Achieves Water Discharge Permit associated
with recently granted Mine Operating Permit
CHEYENNE, Wyo., June 13,
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 been issued
its Wyoming Pollutant Discharge Elimination System Permit, dated
May 31, 2024 (the "Water Discharge
Permit"), from the Director of the Wyoming Department of
Environmental Quality ("WDEQ") satisfying one of the conditions
associated with the recently granted Surface Gold Mine Permit (the
"Mine Operating Permit") for the CK Gold Project.
In commenting on the approval, George
Bee, President, CEO and Director of U.S. Gold said,
"Issuance of the Water Discharge Permit satisfies one of the three
conditions associated with the Mine Operating Permit, further
cementing that major milestone, as U.S. Gold moves along the
pathway toward development. Work to complete the remaining
conditions, the acceptance of the already submitted reclamation
bond and the Air Quality Permit are anticipated shortly. The Air
Quality Permit is currently under review with the WDEQ Air Quality
Division, and we remain on track to receive unconditional approval
to move forward with the Mine Operating Plan in hand, around
mid-year, as per prior guidance."
Luke Norman, Executive Chairman
of U.S. Gold, added, "The CK Gold Project continues to advance with
the major permitting almost complete. Over the past year, the
project has received its Industrial Siting, Mine Operating and
Water Discharge Permits, demonstrating a pathway to near-term
operations. We would like to recognize our management team,
consultants, and the State of
Wyoming regulatory authorities for their hard work and
dedication in advancing the CK Gold Project. The CK Gold Project
sits on State and private ground in Wyoming, which is an extraordinary
jurisdiction for resource development, with a clear regulatory
framework, and authorities that are knowledgeable, experienced, and
motivated to safely and responsibly manage the State's mineral
wealth."
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 started along the development path for the CK Gold
Project, previously known as Copper King, which had lain dormant
for several years. While Copper King has been known about and
explored on multiple occasions, following limited underground
mining around 100 years ago, the last study on the project was a
Preliminary Economic Assessment authored by Mine Development
Associates Inc. in 2012.
The Water Discharge Permit application was submitted to WDEQ on
December 12, 2023. The 30-day public
notice and comment period began in February
2024 and concluded on March 18, 2024. WDEQ approved the
Water Discharge Permit on May 31,
2024.
With approval of the Mine Operating Permit and Water Discharge
Permit, work on a prefeasibility study update and completion of the
feasibility study has been restarted. 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 a 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, there was still price and supply
disruption 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 project. Engineering work
is well advanced with the process plant design largely complete,
and updated bids for major equipment now being solicited. We are on
track to update the prefeasibility study by the third quarter of
2024 and finalize the feasibility study sometime thereafter. We are
also working to understand and include project upside opportunities
in the feasibility study.
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 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, our expected timing and receipt of the Air Quality
Permit, the expected timing and acceptance of the reclamation bond,
the expected timing and receipt of unconditional approval to move
forward with the Mine Operating Plan, the expected timing and
completion of the update of the prefeasibility study, the expected
timing and completion of the feasibility study, and the ultimate
development of the CK Gold Project. 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.