U.S. Gold reports NovaGold purchases stock from existing shareholders (August 1, 2005)

Denver, CO. - August 1, 2005 - U.S. Gold Corporation (OTC BB: USGL; Berlin Exchange: US 8) reports that a press release dated July 29, 2005 by NovaGold Resources Inc. (TSX:NG, AMEX:NG) states that NovaGold has acquired 5,374,544 shares of U.S. Gold's stock in apparent negotiated transactions with existing shareholders. This ownership represents approximately 16% of the outstanding shares of the Company after the transaction by the Company and Rob McEwen announced July 29, 2005 by the Company.

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