U.S Gold Corp.'s Copper King Project is located in the mining friendly State of Wyoming, 20 miles west of Cheyenne. The Copper King Project has been identified as a project of merit in the Company's December 2017 Preliminary Economic Assessment (PEA) from Mine Development Associates, with high-grade mineralization exposed at the surface surrounded by a large, low-grade zone with potential for expanding at least the low-grade resource.
U.S. Gold Corp.'s President and CEO Mr. Edward Karr, stated, "We are pleased to release this video to give our followers a visual overview of the Copper King Project and our current exploration program. The Copper King deposit is a robust resource, recognized by our updated PEA. The PEA indicates a 17-year mine life with a capital requirement of $113.7 million with a 2.5-year payback. Over the project life a total of 182 million pounds of copper and 692,000 ounces of gold are projected to be recovered based on the PEA recovery assumptions. The historic resource shows a pre-tax net present value of $178.5 million at a 5% discount rate and an internal rate of return of 33.1% at $1275 gold and $2.80 copper prices, inclusive of the 5% Wyoming state royalty. We believe that these results indicate a potentially economic project."
Dave Mathewson, Vice President of Exploration for U.S. Gold Corp., states: "Our summer 2018 Phase 1 Copper King drilling program is progressing well. We are on track to complete the phase 1 program in September and we look forward to receiving all of the assay results back. The Copper King deposit is unique in that the consistency of the mineralization is extremely uniform throughout the deposit. This lends well to future mining. However, we are confident our 2018 exploration activities will further expand the overall resource. Our phase 1 program has concentrated on expanding the deposit to the west."
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded U.S.-focused gold exploration and development company. U.S. Gold Corp. has a portfolio of development and exploration properties. Copper King is located in Southeast Wyoming and has a historical Preliminary Economic Assessment (PEA), done by Mine Development Associates. Keystone is an exploration property on the Cortez Trend in Nevada, identified and consolidated by Dave Mathewson. For more information about U.S. Gold Corp., please visit http://www.usgoldcorp.gold
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated," and "intend," among others. These forward-looking statements are based on U.S. Gold Corp.'s current expectations, and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from: changes in the price of gold and mining industry cost inputs, environmental and regulatory risks,risks faced by junior companies generally engaged in exploration activities, and other factors described in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-Kfiled with the Securities and Exchange Commission, which can be reviewed athttp://www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company does not assume any obligations to update any of these forward-looking statements.
*Cautionary Note to U.S. Investors Concerning Mineral Resources
Certain terms may be used in our Preliminary Economic Assessment and in this press release, such as "measured," "indicated," or "inferred" mineral resources, which are defined in Canadian Institute of Metallurgy guidelines, the guidelines widely followed to comply with Canadian National Instrument 43‐101‐‐ Standards of Disclosure for Mineral Projects ("NI 43‐101").We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the "SEC"). The estimation of measured and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves under the SEC's disclosure rules.Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. U.S. investors are cautioned not to assume that measured or indicated mineral resources will be converted into reserves. Inferred mineral resources have a high degree of uncertainty as to their existence and their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, or is economically or legally viable. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of feasibility studies, pre‐feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment under certain circumstances. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Note that a preliminary economic assessment is preliminary in nature, and it includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves, and there is no certainty that the preliminary assessment will be realized.
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