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Message: Announces the Closing of Over-Allotment of Common Stock

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Announces the Closing of Over-Allotment of Common Stock

posted on May 26, 09 05:45AM

May 26, 2009

US Gold Announces the Closing of Over-Allotment of Common Stock

TORONTO, ONTARIO--(Marketwire - May 26, 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 closing of the sale of 3.15 million shares of common stock, pursuant to the underwriters' over-allotment option to purchase 3.3 million shares of common stock, which the Company granted in connection with its recently-closed public offering of common stock. Consistent with the recently-closed public offering, the 3.15 million shares were sold to the underwriters at the public offering price of US$2.00 per share (before the underwriters' commissions and expenses). The recently-closed public offering of 22.0 million shares of common stock closed on May 19, 2009 and was made 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. With the sale of the additional 3.15 million shares to the underwriters, 25.15 million shares in total have been sold in connection with the offering.

Proceeds to the Company from the offering to date, net of the underwriters' commissions and expenses, are approximately US$46.72 million, which includes proceeds of approximately US$5.92 million from the sale of the 3.15 million shares pursuant to the over-allotment option.

US Gold intends to use the majority of the net proceeds of the offering and the sale of common stock pursuant to the over-allotment option 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 certain Canadian securities regulatory authorities. The remaining proceeds will be used for general corporate purposes.

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

Copies 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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