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Corvus Gold regains control of LMS, West Pogo projects in Alaska

Corvus Gold (TSE:KOR)(OTCQX:CORVF) said Friday that it has regained full control of its Alaskan precious metals projects LMS and West Pogo from joint venture partner First Star Resources (CVE:FS).

The US-focused explorer said that First Star Resources didn't complete its full work commitment on the projects.

During First Star's operating periods on the properties, approximately $3.5 million of exploration and development work was completed which defined an important high-grade feeder structure in the LMS deposit and a high-grade gold vein target on the West Pogo project.

Included in the completed work are pending assay results from the 2011 summer exploration drill program at the LMS project, which Corvus expects to receive shortly.

The LMS project, which consists of 92 claims and covers 61 kilometres, is located 40 kilometres south of the Pogo Gold Mine in the Goodpaster Mining District of Alaska. As at September 30, First Star's financials reported completion of $2.98 million of work at the LMS project.

Corvus said that recent work on the project continues to confirm two basic styles of mineralization on the project: bulk tonnage gold within a thick, stratabound, shear-hosted zone, and high-grade quartz veins hosted within feeder structures.

The 2011 winter drill program completed early this year returned results of 21.2 metres of 5.8 grams per tonne (g/t) gold and 12.6 g/t silver, and 5.2 metres of 21.4 g/t gold and 33.5 g/t silver from within the feeder zone target.

A seven drill hole program totalling 2,332 metres was completed in the summer of 2011 and the results from these holes are expected shortly, which will show significant potential for expansion in the system, Corvus Gold said.

Highlights from the completed work include an extension of the main alteration and mineralization system along strike 500 metres to the west and an extension of the system to 700 metres down dip, with the deposit remaining open in all directions.

Further follow-up drilling at LMS is planned for the coming year, with the goal to produce an NI 43-101 compliant resource estimate.

West Pogo is located approximately 5 kilometres to the west of Sumitomo Metals Corp.'s Pogo Gold Mine, which produces an average of 400,000 ounces of gold per year.

Infrastructure at West Pogo includes an accessible mine road going through the property that leads to the Pogo Gold Mine.

As of September 30, First Star's financials reported completion of $526,640 of work at the West Pogo project, including a 3D-induced polarization survey, geological mapping and surface sampling.

This work defined a kilometre long, high-grade, vein target with grades up to 118.5 g/t gold in quartz vein exposures.

The company is currently designing a discovery phase drill program for the project to begin next summer, which will focus on the high-grade vein targets.

Corvus Gold is a precious metals exploration company focused in Alaska and Nevada. Shares in Corvus were flat at $0.63 Friday morning.