US Gold
Engages Nevada Exploration to Complete a Hydrogeochemistry
Exploration Program at its Gold Bar and Tonkin Properties
Nevada Exploration Inc. (�NGE�) (TSX-V:NGE) is
pleased to announce that US Gold Corporation (�US Gold�) (NYSE: UXG) (TSX:
UXG) has engaged NGE to conduct a hydrogeochemistry
exploration program on US Gold�s large land position surrounding its Gold Bar
and Tonkin Properties in Nevada (�Project Area�).
US Gold�s Gold Bar and Tonkin Properties are located
on the south-central part of the prolific Eureka-Battle Mountain gold trend
in north-central Nevada. US Gold�s land position is located approximately 16
km (10 miles) SE of Barrick�s Cortez gold mine complex
(14.5 MMOz as of December 31, 2010) and
approximately 35 km (22 miles) NW of Barrick�s Ruby
Hill gold mine (1.1 MMOz as of December 31, 2010).
The Project Area totals approximately 430 sq-km (165 sq-mi) and contains
considerable areas of highly prospective but covered bedrock. US Gold has
chosen to work with NGE specifically because of NGE�s expertise in exploring
for gold mineralization in covered bedrock settings using its industry
leading hydrogeochemistry exploration technology.
Under the agreement, NGE will complete a groundwater
sampling and analysis program across the Project Area to identify new
exploration targets, and in return, US Gold will pay NGE agreed upon rates
for its services, as well as grant to NGE a 0.5 to 1.0% Net Smelter Return Royalty
on resources within the Project Area that are not already contained in NI
43-101 compliant resource areas referred to in reports published prior to the
date of the agreement.
Discussing the agreement, Wade Hodges, NGE�s
President and CEO: �Working with US Gold marks a new chapter for NGE. We are
leveraging our significant investment in our technology to advance US Gold�s
project and expose our shareholders to considerable upside while getting paid
to do so. This is an opportunity to demonstrate the value of our exploration
technology to explore for gold in covered bedrock settings.�
Nevada Exploration Inc.
NGE is an exploration company focused on gold in
Nevada. NGE is led by an experienced management team that has been involved
with the discovery of more than 30M ounces of gold in Nevada.
NGE is aggressively applying the latest in �blind
deposit� exploration technology to identify, acquire, and advance new
exploration properties in Nevada�s highly prospective, yet underexplored
covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration
technology to explore for gold in Nevada�s covered basins where traditional
exploration techniques are challenged.
Using its industry leading exploration technology,
NGE has assembled a portfolio of nine new gold projects, and with over 20,000
hectares (75 sq mi), is evolving as a major player in this world class
jurisdiction. NGE�s business model is to leverage its properties and
technology to create shareholder value through generative exploration, joint
ventures, and other exploration partnerships.
For further information please contact:
James Buskard
Vice President Corporate Development
Nevada Exploration Inc.
Tel: (775) 359-7740
Toll Free: (888) 263-2110
Email: info@nevadaexploration.com
Website: www.nevadaexploration.com
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