapidly advancing gold project in Nevada and new growth discoveries on its other assets. The Company looks to advance its earlier and more risky discoveries via partner funded exploration work into carried and or royalty interests that provide shareholders with exposure to low financial risk potential gold production.