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McEwen Mining Inc

Publié le 11 juin 2009

Exploration News Release: El Gallo Drilling Continues to Return Exceptional Re

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US Gold Corporation
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June 11, 2009
US Gold Exploration News Release: El Gallo Drilling Continues to Return Exceptional Results!
TORONTO, ONTARIO--(Marketwire - June 11, 2009) - US GOLD CORPORATION (TSX:UXG) (NYSE Amex:UXG) is pleased to announce that new core drilling from the El Gallo project in Sinaloa State, Mexico continues to deliver exceptional results. Since drilling began in November this discovery has grown dramatically and covers an area totaling 1,475 ft (450 m) long x 1,300 ft (400 m) wide and to a depth of 380 ft (115 m). The results to date suggest there is good potential for further growth. Nine new core holes were drilled since our last news release. All of the holes were designed to test for extensions of the mineralization: Four on the west end, two on the east end, one on a possible cross cutting feature and two testing for depth in the middle of the zone. Full results are listed in Appendix 1.


19.8 opt Silver (677.3 gpt) over 50.9 ft (15.5 m)

High grade over wide intersections has extended the mineralization 165 ft (50.0 m) to the north with a second zone appearing at depth. One of several significant intersections from this drilling returned 19.8 opt silver (677.3 gpt) over 50.9 ft (15.5 m). The goal was to extend the mineralization previously encountered in hole GAX010 (March 2, 2009) that returned 31.6 opt silver (1,082.4 gpt silver) over 104.0 ft (31.7 m), including 176.3 opt silver (6,046.1 gpt silver) over 14.9 ft (4.6 m) (Figure 1 & Figure 2). Highlights are below:

Hole #   Silver  Length   From     To  Hole #     Silver Length  From    To
------   ------  ------   ----     --  ------     ------ ------  ----    --
           (opt)    (ft)   (ft)   (ft)              (gpt)    (m)   (m)   (m)

GAX021     10.3   143.4   72.2  215.6  GAX021      352.7   43.7  22.0  65.7
Including 154.3     4.9   85.0   89.9  Including  5290.0    1.5  25.9  27.4
Including  32.1     4.1  155.0  159.1  Including  1100.0    1.3  47.3  48.5
And        45.5     1.4  297.4  298.8  And        1560.0    0.4  90.7  91.1

GAX026      4.1     9.8    4.9   14.8  GAX026      140.0    3.0   1.5   4.5
And         8.5    37.6   70.7  108.3  And         291.3   11.5  21.6  33.0
And         7.9     4.9  142.7  147.6  And         271.0    1.5  43.5  45.0
And         6.4     9.8  184.9  194.7  And         218.0    3.0  56.4  59.4
And        26.4     2.3  242.0  244.3  And         903.6    0.7  73.8  74.5

GAX027      5.7    14.8    4.9   19.7  GAX027      195.3    4.5   1.5   6.0
And        19.8    50.9   39.4   90.2  And         677.3   15.5  12.0  27.5
Including  55.9    12.3   39.4   51.7  Including  1918.0    3.8  12.0  15.8
And         4.1     5.2  128.9  134.2  And         141.0    1.6  39.3  40.9
And         5.7     5.6  159.1  164.7  And         194.0    1.7  48.5  50.2
And         7.7     9.8  184.5  194.4  And         265.3    3.0  56.3  59.3
And        14.4     6.5  223.2  229.7  And         493.3    2.0  68.0  70.0
And        14.3     2.5  266.1  268.5  And         491.0    0.8  81.1  81.9
And        11.5     2.0  288.7  290.7  And         393.0    0.6  88.0  88.6

14.5 opt Silver (497.2 gpt) over 32.8 FT (10.0 m)

Core drilling on the east end of the zone was designed to extend the mineralization beyond the previously released hole GAX017 (April 24, 2009) that returned 12.3 opt silver (423.3 gpt) over 34.4 ft (10.5 m), which was inside of a broad zone that totaled 3.9 opt silver (135.4 gpt ) over 316.6 ft (96.5 m). Drilling encountered similar grades as observed in GAX017, expanding the southerly trending mineralization by 295 ft (90 m). These results indicate that the mineralized zone is becoming wider along strike to the east (Figure 3).

Hole #   Silver  Length   From     To  Hole #     Silver Length  From    To
------   ------  ------   ----     --  ------     ------ ------  ----    --
           (opt)    (ft)   (ft)   (ft)              (gpt)    (m)   (m)   (m)

GAX023      6.3    46.5  157.2  203.7  GAX023      215.8   14.2  47.9  62.1
And        13.9    23.0  378.4  401.4  And         476.8    7.0 115.4 122.4
Including  36.3     4.9  378.4  383.3  Including  1245.0    1.5 115.4 116.8

GAX025     14.5    32.8   77.1  109.9  GAX025      497.2   10.0  23.5  33.5
Including  22.9    16.4   90.2  106.6  Including   785.4    5.0  27.5  32.5
And         5.5     7.2  124.7  131.9  And         187.0    2.2  38.0  40.2
And         7.1    13.1  139.4  152.6  And         242.0    4.0  42.5  46.5
And         5.0     4.9  172.2  177.2  And         170.0    1.5  52.5  54.0
And        15.9     2.8  371.2  374.0  And         545.0   0.85 113.2 114.0
And         5.8     6.6  388.8  395.3  And         199.5    2.0 118.5 120.5

As a result of geological mapping of the El Gallo area, US Gold geologists interpreted a possible north-south mineralized trend. This new trend crosses the area where most of the current drilling has been focused to date. The first core hole to test this area returned (previously released April 24, 2009) 5.6 opt silver (192.2 gpt) over 7.2 ft (2.2 m). A second core hole located approximately 200 ft (60 meters) to the southwest (Figure 1) has returned significantly higher grade, but over a narrower width. This is a positive development because it has the potential to build additional ounces in the immediate area.

Hole #   Silver  Length   From     To  Hole #     Silver Length  From    To
------   ------  ------   ----     --  ------     ------ ------  ----    --
           (opt)    (ft)   (ft)   (ft)              (gpt)    (m)   (m)   (m)

GAX020     50.3     3.6   98.4  102.0  GAX020     1725.0    1.1  30.0  31.1

In May, US Gold began prospecting at its El Tule property in Nayarit State, which is situated south of Sinaloa where the El Gallo Project is located. This property was acquired in 2007 when US Gold purchased Nevada Pacific Gold. El Tule is part of US Gold's large land package in Nayarit that totals approximately 242,000 acres and has a history of small scale mining.

A total of ten surface samples were taken over a distance 900 ft (275 m). Gold values ranged from 0.01 opt (0.2 gpt) to 1.1 opt (37.0 gpt) and averaged 0.26 opt (8.9 gpt). Drilling is scheduled to occur during the third quarter.


US Gold has engaged SGS Mineral Services in Durango, Mexico to perform independent metallurgical test work. Internal testing has demonstrated good recoveries. This will help establish the most appropriate mining process.


Drilling in Nevada resumed during the last week of May with the goal of expanding the recently published resource estimate at the Gold Bar Project located within the Cortez Trend. A second drill is scheduled to arrive during the coming weeks that will test targets away from the Gold Bar resource and most importantly explore for Cortez Hills style mineralization at the north end of the Tonkin Project.

An initial resource estimate for the Limo Project, located 20 miles (32 km) west of Barrick Gold's Bald Mountain Mine will be published during the third quarter. A total of 876 holes (31 drilled by US Gold) over an area of 44 miles has been completed at Limo.


US Gold Corporation is a Colorado incorporated gold and silver exploration company. It has a strong treasury, no debt and significant land holdings in Nevada next to Barrick's large Cortez Hills deposit along with a high grade silver/gold discovery in north-western Mexico. US Gold's shares trade on the NYSE Amex and Toronto Stock Exchanges under the symbol UXG.


This news release has been viewed and approved by Steve Brown, US Gold's 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.

Samples from the core drilling were split on-site at the Magistral Mine property. One quarter of the split drill core was shipped to ALS Chemex in Hermosillo for sample preparation and analysis by 4-acid digestion with ICP determination for silver and fire assay for gold. Samples returning greater than 1500 ppm silver or 10 ppm gold were re-analyzed using gravimetric fire assay. Standards and blanks were inserted every 25 samples.

All holes were drilled with HQ bits utilizing a CS-1500 truck-mounted core drill. Samples were taken based on lithologic and/or mineralized intervals and vary in length. The true width of the mineral zone has not yet been determined.

GAX026 assays were obtained from pulps prepared at US Gold's Magistral Mine lab.

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, 2008 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 the table detailing Core Holes GAX001-27, click here: http://media3.marketwire.com/docs/uxg0611table.pdf.

To view Figure 1, click here: http://media3.marketwire.com/docs/uxg0611fig1.pdf.

To view Figure 2, click here: http://media3.marketwire.com/docs/uxg0611fig2.pdf.

To view Figure 3, click here: http://media3.marketwire.com/docs/uxg0611fig3.pdf.

To view Figure 4, click here: http://media3.marketwire.com/docs/uxg0611fig4.pdf.


US Gold Corporation
Ian Ball
VP, Mexico
(647) 258-0395 or Toll Free: 1-866-441-0690
Fax: (647) 258-0408


US Gold Corporation
Mailing Address
99 George Street
3rd Floor
Toronto, ON M5A 2N4

INDUSTRY: Manufacturing and Production - Mining and Metals

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McEwen Mining Inc

ISIN : US58039P1075
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McEwen Mining est une société de production minière d'or et d'argent basée au Canada.

McEwen Mining détient divers projets d'exploration au Mexique.

Ses principaux projets en production sont MAGISTRAL MINE au Mexique et SAN JOSE ARGENTINA en Argentine, son principal projet en développement est EL GALLO MEXICO au Mexique et ses principaux projets en exploration sont PALMARITO, GOLD PICK AND GOLD RIDGE, TONKIN PROJECT et MAGISTRAL au Mexique et LOS AZULES ARGENTINA et LIMO en Argentine.

McEwen Mining est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 3,3 milliards US$ (3,1 milliards €).

La valeur de son action a atteint son plus haut niveau récent le 08 avril 2011 à 9,87 US$, et son plus bas niveau récent le 29 juillet 2022 à 0,32 US$.

McEwen Mining possède 337 054 594 actions en circulation.

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