Mine Operating Permit Approval For CK Gold Project

CHEYENNE, WY - U.S. Gold Corp. reported that its wholly owned subsidiary, Gold King Corp., has been issued its Surface Gold Mine Permit from the Director of the Wyoming Department of Environmental Quality (WDEQ), subject to certain conditions.

George Bee, President, CEO and Director, said, "Having previously been granted the Industrial Siting Permit in June last year and now the Mine Operating Permit we have cleared the major regulatory hurdles towards project development. Work to meet final authorization for development is well underway. The remaining conditions are the approval of the reclamation bond which has already been submitted, the Wyoming Pollutant Discharge Elimination System (WYPDES) permitting process, which is in the final stages of approval, and the WDEQ Air Quality Division ("AQD") permits, where technical work is under review. We remain on track to receive the necessary permits around mid-year, as per prior guidance."

Luke Norman, Executive Chairman added, "This is an outstanding accomplishment. Since shifting the Company's focus in August 2020 from exploration to the development of the CK Gold Project, through the receipt of the Mine Operating Permit, is a remarkable achievement. We would like to recognize our management team, consultants, and the State of Wyoming regulatory authorities for everyone's hard work and dedication advancing the CK Gold Project. The CK Gold Project sits on State and private ground in Wyoming, which is an extraordinary jurisdiction for resource development, with a clear regulatory framework, and authorities that are knowledgeable, experienced, and motivated to safely and responsibly manage the State's mineral wealth."

The remaining mine operating permit conditions as per the WDEQ Director's letter of approval are as follows: 1. No construction or mining activities shall be allowed to commence until the reclamation performance bond, in the amount of $5,010,000 as set forth in the Director's Bond Letter, is approved, 2. The application states multiple discharge points that require WYPDES permits. The operator has applied for these permits and is awaiting final approval. As a non-significant revision ("NSR") to the approved permit, the operator shall provide an updated map of approved discharge locations and a list of WYPDES permit numbers when they are made available to them. The operator is not authorized to conduct discharge activities until the permits are approved and placed into the permit, and 3. No construction or mining activities shall be allowed to commence until the applicant obtains required WDEQ-Air Quality Division ("AQD") permits. As an NSR to the approved permit, a copy of the approved AQD permit(s) shall be inserted into the approved mining plan when they are made available.