US Gold Corporation: Drill Results Continue to Shine in Mexico's Magistral District

Market Wire, August, 2008

Hole#       Gold Grade  From    To  Length  Gold Grade  From    To  Length
-----       ----------  ----    --  ------  ----------  ----    --  ------

                  (opt) (ft.) (ft.)   (ft.)       (gpt)   (m)   (m)     (m)

SRBHA08-022       0.12     5    35      30         4.1   1.5  10.7     9.1
Including         0.19     5    20      15         6.5   1.5   6.1     4.6

SRBHA08-012       0.06     0    45      45         2.1     0  13.7    13.7

SRBHA08-015       0.08     5    25      20         2.8   1.5   7.6     6.1

SRBHA08-011       0.04    30    65      35         1.5   9.1  19.8    10.7

SAMANIEGO PIT AREA

Exploration continued to target the area around the Samaniego Pit (Figure 4) where drilling has intersected the upper portion of the main southwest-dipping vein. Conventional rotary drilling has been identifying gold mineralization in previously untested areas within the known zone and expanding the mineralization. The objective is to increase the pit size and recoverable gold ounces. US Gold geologists believe there is good potential to intersect additional gold mineralization north and south of the current drilling. Highlighted results are listed below:

Hole#       Gold Grade  From    To  Length  Gold Grade  From    To  Length
-----       ----------  ----    --  ------  ----------  ----    --  ------

                  (opt) (ft.) (ft.)   (ft.)       (gpt)   (m)   (m)     (m)

SWBH08-170        0.05     0  59.1    59.1         1.8   0.0  18.0    18.0

SWBH08-274        0.07  59.1  98.4    39.4         2.3  18.0  30.0    12.0

SWBH08-237        0.05  68.9 108.3    39.4         1.8  21.0  33.0    12.0

SWBH08-203        0.04     0  39.4    39.4         1.4   0.0  12.0    12.0

SWBH08-194        0.05     0  29.5    29.5         1.8   0.0   9.0     9.0

SWBH08-180        0.08  19.7  39.4    19.7         2.7   6.0  12.0     6.0

"Magistral has become a great complement to our exploration in Nevada. Our land package in Mexico now totals over one million acres, we have 5 active drill rigs and our exploration results continue to show encouraging grades and widths. Combine this with a former mine site that has a lot of the required infrastructure to resume production and we are seeing the beginning of an exciting story. In addition, drilling has started at US Gold's Nevada projects, with the goal of finding the next Cortez Hills gold deposit. A lot of people think we have forgotten about Nevada, but I can assure you that this is not the case and we are exploring our Cortez properties!" concluded Rob McEwen.

ABOUT US GOLD

US Gold Corporation is a United States based gold exploration company exploring throughout northeastern Nevada and has recently began exploration in Mexico. The Company has large land holdings and a strong treasury. US Gold's shares trade on the American and Toronto Stock Exchanges under the symbol UXG.

QUALIFIED PERSON

This news release has been viewed and approved by Steve Brown, Senior Geologist and Project Manager, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Magistral Mine and Mexican exploration properties. All samples were analyzed by ALS Chemex and SGS utilizing fire assay. Drilling was completed by reverse circulation (5 ft. (1.5 meter) sample intervals), conventional rotary (10 ft. (3 m) and 5 ft. (1.5 m) meter sample interval).