The Chairman and CEO, Rob McEwen described yesterday’s results from US Gold Corporation as not thrilling. Rob went on to say the following:
"Since our last exploration release on June 12, 2007, assay results from 44 holes totalling 35,964 feet of drilling have been received. We haven't hit any home runs yet, but we are on base and it is early in the game. We have advanced our understanding of the geology and confirmed that we have encountered wide sections of the right rock types to host a Carlin style gold deposit. In addition, we are fortunate to have a large land holding in a prospective area and a healthy treasury to fund our objective of exploring aggressively for the next Cortez Hills discovery. I must emphasize that exploration is the research and development of the mining industry, and it is typically a frustratingly slow and expensive process with low odds of success. The results in this press release are positive and encouraging, but not thrilling,"
Although this appears to be a little disappointing it is refreshing in that they are being open and honest about the progress that has been made. This is something that we appreciate as it is not everyday that a gold exploration team hits the mother lode so it is important to be patient and let them get on with the job.
We do not have a stake in this play at the moment but this company is on the watch list, as we know that Rob McEwen has done it before with Gold Corp and there is no substitute for experience.
You can read the whole article on their web site just click this LINK.
US GOLD CORPORATION trades on the AMEX:UXG and on the TSX: UXG.
Keep an eye.