White Knight Resources, Nevada Pacific Gold & Tone Resources shareholders overwhelmingly accept US Gold's offers!



    Ready to build Nevada's premier exploration company!

    DENVER, CO, March 23 /CNW/ - US GOLD CORPORATION (AMEX:   UXG - TSX: UXG)
is pleased to announce that shareholders of White Knight Resources Ltd.,
Nevada Pacific Gold Ltd., and Tone Resources Limited have overwhelmingly
accepted US Gold's offers to acquire the outstanding shares of each target
company!
    US Gold's wholly-owned subsidiary, US Gold Canadian Acquisition
Corporation, has taken up and accepted the following number and approximate
percentage of common shares of each target company based on the outstanding
shares today:

    
                                 Number of Common   Percentage of Outstanding
                                  Shares Tendered         Common Shares
                                  ---------------         -------------

    White Knight Resources           55,752,661               93.7%

    Nevada Pacific Gold              59,278,256               83.5%

    Tone Resources                   18,806,726               89.4%
    

    "We are pleased that shareholders of the three target companies have
accepted our offer! We will now move quickly to integrate these four companies
and drive forward. During this process, US Gold has accomplished many of the
goals I set for the Company in order to create Nevada's premier exploration
company: We strengthened the treasury, increased our trading liquidity by
listing our common shares on the American and Toronto Stock Exchanges and
began an aggressive $30 million exploration program at our Tonkin Project.
These three acquisitions will take us one step closer to achieving our goal,
with a large discovery being the last and most exciting on the list," stated
Rob McEwen, Chairman and CEO of US Gold.
    Under the offers, US Gold Canadian Acquisition Corporation offered 0.35
of an exchangeable share for each outstanding White Knight Resources common
share, 0.23 of an exchangeable share for each Nevada Pacific Gold common share
and 0.26 of an exchangeable share for each Tone Resources common share. The
aggregate number of exchangeable shares to be issued in the offers by US Gold
Canadian Acquisition Corporation will be approximately 38,037,179. It is
anticipated that certificates for the exchangeable shares will be delivered
next week.
    Now that the offers have expired, US Gold and US Gold Canadian
Acquisition Corporation intend to implement a subsequent acquisition
transaction under Canadian law, in order to acquire full ownership of each of
the target companies.

    Cautionary Statements

    This press release contains certain "forward-looking statements." Such
forward-looking statements are often identified by words such as "intends",
"anticipates", "believes", "expects" and "hopes" and include, without
limitation, statements regarding the Company's plan of business operations,
potential contractual arrangements, receipt of working capital, anticipated
revenues and related expenditures. Factors that could cause actual results to
differ materially include, among others, those set forth in the Company's
Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005,
under the caption "Risk Factors" and in other reports filed with the SEC. Most
of these factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking statements. Except as
otherwise required by applicable securities statutes or regulations, the
Company disclaims any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information, future
events or otherwise.





For further information:

For further information: William F. Pass, Vice President and Chief
Financial Officer, Tel: (303) 238-1438, Fax: (303) 238-1724, bill@usgold.com,
165 So. Union Blvd., Suite 565, Lakewood, CO., USA, 80228; Ana E. Aguirre,
Manager, Investor Relations, Tel: (647) 258-0395, Toll Free: (866) 441-0690,
Fax: (647) 258-0408, info@usgold.com, 99 George Street, 3rd Floor, Toronto,
ON, M5A 2N4

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US GOLD CORPORATION

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