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U.S. Gold Corp. Announces Royalty Conditions of CK Gold Project to Benefit Wyoming's Education Common School Fund
CHEYENNE, Wyo., April 19, 2023 /PRNewswire/ -- U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us") (NASDAQ: USAU), is pleased to provide the
About this update from U.s. Gold Corp.
[{"type":"text","content":"CHEYENNE, Wyo., April 19, 2023 /PRNewswire/ -- U.S. Gold Corp. (\"U.S. Gold,\" the \"Company,\" \"we,\" \"our\" or \"us\") (NASDAQ: USAU), is pleased to provide the details related to the CK Gold Project royalty associated with the Wyoming Office of State Land and Investments (\"OSLI\") mineral leases.\nIn commenting on the royalty rate for the CK Gold Project, George Bee, President and CEO said, \"We would like to thank the Board of Directors and management of OSLI for responding to our request to clarify aspects of the Leases, including the royalty rate. Our team has extensive experience working in many jurisdictions, and we can honestly say that the degree of professionalism and service that OSLI, and all state authorities, have shown as we advance the project is exemplary,\"\n\"We are committed to advancing the CK Gold Project in benefit of the state, local community, and our shareholders. Based on our December 1, 2021, prefeasibility study figures, we anticipate that beyond the taxes, opportunities, and jobs that we hope to create, we estimate that royalty payments would exceed $30 million over the life of the CK Gold Project mine. This represents a significant boost for funding education initiatives in Wyoming,\" Mr. Bee concluded.\nThe CK Gold Project, previously known as Copper King, is located on land owned by the state of Wyoming and leases the mineral rights from OSLI. Leases 0-040828 and 0-040858 (the \"Leases\"), which lie within the historic Silver Crown Mining District, were discovered in the late 1800s and were last mined in the early 1900s. Conditions of the Leases include royalty payments to the OSLI, earmarked for K-12 education within the state through the Common School Fund.\nThe proposed CK Gold Project, currently engaged in permitting activities, is anticipated to be a revitalization of copper and gold mining in the state of Wyoming after many years of dormancy. The recovery of natural resources in Wyoming is an important part of the state's economy, and, consequently, the state is well-equipped to monitor and regulate the resource extractive industry. However, it was recognized that the royalty conditions of the Leases associated with the CK Gold Project did not take into consideration some of the idiosyncrasies of the copper and gold, hard rock, extractive industry and more specifically, the CK Gold Proj...