NI 43-101 TECHNICAL REPORT FOR THE NEW PASS PROJECT, CHURCHILL COUNTY, NEVADA Prepared for US Gold Corporation December 23, 2009 Telesto Nevada Inc. December 23, 2009 NI 43-101 New Pass Project Report Table of Contents (Section authors are noted) 1.0 TITLE PAGE 2.0 TABLES OF CONTENTS, FIGURES AND TABLES 3.0 SUMMARY ............................................................................................................................ 1 3.1 Property Description (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ....................... 2 3.2 Ownership (By Christine Ballard, Telesto Nevada, Inc.) .................................................. 4 3.3 Resources (By Kim Drossulis, Telesto Nevada, Inc.) ....................................................... 4 3.4 Metallurgy and Processing (By Kim Drossulis, Telesto Nevada, Inc.) .............................. 6 3.5 Permitting (By Doug Willis and Christine Ballard, Telesto Nevada, Inc.) ......................... 7 3.6 Environmental (By Doug Willis, Telesto Nevada, Inc.) ..................................................... 7 3.7 Construction (By Kim Drossulis, Telesto Nevada, Inc.) .................................................... 7 3.8 Project Economics (By Kim Drossulis, Telesto Nevada, Inc.) .......................................... 7 4.0 INTRODUCTION (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ............................... 9 4.1 Terms of Reference ........................................................................................................... 9 4.1.1 Unit Conversion Factors ............................................................................................. 9 4.1.2 Acronyms and Abbreviations .................................................................................... 10 5.0 RELIANCE ON OTHER EXPERTS (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) . 13 5.1 Tenure/Ownership (By Christine Ballard, Telesto Nevada, Inc.) .................................... 13 6.0 PROPERTY DESCRIPTION AND LOCATION (By Jonathan Brown, C.P.G., Telesto Nevada, Inc.) ............................................................................................................................... 15 6.1 Introduction ...................................................................................................................... 16 6.1.1 Permitting .................................................................................................................. 16 6.1.2 Environmental Issues ............................................................................................... 16 6.1.3 Reclamation .............................................................................................................. 17 6.1.4 Surface Rights .......................................................................................................... 17 6.2 Ownership ....................................................................................................................... 17 6.2.1 Mineral Rights ........................................................................................................... 17 6.2.2 Surface Ownership ................................................................................................... 21 7.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY (By Doug Willis, Telesto Nevada, Inc.) ......................................................... 23 7.1 Access to the Property .................................................................................................... 23 7.2 Climate and Physiography............................................................................................... 24 7.3 Local Resources and Infrastructure................................................................................. 24 8.0 HISTORY (By Christine Ballard, Telesto Nevada Inc.) ...................................................... 25 8.1 Ownership History ........................................................................................................... 25 8.1.1 Property Royalties .................................................................................................... 25 8.3 General Mining and Exploration History of the Region .................................................... 26 8.4 Historic Reserve and Resource Estimates ...................................................................... 27 9.0 GEOLOGICAL SETTING (By Doug Willis and Christine Ballard, Telesto Nevada, Inc.) ... 31 9.1 Regional Geology ............................................................................................................ 31 i December 23, 2009 NI 43-101 New Pass Project Report 9.2 Local and Property Geology ............................................................................................ 32 9.2.1 Local Stratigraphy and Tectonic History ................................................................... 32 9.2.2 Structural Geology .................................................................................................... 36 11.0 MINERALIZATION (By Christine Ballard, Telesto Nevada, Inc.) ..................................... 45 12.0 EXPLORATION (By Christine Ballard, Telesto Nevada, Inc.) .......................................... 49 13.0 DRILLING ......................................................................................................................... 51 13.1 DEKALB Drilling ............................................................................................................ 51 13.2 NICOR Drilling ............................................................................................................... 51 13.3 Westmont Drilling .......................................................................................................... 52 13.3 Santa Fe Drilling ............................................................................................................ 53 13.4 Bonaventure Drilling ...................................................................................................... 53 14.0 SAMPLING METHOD AND APPROACH (By Christine Ballard, Telesto Nevada, Inc.) .. 55 14.1 DEKALB and NICOR Sampling Methods ...................................................................... 55 14.2 Westmont Sampling Method ......................................................................................... 55 14.3 Santa Fe Sampling Method ........................................................................................... 56 14.4 Bonaventure Sampling Method ..................................................................................... 56 15.0 SAMPLE PREPARATION, ANALYSIS AND SECURITY (By Christine Ballard, Telesto Nevada, Inc.) ............................................................................................................................... 57 15.1 Bonaventure Sample Preparation and Analysis ............................................................ 57 16.0 DATA VERIFICATION (By Christine Ballard, Telesto Nevada Inc.) ................................ 59 17.0 ADJACENT PROPERTIES (By Christine Ballard, Telesto Nevada Inc.) ......................... 61 18.1 Historical Metallurgical Testing ...................................................................................... 63 19.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES (By Kim Drossulis, and Jonathan Brown, C.P.G., Telesto Nevada Inc.) .......................................................................... 67 19.1 Introduction .................................................................................................................... 67 19.2 Sources of Information .................................................................................................. 68 19.3 Capping of High Grades ................................................................................................ 68 19.4 Bulk Density .................................................................................................................. 69 19.5 Geostatistics .................................................................................................................. 69 19.6 Block Model ................................................................................................................... 88 19.7 Mineral Resource Classification .................................................................................... 98 20.0 OTHER RELEVANT DATA AND INFORMATION .......................................................... 101 21.0 INTERPRETATION AND CONCLUSIONS (By Kim Drossulis, and Jonathan Brown, C.P.G., Telesto Nevada Inc.) .................................................................................................... 103 21.1 Resources ................................................................................................................... 103 21.2 Mining .......................................................................................................................... 104 21.3 Metallurgical and Processing ...................................................................................... 104 21.4 Environmental ............................................................................................................. 104 22.0 RECOMMENDATIONS ................................................................................................... 105 23.0 REFERENCES ............................................................................................................... 107 24.0 DATE AND SIGNATURE PAGES 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