Additional Terms of the Definitive AgreementUS Gold’s option to purchase a 60% interest in Richardson will vest upon completion of $5 million in exploration expenditures and 30,000 feet of core drilling during the term of the Definitive Agreement. The parties have agreed that US Gold may terminate the Exploration Lease and Option after completing $2.2 million in exploration expenditures and performing 15,000 feet of core drilling at Richardson, which is required during the first two years of the agreement. Should US Gold elect to terminate the agreement, Select will retain its 100% interest in Richardson. Select will also receive $200,000 upon execution of the Definitive Agreement and another $100,000 upon reaching the first anniversary of the agreement. Select is also entitled to receive additional advance payments of $100,000 for each of the remaining two years of the exploration lease period if US Gold exercises its option. Consummation of the transactions contemplated by the binding letter of intent is subject to a number of conditions being satisfied, including the completion of US Gold’s due diligence and the negotiation and execution of the Definitive Agreement. About Tri-Valley Tri-Valley Corporation explores for and produces oil and natural gas in California and has two exploration-stage gold properties in Alaska. Tri-Valley is incorporated in Delaware and is publicly traded on the NYSE Amex exchange under the symbol "TIV." Our Company website, which includes all SEC filings, is www.tri-valleycorp.com. About US Gold US Gold’s objective is to qualify for inclusion in the S&P 500 by 2015. US Gold explores for gold and silver in the Americas and is advancing its El Gallo Project in Mexico and its Gold Bar Project in Nevada towards production. US Gold has a strong treasury with approximately $108 million in cash and gold and silver bullion. The Company’s shares are listed on the New York (NYSE) and the Toronto Stock Exchanges (TSX) under the symbol UXG, trading 1.6 million shares daily during the past twelve months. US Gold’s shares are included in the S&P/TSX and Russell indices and Van Eck’s Junior Gold Miners ETF.
Forward-Looking StatementsAll statements contained in this press release that refer to future events or other non-historical matters are forward-looking statements. By way of example, statements contained in this press release related to field work planning and exploration, and the timing, amount and results of the core drilling are forward-looking statements. Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Company cannot guarantee their accuracy. These statements are only predictions based on management’s expectations as of the date of this press release, and involve known and unknown risks, uncertainties and other factors, including: the availability of equipment and other resources; adverse weather conditions; compliance with governmental and regulatory requirements; unexpected geologic formations or hydrologic conditions; and such other risks and factors that are discussed in the Company’s and US Gold’s filings with the US Securities and Exchange Commission. Except as required by law, the Company undertakes no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform such statements to actual results or to reflect events or circumstances occurring after the date of this press release.