U.S. Gold Corp. Receives Air Quality Permit, Finalizing the Mine Operating Permit for the CK Gold Project By Investing.com

Regulatory Approval allows the Company to proceed toward development of the
CK Gold Project in Wyoming

CHEYENNE, Wyo., Nov. 18, 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 received final permit (the “Air Quality Permit”) approval from the Air Quality Division of the Wyoming Department of Environmental Quality (“WDEQ”) paving the way for development of the CK Gold Project. With this approval, the last of the three conditions associated with the recently granted Surface Gold Mine Permit (the “Mine Operating Permit”) for the CK Gold Project has been fulfilled.

In commenting on the approval, George Bee, President, CEO and Director of U.S. Gold said, “WDEQ’s approval of the Air Quality Permit satisfies the remaining condition associated with the Mine Operating Permit granted in April 2024, completing a major hurdle in the CK Gold Project’s pathway to development.” He went on to say, “We are well advanced in our engineering studies and poised to move toward development once the optimization studies announced in September are complete.”

Luke Norman, Executive Chairman of U.S. Gold added, “The fulfillment of this remaining condition under the Mine Operating Permit positions the CK Gold Project to be Wyoming’s next producing mine, adding gold and production to the State’s resource portfolio. The CK Gold Project with its geographically advantageous location, now fully permitted, is poised to be able to leverage rising commodity prices. This is such a rarity in today’s global mining context where a lack of funding for exploration and onerous permitting hurdles have hampered the supply of new projects to satisfy increasing demand. As significant shareholders of the Company, we are committed to forging the pathway to project financing without undue dilution to our fellow shareholders.”

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 engaged in the development of the CK Gold Project, previously known as Copper King, which had lain dormant for several years. While Copper King was recognized and explored on multiple occasions, following limited underground mining around one hundred years ago,…