8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  June 12, 2007

US GOLD CORPORATION

(Exact name of registrant as specified in its charter)

Colorado	001-33190	84-0796160
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

US GOLD CANADIAN ACQUISITION CORPORATION

(Exact name of registrant as specified in its charter)

Alberta, Canada	333-133725-01	42-1701924
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

165 South Union Blvd., Suite 565

Lakewood, CO 80228

(Address of principal executive offices)  (Zip Code)

Registrant’s telephone number including area code:   (303) 238-1438

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01               Regulation FD Disclosure.

On June 12, 2007, US Gold Corporation (the “Company”) issued a press release consisting of an open letter to shareholders from Robert McEwen, Chairman and Chief Executive Officer of the Company. A copy of the letter is attached to this report as Exhibit 99.1.

On June 12, 2007, the Company held its annual meeting of shareholders at Le Royal Meridien King Edward Hotel in Toronto, Ontario, Canada at 4:30 p.m. EDT. At the meeting, presentations were made by executives of the Company regarding the Company’s current operations and future plans and the operations and plans for US Gold Canadian Acquisition Corporation (“Canadian Exchange Co.”). A copy of the power point slides presented by the executive officers is attached to this report as Exhibit 99.2.

Also on June 12, 2007, the Company issued a press release regarding updated exploration results for the Tonkin property and the expansion of the Company’s exploration program to properties acquired by Canadian Exchange Co. as a result of its successful tender offers for White Knight Resources Ltd., Tone Resources Limited and Nevada Pacific Gold Ltd. A copy of the press release is attached to this report as Exhibit 99.3.

The information furnished under this Item 7.01, including the exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by reference to such filing.

Item 9.01	Financial Statements and Exhibits.
(d)	Exhibits. The following exhibits are furnished with this report:
	99.1	Letter to shareholders dated June 12, 2007.
	99.2	Slides from presentations by US Gold executives.
	99.3	Press release dated June 12, 2007.

Cautionary Statement

Certain statements contained herein or in the exhibits furnished with this report made by or on behalf of the Company may contain forward-looking statements. Such forward-looking statements are sometimes identified by words such as “intends,” “anticipates,” “believes,” “expects” and “hopes” and involve a number of risks and uncertainties that could cause actual results to differ materially from projected results. Factors that could cause actual results to differ materially include, among others, drilling results, commodity prices, industry conditions, the availability of drill rigs and other support services, environmental and governmental regulations, availability of financing, judicial proceedings, force majeure events and other risks factors as described from time to time in the Company’s filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

		US GOLD CORPORATION
Date: June 12, 2007	By:	/s/ William F. Pass
		William F. Pass, Vice President,
		Chief Financial Officer and Secretary

		US GOLD CANADIAN ACQUISITION CORPORATION
Date: June 12, 2007	By:	/s/ William F. Pass
		William F. Pass, Vice President,
		Chief Financial Officer and Secretary

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Exhibit Index

The following is a list of the Exhibits furnished herewith.

Exhibit
Number	Description of Exhibit
99.1	Letter to shareholders dated June 12, 2007.
99.2	Slides from presentations by US Gold executives.
99.3	Press release dated June 12, 2007.

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EX-99.1

Exhibit 99.1

Dear Fellow Shareholders,

How do we standout from our competition? What will be US Gold’s competitive advantage in the marketplace? Why should potential investors be looking at us as an attractive investment? I ask myself these questions everyday in order to develop an edge.

Take a look at the resource sector today. It is very crowded with companies that have similar stories. The names of their projects may be different, but there is very little setting them apart. Which one do you buy, how do you decide, it’s confusing.

When I became Chairman and CEO in August 2005, I set a number of goals for US Gold that were designed to create the PREMIER EXPLORATION COMPANY IN NEVADA! I thought if we could establish a land position and exploration budget equal to world’s largest gold producers, have a balance sheet and trading liquidity equal to a mid-tier producer and retain the upside potential of an exploration company we would be an attractive way for investors to participate in Nevada’s gold rush.

We have now completed most of our goals and now we are concentrating on finding Nevada’s next major discovery. I am continually told that in Nevada you need patience when looking for gold. I am not a very patient person. Therefore, we are looking for ways to accelerate our exploration program. Whether this means finding new ways to work with NASA, examining other industries to improve efficiency or outsourcing our geological processing, the rate at which we discover gold must improve.

New Management and Board

After taking control of US Gold I started to build a new management team and Board. In a short period of time we have assembled a talented group of employees that have been associated with a number of Nevada’s large, highly profitable gold discoveries such as Newmont’s Twin Creeks, Lone Tree and Emigrant Springs deposits. These combined discoveries contain approximately 20 million ounces of gold.

Our board consists of entrepreneurial minded individuals, whose work experience includes leading the top institutional annual gold conference, heading mining research for one the largest U.S. investment banks, serving on numerous mining companies boards and lobbying Congress on behalf of the mining industry.

Big Financing $75 Million – 3 Year Aggressive Exploration

In February 2006 we completed an oversubscribed financing of $75 million. The objective was to give US Gold the financial strength it needed to conduct an aggressive exploration program. I often see exploration companies raise just enough money to drill a few holes. If they fail to deliver a discovery, which is normally the case during the early stages of exploration, they have to shut down their work program while they raise additional funds.

This model is slow and continues to dilute shareholders ownership. My objective was to raise enough money so that US Gold could explore non-stop for three years.

Sandwiched Between

World’s Largest Gold Producers!

By taking over the three companies that originally surrounded our Tonkin property in the Cortez Trend our land holdings have grown from 36 to 170 square miles! To put this into perspective our property is now four times the size of Manhattan and rivals Barrick Gold’s Cortez Joint Venture property where over 33 million ounces of gold have been discovered. We are sandwiched between Barrick and Newmont Mining, the world’s top two gold producers who have a combined market capitalization of $45 billion!

Our land package is strategic and extremely prospective. It has the right characteristics to host large deposits. The task of putting it all together took longer than I initially thought, but it is now complete.

2 New Listings – More Liquidity

In 2006 we took US Gold off the Over the Counter Bulletin Board and listed on the American and Toronto Stock Exchanges under the symbol UXG. Our trading volume continues to increase and US Gold’s shares have become more liquid then any other Nevada exploration company. Our new listings enable us to access larger pools of capital and have made it easier for new potential buyers to invest in US Gold.

In addition to the two exchanges above, our shares were recently listed on the Frankfurt Exchange under the ticker symbol US8 and US Gold’s warrants now trade on the Toronto Stock Exchange under the symbol UXG.WT.

Exploration – Looking for Big, Exciting Discoveries!

We are located in one of the best places to be looking for gold! Our properties are surrounded by some of the world’s largest gold discoveries, the USA remains one of the safest places in which to explore and our costs are protected against the falling U.S. dollar. Barrick recently announced they would be spending $68 million on exploration in North America and that their focus would be Nevada!

US Gold launched its exploration program in the middle of 2006 and our initial efforts were focused on confirming and expanding the known gold mineralization on the property. Recent drilling results from untested areas are encouraging. Our exploration has also discovered a high grade base metal occurrence. It is important to note that other base metal discoveries in the Cortez Trend have been associated with or located near large gold deposits.

I cannot guarantee you that our exploration will prove successful, but I can guarantee you that we will spend all our money. We are a cash flow negative business. Think of exploration as research and development. The results of our exploration program will ultimately determine the direction of our share price.

We are in one of the world’s most exciting industries where a discovery can financially change ones life! My view on the gold price remains very bullish and I believe US Gold offers excellent upside potential. I am US Gold’s largest shareholder owning approximately 20% of the company. My focus is to deliver all of us a higher share price.

Best Regards,

Rob McEwen

Chairman and CEO

EX-99.2

Exhibit 99.2

BILL PASS Corporate Secretary Acting Chairman of 2007 AGM

 FORMAL PROCEEDINGS Meeting Notice and Quorum Minute Approval Election of Directors Appointment of Auditors

Ann Carpenter President & Chief Operating Officer

US Gold – Like No Other Heart of the Cortez Trend & Beyond Experienced Exploration Team Strong Treasury Strong Budget Outpacing the competition!

US Gold (pre-merger)

CONSOLIDATION!

MILESTONES Consolidated Land Package Priority Areas with Permits Upgraded Exploration Talented Team to Deliver the

Tonkin Complex Gold Bar Complex Limousine Complex

US Gold's Top Priorities

Outpacing The Competition 5 Drill Rigs 24/7 Heart of the Cortez Trend Unique Partnerships

Curt Everson, VP Exploration Eric Saderholm, VP Project Development Steve Brown, Senior Geologist and Manager Gold Discovered: +50 million Oz Experience: over +120 years World Class Exploration Team

Curt Everson VP Exploration

US Gold – Why Nevada? 25% of world class gold deposits 4th largest producer of gold 2006 ... 6.3 million ounces Significant exploration investment Geopolitical stability

Nevada Gold Production Years millions of ounces 2000 1980 1900 1920 1940 1960 1840 1860 1880 0 10 12 2 8 4 6

Nevada’s Discovery Rate 0 10 20 30 40 50 millions of ounces 1960 1965 1970 1975 1980 1985 1990 1995 2000 year discovered Other Districts Independence Trend Getchell Trend Battle Mountain Trend Carlin Trend

What Leads To Discovery? Excellent Land Package Experienced Geologists Adequate, Consistent Funding Long Term Patience Discovery Hole

What is a Discovery Hole? “A significant interval of mineralization that helps lead us towards the discovery of an economic deposit”

Rodeo Creek - 55’ @ 0.066 opt Twin Creeks - 30’ @ 0.028 opt Cortez Hills - 15’ @ 0.12 opt Pipeline -100’ @ 0.1 opt Cove - 110’ @ 0.024 opt Marigold -70’ @ 0.070 opt

US Gold Priority Project Tonkin Complex Gold Bar Complex Limousine Butte Complex

US Gold Discovery Holes Twin Peaks 110’ @ 0.026 opt NE Rooster 296’ @ 0.028 opt SE Gold Bar – 125’ @ 0.055 opt Cabin Creek 115’ @ 0.07 opt Limousine Butte 150’ @ 0.041 opt 60’ @ 0.249 opt

Limousine Butte Project Limousine Butte Complex

Limousine Butte

Explanation Limousine Butte Project Resurrection Ridge Project Alluvium Shales Dolomite Volcanics Jasperoid Potential Mineralized Areas fault SE NW LIM-48 Lim-40 RRCO4-7 Gold Mineralization >0.010 opt High-Grade 100’ @ 0.041 opt Au 500 feet A A’ 7100’ - 6900’ - 6700’ - 6500’ - 6300’ - 150’@ 0.041 opt Au 60’@ 0.249 opt Au

Eric Saderholm VP Project Development

Tonkin Complex Fye-Twin Peaks T-Flex McRoidhen Mine Corridor Tweed Keystone

Keystone Massive Sulfide Sample 23.8 opt Ag 28.1% Pb 25.2 Zn 10.3% Cu $2,233/ton Scale = 1889 $20 gold coin

 Keystone Rooster McRoidhen T-Flex Tweed Tonkin Complex 2007 Primary Gold Targets

Gold Bar Complex East Gold Bar SE Gold Bar 125’ @ 0.055 opt Cabin Creek 115’ @ 0.070 opt

East Gold Bar - Gold Deposits Lower Plate Mineralizing Structures Shallow Drilling Untested Deeper Feeders Gold Resource Present Lower Plate rocks Upper Plate rocks Tertiary volcanics fault 1000 meters

US * GOLD Creating Nevada’s Premier Exploration Company! 2007 AGM UXG TSX

Bill Pass Chief Financial Officer

Balance Sheet  Dec. 31,0 6 Mar. 31, 07 Cash $51 $49 Working Capital $48 $40 Total Assets $59 $419 Debt Nil Nil Shareholders Equity $52 $289 *All figures - Millions

Statement of Opeartions Dec. 31, 06 Mar. 31, 07 G & A $4 $1 Exploration $9 $7 Acquisition Expense $7 $0.5 Derivative Expense $52 $ - Other - Net $1 $0.5 Net [Loss] $[73] $[9] [Loss] Per Share $[1.80] $[0.17] *All figures - Millions

Share Capital Dec. 31, 06 Mar. 31, 07 Common Shares 50 50 Exchangeable Shares-38 Total 50 88 Fully Diluted Shares 61 109 *All figures - Millions

Rob McEwen Chairman & Chief Executive Officer US * GOLD

Gold is Money

Ultimate Currency

Gold Bull - 3 Steps  2500 1 2000 1500  1000 500 $250 - $440 USA Audience 300 Million 2000 2002 2004 2006 2008 2010 Gold Price (US $).

Gold VS Major Currencies 2001-2004 2001-Present* U.S. Dollar 67% 158% £ 25% 78% S.A. Rand 25% 131% Swiss 15% 87% AUS 18% 72% Euro 7% 63% *As of May 22, 2007

Gold Bull - 3 Steps 2500 2 2000 1500 1000 $440-$850 World Audience 2000 2002 2004 2006 2008 2010 500 0 6 Billion Gold Price (US $)

Gold Bull - 3 Steps 2500 3 2000 +$850 1500 Significantly Higher 1000 500 0 2000 2002 2004 2006 2008 2010 Gold Price (US $)

Supply of Gold Gold Production Hedging Production Cost

Demand for Gold Gold ETFs Analysts’ Gold Price New Investors’ Buying

Big, New Demand 4 Gold ETFs 19 Million Oz. $12 Billion* * Exchangetraded gold.com May 22,2007

Gold Price: How High? $41-$850/oz. 20x 600 150- 0 1972 1973 1974 1975 1976 1977 1978 1979 1980 Gold Price (US$/oz) 900 750 600 450 300 150 0

Gold Price: How High? $250-$5000/oz. 5000 4000 3000 20 x $250 2000 1000 250 2000 2002 2004 2006 2008 2010 Gold Price (US$/oz)

DOW vs Gold Ratio 40 30 20 10 0 Jul 16, 1999 18 oz Nov 26, 1966 Aug 30, 1929 Jun 05, 2007 1900 1925 1950 1975 2000 Aug 7,1896 Aug 8,1932 Jan 18, 1980 # of Gold oz. to Buy Dow

Gold - What is Possible? $2,200 inflation adj. $850 $2,500 [1929-39] 2:1 DJIA/Gold $6,250 1966-80 2:1 DJIA/Gold

What to Buy, Bullion or Shares? 2.400 2300% 1929-1939 1966-1980 1999-Present* *June 05, 2007 DOW Gold HM XAU Percentage Increase -61% 69% 485% 8% 2300% 506% 21% 160% 137%

Share Performance 1996 - Present Barrick +4% Newmont -17% Kinross -47% XAU +8% GOLD +63% Goldcorp +653% Meridian +460% Agnico +155% Nova Gold +1580% Gabriel +1003% US Gold Post McEwen +1381% US Gold +348%

Creating Nevada’s Premier Exploration Company! WHITE KNIGHT RESOURCES INC. NEVADA PACIFIC GOLD LTD. TONE RESOURCES LTD

Cortez Burger 33MM oz. US Gold US Gold JV Barrick Barrick JV Newmont JV Major Gold Discovery  0 12 24 Miles

Corporate Goals Management Done Done Treasury Exploration Done Done Big Discovery

Pre-Consolidation Cortez Trend US Gold US Gold Takeover Barrick Barrick JV Newmont JV 0 12 24 Miles 36 Sq. Miles

US Gold US Gold JV Barrick Barrick JV Newmont JV 0 12 24 Miles Post-Consolidation Cortez Trend BARRICK #1 in the World $26.5 BILLION! 170 Sq. Miles NEWMONT in the #2 World $18 BILLION!

US Gold Hires All-Star Team 120 yrs. in Nevada 50 MM Oz. Discovered

New Listing Bigger Audience! 2005 OTC-BB 2006 & TSX

Daily Share Trading Volume $ USD MM. 2.5 2.0 1.5 1.0 0.5 0 2X More Than Others Combined US Gold Victoria Atna Midway Metal lic Staccato NewWest * During past year

US*GOLD Right Time, Right Place, Right Trend! PRESS RELEASE U.S. GOLD CORPORATION  $75 Million Financing Oversubscribed! 3 Year Aggressive Exploration Program For Immediate Release Lakewood, Colorado (February 8, 2006) - - U.S. Gold Corporation is pleased to announce that its previously-announced private placement of US$50.4 million has been increased by reason of an over-allotment to 16,700.000 subscription receipts (the “Subscription Receipts”) for aggregate proceeds of up to US$75.15 million.  The Subscription Receipts will be sold at a price of US$4.50 per Subscription Receipt.

Cash in Bank 60 50 40 30 20 10 0 2 Years Aggressive Exploration! US Gold Metallic Atna NewWest Victoria Midway Staccato *As of March 31, 2007 Net Cash USD MM.

EX-99.3

Exhibit 99.3

INTRIGUING GRAB SAMPLE:

METAL VALUE $2,200 PER TON*

170 SQUARE MILES OF CORTEZ TREND CONTROLLED

POSITIVE DRILL RESULTS

Denver, Colorado (June 12, 2007) - US GOLD CORPORATION (AMEX:UXG - TSX: UXG) is pleased to highlight some of the captivating exploration results* of the companies recently acquired.

•Keystone surface sample returned values of 23.8 opt (ounces per ton) silver, 25.2% zinc, 10.3% copper, and 28.1% lead; with an approximate metal value of $2,200 per ton in today’s market; equivalent to 3.4 ounces of gold per ton.

•Gold Bar drilling encountered 0.212 opt gold over 85 ft., including 0.46 opt gold over 40 ft., and 0.209 opt gold over 60 ft.

•Limousine Butte drilling encountered 0.143 opt gold over 190 ft., 0.096 opt gold over 235 ft., 0.136 opt gold over 115 ft., and 0.249 opt gold over 60 ft.

“Our acquisitions are complete and US Gold’s property has grown from 36 square miles to approximately 250 square miles in Nevada,” said Rob McEwen, Chairman and CEO. “Our drill results are similar to early-stage discovery holes at major Nevada deposits that host millions of ounces of gold. We are continuing our aggressive drilling and exploration program at our top-priority targets: Keystone, Limousine Butte, Gold Bar, and Tonkin.”

Acquired Properties

Our strategic land holdings in the Cortez Trend dramatically increased from 36 to 170 square miles with our recently completed takeover of Nevada Pacific, White Knight, and Tone Resources. In the process, we have also acquired an additional 80 square miles of prospective land in Nevada. Set out below are descriptions of 3 properties with very interesting exploration results.

Keystone* adjoins Tonkin to the west and has characteristics similar to other Nevada mines that are associated with base metals such as Barrick/Rio Tinto’s Cortez Joint Venture and Newmont’s Gold Quarry. Earlier surface samples have returned up to 0.867 opt gold and a 2005 drill hole intersected 1,100 ft. of anomalous Carlin style pathfinder elements in Lower Plate Roberts Mountain Formation. US Gold’s current exploration program at Keystone is focused on testing the base metal potential and a typical Carlin-style gold system. Results from US Gold’s first drill hole testing the base metal area are summarized below:

Hole	Interval (ft.)	Interval (m)	Ag opt	Ag gpt	Cu%	Pb%	Zn%
KS01	54	16.5	2.34	80	0.99	1.19	1.23

(opt = ounces per ton, gpt = grams per tonne)

Gold Bar* adjoins Tonkin to the south and covers an area of Lower Plate host rocks. US Gold’s exploration has also identified altered dikes with strongly anomalous Carlin geochemistry on the property. Several historic intercepts are summarized below:

	0.212 opt over 85 ft.	(7.25 gpt over 25.9 m)
Including	0.46 opt over 40 ft.	(15.73 gpt over 12.2 m)
	0.209 opt over 60 ft.	(7.15 gpt over 18.3 m)

Limousine Butte* is located approximately 60 miles east of Tonkin. The property covers mineralization scattered over 15 miles. This property has a similar setting to Barrick’s Bald Mountain Mine, approximately 20 miles due west. Past production from the Resurrection Ridge portion of the property totaled 120,000 ounces of gold. Several impressive drill intercepts present on the property are summarized below.

0.143 opt over 190 ft.	(4.89 gpt over 57.9 m)
0.096 opt over 235 ft.	(3.28 gpt over 71.6 m)
0.136 opt over 115 ft.	(4.56 gpt over 35.1 m)
0.249 opt over 60 ft.	(8.51 gpt over 18.3 m)

Tonkin Exploration Update - Grades and Widths Improving

North Rooster

Drilling continued on the North Rooster targets and encountered 0.028 opt gold over 296.5 ft., 300 feet to the north of a previously announced hole that intersected 0.039 opt gold over 145 ft. These results are interpreted as a thickening of favorable gold bearing rocks along a northeast trending structure (see Figure 1). Further drilling along this feature is underway.

Hole 87	0.028 opt over 296.5 ft.	(0.95 gpt over 90.4 m)
Including	0.048 opt over 21 ft.	(1.65 gpt over 6.4 m)
Including	0.060 opt over 20 ft.	(2.05 gpt over 6.1 m)

Southern Area

The highest grade mineralization encountered to date was 1.175 opt gold over 1.7 ft. in the Southern Area. This hole offsets previous drilling in an area between resources that comprise the main Southern Area mineralized material. Our geological interpretations suggest that this is an east-west structure and future drilling is planned to test for continuation of this mineralization (see Figure 1).

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Drilling also intersected mineralization approximately 350 feet to the north of the high-grade mentioned above at a similar depth. Additional drilling is planned to test for extensions to this mineralization. The highlights are summarized below:

Hole 129	0.111 opt over 14 ft.	(3.78 gpt over 4.3 m)
Including	0.212 opt over 5.5 ft.	(7.25 gpt over 1.7 m)
	0.149 opt over 54 ft.	(5.10 gpt over 16.5 m)
Including	1.175 opt over 1.7 ft.	(40.19 gpt over 0.5 m)
Including	0.182 opt over 29 ft.	(6.24 gpt over 8.8 m)
Hole 125	0.090 opt over 35 ft.	(3.06 gpt over 10.7 m)
Including	0.296 opt over 6 ft.	(10.12 gpt over 1.8 m)

Testing for lateral extensions of deeper mineralization encountered results including 0.203 opt gold over 25 ft. and 0.107 opt gold over 25 ft. The highlights from these holes are summarized below:

Hole 133	0.124 opt over 45 ft.	(4.25 gpt over 13.7 m)
Including	0.203 opt over 25 ft.	(6.94 gpt over 7.6 m)
Hole 105	0.107 opt over 25 ft.	(3.65 gpt over 7.6 m)
	0.054 opt over 45 ft.	(1.84 gpt over 13.7 m)
Hole 104	0.053 opt over 50 ft.	(1.81 gpt over 15.2 m)
Hole 77	0.109 opt over 20 ft.	(3.72 gpt over 6.1 m)

A complete listing of all uncut drill hole assay results, since our last exploration update in April 2007, are attached in Table 1.

ABOUT US GOLD

US Gold Corporation is aggressively exploring for gold in Nevada. The Company’s goal is to become NEVADA’S PREMIER EXPLORATION COMPANY with a large land position, strong treasury, liquid shares and the upside of a junior. US Gold’s shares trade on the American and Toronto Stock Exchanges under the symbol UXG, and on the Frankfurt and Berlin exchanges under the symbol US8.

* Metal value is not indicative of economic feasibility or of the grade of any deposit or mine. Results from historic samples and assays are not 43-101 compliant and readers are advised to use caution. Future results may differ materially from historic results.

Metal Price Assumptions (June 12, 2007)

	Gold	Silver	Lead	Zinc	Copper
	(US$/oz.)	(US$/oz.)	(US$/lb.)	(US$/lb.)	(US$/lb.)
Price Used	640.00	12.00	1.00	1.50	3.10

QUALIFIED PERSON

This news release has been prepared under the guidance of Steve Brown, Senior Geologist and Project Manager, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Tonkin Springs property. All samples were analyzed by ALS Chemex.

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All assays are uncut, with analysis conducted by ALS Chemex utilizing a 30 gram fire assay charge with an AA finish. Sample length is by geologic boundary with a maximum 5 foot length and core recovery averages 95-98%. Quality assurance/quality control is assured by inserting standards and blanks every 40th sample and check assays sent to  a second lab every 20th sample.

Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “intends,” “anticipates,” “believes,” “expects” and “hopes” and include, without limitation, statements regarding the Company’s results of exploration, plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, those set forth in the Company’s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.

For further information contact:

William F. Pass	Ana Aguirre
Vice President and Chief Financial Officer	Investor Relations
Tel: (303) 238-1438	Tel: (647) 258-0395
Fax: (303 238-1724	Toll Free: (866) 441-0690
bill@usgold.com	Fax: (647) 258-0408
165 South Union Blvd., Suite 565	info@usgold.com
Lakewood, CO 80228	99 George Street, 3rd Floor
	Toronto, ON M5A 2N4

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Table 1

		Hole
		Length	Assay Interval		Gold Assay		Gold Assay
		(feet)	From	To	Length	Ounces per	Length	Grams per	Purpose &
Hole No.	Target Area	(Ð Angle)	(feet)	(feet)	(feet)	ton	(meters)	tonne	Results
	Southern Area
77	Southern Area	962	165	185	20.0	0.109	6.1	3.719	Test
		including	165	175	10.0	0.148	3.0	5.079	mineralization
		(-90°)	245	255	10.0	0.058	3.0	1.984	beneath
		including	245	250	5.0	0.096	1.5	3.283	resource
			335	355	20.0	0.060	6.1	2.061
			345	355	10.0	0.108	3.0	3.711
		including	380	395	15.0	0.016	4.6	0.559
			410	420	10.0	0.012	3.0	0.410
			540	545	5.0	0.010	1.5	0.342
78	Southern Area	820							No significant
		(-50°)							gold
79	Southern Area	800							SW extension
		(-90°)	290	320	30.0	0.016	9.1	0.541
82	Southern Area	826							No significant
		(-90°)							gold
83	Southern Area	840.5							No significant
		(-90°)							gold
85	Southern Area	1472							NE extension
		(-90°)	632	645	13.0	0.010	4.0	0.337
88	Southern Area	1301.5							NE extension
		(-90°)	209	240	31.0	0.024	9.5	0.811
89	Southern Area	1377							NE extension
		(-90°)	670	680	10.0	0.018	3.0	0.616
90	Southern Area	1036							Offset TS59
		(-50°)	365	375	10.0	0.012	3.0	0.393
93	Southern Area	1145	425	435	10.0	0.018	3.0	0.599	Test NW
		(-50°)	480	490	10.0	0.047	3.0	1.590	extension TS77
		including	480	485	5.0	0.077	1.5	2.633
			740	755	15.0	0.035	4.6	1.197
98	Southern Area	664	0	34	34.0	0.053	10.4	1.802	Deep structural
		(-90°)	85	95	10.0	0.012	3.0	0.395	test
			222	235.5	13.5	0.074	4.1	2.536
		including	229	235.5	6.5	0.132	2.0	4.514
			275	291.5	16.5	0.058	5.0	1.967
99	Southern Area	642	0	30	30.0	0.131	9.1	4.480	Deep structural
		including	0	20	20.0	0.179	6.1	6.113	test
		(-90°)	80.5	122	41.5	0.077	12.7	2.628
		including	84	102	18.0	0.123	5.5	4.201
			225	245	20.0	0.027	6.1	0.918
			292	302	10.0	0.045	3.0	1.522
			322	332	10.0	0.032	3.0	1.081
100	Southern Area	777							Deep structural
		(-90°)	0	20	20.0	0.038	6.1	1.283	test
101	Southern Area	733.5							Deep structural
		(-90°)	260	271.5	11.5	0.022	3.5	0.769	test
102	Southern Area	671	0	25	25.0	0.062	7.6	2.134	Deep structural
		(-90°)	192.5	202.5	10.0	0.023	3.0	0.770	test
			210	215	5.0	0.162	1.5	5.534
		including	210	212	2.0	0.334	0.6	11.423
			232	244.5	12.5	0.022	3.8	0.762
103	Southern Area	707.5	0	31	31.0	0.066	9.5	2.253	Deep structural
		including	27	31	4.0	0.132	1.2	4.514	test
		(-90°)	232	242	10.0	0.020	3.0	0.684
			252	262	10.0	0.038	3.0	1.283
		including	254.5	256.2	1.7	0.130	0.5	4.446
			267	280.5	13.5	0.034	4.1	1.146
			322	333	11.0	0.010	3.4	0.348
			345	355.5	10.5	0.019	3.2	0.661

6

		Hole
		Length	Assay Interval		Gold Assay		Gold Assay
		(feet)	From	To	Length	Ounces per	Length	Grams per	Purpose &
Hole No.	Target Area	(Ð Angle)	(feet)	(feet)	(feet)	ton	(meters)	tonne	Results
Southern Area (continued)
104	Southern Area	973	175	225	50.0	0.053	15.2	1.806	Test SW
		including	175	185	10.0	0.104	3.0	3.540	extension TS77
		(-50°)	280	290	10.0	0.019	3.0	0.650
			320	330	10.0	0.056	3.0	1.915
		including	325	330	5.0	0.096	1.5	3.283
			360	450	90.0	0.015	27.4	0.519
			460	475	15.0	0.015	4.6	0.502
105	Southern Area	1020	205	230	25.0	0.107	7.6	3.646	Test NE
		including	215	220	5.0	0.308	1.5	10.534
		(-50°)	310	330	20.0	0.074	6.1	2.531
		including	310	320	10.0	0.127	3.0	4.360
			350	365	15.0	0.031	4.6	1.060
			395	440	45.0	0.054	13.7	1.835
		including	395	405	10.0	0.160	3.0	5.472
			595	605	10.0	0.014	3.0	0.479
			870	885	15.0	0.018	4.6	0.604
106	Southern Area	960							Test W extension
		(-50°)	340	350	10.0	0.016	3.0	0.564	TS77
118	Southern Area	940							New target
		(-90°)	110	120	10.0	0.019	3.0	0.650
121	Southern Area	980	205	225	20.0	0.024	6.1	0.829	New target
		including	210	215	5.0	0.049	1.5	1.676
		(-90°)	440	455	15.0	0.020	4.6	0.684
			910	920	10.0	0.011	3.0	0.376
125	Southern Area	967	66	78.5	12.5	0.017	3.8	0.579	NE offset 59
		(-50°)	212	247	35.0	0.090	10.7	3.063
		including	237	243	6.0	0.296	1.8	10.123
			412	422	10.0	0.061	3.0	2.079
		including	415	417	2.0	0.223	0.6	7.627
			472	482.5	10.5	0.055	3.2	1.871
		including	477.5	481	3.5	0.152	1.1	5.208
128	Southern Area	600							SE extension
		(-90°)	410	420	10.0	0.058	3.0	1.967
129	Southern Area	890.5	257	271	14.0	0.111	4.3	3.784	E offset 59
		including	262	267.5	5.5	0.212	1.7	7.250
		(-50°)	365	419	54.0	0.149	16.5	8.096
		including	365	370.2	5.2	0.459	1.6	15.693
		including	368.5	370.2	1.7	1.175	0.5	40.185
		including	385	414	29.0	0.182	8.8	6.236
			499	515	16.0	0.019	4.9	0.646
132	Southern Area	520	185	195	10.0	0.021	3.0	0.718	NW offset 105
		(-50°)	400	410	10.0	0.035	3.0	1.197
133	Southern Area	500	200	245	45.0	0.124	13.7	4.252	NW offset 105
		including	210	235	25.0	0.203	7.6	6.936
		(-90°)	295	305	10.0	0.027	3.0	0.923
			395	405	10.0	0.031	3.0	1.060
			435	445	10.0	0.012	3.0	0.393
135	Southern Area	700							No significant
		(-90°)							gold

7

		Hole
		Length	Assay Interval		Gold Assay		Gold Assay
		(feet)	From	To	Length	Ounces per	Length	Grams per	Purpose &
Hole No.	Target Area	(Ð Angle)	(feet)	(feet)	(feet)	ton	(meters)	tonne	Results
Middle Area
58	Middle Area	380	195	205	10.0	0.019	3.0	0.634	Test downdip
		(-90°)	220	230	10.0	0.010	3.0	0.360	extension TS57
			240	250	10.0	0.010	3.0	0.342
			260	270	10.0	0.013	3.0	0.428
			315	325	10.0	0.013	3.0	0.428
81	Middle Area	740	435	445	10.0	0.063	3.0	2.138	Test downdip
		(-90°)							extension TS57
86	Middle Area	1547	332	342.5	10.5	0.013	3.2	0.431	Test S extension
		(-50°)	609	619	10.0	0.026	3.0	0.897	TS57
		including	616	619	3.0	0.075	0.9	2.568
			841	852.5	11.5	0.008	3.5	0.283
			908.5	925	16.5	0.015	5.0	0.507
			1023.5	1034	10.5	0.029	3.2	0.977
95	Middle Area	1505.5	156	169.5	13.5	0.011	4.1	0.383	Test
		(-50º)	657	671.5	14.5	0.020	4.4	0.679	geochemical
			700	710	10.0	0.015	3.0	0.513	plume
			729	739	10.0	0.017	3.0	0.581
108	Middle Area	1055	500	510	10.0	0.010	3.0	0.359	NE extension
		(-90°)
110	Middle Area	880	500	510	10.0	0.014	3.0	0.496	New target
		(-90°)
112	Middle Area	1107	354	364	10.0	0.011	3.0	0.369	SW extension
		(-90º)	699	710	11.0	0.013	3.4	0.445
			714	724	10.0	0.019	3.0	0.650
			749	772	23.0	0.015	7.0	0.520
113	Middle Area	1547	495	516	21.0	0.012	6.4	0.424	Test updip
		(-50°)	762	777	15.0	0.020	4.6	0.684	extension TS57
			1005.5	1027	21.5	0.014	6.6	0.473
120	Middle Area	1542	546	556	10.0	0.014	3.0	0.479	Test N extension
		(-50°)	591	631	40.0	0.014	12.2	0.492	TS57
			735.5	751	15.5	0.015	4.7	0.505
122	Middle Area	1547	171.5	194	22.5	0.012	6.9	0.420	Test
		(-50°)	593.5	604	10.5	0.028	3.2	0.953	geochemical
			754	784	30.0	0.018	9.1	0.610	plume
			824	843.5	19.5	0.019	5.9	0.637
			854	864	10.0	0.018	3.0	0.616
			874	922.5	48.5	0.030	14.8	1.014
		including	917.5	922.5	5.0	0.117	1.5	4.001
124	Middle Area	720	635	645	10.0	0.012	3.0	0.393	New target
		(-90°)
126	Middle Area	491.5							No significant
		(-90°)							gold
127	Middle Area	685	520	530	10.0	0.011	3.0	0.376	NE extension
		(-50°)
130	Middle Area	490							No significant
		(-50°)							gold
Rooster
62	Rooster	1136	105	115	10.0	0.013	3.0	0.428	Deep structural
		(-50º)	165	175	10.0	0.023	3.0	0.770	control test
			200	215	15.0	0.022	4.6	0.752
80	Rooster	1275	110	120	10.0	0.013	3.0	0.428	N. Rooster
		(-45°)							extension
84	Rooster	1367	0	10	10.0	0.013	3.0	0.428	NW extension
		(-50º)	450	490	40.0	0.014	12.2	0.462
87	Rooster	747	362.5	659	296.5	0.028	90.4	0.953	Offset TS06R-30
		(-45°)							and TS06C-01
		including	418.5	433.5	15.0	0.051	4.6	1.741
		including	480	501	21.0	0.048	6.4	1.646
		including	517.5	529.5	12.0	0.085	3.7	2.896
		including	539	544	5.0	0.101	1.5	3.454
		including	553	563	10.0	0.063	3.0	2.155
		including	619	639	20.0	0.060	6.1	2.052
			714	719	5.0	0.010	1.5	0.342

8

		Hole
		Length	Assay Interval		Gold Assay		Gold Assay
		(feet)	From	To	Length	Ounces per	Length	Grams per	Purpose &
Hole No.	Target Area	(Ð Angle)	(feet)	(feet)	(feet)	ton	(meters)	tonne	Results
Rooster (continued)
92	Rooster	1048	538	553	15.0	0.025	4.6	0.866	Deep structural
		(-50º)	573	584	11.0	0.015	3.4	0.529	control test
94	Rooster	1184	234	249	15.0	0.013	4.6	0.433	Deep structural
		(-70º)	259	290.5	31.5	0.035	9.6	1.182	control test
96	Rooster	897							Deep structural
		(-75°)	183.5	217	33.5	0.022	10.2	0.741	control test
97	Rooster	320							NW extension
		(-45°)	40	50	10.0	0.011	3.0	0.376
107	Rooster	910	30	40	10.0	0.028	3.0	0.958	NW extension
		(-45º)	165	175	10.0	0.012	3.0	0.410
			550	560	10.0	0.015	3.0	0.513
109	Rooster	1547	11.5	96	84.5	0.032	25.8	1.078	Deep structural
		including	43	58	15.0	0.055	4.6	1.892	control test
		(-50°)	128	158	30.0	0.031	9.1	1.066
		including	143	153	10.0	0.050	3.0	1.710
			208	221	13.0	0.070	4.0	2.389
		including	211	217	6.0	0.099	1.8	3.397
			243	255	12.0	0.019	3.7	0.638
			699	713	14.0	0.012	4.3	0.401
111	Rooster	1200	150	160	10.0	0.011	3.0	0.376
		(-55º)	180	190	10.0	0.010	3.0	0.342	Deep structural
			740	750	10.0	0.010	3.0	0.342	control test
114	Rooster	768	0	68	68.0	0.050	20.7	1.708	Deep structural
		including	14	22	8.0	0.147	2.4	5.015	control test
		(-60°)	178	191	13.0	0.050	4.0	1.705
			202	223	21.0	0.014	6.4	0.469
			233	243	10.0	0.015	3.0	0.530
			253	263	10.0	0.010	3.0	0.359
			283	319	36.0	0.022	11.0	0.749
115	Rooster	700	0	10	10.0	0.018	3.0	0.599	NW extension
		(-60°)	140	150	10.0	0.017	3.0	0.581
			205	225	20.0	0.015	6.1	0.504
			365	385	20.0	0.024	6.1	0.821
			395	420	25.0	0.015	7.6	0.513
			440	495	55.0	0.018	16.8	0.609
			505	520	15.0	0.025	4.6	0.866
		including	505	510	5.0	0.043	1.5	1.471
116	Rooster	622	303.5	327.5	24.0	0.039	7.3	1.327	Deep structural
		(-50º)	362	387	25.0	0.014	7.6	0.465	control test
			402	423	21.0	0.031	6.4	1.060
117	Rooster	849	282	292	10.0	0.010	3.0	0.342	W extension
		(-45°)	517	532	15.0	0.059	4.6	2.006	Little Raduna
		including	517	522	5.0	0.142	1.5	4.856
			542	557	15.0	0.010	4.6	0.353
			587	592	5.0	0.019	1.5	0.650
119	Rooster	1018							Deep structural
		(-55°)	469	483	14.0	0.029	4.3	0.999	control test
123	Rooster	815	430	440	10.0	0.010	3.0	0.342	NW extension
		(-45°)	620	665	45.0	0.029	13.7	0.992
		including	630	640	10.0	0.042	3.0	1.436
			740	815	75.0	0.027	22.9	0.914
		including	745	760	15.0	0.048	4.6	1.642
136	Rooster	800	140	155	15.0	0.010	4.6	0.342	N offset 87
		(-80°)	165	180	15.0	0.014	4.6	0.479
			250	285	35.0	0.017	10.7	0.572
			390	455	65.0	0.024	19.8	0.821
			480	505	25.0	0.026	7.6	0.882
Keystone
KS1	Keystone	817	662	672	10.0	0.013	3.0	0.445	Base metal
		(-45°)							test

9