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Message: Announces Pricing of Common Stock Offering

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Announces Pricing of Common Stock Offering

posted on May 13, 09 04:06AM

May 12, 2009

US Gold Announces Pricing of Common Stock Offering

TORONTO, ONTARIO--(Marketwire - May 12, 2009) - US GOLD CORPORATION (TSX:UXG)(NYSE Amex:UXG) (the "Company" or "US Gold"), a U.S. and Mexico focused gold and silver exploration company, announced today the pricing of its previously announced public offering of common stock pursuant to the Company's shelf registration statement filed with the U.S. Securities and Exchange Commission (the "SEC") and a shelf prospectus filed with certain Canadian securities regulatory authorities. The Company has agreed to increase the number of shares sold by 10 percent to 22.0 million shares at a price of US$2.00 per share. The Company has granted the underwriters a 30-day option to purchase up to 3.3 million additional shares of common stock to cover over-allotments, if any.

Proceeds to the Company from the offering, net of commissions and expenses, are expected to be approximately US$40.8 million (assuming the underwriters' over-allotment option is not exercised). The offering is expected to close on May 19, 2009.

US Gold intends to use the majority of the net proceeds of this offering to fund its ongoing exploration in Nevada's Cortez Trend and in Mexico, as more particularly described in the final prospectus supplement dated May 12, 2009, filed with the SEC and Canadian securities regulatory authorities. The remaining proceeds will be used for general corporate purposes.

GMP Securities L.P. and Dahlman Rose & Company, LLC are acting as joint book-runners for the offering.

The offering is being made by way of a registration statement, which has been declared effective by the SEC, a base prospectus and a final prospectus supplement each of which has been filed with the SEC and each of the Provincial securities regulatory authorities in Canada, other than Quebec. A copy of the final prospectus supplement including the base prospectus relating to the offering may be obtained by either contacting the underwriters at the contact information below, by accessing the SEC website, www.sec.gov, or by accessing the website maintained by the Canadian securities regulatory authorities, SEDAR, at www.sedar.com.

In the United States from:

GMP Securities L.P.
Attn: New Issues Department
145 King Street West, Suite 300
Toronto, Ontario M5H 1J8
Canada
Phone: 416-943-6130
Fax: 416-943-6134
Email: ECM@gmpsecurities.com

Dahlman Rose & Company, LLC
Attn: Prospectus Dept.
142 West 57th Street
18th Floor
New York, NY 10019
Phone: 212-702-4521
Fax: 212-920-2952
Email: ECM@dahlmanrose.com

In Canada from:

GMP Securities L.P.
Attn: New Issues Department
145 King Street West, Suite 300
Toronto, Ontario M5H 1J8
Canada
Phone: 416-943-6130
Fax: 416-943-6134
Email: ECM@gmpsecurities.com

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