U.S. Gold acquires Northern Panther Resource, owner of Challis gold project
U.S. Gold Corp. (USAU), a gold exploration company, has completed the acquisition of Nevada-based Northern Panther Resource, the owner of the Challis Gold exploration project in Idaho, in an all-share deal.
As per the terms of the deal, Northern Panther Resource has merged into a new subsidiary of U.S. Gold Corp.
The Challis Gold exploration project is situated about 75 kilometers southwest of Salmon within the tertiary challis volcanic field.
Edward Karr – President and CEO of U.S. Gold Corp said: “This acquisition was very attractive for our Board, and we view this as a win for our shareholders.
“We are acquiring not only an additional high-potential exploration project, but a significant cash balance and some of the industry’s leading shareholders, who plan to be very hands-on going forward. The Challis Gold project is located in the western state of Idaho and has, we believe, significant upside exploration potential.
“USAU shareholders now benefit from exploration and development projects in three of what we believe are the best U.S. states for mining development – Wyoming, Nevada and Idaho.”