U.S. Gold Corporation is engaged in the exploration for gold and other precious metals. The Company holds a 100% interest in the Tonkin Springs property in Eureka County, Nevada, subject to paramount title in the United States. This property consists of approximately 36 square miles of lode mining claims and millsite claims located on the Battle Mountain-Eureka Trend, approximately 45 miles northwest of the town of Eureka in north-central Nevada. U.S. Gold Corporation is in the exploration-stage at the Tonkin Springs property. On March 5, 2006, the Company announced its intentions to acquire four companies with properties in the Battle Mountain-Eureka Trend in Nevada. These companies, White Knight Resources Ltd., Nevada Pacific Gold Ltd., Coral Gold Resources Ltd. and Tone Resources Limited, have mineral properties that are adjacent to or near its Tonkin Springs property. The Tonkin Springs property has been the focus of mineral exploration, development and intermittent production for approximately 25 years, since 1980. The Company is focusing on property-wide exploration of mineral resources at Tonkin Springs. The Tonkin Springs property is located on lands administered by the United States Department of Interior, Bureau of Land Management (BLM), Battle Mountain Field Office, in Nevada. The property consists of a total of 1,182 mining and 33 millsite claims encompassing approximately 36 square miles. Of the 1,215 claims comprising the Tonkin Springs property, 269 are leased from an unaffiliated third party under a lease that is due to expire in January 2009. U.S. Gold Corporation's property extends approximately 12 linear miles along the central Battle Mountain-Eureka Trend, located in north-central Nevada. In December 2005, U.S. Gold Corporation retained Micon International Limited (Micon) to compile a technical report for the Tonkin Springs property. This report provides a technical summary of the exploration and development activities and results, and the mineral potential of the Tonkin Springs property. The Company is in the exploration-stage for gold at the Tonkin Springs property, where it has an estimate of mineralized material of 29.7 million tons with average grade of 0.043 ounce of gold per ton. As an exploration stage mining company, its activities include, at various times and to various degrees, exploration, land acquisition, geological evaluation and feasibility studies of properties, and where warranted, efforts to develop and construct mining and processing facilities, mining and processing and the sale of gold and other metals and by-products.

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