VANCOUVER, April 7, 2016 /PRNewswire/ - Corvus Gold Inc.
("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces
that its wholly owned Alaskan subsidiary, Raven Gold Alaska Inc.
("Raven"), has signed an agreement with Millrock Resources Inc.
("Millrock") on the Company's non-core Chisna project asset in
Alaska. The ownership of the project is being sold for cash
and a retained net smelter return ("NSR") royalty. Cash from
the transaction will be used to fund ongoing exploration of the
North Bullfrog project in Nevada.
The Chisna sale will augment the royalty portfolio established
by the Company over the past 12 months. It is intended to provide
shareholders with additional exposure to potential future gold
discoveries and potential production at no cost as well as
providing a funding stream for the ongoing Nevada exploration programs.
A summary of the sale transaction is listed below:
- Cash at closing: USD $25,000
- Corvus is granted a retained NSR royalty of 1% on precious
metals and 1% on base metals
Jeff Pontius, Corvus' CEO,
stated: "The continued expansion of the Corvus royalty portfolio is
intended to provide shareholders with exposure to future
discoveries with production potential while minimizing dilution and
cost risk associated with non-core assets. Chisna is an
exciting gold and copper project in an underexplored, prospective
area. Partnering with a quality exploration group, with extensive
experience in Alaska, offers
Corvus shareholders potential for future zero cost gold
production. The transaction will also provide cash for
Corvus' continuing exploration on its new Nevada, high-grade, gold-silver discovery at
North Bullfrog."
About Corvus Gold Inc.
Corvus Gold Inc. is a North American gold exploration company,
which is focused on advancing its 100% controlled Nevada, North Bullfrog project. In
addition, the Company retains a number of royalties on other North
American exploration properties representing a spectrum of gold,
silver and copper projects.
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 press 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 use of cash from the transaction for
exploration at North Bullfrog, intended benefits to Corvus
shareholders, potential for the Chisna project to expand, potential
no cost gold production for shareholders from the Chisna retained
royalty, management continuing to look for opportunities to build
royalty portfolio and fund exploration through the sale of non-core
assets, anticipated content, commencement and cost of exploration
programs, anticipated exploration program results, the discovery
and delineation of mineral deposits/resources/reserves, the
potential for any mining or production at North Bullfrog, the
potential for the Company to secure or receive any royalties in the
future, 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, failure to receive
required regulatory approvals, variations in the nature, quality
and quantity of any mineral deposits that may be located,
variations in the market price of any mineral products the
Company may produce or plan to produce, the Company's inability to
obtain any necessary permits, consents or authorizations required
for its activities, the Company's inability to produce minerals
from its properties successfully or profitably, to continue its
projected growth, to raise the necessary capital or to be fully
able to implement its business strategies, and other risks and
uncertainties disclosed in the Company's latest interim
Management Discussion and Analysis and filed with certain
securities commissions in Canada. 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 press 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.