McEwen Mining

Published : December 17th, 2008

Intersects Impressive High-Grade

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US Gold Corporation
TSX: UXG
NYSE Alternext US: UXG
FRANKFURT: US8
Other Recent News

December 17, 2008
US Gold Intersects Impressive High-Grade

El Gallo: 2.0 opt Gold, 5.3 opt Silver over 5 ft;

9.4 opt Silver over 50 ft, Inc. 28.0 opt Silver over 5 ft

Palmarito: 10.6 opt Silver over 75 ft, Inc. 33.0 opt Silver over 5 ft

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) - US GOLD CORPORATION (TSX:UXG)(NYSE ALTERNEXT US:UXG)(FRANKFURT:US8) announces a successful conclusion to its first year in Mexico and a bright outlook for 2009! Drilling from two projects within the Magistral District, located in Sinaloa State continues to intersect exciting high-grade results (Figure 1).

DRILL RESULT HIGHLIGHTS

- El Gallo - Results show excellent potential: 2.0 ounces per ton (opt) gold, 5.3 opt silver over 5 feet (ft) (70.1 grams per tonne (gpt) gold, 180.0 gpt silver over 1.5 meters (m)), within 15.0 ft of 0.76 opt gold, 3.3 opt silver (25.9 gpt gold, 112.1 gpt silver over 4.6 m).

- El Gallo - Strike length of initial discovery area extended to 425.0 ft (130.0 m): 10.4 opt silver over 45.0 ft (355.8 gpt silver over 13.7 m), including 27.3 opt silver over 5.0 ft (937.0 gpt silver over 1.5 m).

- Palmarito - Southwest Zone expands as grades get richer: 10.6 opt silver over 75.0 ft (363.3 gpt silver over 22.9 m), including 33.0 opt silver over 5 ft (1130.0 gpt silver over 1.5 m).

EL GALLO

High-Grade, Close to Surface and Near Mining Infrastructure

El Gallo is a recent discovery located 3mi (4.8km) north of the Magistral Mine (Figure 1). US Gold believes the project has excellent potential based on the early results and strong alteration that has been found over a broad area. Results issued on November 26th, 2008 returned significant mineralization: 43.6 opt silver and 0.45 opt gold over 55.0 ft (1494.7 gpt silver, 15.3 gpt gold over 16.8 m), including 104.1 opt silver and 1.0 opt over 20.0 ft. (3570.0 gpt silver, 34.6 gpt gold over 6.1 m).

Subsequent exploration was designed to 1) define and delineate the high-grade mineralization 2) connect the two initial discovery areas and 3) expand the known mineralization.

Delineation Drilling Confirms High-Grade Potential

Exploration was designed to establish the orientation of the high grade silver-gold mineralization located in the east portion of the project, in order to guide future drilling (Figure 2). Early interpretations suggest that the favorable mineral horizon is trending to the north. Recent assays have returned additional high-grade showing consistent thickness. Highlights are below:

----------------------------------------------------------------------------
Hole #           Silver    Gold     Silver Eq.(i)   Length     From      To
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(Imperial)         (opt)   (opt)            (opt)      (ft)     (ft)    (ft)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-048         3.5    0.06              6.9       5.0      0.0     5.0
----------------------------------------------------------------------------
And                 5.9    0.10             11.1      40.0    100.0   140.0
----------------------------------------------------------------------------
Including           9.3    0.21             20.9       5.0    105.0   110.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-049         9.4    0.01              9.7      50.0     40.0    90.0
----------------------------------------------------------------------------
Including          28.0    0.01             28.4       5.0     55.0    60.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-051         3.3    0.76             44.1      15.0     45.0    60.0
----------------------------------------------------------------------------
Including           5.3     2.0            115.7       5.0     45.0    50.0
----------------------------------------------------------------------------
And                 4.0    0.01              4.6      10.0     90.0   100.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-053         7.0    0.15             15.1      20.0    115.0   135.0
----------------------------------------------------------------------------
Including          13.5    0.39             34.6       5.0    125.0   130.0
----------------------------------------------------------------------------


----------------------------------------------------------------------------
Hole #           Silver    Gold     Silver Eq.(i)   Length     From      To
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(Metric)           (gpt)   (gpt)            (gpt)       (m)      (m)     (m)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-048       119.0    2.16            235.6       1.5      0.0     1.5
----------------------------------------------------------------------------
And               201.6    3.35            382.2      12.2     30.5    42.7
----------------------------------------------------------------------------
Including         319.0    7.34            715.4       1.5     32.0    33.5
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-049       321.8    0.17            331.1      15.2     12.2    27.4
----------------------------------------------------------------------------
Including         961.0    0.26            975.1       1.5     16.8    18.3
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-051       112.1    25.9           1510.6       4.6     13.7    18.3
----------------------------------------------------------------------------
Including         180.0    70.1           3965.4       1.5     13.7    15.2
----------------------------------------------------------------------------
And               136.0    0.39            157.0       3.0     27.4    30.5
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-053       238.5    5.16            517.1       6.1     35.1    41.1
----------------------------------------------------------------------------
Including         463.0    13.4           1186.6       1.5     38.1    39.6
----------------------------------------------------------------------------

(i)Gold:Silver Ratio 3 year average (1:54); Cut-off grade 2.9 opt silver
   (100 gpt silver)
   Metallurgical Recoveries and Net Smelter Returns are based on 100%
   Numbers may not balance due to rounding
 
Size Potential Opens Up - Discovery Areas Connect

Drilling between the two areas where silver mineralization was first discovered at El Gallo has returned the highest grades to date from this section of the project. These two areas were separated by 250.0 ft (75.0 m). Results are stated below:

----------------------------------------------------------------------------
Hole #                      Silver          Length          From         To
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(Imperial)                    (opt)            (ft)          (ft)       (ft)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-044(ii)               10.4            45.0          15.0       60.0
----------------------------------------------------------------------------
Including                     27.3             5.0          40.0       45.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-046(ii)                6.7            15.0           5.0       20.0
----------------------------------------------------------------------------
Including                     11.6             5.0          10.0       15.0
----------------------------------------------------------------------------
And                            4.0             5.0          55.0       60.0
----------------------------------------------------------------------------
And                            3.7             5.0          95.0      100.0
----------------------------------------------------------------------------



----------------------------------------------------------------------------
Hole #                      Silver          Length          From         To
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(Metric)                      (gpt)             (m)           (m)        (m)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-044(ii)              355.8            13.7           4.6       18.3
----------------------------------------------------------------------------
Including                    937.0             1.5          12.2       13.7
----------------------------------------------------------------------------

----------------------------------------------------------------------------
GABHA08-046(ii)              230.3             4.6           1.5        6.1
----------------------------------------------------------------------------
Including                    399.0             1.5           3.0        4.6
----------------------------------------------------------------------------
And                          136.0             1.5          16.8       18.3
----------------------------------------------------------------------------
And                          128.0             1.5          29.0       30.5
----------------------------------------------------------------------------

(i)Gold:Silver Ratio 3 year average (1:54); Cut-off grade 2.9 opt silver
   (100 gpt silver)
(ii)Angle Hole
    Metallurgical Recoveries and Net Smelter Returns are based on 100%
    Numbers may not balance due to rounding
 
This zone, combined with new results to the north, which returned 9.4 opt silver over 15.0 ft (322.0 gpt silver over 4.6 m), including 18.9 opt silver over 5 ft (648.0 gpt silver over 1.5 m) and 7.8 opt silver over 20.0 ft (267.5 gpt silver over 6.1 m), has now been identified over a total strike length of 425.0 ft (130.0 m) (Figure 2). Mineralization remains open to the north, east and west.

PALMARITO - Grades Keep Getting Better!

33.0 opt Silver (1130.0 gpt silver) over 5.0 ft (1.5 m)

The new Southwest Zone continues to expand and return high-grade mineralization (Figure 3). The width of the mineralized zone has been extended by an additional 135.0 ft (41.0 m) and now totals 360.0 ft (110.0 m) wide, with recent results returning increasingly higher-grades, such as hole PMBHA08-076, which returned 10.6 opt silver over 75.0 ft (363.3 gpt silver over 22.9 m), including 33.0 opt silver over 5 ft. (1130 gpt silver over 1.5 m). This is the highest grade intercept drilled at Palmarito since US Gold began exploring the project. Highlights are listed below:

----------------------------------------------------------------------------
Hole #               Silver   Gold    Silver Eq.(i)  Length    From      To
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(Imperial)             (opt)  (opt)           (opt)     (ft)    (ft)    (ft)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-065             8.4      -             8.4     10.0    35.0    45.0
----------------------------------------------------------------------------
Including              11.5      -            11.5      5.0    35.0    40.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                              less
                              than
PMBHA08-074(ii)         6.2   0.01             6.4     95.0    55.0   150.0
----------------------------------------------------------------------------
                              less
                              than
Including              10.7   0.01            10.9     10.0   140.0   150.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-076(ii)        10.6   0.01            10.9     75.0    70.0   145.0
----------------------------------------------------------------------------
Including              33.0      -            33.0      5.0   115.0   120.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-077(ii)         6.2      -             6.2     35.0    80.0   115.0
----------------------------------------------------------------------------
Including              12.2      -            12.2      5.0    90.0    95.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-078(ii)         5.3      -             5.3      5.0    25.0    30.0
----------------------------------------------------------------------------
                              less
                              than
And                     5.5   0.01             5.7     65.0    60.0   125.0
----------------------------------------------------------------------------
                              less
                              than
Including               8.9   0.01             9.1      5.0    80.0    85.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-079(ii)         3.5      -             3.5     10.0    20.0    30.0
----------------------------------------------------------------------------
                              less
                              than
And                     6.8   0.01             7.0     45.0    45.0    90.0
----------------------------------------------------------------------------
Including              10.6   0.01            11.2      5.0    45.0    50.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-080(ii)         5.9      -             5.9     55.0    25.0    80.0
----------------------------------------------------------------------------
Including              13.4      -            13.4     10.0    35.0    45.0
----------------------------------------------------------------------------



----------------------------------------------------------------------------
Hole #               Silver   Gold    Silver Eq.(i)  Length    From      To
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(Metric)               (gpt)  (gpt)           (gpt)      (m)     (m)     (m)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-065           288.0      -           288.0      3.0    10.7    13.7
----------------------------------------------------------------------------
Including             394.0      -           394.0      1.5    10.7    12.1
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-074(ii)       213.4   0.12           219.8     29.0    16.8    45.7
----------------------------------------------------------------------------
Including             366.5   0.14           374.3      3.0    42.7    45.7
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-076(ii)       363.3   0.21           374.5     22.9    21.3    44.2
----------------------------------------------------------------------------
Including            1130.0      -          1130.0      1.5    35.1    36.6
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-077(ii)       213.1      -           213.1     10.7    24.4    35.1
----------------------------------------------------------------------------
Including             418.0   0.18           427.6      1.5    27.4    29.0
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-078(ii)       180.0      -           180.0      1.5     7.6     9.1
----------------------------------------------------------------------------
And                   188.4   0.16           196.8     19.8    18.3    38.1
----------------------------------------------------------------------------
Including             306.0   0.13           313.0      1.5    24.4    25.9
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-079(ii)       118.5      -           118.5      3.0     6.1     9.1
----------------------------------------------------------------------------
And                   231.8   0.12           238.3     13.7    13.7    27.4
----------------------------------------------------------------------------
Including             365.0   0.33           382.8      1.5    13.7    15.2
----------------------------------------------------------------------------

----------------------------------------------------------------------------
PMBHA08-080(ii)       200.9      -           200.9     16.8     7.6    24.4
----------------------------------------------------------------------------
Including             458.5      -           458.5      3.0    10.7    13.7
----------------------------------------------------------------------------

(i)Gold:Silver Ratio 3 year average (1:54); Cut-off grade 2.9 opt silver
   (100 gpt silver)
(ii)Angle Hole
    Metallurgical Recoveries and Net Smelter Returns are based on 100%
    Numbers may not balance due to rounding
 
For a complete list of results please visit www.usgold.com.

ABOUT US GOLD

US Gold Corporation is a United States based gold exploration company exploring in northeastern Nevada and north-central Mexico. US Gold's shares trade on the NYSE Alternext and Toronto Stock Exchanges under the symbol UXG and on the Frankfurt Exchange under the symbol US8.

QUALIFIED PERSON

This news release has been viewed and approved by Steve Brown, Chief Geologist, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Mexican exploration properties. All samples were analyzed by ALS Chemex utilizing a 4 acid digestion with ICP finish for silver and fire assay for gold.

All holes were drilled with conventional rotary drilling. Samples were taken every 5.0 ft (1.5 m). The true width of the mineral zone has not yet been determined.

Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's results of exploration, plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors". Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.

To view figure 1, please visit the following link:

http://media3.marketwire.com/docs/uxg1217.pdf

To view figure 2, please visit the following link:

http://media3.marketwire.com/docs/uxg1217a.pdf

To view figure 3, please visit the following link:

http://media3.marketwire.com/docs/uxg1217b.pdf

CONTACT INFORMATION:

US Gold Corporation
Ian Ball
VP, Mexico
(647) 258-0395 or Toll Free: 1-866-441-0690
Fax: (647) 258-0408
Email: info@usgold.com
Website: www.usgold.com

INDUSTRY: Manufacturing and Production - Mining and Metals

.
Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

McEwen Mining

PRODUCER
CODE : MUX
ISIN : US58039P1075
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McEwen Mining is a gold development stage company based in Canada.

McEwen Mining produces gold, silver in Argentina and in Mexico, develops gold and silver in Mexico, and holds various exploration projects in Mexico.

Its main assets in production are MAGISTRAL MINE in Mexico and SAN JOSE ARGENTINA in Argentina, its main asset in development is EL GALLO MEXICO in Mexico and its main exploration properties are PALMARITO, GOLD PICK AND GOLD RIDGE, TONKIN PROJECT and MAGISTRAL in Mexico and LOS AZULES ARGENTINA and LIMO in Argentina.

McEwen Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 316.8 millions as of today (€ 280.5 millions).

Its stock quote reached its highest recent level on April 08, 2011 at US$ 9.87, and its lowest recent point on March 20, 2020 at US$ 0.53.

McEwen Mining has 337 054 594 shares outstanding.

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9/15/2009Added to the S&P/TSX Global Gold Index & S&P/TSX Global Mini...
8/5/2009Impressive Results Continue at El Gallo in Three Areas
6/10/2009Rob McEwen Invites Investors to US Gold's =?ISO-8859-1?Q?=20...
5/31/2009in New York City
5/26/2009Announces the Closing of Over-Allotment of Common Stock
5/19/2009Announces the Closing of Its Public Offering of Common Stock
12/3/2008Luncheon Dec 17, 2008
11/21/2008Dow Jones Article: US Gold
8/25/2008Exploration News Release
8/6/2008Outlines Nevada Exploration Program
7/7/2008Mexico Exploration Update
6/24/2008Mexico Exploration Update
5/14/20082008 US Gold AGM
3/25/2008Mexico Exploration Update
11/20/2007 Ann Carpenter has stepped down as President
10/5/2007Nevada Exploration Update
7/3/2007Completes Acquisitions of Target Companies!
7/4/2007& Lexam CEO Rob McEwen Appointed to the Order of Canada; Can...
6/12/2007Open Letter to US Gold Shareholders
6/12/2007Intriguing Grab Sample: Metal Value $2,200 Per Ton(i)
6/5/2007Announces Annual General Meeting
4/13/2007Canadian Acquisition Corporation TSX Listing Approved
4/10/2007Encouraging Results; Best Grade: 0.73 Opt Over 5 Ft.
3/13/2007 Reminds Shareholders of White Knight Resources, Nevada Paci...
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NYSE (MUX)TORONTO (MUX.T)
0.940-1.05%
NYSE
US$ 0.940
12/03 16:10 -0.010
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Year l/h YTD var.
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2,678,020 -14.55%
24hGold TrendPower© : 24
Produces Gold - Silver
Develops Gold - Silver
Explores for Copper - Gold - Silver
 
 
 
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