US Gold Corporation
Encyclopedia
US Gold Corporation 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.
(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.
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
and silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
in the Americas and is advancing its El Gallo Project in Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
and its Gold Bar Project in Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
towards production.
In 2005, current US Gold CEO Rob McEwen
Rob McEwen
Rob McEwen, CC is a Canadian businessman. He is the Chairman and CEO of US Gold Corporation and Minera Andes Inc., Chairman of Lexam VG Gold Inc. and was the founder and former Chairman and CEO of Goldcorp Inc., which is the world’s second largest gold producer based on market capitalization...
purchased 33.3% of the Company through his private company, McEwen Capital. McEwen was the founder and former Chairman and CEO of Goldcorp
Goldcorp
Goldcorp Inc. is a gold producer headquartered in Vancouver, British Columbia, Canada. Goldcorp has 16 operations and development projects in 6 countries across the Americas....
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
Minera Andes
- Company Overview :Minera Andes Inc is a producer of gold and silver and an explorer of gold, silver and copper in Argentina. Rob McEwen is the company's CEO and largest shareholder .The company has three significant assets in Argentina:...
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
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
by 2015.
Mexico
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.Nevada
The company's Gold Bar project in Nevada is located in the Cortez Trend and situated between Barrick's Cortez Gold MineCortez Gold Mine
Cortez Gold Mine is a large gold mining and processing facility in Lander and Eureka County, Nevada, United States, located approximately southwest of Elko. It is owned and operated by Barrick Gold and is made up of the Pipeline and South Pipeline deposits and the Cortez Hills deposit...
(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.