U.S. GOLD ISSUES STATUS REPORT ON PROPOSED TENDER OFFERS (January 18, 2007)

For Immediate Release

Denver, Colorado (January 18, 2007) – U.S. GOLD CORPORATION (AMEX: UXG – TSX: UXG) announced today an update on its proposed consolidation of the Cortez Trend in Nevada.

U.S. Gold anticipates being able to commence the formal tender offers for each of Nevada Pacific Gold Ltd., Tone Resources Limited and White Knight Resources Ltd. by mid-February 2007, subject to the satisfaction of certain regulatory requirements. U.S. Gold may re-evaluate its intentions to proceed with the proposed offers for one or more of those companies at any time.

U.S. Gold has decided not to pursue its proposed offer for Coral Gold Resources Ltd. at this time in view of certain regulatory requirements that would need to be satisfied by Coral Gold Resources prior to the commencement by U.S. Gold of a formal tender offer. U.S. Gold was concerned that the possible undue delay and expense arising from the satisfaction of those regulatory requirements could possibly jeopardize the proposed offers for the other three companies. In the future, U.S. Gold may re-evaluate its intention to acquire Coral Gold Resources.

Cautionary Statements

Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are often identified by words such as “intends”, “anticipates”, “believes”, “expects” and “hopes” and include, without limitation, statements regarding the Company’s plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, those set forth in the Company’s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005, under the caption “Risk Factors” and in other reports filed with the SEC. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

This communication is neither an offer to purchase, nor a solicitation of an offer to sell, shares of U.S. Gold Corporation or any other entity. This communication is not a solicitation of a proxy from a security holder of the Company or any of the subject companies. The Company has filed registration statements and a proxy statement with the SEC with regard to the proposed offers for Coral Gold Resources, Nevada Pacific, Tone Resources and White Knight. YOU ARE URGED TO READ ANY PROXY STATEMENT/PROSPECTUS IF AND WHEN IT BECOMES AVAILABLE, AND ANY OTHER RELEVANT DOCUMENTS IF AND WHEN FILED WITH THE SEC AND THE SECURITIES COMMISSIONS OR EQUIVALENT REGULATORY AUTHORITIES IN CANADA, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain any such proxy statement/prospectus (if and when it becomes available) and any other documents filed with the SEC free of charge at the SEC’s website, www.sec.gov, and filed with the securities commissions or equivalent regulatory authorities in Canada at the following website, www.sedar.com. In addition, you may obtain the proxy statement/prospectus (if and when it becomes available) and the other documents filed by the Company with the SEC and the securities commissions or equivalent regulatory authorities in Canada by requesting them in writing from U.S. Gold Corporation, Attention: Investor Relations, Telephone: (303) 238-1438.

For further information, contact:

William F. Pass
Vice President and Chief Financial Officer
Tel: (303) 238-1438
Fax: (303) 238-1724
bill@usgold.com
2201 Kipling Street, Suite 100
Lakewood, CO 80215

Ana E. Aguirre
Manager, Investor Relations
Tel: (647) 258-0395
Toll Free: (866) 441-0690
Fax: (647) 258-0408
info@usgold.com
99 George Street, 3rd Floor
Toronto, ON M5A 2N4

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Nothing on this website is either an offer to purchase, or a solicitation of an offer to sell, shares of US Gold Corporation ("UXG") or any other entity. Nothing on this website is a solicitation of a proxy from a security holder of UXG or any other company. UXG and its wholly owned subsidiary, US Gold Canadian Acquisition Corporation, have filed Registration Statements on Form S-4 containing a prospectus relating to the proposed tender offer for all outstanding common shares of White Knight Resources Ltd. ("White Knight"), Nevada Pacific Gold Ltd. ("Nevada Pacific"), and Tone Resources Ltd. ("Tone"). On January 18, 2007, UXG determined not to pursue the tender offer of Coral Gold although it may do so in the future. UXG has also filed Statements relating to the authorization of the shares to be issued in the proposed tender offers. UXG and its directors and executive officers may be deemed to be participants in the solicitation of proxies from UXG's stockholders in connection with the special meeting of stockholders to be held to approve the issuance of the shares n the proposed tender offers and related matters. Information concerning UXG's directors and executive officers and their direct and indirect interests in the transaction is set forth in the preliminary proxy statement filed with the SEC relating to the tender offers and the associated special meeting of stockholders and in the Registration Statements on Form S-4 filed by UXG and US Gold Canadian Acquisitions Corporation with the SEC. A definitive proxy statement and final prospectuses will be mailed to UXG stockholders when available. Stockholders may obtain these documents (when available) free of charge at the SEC's website at www.sec.gov. In addition, copies of the definitive proxy statements and final prospectuses (when available) may be obtained free of charge by directing a request to US Gold Corporation, 99 George St. 3rd Floor. Toronto, Ontario, Canada M5A 2N4 Attention: Ian Ball, Investor Relations. UXG, WHITE KNIGHT, NEVADA PACIFIC, AND TONE STOCKHOLDERS SHOULD READ THE PROXY STATEMENT/PROSPECTUSES AND OTHER RELEVANT DOCUMENTS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS.