Updated Copper King Economics Showing NPV Of $321.6 Million

ELKO, NV - U.S. Gold Corp. has internally updated the economics of the Copper King deposit to reflect the recent rise in gold prices. Timothy Janke, Director, said, “The Copper King deposit is a project of merit.  With gold recently above the $1600 level, we thought it appropriate to review what the updated potential Copper King economics look like at $1600 gold and $2.80 copper. We modified the PEA cash flow model to reflect metal prices for the above listed economic results. We did not change the economic resource from the PEA which was based on $1250 Au and $2.25 Cu. At $1600 Au, the ore tonnage increases from 133Mt to 170Mt. The contained gold equivalent ounces increase from 1.30 million to 1.48 million. With my experience as a mine engineer, I believe the resource increase at $1600 Au easily allows a doubling of the proposed PEA processing rate; from 10,000 tons per day to 20,000 tons per day, while still maintaining an 11-year project mine life. We also believe this could be likely extended through additional exploration, as the deposit is still open for further growth at depth, to the south-east and west. CAPEX is estimated to increase by approximately 60% from the original PEA figure for the doubling of throughput."

Edward Karr, President & CEO, said, "The Copper King project gives our shareholders tremendous leverage to a rising gold price. We are very excited with these internal updates. When we put this internal analysis together a few weeks ago, gold was nicely above $1600. Now with the recent global volatility, gold has sold off sharply and is back below $1500. Although it has still been an extremely challenging time for many junior exploration and development companies, U.S. Gold Corp. shareholders can know we have a very valuable asset in Copper King. All of us believe the Company's market price is substantially undervalued at today's level. We are currently looking at various proposals to move the Copper King project to a Pre-Feasibility Study (PFS) level and will keep the market updated. With a projected annualized Internal Rate of Return (IRR) of 52% at $1600 gold, many institutions have expressed an interest in future project finance. We believe the current zero interest rate environment will be with us for some time and global investors will be looking to deploy capital in projects such as Copper King that can offer potential considerable annualized returns."