CHEYENNE, Wyo., July 12,
2023 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold,"
the "Company," "we," "our" or "us") (Nasdaq: USAU), is proud
to announce the achievement of one of two significant milestones in
the permitting stage of its CK Gold, gold, copper and silver mining
project (the "CK Gold Project"). On June 20,
2023, the Industrial Siting Division of the Department of
Environmental Quality, of the State of
Wyoming (the "DEQ-ISD"), granted an Industrial Siting Permit
(the "ISP") to U.S. Gold's wholly-owned subsidiary, Gold King
Corp., allowing for construction and operation of the proposed mine
at the CK Gold Project.
The ISP, which is the first of two critical permits necessary
for the construction and operation of the proposed mine at the CK
Gold Project, is a requirement for all projects in the state of
Wyoming projected to exceed
$253.9 million in construction and
mine capital costs. This includes all capital needed for the entire
project build-out beyond the initial capital costs anticipated by
the applicant. The second major permit package is the Mine
Operating Permit and Mine Closure Plan, which the Company expects
to be approved as early as the first half of 2024.
Commenting on the ISP for the CK Gold Project, George Bee, President and CEO of U.S. Gold said,
"The ISP application is of significant importance in the regulatory
process to protect those who may be impacted by large industrial
capital investments. We have been very impressed by the
professionalism, dedication and promptness demonstrated by the
agencies in handling our permit applications. Currently, we are
addressing Wyoming Department of Environmental Protection – Land
Quality Division (the "DEQ-LQD") comments received following the
initial technical review of our Mine Operating Permit application
and Closure Plan, which was submitted to the agency on September 13, 2022. The DEQ-LQD also governed by
statute, follows a rigorous process that involves a full assessment
of the application by specialists tasked with safeguarding public
interest and environmental protection for the proposed
activities".
From personal experience working with jurisdictions in various
states and globally, George Bee went
on to say that "While copper-gold mining has not recently been
permitted in the state of Wyoming,
state agencies are well versed in regulating the extractive
industry. It is evident that a high level of diligence is being
brought to bear by the authority to assess and regulate the
proposed activity. The opportunity to develop a mine in
Wyoming is considered exceptional
at a time when other jurisdictions pose challenges to developers,
despite good faith efforts to promote beneficial economic activity.
We recognize a growing demand for copper and gold, and we are
pleased that Wyoming, a state
steeped in history of meeting the nation's resource needs,
possesses the experience, desire, and capacity to continue
fulfilling that role in a positive and professional manner,
prioritizing the well-being of its people and the environment."
The intent of the DEQ-ISD permitting process is to ascertain the
regional impacts during construction and mine operation and release
state funds to local governments to offset anticipated impacts. It
was determined in 2022 that the CK Gold Project's capital costs
(costs borne by the Company and third parties) would exceed the
investment threshold established by statute. The Company engaged
consultants to complete socio-economic, noise, traffic impact and
water yield analysis studies for inclusion in the ISP application.
The CK Gold Project description and notification were mailed to 120
governmental agencies and interested parties in Albany and Laramie counties. Following notifications in
local papers, two open houses were held by the Company in
Cheyenne and Laramie providing the public an opportunity to
engage with Company representatives.
Following feedback and having collected the confirmation of the
receipt of the project description and notification, the finalized
ISP application was submitted to the DEQ-ISD on February 21, 2023; subsequently a hearing was
scheduled with the Industrial Siting Council on May 10, 2023.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S. focused gold
exploration and development company. U.S. Gold Corp. has a
portfolio of exploration properties. The CK Gold Project is located
in Southeast Wyoming and has a
Preliminary Feasibility Study technical report, which was completed
by Gustavson Associates, LLC. The Keystone exploration property is
on the Cortez Trend in Nevada. The
Challis Gold Project is located in Idaho. For more information about U.S. Gold
Corp., please https://www.usgoldcorp.gold/.
Cautionary Note Regarding Forward-Looking Statements
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 include statements related to the anticipated
construction and mine capital costs of the CK Gold Project, the
approval of the Mine Operating Permit for the CK Gold Project and
the timing of such approval. 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: market and other conditions,
the prevailing market conditions for metal prices and mining
industry cost inputs, environmental and regulatory risks, COVID-19
risks, changes in interpretations of geological, geostatistical,
metallurgical, mining or processing information, risks faced by
junior companies generally engaged in exploration activities,
whether U.S. Gold Corp. will be able to raise sufficient capital to
develop the CK Gold Project and implement future drilling programs,
the success or failure of future drilling programs, 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 undertakes no duty to correct or update any
information contained herein.
For additional information, please contact:
U.S. Gold Corp. Investor Relations
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE U.S. Gold Corp.