Press Release Source: US Gold Corporation On Tuesday March 8, 2011, 8:30 am EST
TORONTO, ONTARIO--(Marketwire - 03/08/11) - US GOLD CORPORATION (NYSE:UXG - News)(TSX:UXG - News) is pleased to announce continued exploration success at and surrounding the company's El Gallo project in Sinaloa State, Mexico (Fig. 1). Drilling continues to expand the size of the silver-gold resources and further delineate the mineralization associated with the recently discovered veins. In addition, exploration has intersected near surface, bulk tonnage mineralization in a new area.
EXPLORATION HIGHLIGHTS
1) El Gallo Developments:
-- Main Zone extended 60 meters east and 50 meters to the southeast (Fig. 2). Intersections include: 233.3 gpt silver over 12.4 meters, 515.6 gpt silver over 3.2 meters and 77.9 gpt silver over 17.2 meters.-- Infill drilling, designed to upgrade inferred mineralization to measured and indicated categories returns: 1,204.8 gpt silver over 1.1 meters, 76.9 gpt silver over 21.8 meters and 116.3 gpt silver over 13.0 meters.-- El Gallo feasibility study and mine permit submittal remain on track for year-end.
2) New Veins Deliver Continued Success:
-- Alamo high grade gold extended at depth: 27.2 gpt gold over 1.0 meter and 5.9 gpt gold over 6.0 meters, including 13.7 gpt gold over 1.5 meters.-- Chapotillio near surface mineralization extended east and north, returning: 114.9 gpt silver, 1.4 gpt gold over 5.9 meters and 72.2 gpt silver, 0.8 gpt gold over 9.5 meters. Intersections starting at or near surface.
3) New Bulk Tonnage Discovery
-- Haciendita new near surface, bulk tonnage discovery: 2.1 gpt gold, 31.1 gpt silver over 16.4 meters and 1.0 gpt gold and 16.4 silver over 34.1 meters.
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