NI 43-101 TECHNICAL REPORT FOR THE LIMOUSINE BUTTE PROJECT, WHITE PINE COUNTY, NEVADA Prepared for US Gold Corporation July 1, 2009 Telesto Nevada Inc. !"#$%!&'!(&)*%)*+!,!"#$%&'!()$*&+,!(+"!'&$"--! 3.1 Property Description (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ....................... 1! 3.2 Ownership (By Christine Ballard, Telesto Nevada, Inc.) .................................................. 3! 3.3 Resources (By Kim Drossulis, Telesto Nevada, Inc.) ....................................................... 4! 3.4 Metallurgy and Processing (By Kim Drossulis, Telesto Nevada, Inc.) .............................. 5! 3.5 Permitting (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ....................................... 5! 3.6 Environmental (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ................................ 6! 3.7 Construction (By Kim Drossulis, Telesto Nevada, Inc.) .................................................... 6! 3.8 Project Economics (By John Welsh, P.E., Telesto Nevada, Inc.) ..................................... 6! 4.0 INTRODUCTION (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ............................... 6! 5.0 RELIANCE ON OTHER EXPERTS (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ... 7! 5.1 Tenure/Ownership (By Christine Ballard, Telesto Nevada, Inc.) ...................................... 7! 6.0 PROPERTY DESCRIPTION AND LOCATION (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ................................................................................................................................. 8! 6.1 Introduction ........................................................................................................................ 8! 6.2 Ownership ......................................................................................................................... 9! 6.2.1 Mineral Rights ............................................................................................................. 9! 6.2.2 Surface Ownership ................................................................................................... 11! 7.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) .................................... 11! 7.1 Access to the Property .................................................................................................... 11! 7.2 Climate and Physiography .............................................................................................. 13! 7.3 Local Resources and Infrastructure ................................................................................ 13! 8.0 HISTORY (By Christine Ballard, Telesto Nevada Inc.) ...................................................... 13! 8.1 General Mining and Exploration History of the Region ................................................... 13! 8.1.1 Potential Mineral Inventory of the Limousine Butte Project Area .............................. 16! 8.2 History of the Golden Butte Mine (Resurrection Ridge Area) .......................................... 17! 8.3 Resources at Golden Butte Mine .................................................................................... 17! 8.4 History of Cadillac Valley ................................................................................................. 19! 8.5 History of Coffee Mug ...................................................................................................... 19! 8.6 “Historic Reserve” Estimates ........................................................................................... 19! 9.0 GEOLOGICAL SETTING (By Christine Ballard, Telesto Nevada, Inc.) ............................. 20! 9.1 Regional Geology ............................................................................................................ 20! 9.1.1 Tectonic Setting and History ..................................................................................... 20! 9.1.2 Regional Stratigraphy ............................................................................................... 21! 9.2 Local and Property Geology ............................................................................................ 24! 9.2.1 Local Stratigraphy and Tectonic History ................................................................... 25! 11.0 MINERALIZATION (By Christine Ballard, Telesto Nevada, Inc.) ..................................... 30! 12.0 EXPLORATION (By Christine Ballard, Telesto Nevada, Inc.) .......................................... 30! 13.0 DRILLING ......................................................................................................................... 31! 13.1 Alta Gold Drilling ............................................................................................................ 31! ii 13.2 Other Drilling ................................................................................................................. 31! 14.0 SAMPLING METHOD AND APPROACH (By Christine Ballard, Telesto Nevada, Inc.) .. 33! 14.1 Alta Gold Sampling Method ........................................................................................... 33! 14.2 Placer Dome Sampling Method ..................................................................................... 33! 14.3 US Gold Sampling Method ............................................................................................ 33! 15.0 SAMPLE PREPARATION, ANALYSES AND SECURITY (By Christine Ballard, Telesto Nevada, Inc.) ............................................................................................................................... 33! 15.1 Alta Gold Sample Preparation and Analysis ................................................................. 33! 15.2 US Gold Sample Preparation, Analysis and Security .................................................... 34! 16.0 DATA VERIFICATION (By Christine Ballard and Eric Haddox, Telesto Nevada Inc.) ..... 34! 17.0 ADJACENT PROPERTIES (By Christine Ballard, Telesto Nevada Inc.) ......................... 36! 18.0 MINERAL PROCESSING AND METALLURGICAL TESTING (By Kim Drossulis, Telesto Nevada Inc.) ................................................................................................................................ 39! 18.1 Historical Metallurgical Testing ...................................................................................... 39! 19.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES (By Kim Drossulis, and Jonathan Brown, C.P.G., Telesto Nevada Inc.) .......................................................................... 41! 19.1 Introduction .................................................................................................................... 41! 19.2 Sources of Information .................................................................................................. 43! 19.3 Capping of High Grades ................................................................................................ 47! 19.4 Bulk Density .................................................................................................................. 48! 19.5 Geostatistics .................................................................................................................. 48! 19.6 Block Model ................................................................................................................... 52! 19.7 Mineral Resource Classification .................................................................................... 62! 20.0 OTHER RELEVANT DATA AND INFORMATION ............................................................ 62! 21.0 INTERPRETATION AND CONCLUSIONS (By Kim Drossulis, and Jonathan Brown, C.P.G., Telesto Nevada Inc.) ...................................................................................................... 65! 21.1 Resources ..................................................................................................................... 65! 21.2 Mining ............................................................................................................................ 66! 21.3 Metallurgical and Processing ........................................................................................ 66! 21.4 Environmental ............................................................................................................... 66! 22.0 RECOMMENDATIONS ..................................................................................................... 67! 23.0 REFERENCES ................................................................................................................. 69! 24.0 DATE AND SIGNATURE PAGES .................................................................................... 71! Jonathan Brown, C.P.G., Telesto Nevada Inc. ........................................................................ 71! Kim Drossulis, Senior Engineer, Telesto Nevada Inc. ............................................................. 72! Doug Willis, Geologist, Telesto Nevada Inc. ........................................................................... 73! Christine Ballard, Geotechnical Engineer, Telesto Nevada Inc. .............................................. 74! Eric Haddox, Senior Engineer, Telesto Nevada Inc. ............................................................... 75! iii ! ./012%+! Figure 3.1 Location Map of Limousine Butte Project ................................................................... 2! Figure 7.1 Limousine Butte Prospect