US Gold Corp. is a gold and silver exploration company with an emphasis on the Americas. The company is advancing its El Gallo silver and gold project in Mexico, and its Gold bar gold project in Nevada. It has a strong treasury with about $100 million cash along with gold and silver bullion.
Both US Gold and Minera Andes announced today that at each of their respective shareholders meetings on January 19, 2012, stockholders voted in favor of the proposed merger of the two companies. Minera Andes is an explorer of gold, silver and copper in Argentina.
Under the previously announced terms of the deal, Minera Andes’ shareholders will receive 0.45 share of the new company for each share they hold. The newly merged company will change its name to McEwen Mining Inc. The company is being named after the founder, CEO and largest shareholder (20%) of US Gold, Robert McEwen.
His goal has been to grow the company both organically and through acquisitions to become large enough for inclusion in the S&P 500 stock index. After approval of the deal, Mr. McEwen said, “This brings us one step closer to qualifying for the S&P 500. We look forward to future growth and prosperity this combination creates.”
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