US Gold: Nevada Exploration Update-New Encouraging Results at Limo & Gold Bar
Published : May 31, 2011
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TORONTO, ONTARIO--(Marketwire - May 31, 2011) - US GOLD CORPORATION (News - Market indicators)(TSX:UXG) is pleased to announce that recent drilling in Nevada has returned encouraging results. At Cadillac, thirteen holes have been completed since the last exploration update on January 11th. Long intervals of gold mineralization were encountered, the best results are: 2.56 gpt (grams per tonne) gold over 82.3 m (meters) including 7.17 gpt gold over 12.2 m, 3.27 gpt gold over 16.8 m, 1.33 gpt gold over 32.0 m, and 0.70 gpt gold over 102.1 m.

Limo – Cadillac Discovery Area

US Gold geologists continue to be excited by the recent results because:

1) Drilling consistently intercepted long intervals of gold mineralization over a significant area;

2) The potential boundaries of the new discovery extend for 700 meters (2,300 feet) along strike; and

3) All the mineralization discovered to-date appears to be oxidized and leaches well in preliminary tests.

Drilling continued to expand the size of Cadillac, where most of the recent holes completed on the project are located. Mineralization was extended and now covers an area of approximately 250 x 250 meters (820 x 820 feet) (see Figure 1,2 & 3). More drilling is planned.

A new zone of gold mineralization was discovered 600 meters (2,000 feet) northeast along the mineralized trend. Drilling encountered the highest assay grades at Cadillac, returning 7.17 gpt gold over 12.2 m, 6.40 gpt gold over 6.1 m, and 5.36 gpt gold over 3.0 m in holes LB114, LB104 and LB105 respectively (see Figure 4).

Gold was found in all thirteen of the recent holes at Cadillac, assay results are summarized below:

(opt = Troy ounces per short ton, gpt = grams per metric tonne. True widths of intercepts are unknown.)

Assay Values for Limo Project – Cadillac Area
Hole # Gold Length From Gold Length From
  (opt) (feet) (feet) (gpt) (meters) (meters)
LB81 0.019 10 545 0.66 3.0 166
and 0.020 60 825 0.69 18.3 251
LB82 0.021 210 410 0.72 64.0 125
incl 0.034 35 430 1.18 10.7 131
LB83 0.029 30 535 0.99 9.1 163
and 0.036 40 705 1.22 12.2 215
and 0.020 335 875 0.70 102.1 267
incl 0.043 20 910 1.49 6.1 277
incl 0.066 10 1045 2.27 3.0 319
incl 0.048 10 1115 1.66 3.0 340
LB84 0.014 50 645 0.47 15.2 197
and 0.039 105 720 1.33 32.0 219
LB85 0.022 35 800 0.77 10.7 268
and 0.020 130 880 0.68 39.6 268
incl 0.051 15 880 1.75 4.6 268
and 0.015 60 1035 0.50 18.3 315
LB91 0.025 10 445 0.86 3.0 136
and 0.014 20 685 0.49 6.1 209
LB97 0.042 5 510 1.45 1.5 155
LB100 0.018 15 930 0.63 4.6 283
LB102 0.030 15 620 1.02 4.6 189
and 0.015 20 775 0.51 6.1 236
and 0.027 15 885 0.92 4.6 270
incl 0.061 5 895 2.08 1.5 273
LB104 0.025 10 465 0.86 3.0 142
and 0.013 40 495 0.46 12.2 151
and 0.017 15 565 0.59 4.6 172
and 0.095 55 695 3.27 16.8 212
incl 0.187 20 720 6.40 6.1 219
LB105 0.078 25 760 2.67 7.6 232
incl 0.156 10 775 5.36 3.0 236
and 0.027 30 810 0.93 9.1 247
incl 0.116 5 835 3.99 1.5 255
and 0.058 25 875 1.99 7.6 267
incl 0.101 5 875 3.46 1.5 267
LB109 0.041 25 350 1.41 7.6 107
and 0.025 20 410 0.86 6.1 125
LB114 0.075 270 670 2.56 82.3 204
incl 0.280 15 705 9.61 4.6 215
incl 0.120 10 750 4.11 3.0 230
incl 0.209 40 880 7.17 12.2 268
incl 0.188 5 935 6.43 1.5 285

Limo – Continental

Mineralization previously reported on December 6th, 2010 at Continental was extended down-dip with two mineralized holes. This mineralization lies within an east-northeast trending vein hosted by limestone. Results suggest that the mineralized vein is a relatively high-grade but limited in extent. A total of thirteen shallow holes were drilled, with two returning significant results show below. No further drilling is immediately planned.

Hole # Silver Gold Length From Silver Gold Length From
  (opt) (opt) (feet) (feet) (gpt) (gpt) (meters) (meters)
LB87 6.5 0.040 25 45.0 222 1.28 7.6 13.7
LB103 14.1 0.040 7.5 37.5 485 1.39 2.3 11.4

Gold Bar Project – New Taurus Discovery

A new zone of gold mineralization has been discovered at the Taurus prospect, located 2.5 kilometers (1.5 miles) east of the main Gold Bar resource area. These results are encouraging because they occur at surface and in close proximity to the Gold Bar Project, where a production pre-feasibility study is currently underway. The strike and dip-extent of the structure is not yet known. Additional drilling is being planned. Highlights from three angled holes drilled from the same location are shown below, assays are currently pending for eight additional holes:

Hole # Gold Length From Gold Length From
  (opt) (feet) (feet) (gpt) (meters) (meters)
GB175 0.028 70 0 0.95 21.3 0
incl 0.087 5 22.5 3.00 1.5 6.9
incl 0.069 10 55 2.37 3.0 16.8
GB176 0.034 67.5 0 1.17 20.6 0
incl 0.052 12.5 5 1.78 3.8 1.5
GB177 0.042 25 0 1.44 7.6 0
incl 0.086 5 5 2.97 1.5 1.5

Gold Bar – Pre-feasibility Update

US Gold is pleased to report that SRK Consulting is progressing well with the pre-feasibility study on the Gold Bar Project and expects to deliver their report in September 2011.

ABOUT US GOLD (www.usgold.com)

US Gold's objective is to qualify for inclusion in the S&P 500 by 2015. US Gold explores for gold and silver in the Americas and is advancing its El Gallo Project in Mexico and its Gold Bar Project in Nevada towards production. US Gold has a strong treasury with approximately $108 million in cash and gold and silver bullion. The Company's shares are listed on the New York (NYSE) and the Toronto Stock Exchange (TSX) under the symbol UXG, trading 1.6 million shares daily during the past twelve months. US Gold's shares are included in S&P/TSX and Russell indices and Van Eck's Junior Gold Miners ETF.

QUALIFIED PERSON

Disclosure for Nevada projects: This news release has been prepared, reviewed and approved by Robert L. Kastelic, CPG, US Gold's Senior Consulting Geologist, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of mineral exploration undertaken by the company at its Nevada exploration properties. Holes drilled by reverse circulation were sampled on 5-ft intervals. Core from Diamond drill holes was split and sampled on intervals from 1 to 5 feet in length. All gold assays are uncut, with analyses conducted by ALS Chemex and Inspectorate Laboratories utilizing a 30-gram fire assay charge with an AA finish. Samples returning greater than 10 ppm gold were re-analyzed using gravimetric fire assay. Silver analyses were conducted by Inspectorate Laboratories utilizing a 30-gram fire assay charge with a gravimetric finish. Quality assurance/quality control is assured by inserting standards and blanks every 40th sample and check assays sent to a second lab every 20th sample.

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, 2010 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.

U.S. investors should be aware that the issuer has no "reserves" as defined by Guide 7 and are cautioned not to assume that any part or all of the potential target mineral resources will ever be confirmed or converted into Guide 7 compliant "reserves."

This press release also contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/fig1_20110527_plan.pdf

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/fig2_20110527_plan.pdf

To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/fig3_20110527_cross_south.pdf

To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/fig4_20110527_cross_north.pdf



US Gold Corporation
Stefan M. Spears
Vice President, Projects
(647) 258-0395 or Toll Free: (866) 441-0690
(647) 258-0408 (FAX)
or
Mailing Address
US Gold Corporation
99 George Street, 3rd Floor
Toronto, ON M5A 2N4
info@usgold.com
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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