-Agreement provides U.S. Gold Corp. with an option on the necessary future land and a permanent right-of-way for the CK Gold Project
CHEYENNE, Wyo., Sept. 14, 2021 /PRNewswire/ -- U.S. Gold Corp. ("the Company") (NASDAQ: USAU), a gold exploration and development company, is pleased to announce it has entered into a land agreement with the surrounding land-owner that provides an option to lease additional land and grant access necessary to develop the CK Gold Project.
The CK Gold Project is located in the mining-friendly state of Wyoming, 20 miles west of Cheyenne. U.S. Gold Corp. controls two Wyoming state leases that make up the CK Gold Project. Prior to this land agreement, the Company gained access to the project through an annual easement agreement with the local rancher, who is the primary landowner to the north and east of the CK Gold Project.
The new agreement allows for an additional access route into the project off County Road 210, approximately two miles off the paved Happy Jack Road from the west. This will reduce approximately 2.5 miles of travel on County Road 210 to reach the CK Gold Project location from the pavement. The new route decreases road wear, lessens dust and improves safety by decreasing traffic on an already busy gravel road, which is utilized daily by homeowners and the public accessing nearby Curt Gowdy State Park.
U.S. Gold Corp.'s President and CEO George Bee stated, "This new land agreement is a very positive step forward. Our neighboring rancher continues to be a very supportive partner as we advance the project. We are extremely grateful for this extended land access and the cooperation we have had while we conduct studies now covering the entire proposed footprint of the project. While the project area is hosted in a historical mining district, ranching and the rearing of cattle is the enduring mainstay of economic activity in the area. By advancing the potential to reintroduce mining, we believe the CK Gold Project will serve to be beneficial for the community, our local neighbors, the State of Wyoming and our shareholders. Our goal with the CK Gold Project is to create valuable jobs, generate revenues, contribute to the Wyoming school system through royalty payments, give back to the Cheyenne community, and leave the ground completely reclaimed for future use."
The agreement between U.S. Gold Corp. and the local ranch secures an option to lease additional lands and the permanent right-of-way to support the operation should the project move forward into development and ultimately production. The agreement demonstrates U.S. Gold Corp.'s commitment to work with neighbors and stakeholders to develop a project with broad-reaching benefits. Beginning in 1876, raising livestock and developing some of the early mines in the Silver Crown Mining District were the first activities in the area as the railroad opened the territory. While mining activities have decreased, the ranching legacy continues, and U.S. Gold Corp. is working to ensure that ranching can endure for the long-term while some of the resource wealth left behind from the early mining can be capitalized upon to benefit the area.
The mine development is expected to include new water resources that could eventually be used for irrigation and additional livestock watering, electrical infrastructure to power wells and pumps, and new fencing and roads to better access and utilize ranchlands. Land stewardship and resource development are not mutually exclusive. U.S. Gold Corp. is developing the CK Gold Project in a way that will preserve the agricultural legacy and rural character of the area, providing hundreds of jobs, millions of dollars in potential tax revenue, millions of dollars in royalties allocated for education funding, and a potential major water storage reservoir.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S. focused gold exploration company. U.S. Gold Corp. has a portfolio of exploration properties. Copper King, now the CK Gold Project, is located in Southeast Wyoming and has a Preliminary Economic Assessment (PEA) technical report, which was completed by Mine Development Associates. Keystone and Maggie Creek are exploration properties on the Cortez and Carlin Trends in Nevada. The Challis Gold Project is located in Idaho. For more information about U.S. Gold Corp., please visit www.usgoldcorp.gold.
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 are based on U.S. Gold Corp.'s current expectations, and actual results could differ materially from such statements. 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 the prevailing market conditions for metal prices and mining industry cost inputs, environmental and regulatory risks, risks faced by junior companies generally engaged in exploration activities, whether U.S. Gold Corp. will be able to raise sufficient capital to implement future exploration programs, COVID-19 uncertainties 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 makes no representation or warranty that the information contained herein is complete and accurate, and we have no duty to correct or update any information contained herein.
For additional information, please contact:
SOURCE U.S. Gold Corp.
Released September 14, 2021