Regulatory Approval allows the Company to
proceed toward development of the
CK Gold Project in Wyoming
CHEYENNE, Wyo., Nov. 18,
2024 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold,"
the "Company," "we," "our" or "us") (Nasdaq: USAU), today announced
that its wholly-owned subsidiary, Gold King Corp., has received
final permit (the "Air Quality Permit") approval from the Air
Quality Division of the Wyoming Department of Environmental Quality
("WDEQ") paving the way for development of the CK Gold Project.
With this approval, the last of the three conditions associated
with the recently granted Surface Gold Mine Permit (the "Mine
Operating Permit") for the CK Gold Project has been fulfilled.
In commenting on the approval, George
Bee, President, CEO and Director of U.S. Gold said, "WDEQ's
approval of the Air Quality Permit satisfies the remaining
condition associated with the Mine Operating Permit granted in
April 2024, completing a major hurdle
in the CK Gold Project's pathway to development." He went on to
say, "We are well advanced in our engineering studies and poised to
move toward development once the optimization studies announced in
September are complete."
Luke Norman, Executive Chairman
of U.S. Gold added, "The fulfillment of this remaining condition
under the Mine Operating Permit positions the CK Gold Project to be
Wyoming's next producing mine,
adding gold and copper production to the State's resource
portfolio. The CK Gold Project with its geographically advantageous
location, now fully permitted, is poised to be able to leverage
rising commodity prices. This is such a rarity in today's global
mining context where a lack of funding for exploration and onerous
permitting hurdles have hampered the supply of new projects to
satisfy increasing demand. As significant shareholders of the
Company, we are committed to forging the pathway to project
financing without undue dilution to our fellow shareholders."
Background
U.S. Gold Corp. pivoted from a purely exploration focus on its
highly prospective assets in Nevada and Idaho to development of the CK Gold Project in
2020, representing a significant and achievable value creation
opportunity for the Company.
In August 2020, U.S. Gold's
management team engaged in the development of the CK Gold Project,
previously known as Copper King, which had lain dormant for several
years. While Copper King was recognized and explored on multiple
occasions, following limited underground mining around one hundred
years ago, the last study on the CK Gold Project was a Preliminary
Economic Assessment authored by Mine Development Associates Inc. in
2012. The Company completed an initial prefeasibility study
authored by Gustavson and Associates in December 2021.
With the approval of the Mine Operating Permit culminating in
the Air Quality Permit, work on an optimized prefeasibility study
is underway. The feasibility study work, awarded to Samuel
Engineering Inc. ("Samuel") in April
2022, was suspended in March
2023. The decision to suspend Samuel's work on the
feasibility study was made for three reasons: first, the Company
did not want a "stale-dated" study in relation to the permit
approval timeframe; second, price and supply disruption ensued
following the COVID-19 pandemic; and third, there was a need to
recognize some of the changes and additions that came about as a
consequence of WDEQ's review of the CK Gold Project. Engineering
work is well advanced with the process plant design largely
complete, and updated bids for major equipment in progress.
We expect to release the updated prefeasibility study as soon as
the end of this year before proceeding to finalize the remaining
work on the Feasibility Study. Furthermore, building on the test
work we conducted on our non-copper/gold bearing rock to mitigate
our project construction costs, we now look to pursuing the
potentially valuable rock resource associated with the copper/gold
project to help supply what is projected to be a robust local
demand for construction materials, putting what would have been
waste rock to beneficial use for growing regional development.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S.-focused gold and
copper exploration and development company. U.S. Gold Corp. has a
portfolio of exploration properties. Our CK Gold Project is located
in Southeast Wyoming and has a
Preliminary Feasibility Study technical report, which was completed
by Gustavson Associates, LLC. Our Keystone exploration property is
on the Cortez Trend in Nevada. Our
Challis Gold Project, located in Idaho. For more information about U.S. Gold
Corp., please visit https://www.usgoldcorp.gold/.
Cautionary Note Regarding Forward-Looking Statements
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 include statements relating to the CK Gold Project,
including, the expected development of the CK Gold Project, that
the CK Gold Project will be a producing mine, future commodity
prices, the ability to secure project financing without undue
dilution to the Company's shareholders, the timing of the release
of the updated prefeasibility study for the CK Gold Project, and
the ability to utilize rock resource associated with the
copper/gold project to help supply local demand for construction
materials. 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: market and other conditions, the
prevailing market conditions for metal prices and mining industry
cost inputs, environmental and regulatory risks, changes in
interpretations of geological, geostatistical, metallurgical,
mining or processing information, risks faced by junior companies
generally engaged in exploration activities, whether U.S. Gold
Corp. will be able to raise sufficient capital to develop the CK
Gold Project and implement future drilling programs, the success or
failure of future drilling programs, 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-K filed with
the Securities and Exchange Commission, which can be reviewed at
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 undertakes
no duty to correct or update any information contained herein.
For additional information, please contact:
U.S. Gold Corp. Investor Relations
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE U.S. Gold Corp.
