US Gold Announces the Closing of Its Public Offering of Common Stock

TORONTO, ONTARIO, May 19 (MARKET WIRE) --
US GOLD CORPORATION (TSX: UXG)(NYSE Amex: UXG) (the "Company" or "US
Gold"), a U.S. and Mexico focused gold and silver exploration company,
announced today the closing of its previously announced public offering
of common stock pursuant to the Company's shelf registration statement
filed with the U.S. Securities and Exchange Commission (the "SEC") and a
shelf prospectus filed with certain Canadian securities regulatory
authorities. The Company sold 22.0 million shares of common stock at a
price of US$2.00 per share. In connection with the offering, the Company
has granted the underwriters a 30-day option to purchase up to 3.3
million additional shares of common stock to cover over-allotments, if
any. The over-allotment option must be exercised prior to June 12, 2009.

Proceeds to the Company from the offering, net of commissions and
expenses, were approximately US$40.8 million (assuming the underwriters'
over-allotment option is not exercised).

US Gold intends to use the majority of the net proceeds of this offering
to fund its ongoing exploration in Nevada's Cortez Trend and in Mexico,
as more particularly described in the final prospectus supplement dated
May 12, 2009, filed with the SEC and certain Canadian securities
regulatory authorities. The remaining proceeds will be used for general
corporate purposes.

GMP Securities L.P. and Dahlman Rose & Company, LLC acted as joint
book-runners for the offering.

Copies of the final prospectus supplement including the base prospectus
relating to the offering may be obtained by either contacting the
underwriters at the contact information below, by accessing the SEC
website, www.sec.gov, or by accessing the website maintained by the
Canadian securities regulatory authorities, SEDAR, at www.sedar.com.

In the United States from:

GMP Securities L.P.
Attn: New Issues Department
145 King Street West, Suite 300
Toronto, Ontario M5H 1J8
Canada
Phone: 416-943-6130
Fax: 416-943-6134
Email: ECM@gmpsecurities.com

Dahlman Rose & Company, LLC
Attn: Prospectus Dept.
142 West 57th Street
18th Floor
New York, NY 10019
Phone: 212-702-4521
Fax: 212-920-2952
Email: ECM@dahlmanrose.com

In Canada from:

GMP Securities L.P.
Attn: New Issues Department
145 King Street West, Suite 300
Toronto, Ontario M5H 1J8
Canada
Phone: 416-943-6130
Fax: 416-943-6134
Email: ECM@gmpsecurities.com

This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which the offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. The securities
being offered have not been approved or disapproved by any regulatory
authority, nor has any such authority passed upon the accuracy or
adequacy of the final prospectus supplement dated May 12, 2009, the base
prospectus or the Company's shelf registration statement. A registration
statement relating to the securities has been filed with the SEC and
became effective April 23, 2009. A final prospectus supplement dated May
12, 2009, relating to the offering has been filed with the SEC. An MJDS
base prospectus and a final prospectus supplement has been filed with the
securities regulatory authorities in certain provinces in Canada.

Cautionary "safe harbor" statement under applicable securities laws: With
the exception of historical matters, the matters discussed in this press
release include forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
projections or estimates contained herein. Such forward-looking
statements include statements regarding future sales of common stock and
the use of proceeds from such sales. Factors that could cause actual
results to differ materially from projections or estimates include, among
others, precious metals prices, economic and market conditions, as well
as other factors described in our Annual Report on Form 10-K for the year
ended December 31, 2008, as amended, and other filings with the SEC. Most
of these factors are beyond the Company's ability to predict or control.
The Company disclaims any obligation to update any forward-looking
statement made herein. Readers are cautioned not to put undue reliance on
forward-looking statements.

ABOUT US GOLD

US Gold Corporation is a Colorado incorporated gold and silver
exploration company exploring next to Barrick's large Cortez Hills
deposits in northeastern Nevada and a high-grade silver and gold
discovery in north-western Mexico. US Gold's shares trade on the NYSE
Amex and Toronto Stock Exchanges under the symbol UXG.

Contacts:
US Gold Corporation
Ian Ball
VP, Mexico
(647) 258-0395 or Toll Free: (866) 441-0690
(647) 258-0408 (FAX)

US Gold Corporation
Mailing Address
99 George Street, 3rd Floor
Toronto, ON M5A 2N4
info@usgold.com

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