| Type | Public (NYSE: UXG, TSX: UXG) |
|---|---|
| Industry | Mining |
| Founded | July 24, 1979 |
| Headquarters | Denver, CO, USA |
| Key people | Rob McEwen, CEO & Chairman |
| Employees | 184 |
| Website | www.usgold.com |
US Gold Corporation (TSX: UXG, NYSE: UXG) explores for gold and silver in the Americas and is advancing its El Gallo Project in Mexico and its Gold Bar Project in Nevada towards production.
In 2005, current US Gold CEO Rob McEwen purchased 33.3% of the Company through his private company, McEwen Capital. McEwen was the founder and former Chairman and CEO of Goldcorp Inc (NYSE:GG TSX:G). During his tenure, Goldcorp's market capitalization grew from US$50 million to over US$8 billion.
In June 2011, McEwen announced that he intends to merge US Gold Corporation with Minera Andes Inc, with the intention to create a high growth, low-cost, mid-tier silver producer focused in the Americas. The merger is expected to be completed in the fall of 2011. The objective is to build a precious metal company that can qualify for the S&P 500 by 2015.[1]
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In 2008, the company made what it believes is an important silver-gold discovery in Mexico called El Gallo. A Preliminary Economic Assessment was released in February 2011, with the target of producing 5 million ounces of silver and 50,000 ounces of gold per year starting in 2014. A feasibility study will be released by the end of 2011. Fifteen drills are operating on the property.[2]
The company's Gold Bar project in Nevada is located in the Cortez Trend and situated between Barrick's Cortez Gold Mine (35 million ounces of gold) to the north and their Ruby Hill mine (4 million ounces) to the south. US Gold has a target of 60,000 ounces of gold per year from Gold Bar starting in 2014. A pre-feasibility study is due in the third quarter of 2011. Currently there are three drills operating in Nevada.[3]