U.S. Gold Corp. (NASDAQ: USAU) noticed its shares drop Thursday, on word that Samuel Engineering Inc. has been awarded the next phase of engineering for its CK Gold Project in southeast Wyoming.
Several engineering firms submitted bids to conduct the next phase of engineering that can lead to a full feasibility study and necessary engineering to support project development. Samuel has been in business for 25 years and is headquartered in Denver.
Importantly, Samuel has an office in Rock Springs Wyoming and a presence in Douglas. Samuel has extensive experience covering 14 states in the United States as well as providing services to over 300 customers worldwide.
In commenting on this appointment, U.S. Gold CEO George Bee said, “We are delighted to have found Samuel, who has demonstrated a quick grasp of what we hope to accomplish at the CK Gold Project.
“With gold and copper prices approaching all-time highs, we are excited to advance the CK Gold Project towards permitting and production as quickly as prudently possible. Samuel has worked extensively in Wyoming, and they are familiar with the conditions and the resources available within the state.
“It is important to keep as much of the benefit of the CK Gold Project in-state and design the facilities to be safe, functional, and appropriate for the conditions and environment.
USAU shares fell 18 cents, or 2%, at the outset Thursday to $8.82.