U.S. Gold Corp. has closed on the acquisition of Northern Panther Resource Corp. in an all-share transaction. Northern Panther’s principal asset is the Challis Gold exploration project and it also has $2.5 million in cash. Northern Panther will become a subsidiary of U.S. Gold.

Concurrently with the closing of the merger, several Northern Panther shareholders led a financing where the company received subscriptions for shares of its preferred stock and warrants up to $5.5 million, bringing a total of up to $8 million in additional capital to the company.

Northern Panther’s Challis Gold Project provides U.S. Gold Corp. with its newest exploration project, located in Idaho.

The founding group of Northern Panther has significant experience in growing mining companies with Challis Gold being a high-priority drill-ready target in a premier and growing U.S. gold district, the company said. Shareholders include George Bee, a mining industry professional with more than 30 years of experience. Most recently serving as the president, CEO and director of Andina Minerals. Robert Schafer, who has more than 40 years of exploration and mergers and acquisition experience in both the junior and senior mining sectors, is also a shareholder.

“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,” President and CEO of U.S. Gold Edward Karr said. “[Our] 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.”

Located approximately 75 kilometers southwest of Salmon, Idaho, the Challis Project has resource of approximately 313,825 ounces (oz) of gold at a grade of 1.22 grams/ton gold, with a potential low strip ratio and exploration upside potential.

U.S. Gold Corp. is also actively exploring the Copper King project in southeast Wyoming, and the Keystone and Maggie Creek properties on the Cortez and Carlin Trends, respectively, in Nevada.