Document:

Exhibit
10.1

RIGHTS,
PRIVILEGES, RESTRICTIONS AND CONDITIONS ATTACHING TO THE

EXCHANGEABLE SHARES OF US GOLD CANADIAN ACQUISITION CORPORATION

Exchangeable Shares

The rights, privileges, restrictions and conditions
attaching to the Exchangeable Shares are as follows:

ARTICLE 1

INTERPRETATION

1.1          Definitions

For the purposes of these share provisions, unless
something in the subject matter or context is inconsistent therewith:

“ABCA” means the Business
Corporations Act (Alberta), as amended from time to time.

“AMEX” means the American Stock Exchange.

“Alberta ULC” means US Gold Alberta ULC, an unlimited
liability corporation existing and governed by the laws of the Province of
Alberta.

“Board of Directors” means the board of directors of the
Corporation.

“Business Day” means any day other than a Saturday, Sunday,
a public holiday or a day on which commercial banks are not open for business
in Toronto, Ontario or Denver, Colorado under applicable law.

“Canadian Dollar Equivalent” means in respect of an amount expressed in a
currency other than Canadian dollars (the “Foreign
Currency Amount”) at any date the product obtained by multiplying:

(a) the Foreign Currency Amount; by

(b) the noon spot exchange rate on such date
for such foreign currency expressed in Canadian dollars as reported by the Bank
of Canada or, in the event such spot exchange rate is not available, such spot
exchange rate on such date for such foreign currency expressed in Canadian
dollars as may be deemed by the Board of Directors to be appropriate for such
purpose.

“Common Shares” means the common shares in the capital of the
Corporation.

“Corporation” means US Gold Canadian Acquisition
Corporation a company incorporated under the Business
Corporations Act (Alberta).

“Current Market Price” means, in respect of a share of US Gold
Common Stock on any date, the Canadian Dollar Equivalent of the average closing
sales price (computed and rounded to the third decimal 

point)
on the TSX or the AMEX during a period of 20 consecutive trading days ending not
more than five trading days prior to such date or, if the shares of US Gold
Common Stock are not then listed on the TSX or the AMEX, on such other stock
exchange or automated quotation system on which the shares of US Gold Common
Stock are listed or quoted, as the case may be, as may be selected by the Board
of Directors for such purpose; provided, however, that if in the opinion of the
Board of Directors the public distribution or trading activity of shares of US
Gold Common stock during such period is inadequate to create a market that
reflects the fair market value of a share of US Gold Common Stock, then the
Current Market Price of a share of US Gold Common Stock shall be determined by
the Board of Directors based upon the advice of such qualified independent
financial advisors as the Board of Director may deem to be appropriate, and
provided further that any such selection, opinion or determination by the Board
of Directors shall be conclusive and binding.

“Dividend Amount” means an amount equal to the full amount of
all dividends and distributions declared and unpaid on each Exchangeable Share
and all dividends and distributions declared on a share of US Gold Common Stock
that have not been declared on each Exchangeable Share in accordance with Section 3.1,
in each case with a record date prior to the effective date of the purchase,
redemption or other acquisition of such Exchangeable Share pursuant to
ARTICLE 5, ARTICLE 6 or ARTICLE 7.

“Exchangeable Shares” means the exchangeable shares in the capital
of the Corporation, having the rights, privileges, restrictions and conditions
set forth in these Share Provisions.

“LCR Exercising Party” has the meaning set out in
Section 5.2(1).

“Liquidation Amount” has the meaning ascribed thereto
Section 5.1(1).

“Liquidation Call Purchase Price” has the meaning set out in
Section 5.2(1).

“Liquidation Call Right” has the meaning ascribed thereto in
Section 5.2(1).

“Liquidation Date” has the meaning ascribed thereto in
Section 5.1(1).

“Person” includes any individual, firm, partnership,
limited partnership, joint venture, venture capital fund, limited liability
company, unlimited liability company, association, trust, trustee, executor,
administrator, legal personal representative, estate, group, body corporate,
corporation, unincorporated association or organization, governmental entity,
syndicate or other entity, whether or not having legal status.

“RCR Exercising Party” has the meaning set out in
Section 6.2(1).

“Redemption Call Purchase
Price” has the
meaning set out in Section 7.2(1).

“Redemption Call Right” has the meaning ascribed thereto in
Section 7.2(1).

“Redemption CR Exercising
Party” has the
meaning set out in Section 7.2(1).

“Redemption Date” means the earlier of (i) the seventh
anniversary of the date on which Exchangeable Shares are first issued; and
(ii) the date established by the Board of Directors for the redemption by
the Corporation of all but not less than all of the outstanding Exchangeable
Shares on which there are outstanding fewer than that number of Exchangeable
Shares equal to 10% of the total number of Exchangeable Shares issued in
connection with the offers to purchase all of the outstanding 

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common
shares of Coral Gold Resources Ltd., Nevada Pacific Gold Ltd., Tone Resources
Limited and White Knight Resources Ltd. outstanding (other than Exchangeable
Shares held by US Gold or its Subsidiaries), and as such number of shares may
be adjusted as deemed appropriate by the Board of Directors to give effect to
any subdivision, combination or consolidation of or stock dividend on the
Exchangeable Shares, any issue or distribution of rights to acquire
Exchangeable Shares or securities exchangeable for or convertible into
Exchangeable Shares, any issue or distribution of other securities or rights or
evidences of indebtedness or assets, or any other capital reorganization or
other transaction affecting the Exchangeable Shares.

“Redemption Price” has the meaning ascribed thereto in
Section 7.1(1).

“Retracted Shares” has the meaning ascribed thereto in Section 6.1(1).

“Retraction Call Purchase Price” has the meaning set out in
Section 6.2(1).

“Retraction Call Right” has the meaning ascribed thereto in
Section 6.2(1).

“Retraction Date” has the meaning ascribed thereto in
Section 6.1(1).

“Retraction Price” has the meaning ascribed thereto in
Section 6.1(1).

“Retraction Request” has the meaning ascribed thereto in
Section 6.1(1).

“Share Provisions” means the rights, privileges, restrictions
and conditions set out herein.

“Subsidiary” means, when used with reference to US Gold,
any corporation more than 50% of the outstanding stock of which is owned,
directly or indirectly, by US Gold, by one or more other Subsidiaries of US
Gold, or by US Gold and one or more other Subsidiaries of US Gold.

“Support Agreement” means a support agreement to be entered into
prior to the issuance by the Corporation of any Exchangeable Shares among US
Gold, Alberta ULC and the Corporation, the purpose of which will be for
US Gold (for itself and on behalf of Alberta ULC) and the Corporation to
covenant to do all things reasonably necessary and desirable to enable and
permit the Corporation or Alberta ULC to perform its obligations hereunder.

“Transfer Agent” means any Person as may from time to time be
appointed by the Corporation as the registrar and transfer agent for the
Exchangeable Shares.

“Trustee” means the trustee chosen by US Gold to act as
trustee under the Voting and Exchange Trust Agreement, being a corporation
organized and existing under the laws of Canada or any Province thereof and
authorized to carry on the business of a trust company in all the provinces of
Canada, and any successor trustee appointed under the Voting and Exchange
Trust Agreement.

“TSX” means the Toronto Stock Exchange.

“US Gold Call Notice” has the meaning ascribed thereto in
Section 6.2(2).

“US Gold Common Stock” means the shares of common stock of US Gold,
no par value, having voting rights of one vote per share, and any other
securities into which such shares may be changed or for which such shares may
be exchanged (whether or not US Gold shall be the issuer of such securities) or

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any
other consideration which may be received by the holders of such shares
pursuant to a recapitalization, reconstruction, reorganization or
reclassification of, or amalgamation, merger, liquidation or similar
transaction affecting, such shares.

“US Gold Dividend Declaration Date”
means the date on
which the board of directors of US Gold declares any dividend or other
distribution on the shares of US Gold Common Stock.

“US Gold” means U.S. Gold Corporation, a
corporation existing under the laws of Colorado.

“Voting and Exchange
Trust Agreement” means
the agreement to be entered into prior to the issuance by the Corporation of
any Exchangeable Shares made between US Gold, Alberta ULC, the Corporation and
the Trustee, the purpose of which will be to create a trust for the benefit of
the registered holders of Exchangeable Shares that will enable the Trustee to
exercise voting rights on behalf of the holders of Exchangeable Shares similar
to those of holders of US Gold Common Stock.

1.2          Sections and Headings

The division of these Share Provisions into articles
and sections and the insertion of headings are for reference purposes only and
shall not affect the interpretation of these Share Provisions. Unless otherwise
indicated, any reference in these Share Provisions to an article or section
refers to the specified article or section of these Share Provisions.

1.3          Number Gender and
Persons

In these Share Provisions, unless the context
otherwise requires, words importing the singular number include the plural and
vice versa, words importing any gender include all genders and words importing
persons include individuals, corporations, partnerships, companies,
associations, trusts, unincorporated organizations, governmental bodies and
other legal or business entities of any kind.

1.4          Payments

All payments to be made hereunder shall be made
without interest and less any tax required by Canadian law to be deducted and
withheld.

1.5          Currency

In these Share Provisions, unless stated otherwise,
all dollar amounts are in Canadian dollars.

ARTICLE 2

RANKING OF EXCHANGEABLE SHARES

2.1          Ranking

The Exchangeable Shares shall be entitled to a
preference over the Common Shares, and any other shares ranking junior to the
Exchangeable Shares with respect to the payment of dividends as and to the
extent provided in ARTICLE 3 and with respect to the distribution of
assets in the event of the liquidation, dissolution or winding-up of the
Corporation, whether voluntary or involuntary, or any other 

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distribution
of the assets of the Corporation among its shareholders for the purpose of
winding up its affairs as and to the extent provided in ARTICLE 5.

ARTICLE 3

DIVIDENDS

3.1          Dividends

A holder of an Exchangeable Share shall be entitled
to receive and the Board of Directors shall, subject to applicable law, on each
US Gold Dividend Declaration Date, declare a dividend on each Exchangeable
Share:

(a) in the case of a cash dividend or
distribution declared on the shares of US Gold Common Stock, in an amount in
cash for each Exchangeable Share equal to the Canadian Dollar Equivalent of the
cash dividend or distribution declared on each share of US Gold Common Stock on
the US Gold Dividend Declaration Date;

(b) in the case of a stock dividend or
distribution declared on the shares of US Gold Common Stock to be paid in
shares of US Gold Common Stock, by the issue or transfer by the Corporation of
such number of Exchangeable Shares for each Exchangeable Share as is equal to
the number of shares of US Gold Common Stock to be paid on each share of US
Gold Common Stock; or

(c) in the case of a dividend or distribution
declared on the shares of US Gold Common Stock in property other than cash or
shares of US Gold Common Stock, in such type and amount of property for each
Exchangeable Share as is the same as or economically equivalent to (to be
determined by the Board of Directors as contemplated by Section 3.5
hereof) the type and amount of property declared as a dividend or distribution
on each share of US Gold Common Stock.

Such dividends shall be paid out of the assets of
the Corporation properly applicable to the payment of dividends, or out of
authorized but unissued shares or other securities of the Corporation, as
applicable. The holders of Exchangeable Shares shall not be entitled to any
dividends other than or in excess of the dividends referred to in this
Section 3.1.

3.2          Payment of Dividends

Cheques of the Corporation payable at par at any
branch of the bankers of the Corporation shall be issued in respect of any cash
dividends or distributions contemplated by Section 3.1(a) hereof and the
sending of such cheque to each holder of an Exchangeable Share shall satisfy
the cash dividend represented thereby unless the cheque is not paid on
presentation. Certificates registered in the name of the registered holder of
Exchangeable Shares shall be issued or transferred in respect of any stock
dividends or other distributions contemplated by Section 3.1(b) hereof and
the sending of such a certificate to each holder of an Exchangeable Share shall
satisfy the stock dividend or other distribution represented thereby. Such
other type and amount of property in respect of any dividends or distributions
contemplated by Section 3.1(c) hereof shall be issued, distributed or
transferred by the Corporation in such manner as it shall determine and the
issuance, distribution or transfer thereof by the Corporation to each holder of
an Exchangeable Share shall satisfy the dividend or other distribution
represented thereby. No holder of an Exchangeable Share shall be entitled to
recover by action or other legal process against the Corporation any dividend
that is represented by a cheque that has not been duly presented to the 

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Corporation’s
bankers for payment or that otherwise remains unclaimed for a period of six
years from the date on which such dividend was payable.

3.3          Record and Payment
Dates

The record date for the determination of the holders
of Exchangeable Shares entitled to receive payment of, and the payment date
for, any dividend or distribution declared on the Exchangeable Shares under
Section 3.1 hereof shall be the same dates as the record date and payment
date, respectively, for the corresponding dividend or distribution declared on
the shares of US Gold Common Stock.

3.4          Partial Payment

If on any payment date for any dividends or
distributions declared on the Exchangeable Shares under Section 3.1 hereof
the dividends or distributions are not paid in full on all of the Exchangeable Shares
then outstanding, any such dividends that remain unpaid shall be paid on a
subsequent date or dates determined by the Board of Directors on which the
Corporation shall have sufficient moneys or other assets properly applicable to
the payment of such dividends or distributions.

3.5          Economic Equivalence

For the purposes of Section 3.1 hereof, the
Board of Directors shall determine, acting in good faith and in its sole
discretion (with the assistance of such reputable and qualified independent
financial advisors and/or other experts as the board may require), economic
equivalence and each such determination shall be conclusive and binding on the
Corporation and its shareholders. In making each such determination, the
following factors shall, without excluding other factors determined by the
Board of Directors to be relevant, be considered by the Board of Directors:

(a) in the case of any stock dividend or other distribution
payable in shares of US Gold Common Stock, the number of such shares issued in
proportion to the number of shares of US Gold Common Stock previously
outstanding;

(b) in the case of the issuance or distribution
of any rights, options or warrants to subscribe for or purchase shares of US
Gold Common Stock (or securities exchangeable for or convertible into or
carrying rights to acquire shares of US Gold Common Stock), the relationship
between the exercise price of each such right, option or warrant and the
Current Market Price of a share of US Gold Common Stock;

(c) in the case of the issuance or distribution
of any other form of property (including, without limitation, any shares or
securities of US Gold of any class other than US Gold Common Stock, any rights,
options or warrants other than those referred to in Section 3.5(b), any evidences
of indebtedness of US Gold or any assets of US Gold), the relationship between
the fair market value (as determined by the Board of Directors in the manner
above contemplated) of such property to be issued or distributed with respect
to each outstanding share of US Gold Common Stock and the Current Market Price
of a share of US Gold Common Stock;

(d) in the case of any subdivision, redivision
or change of the then outstanding shares of US Gold Common Stock into a greater
number of shares of US Gold Common Stock or the reduction, combination,
consolidation or change of the then outstanding shares of US Gold Common Stock
into a lesser number of shares of US Gold Common Stock or any amalgamation,
merger, reorganization or other transaction affecting the US Gold Common Stock,
the effect thereof upon the then outstanding shares of US Gold Common
Stock; and

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(e) in all such cases, the general taxation
consequences of the relevant event to holders of Exchangeable Shares to the
extent that such consequences may differ from the taxation consequences to
holders of shares of US Gold Common Stock as a result of differences between
taxation laws of Canada and the United States (except for any differing
consequences arising as a result of differing marginal taxation rates and
without regard to the individual circumstances of holders of Exchangeable
Shares).

ARTICLE 4

CERTAIN RESTRICTIONS

4.1          Certain Restrictions

(1) Except as provided in Section 4.1(2),
so long as any of the Exchangeable Shares are outstanding, the Corporation
shall not at any time without, but may at any time with, the approval of the
holders of the Exchangeable Shares given as specified in Section 9.2
hereof:

(a) pay any dividends on the Common Shares or
any other shares ranking junior to the Exchangeable Shares with respect to the
payment of dividends, other than stock dividends payable in Common Shares or in
any such other shares ranking junior to the Exchangeable Shares, as the case
may be;

(b) redeem or purchase or make any capital
distribution in respect of Common Shares or any other shares ranking junior to
the Exchangeable Shares with respect to the distribution of the assets in the
event of the liquidation, dissolution or winding up of the Corporation;

(c) redeem or purchase any other shares of the
Corporation ranking equally with the Exchangeable Shares with respect to the
payment of dividends or the distribution of assets in the event of the
liquidation, dissolution or winding-up of the Corporation, whether voluntary or
involuntary, or any other distribution of the assets of the Corporation among
its shareholders for the purpose of winding up its affairs; or

(d) issue any shares other than
(i) Exchangeable Shares, (ii) Common Shares, and (iii) any other
shares not ranking superior to the Exchangeable Shares.

(2) The restrictions in
Sections 4.1(1)(a), 4.1(1)(b) and 4.1(1)(c) hereof shall not apply if all
dividends and distributions on the outstanding Exchangeable Shares
corresponding to dividends and distributions declared and paid to date on the shares
of US Gold Common Stock shall have been declared and paid in full on the
Exchangeable Shares.

ARTICLE 5

LIQUIDATION

5.1  Participation Upon Liquidation, Dissolution or Winding Up of the
Corporation

(1) Subject to applicable law and the due
exercise by US Gold or Alberta ULC of a Liquidation Call Right, in the event of
the liquidation, dissolution or winding up of the Corporation or any other
distribution of the assets of the Corporation among its shareholders for the
purpose of winding up its affairs, a holder of Exchangeable Shares shall be
entitled to receive from the assets of the Corporation in 

 7
 

respect
of each Exchangeable Share held by such holder on the effective date of such
liquidation, dissolution or winding up or other distribution (the “Liquidation Date”), before any
distribution of any part of the assets of the Corporation among the holders of
the Common Shares or any other shares ranking junior to the Exchangeable
Shares, an amount per share equal to (a) the Current Market Price of a
share of US Gold Common Stock on the last Business Day prior to the Liquidation
Date, which shall be satisfied in full by the Corporation causing to be
delivered to such holder one share of US Gold Common Stock, plus (b) the
Dividend Amount, if any (collectively, the “Liquidation
Amount”).

(2) In the case of a distribution on
Exchangeable Shares under this Section 5.1 and provided the Liquidation
Call Right has not been exercised, on or promptly after the Liquidation Date,
the Corporation shall cause to be delivered to the holders of the Exchangeable
Shares the Liquidation Amount for each such Exchangeable Share upon
presentation and surrender of the certificates representing such Exchangeable
Shares, together with such other documents and instruments as may be required
to effect a transfer of Exchangeable Shares under the ABCA and the Articles of
the Corporation and such additional documents and instruments as the Transfer
Agent and the Corporation may reasonably require, at the registered office of
the Corporation or at any office of the Transfer Agent as may be specified by
the Corporation by notice to the holders of the Exchangeable Shares. Payment of
the aggregate Liquidation Amount for such Exchangeable Shares shall be made by
causing to be delivered to each holder, at the address of the holder recorded
in the securities register of the Corporation for the Exchangeable Shares or by
holding for pick-up by the holder at the registered office of the Corporation
or at any office of the Transfer Agent as may be specified by the Corporation
by notice to the holders of Exchangeable Shares, certificates representing the
aggregate number of shares of US Gold Common Stock deliverable by the
Corporation to such holder (which shares shall be duly issued as fully paid and
non-assessable and shall be free and clear of any lien, claim, encumbrance,
security interest or adverse claim) and a cheque of the Corporation payable at
par at any branch of the bankers of the Corporation in payment of the Dividend
Amount, if any, payable to such holder, without interest (less any amounts
withheld on account of tax required to be deducted and withheld therefrom). On
and after the Liquidation Date, the holders of the Exchangeable Shares shall
cease to be holders of such Exchangeable Shares and shall not be entitled to
exercise any of the rights of holders in respect thereof (including any rights
under the Voting and Exchange Trust Agreement), other than the right to
receive the Liquidation Amount, unless payment of the total Liquidation Amount
for such Exchangeable Shares shall not be made upon presentation and surrender
of share certificates in accordance with the foregoing provisions, in which
case the rights of the holders shall remain unaffected until the Liquidation
Amount has been paid in the manner hereinbefore provided. The Corporation shall
have the right at any time after the Liquidation Date to transfer or cause to
be issued or transferred, and deposited in a custodial account with any
chartered bank or trust company in Canada named in such notice, the Liquidation
Amount in respect of the Exchangeable Shares represented by certificates that
have not at the Liquidation Date been surrendered by the holders thereof, such
Liquidation Amount to be held by such bank or trust company as trustee for and
on behalf of, and for the use and benefit of, such holders. Upon such deposit
being made, the rights of a holder of Exchangeable Shares after such deposit
shall be limited to receiving its proportionate part of the Liquidation Amount
for such Exchangeable Shares so deposited, without interest, and when received
by such bank or trust company, all dividends and other distributions with
respect to the shares of US Gold Common Stock to which such holder is entitled
with a record date after the date of such deposit and before the date of
transfer of such shares of US Gold Common Stock to such holder (in each case
less any amounts withheld on account of tax required to be deducted and
withheld therefrom) against presentation and surrender of the certificates for
the Exchangeable Shares held by them in accordance with the foregoing
provisions. Upon such payment or deposit of the total Liquidation Amount (less
any amounts withheld on account of tax required to be deducted and withheld
therefrom), the holders of the 

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Exchangeable
Shares shall thereafter be considered and deemed for all purposes to be holders
of the US Gold Common Stock delivered to them or the custodian on their behalf.

(3) After the Corporation has satisfied its
obligations to pay the holders of the Exchangeable Shares the total Liquidation
Amount pursuant to this Section 5.1, such holders shall not be entitled to
share in any further distribution of the assets of the Corporation.

5.2  Liquidation Call Rights

(1) Subject to the limitations set forth in
Section 5.2(2), including that Alberta ULC shall only be entitled to
exercise its Liquidation Call Right with respect to those holders of
Exchangeable Shares, if any, in respect of which US Gold has not exercised its
Liquidation Call Right, US Gold and Alberta ULC shall each have the overriding
right (a “Liquidation Call Right”),
in the event of and notwithstanding the proposed liquidation, dissolution or
winding up of the Corporation pursuant to Section 5.1 hereof, to purchase
from all but not less than all of the holders of Exchangeable Shares on the
Liquidation Date (other than US Gold and its Subsidiaries) all but not less
than all of the Exchangeable Shares held by each such holder on payment by
whichever of US Gold or Alberta ULC is exercising such right (the “LCR Exercising Party”) of an amount per
share equal to (a) the Current Market Price of a share of US Gold Common
Stock on the last Business Day prior to the Liquidation Date, which shall be
satisfied in full by delivery to such holder of one share of US Gold Common
Stock, plus (b) the Dividend Amount, if any (collectively, the “Liquidation Call Purchase Price”). In the
event of the exercise of a Liquidation Call Right, each holder of Exchangeable
Shares (other than Alberta ULC and its Subsidiaries) shall be obligated to sell
all the Exchangeable Shares held by such holder to the LCR Exercising Party on
the Liquidation Date on payment by the LCR Exercising Party to the holder of
the Liquidation Call Purchase Price for each such share and the Corporation
shall have no obligation to pay any Liquidation Amount to the holders of such
shares so purchased by the LCR Exercising Party.

(2) Alberta ULC shall only be entitled to
exercise its Liquidation Call Right with respect to those holders of Exchangeable
Shares, if any, in respect of which US Gold has not exercised its Liquidation
Call Right. In order to exercise its Liquidation Call Right, an LCR Exercising
Party must notify in writing the Transfer Agent, as agent for the holders of
Exchangeable Shares, the Trustee and the Corporation of its intention to
exercise such right at least 55 days before the Liquidation Date in the
case of a voluntary liquidation, dissolution or winding up of the Corporation
and at least five Business Days before the Liquidation Date in the case of an
involuntary liquidation, dissolution or winding up of the Corporation. The
Transfer Agent will notify the holders of Exchangeable Shares as to whether or
not a Liquidation Call Right has been exercised (such notice to specify the LCR
Exercising Party) forthwith after the expiry of the date by which the same may
be exercised, such form of notice to be provided by US Gold to the Transfer
Agent. If an LCR Exercising Party exercises its Liquidation Call Right in
accordance with this Section 5.2, all obligations of the Corporation under
Section 5.1 shall terminate and on the Liquidation Date such LCR
Exercising Party will purchase and the holders of Exchangeable Shares (other
than US Gold and its Subsidiaries) will sell all of their Exchangeable Shares
then outstanding for a price per share equal to the Liquidation Call Purchase
Price.

(3) For the purposes of completing a purchase
of the Exchangeable Shares pursuant to the exercise of a Liquidation Call
Right, the LCR Exercising Party shall deposit with the Transfer Agent, on or
before the Liquidation Date, certificates representing the total number of
shares of US Gold Common Stock deliverable by the LCR Exercising Party (which
shares shall be duly issued as fully paid and non-assessable and shall be free
and clear of any lien, claim, encumbrance, security interest or adverse claim)
in payment of the total Liquidation Call Purchase Price and a cheque in the
amount of the remaining portion, if any, of the total Liquidation Call Purchase
Price and any interest allowed on such deposit shall 

 9
 

belong
to the LCR Exercising Party. Provided that the total Liquidation Call Purchase
Price has been so deposited with the Transfer Agent, on and after the
Liquidation Date the rights of each holder of Exchangeable Shares (other than
US Gold and its Subsidiaries) will be limited to receiving such holder’s
proportionate part of the total Liquidation Call Purchase Price payable by the
LCR Exercising Party, without interest, and when received by the Transfer
Agent, all dividends and other distributions with respect to the shares of US
Gold Common Stock to which such holder is entitled with a record date after the
date of such deposit and before the date of transfer of such shares of US Gold
Common Stock to such holder (in each case less any amounts withheld on account
of tax required to be deducted and withheld therefrom) against presentation and
surrender of the certificates for the Exchangeable Shares held by them in
accordance with the following provisions. Upon surrender to the Transfer Agent
of a certificate representing Exchangeable Shares, together with such other
documents and instruments as may be required to effect a transfer of
Exchangeable Shares under the ABCA and such additional documents and
instruments as the Transfer Agent and the Corporation may reasonably require,
the holder of such surrendered certificate shall be entitled to receive in
exchange therefor, and the Transfer Agent on behalf of the LCR Exercising Party
shall deliver to such holder, a certificate representing the shares of US Gold
Common Stock to which such holder is entitled and a cheque in payment of the
Dividend Amount, if any, without interest (less any amounts withheld on account
of tax required to be deducted and withheld therefrom). If neither US Gold nor
Alberta ULC exercises its Liquidation Call Right in the manner described above,
on the Liquidation Date the holders of Exchangeable Shares shall be entitled to
receive in exchange therefor the Liquidation Amount otherwise payable by the
Corporation in connection with the liquidation, dissolution or winding up of
the Corporation pursuant to Section 5.1 hereof.

ARTICLE 6

RETRACTION AT OPTION OF HOLDER

6.1          Retraction at Option
of Holder

(1) Subject to applicable law and the due
exercise by either US Gold or Alberta ULC of a Retraction Call Right, a holder
of Exchangeable Shares shall be entitled at any time to require the Corporation
to redeem, on the fifth Business Day after the date on which the Retraction
Request is received by the Corporation (the “Retraction
Date”), any or all of the Exchangeable Shares registered in the name
of such holder for an amount per share equal to (a) the Current Market
Price of a share of US Gold Common Stock on the last Business Day prior to the
Retraction Date, which shall be satisfied in full by the Corporation causing to
be delivered to such holder one share of US Gold Common Stock, plus
(b) the Dividend Amount, if any (collectively, the “Retraction Price”). The holder must give
notice of a requirement to redeem by presenting and surrendering at the
registered office of the Corporation or at any office of the Transfer Agent as
may be specified by the Corporation by notice to the holders of Exchangeable
Shares the certificate representing the Exchangeable Shares that the holder
desires to have the Corporation redeem, together with such other documents and
instruments as may be required to effect a transfer of Exchangeable Shares
under the ABCA and such additional documents and instruments as the Transfer
Agent and the Corporation may reasonably require, together with a duly executed
statement (the “Retraction Request”)
in the form of Schedule A hereto or in such other form as may be
acceptable to the Corporation specifying that the holder desires to have all or
any number specified therein of the Exchangeable Shares represented by such
certificate (the “Retracted Shares”)
redeemed by the Corporation.

(2) In the case of a redemption of Exchangeable
Shares under this Section 6.1, upon receipt by the Corporation or the
Transfer Agent in the manner specified in Section 6.1(1) hereof of a
certificate representing the number of Exchangeable Shares which the holder
desires to have the Corporation 

 10
 

redeem,
together with a Retraction Request, and provided that the Retraction Request is
not revoked by the holder in the manner specified in Section 6.1(5) and
that neither US Gold or Alberta ULC has exercised a Retraction Call Right, the
Corporation shall redeem the Retracted Shares effective at the close of
business on the Retraction Date. On the Retraction Date, the Corporation shall
deliver or cause to be delivered to the relevant holder, at the address of the
holder recorded in the securities register of the Corporation for the
Exchangeable Shares or at the address specified in the holder’s Retraction
Request or by holding for pick-up by the holder at the registered office of the
Corporation or at any office of the Transfer Agent, as may be specified by the
Corporation by notice to the holders of Exchangeable Shares, a certificate
representing the number of shares of US Gold Common Stock to which such holder
is entitled (which shares shall be duly issued as fully paid and non-assessable
and shall be free and clear of any lien, claim, encumbrance, security interest
or adverse claim) registered in the name of the holder or in such other name as
the holder may request in payment of the Retraction Price and a cheque of the
Corporation payable at par at any branch of the bankers of the Corporation in
payment of the remaining portion, if any, of the aggregate Retraction Price to
which such holder is entitled (less any amounts withheld on account of tax
required to be deducted and withheld therefrom) and such delivery of such
certificate and cheque by or on behalf of the Corporation by the Transfer Agent
shall be deemed to be payment of and shall satisfy and discharge all liability
for the Retraction Price to the extent that the same is represented by such
share certificates and cheque, unless such cheque is not paid on due
presentation. If only a part of the Exchangeable Shares represented by any
certificate is redeemed, a new certificate for the balance of such Exchangeable
Shares shall be issued to the holder at the expense of the Corporation.

(3) On and after the close of business on the
Retraction Date, the holder of the Retracted Shares shall cease to be a holder
of such Retracted Shares and shall not be entitled to exercise any of the
rights of a holder in respect thereof, other than the right to receive its proportionate
part of the total Retraction Price, unless upon presentation and surrender of
certificates in accordance with the foregoing provisions, payment of the
aggregate Retraction Price payable to such holder shall not be made, in which
case the rights of such holder shall remain unaffected until such aggregate
Retraction Price has been paid in the manner hereinbefore provided. On and
after the close of business on the Retraction Date, provided that presentation
and surrender of certificates and payment of such aggregate Retraction Price
has been made in accordance with the foregoing provisions, the holder of the
Retracted Shares so redeemed by the Corporation shall thereafter be considered
and deemed for all purposes to be a holder of the shares of US Gold Common
Stock delivered to such holder.

(4) Notwithstanding any other provision of this
Section 6.1, the Corporation shall not be obligated to redeem Retracted
Shares specified by a holder in a Retraction Request to the extent that such
redemption of Retracted Shares would be contrary to solvency requirements or
other provisions of applicable law. If the Corporation believes that on any
Retraction Date it would not be permitted by any of such provisions to redeem
the Retracted Shares tendered for redemption on such date, and neither US Gold
nor Alberta ULC shall have exercised its Retraction Call Right with respect to
the Retracted Shares, the Corporation shall only be obligated to redeem
Retracted Shares specified by a holder in a Retraction Request to the extent of
the maximum number that may be so redeemed (rounded down to a whole number of
shares) as would not be contrary to such provisions and shall notify the holder
at least two Business Days prior to the Retraction Date as to the number of
Retracted Shares which will not be redeemed by the Corporation. In any case in
which the redemption by the Corporation of Retracted Shares would be contrary
to solvency requirements or other provisions of applicable law and more than
one holder has delivered a Retraction Request, the Corporation shall redeem
Retracted Shares in accordance with Section 6.1(2) on a pro rata basis and
shall issue to each such holder of Retracted Shares a new certificate, at the
expense of the Corporation, representing the Retracted Shares not redeemed by
the Corporation pursuant to Section 6.1(2) hereof. If the Retraction
Request is not revoked by the holder in the manner specified in
Section 6.1(5) and neither US Gold nor Alberta ULC shall have exercised
its Retraction Call Right in

 

 11

respect
of any such Retracted Shares, an Insolvency Event (as defined in the Voting and
Exchange Trust Agreement) shall, to the extent it has not theretofore
occurred, be deemed thereupon to have occurred and the holder of any such
Retracted Shares not redeemed by the Corporation pursuant to
Section 6.1(2) as a result of solvency requirements or other provisions of
applicable law shall be deemed by giving the Retraction Request to have
exercised its Exchange Right (as defined in the Voting and Exchange Trust Agreement)
so as to require US Gold or, at the option of US Gold, Alberta ULC to purchase
the unredeemed Retracted Shares from such holder on the Retraction Date or as
soon as practicable thereafter on payment by US Gold or, at the option of US Gold,
Alberta ULC to such holder of the Retraction Price, all as more specifically
provided in the Voting and Exchange Trust Agreement.

(5) A holder of Retracted Shares may, by notice
in writing given by the holder to the Corporation before the close of business
on the Business Day immediately preceding the Retraction Date, withdraw its
Retraction Request in which event such Retraction Request shall be null and
void and, for greater certainty, the revocable offer constituted by the
Retraction Request to sell the Retracted Shares to US Gold or Alberta ULC shall
be deemed to have been revoked.

(6) Notwithstanding any other provision of this
ARTICLE 6, if:

(a) exercise of the rights of the holders of
the Exchangeable Shares, or any of them, to require the Corporation to redeem
any Exchangeable Shares pursuant to this ARTICLE 6 on any Retraction Date
would require listing particulars or any similar document to be issued in order
to obtain the approval of AMEX or TSX to the listing and trading (subject to
official notice of issuance) of, the shares of US Gold Common Stock that would
be required to be delivered to such holders of Exchangeable Shares in
connection with the exercise of such rights; and

(b) as a result of (a) above, it would not
be practicable (notwithstanding the reasonable endeavours of US Gold) to obtain
such approvals in time to enable all or any of such shares of US Gold Common
Stock to be admitted to listing and trading by AMEX or TSX (subject to official
notice of issuance) when so delivered, that Retraction Date shall,
notwithstanding any other date specified or otherwise deemed to be specified in
any relevant Retraction Request, be deemed for all purposes to be the earlier
of (i) the second business day immediately following the date the
approvals referred to in Section 6.1(6)(a) are obtained, and (ii) the
date which is 30 Business Days after the date on which the relevant Retraction
Request is received by the Corporation, and references in these share
provisions to such Retraction Date shall be construed accordingly.

6.2          Retraction Call
Rights

(1) In the event that a holder of Exchangeable
Shares delivers a Retraction Request pursuant to Section 6.1 and subject
to the limitations set forth in Section 6.2(2), including that Alberta ULC
shall only be entitled to exercise its Retraction Call Right with respect to
those holders of Exchangeable Shares, if any, in respect of which US Gold has
not exercised its Retraction Call Right, US Gold and Alberta ULC shall each
have the overriding right (a “Retraction Call
Right”), notwithstanding the proposed redemption of the Exchangeable
Shares by the Corporation pursuant to Section 6.1 hereof, to purchase from
such holder on the Retraction Date all but not less than all of the Retracted
Shares held by such holder on payment by whichever of US Gold or Alberta ULC is
exercising such right (the “RCR Exercising
Party”) of an amount per share equal to (a) the Current Market
Price of a share of US Gold Common Stock on the last Business Day prior to the
Retraction Date, which shall be satisfied in full by the RCR Exercising Party
causing to be delivered to such holder one share of US Gold Common Stock, plus
(b) the Dividend Amount, if any (the “Retraction
Call Purchase Price”). In the event of the exercise of a Retraction
Call Right, a holder of Exchangeable Shares who has delivered a Retraction 

 12
 

Request
shall be obligated to sell all the Retracted Shares to the RCR Exercising Party
on the Retraction Date on payment by the RCR Exercising Party of an amount per
share equal to the Retraction Call Purchase Price for each such share.

(2) Upon receipt by the Corporation of a
Retraction Request, the Corporation shall promptly notify US Gold and Alberta
ULC thereof. Alberta ULC shall only be entitled to exercise its Retraction Call
Right with respect to those holders of Exchangeable Shares, if any, in respect
of which US Gold has not exercised its Retraction Call Right. In order to
exercise its Retraction Call Right, the RCR Exercising Party must notify the
Corporation in writing of its determination to do so (a “US Gold Call Notice”) within five Business
Days of notification to such RCR Exercising Party by the Corporation of the
receipt by the Corporation of the Retraction Request. If either US Gold or
Alberta ULC does not so notify the Corporation within such five Business Day
period, the Corporation shall notify the holder as soon as possible thereafter
that neither will exercise the Retraction Call Right. If either US Gold or
Alberta ULC delivers a US Gold Call Notice within such five Business Day period
and duly exercises its Retraction Call Right in accordance with this
Section 6.2, the obligation of the Corporation to redeem the Retracted
Shares shall terminate and, provided that the Retraction Request is not revoked
by the holder in the manner specified in Section 6.1(5), the RCR
Exercising Party shall purchase from such holder and such holder shall sell to
the RCR Exercising Party on the Retraction Date the Retracted Shares for the
Retraction Call Purchase Price. Provided that the aggregate Retraction Call
Purchase Price has been so deposited with the Transfer Agent as provided in
Section 6.2(3), the closing of the purchase and sale of the Retracted
Shares pursuant to the Retraction Call Right shall be deemed to have occurred as
at the close of business on the Retraction Date and, for greater certainty, no
redemption by the Corporation of such Retracted Shares shall take place on the
Retraction Date. In the event that neither US Gold nor Alberta ULC delivers a
US Gold Call Notice within such five Business Day period, and provided that the
Retraction Request is not revoked by the holder in the manner specified in
Section 6.1(5), the Corporation shall redeem the Retracted Shares on the
Retraction Date and in the manner otherwise contemplated in Section 6.1.

(3) For the purpose of completing a purchase of
Exchangeable Shares pursuant to the exercise of a Retraction Call Right, the
RCR Exercising Party shall deliver or cause to be delivered to the relevant
holder, at the address of the holder recorded in the securities register of the
Corporation for the Exchangeable Shares or at the address specified in the
holder’s Retraction Request or by holding for pick-up by the holder at the
registered office of the Corporation or at any office of the Transfer Agent as
may be specified by the Corporation by notice to the holders of Exchangeable
Shares, a certificate representing the number of shares of US Gold Common Stock
to which such holder is entitled (which shares shall be duly issued as fully paid
and non-assessable and shall be free and clear of any lien, claim, encumbrance,
security interest or adverse claim) registered in the name of the holder or in
such other name as the holder may request in payment of the Retraction Call
Purchase Price and a cheque of the RCR Exercising Party payable at par and in
Canadian dollars at any branch of the bankers of US Gold, Alberta ULC or of the
Corporation in Canada in payment of the remaining portion, if any, of such
aggregate Retraction Call Purchase Price (less any amounts withheld on account
of tax required to be deducted and withheld therefrom) and such delivery of
such certificate and cheque on behalf of the RCR Exercising Party by the
Transfer Agent shall be deemed to be payment of and shall satisfy and discharge
all liability for the Retraction Call Purchase Price to the extent that the
same is represented by such share certificates and cheque, unless such cheque
is not paid on due presentation.

(4) On and after the close of business on the
Retraction Date, the holder of the Retracted Shares shall not be entitled to
exercise any of the rights of a holder in respect thereof, other than the right
to receive its proportionate part of the total Retraction Call Purchase Price
unless upon presentation and surrender of certificates in accordance with the
foregoing provisions, payment of the aggregate Retraction Call 

 13
 

Purchase
Price payable to such holder shall not be made, in which case the rights of
such holder shall remain unaffected until such aggregate Retraction Call
Purchase Price has been paid in the manner hereinbefore provided. On and after
the close of business on the Retraction Date, provided that presentation and
surrender of certificates and payment of such aggregate Retraction Call
Purchase Price has been made in accordance with the foregoing provisions, the
holder of the Retracted Shares so purchased by the RCR Exercising Party shall
thereafter be considered and deemed for all purposes to be a holder of the
shares of US Gold Common Stock delivered to such holder.

ARTICLE 7

REDEMPTION BY THE CORPORATION

7.1          Redemption by the
Corporation

(1) Subject to applicable law and the due
exercise by either US Gold or Alberta ULC of a Redemption Call Right, the
Corporation shall on the Redemption Date redeem all of the then
outstanding Exchangeable Shares for an amount per share equal to (a) the
Current Market Price of a share of US Gold Common Stock on the last Business
Day prior to such Redemption Date, which shall be satisfied in full by the
Corporation causing to be delivered one share of US Gold Common Stock, plus
(b) the Dividend Amount, if any (collectively, the “Redemption Price”).

(2) In any case of a redemption of Exchangeable
Shares under this Section 7.1, the Corporation shall, at least
60 days before the Redemption Date, send or cause to be sent to each
holder of Exchangeable Shares a notice in writing of the redemption by the
Corporation or the purchase by US Gold or Alberta ULC under its
Redemption Call Right, as the case may be, of the Exchangeable Shares held
by such holder (other than US Gold and its Subsidiaries in the case of a
purchase by US Gold or Alberta ULC). Such notice shall set out the formula for
determining the Redemption Price or the Redemption Call Purchase Price, as
the case may be, such Redemption Date and, if applicable, particulars of
the Redemption Call Right.

(3) On or after the Redemption Date and
subject to the exercise by US Gold or Alberta ULC of a Redemption Call
Right, the Corporation shall cause to be delivered to the holders of the
Exchangeable Shares to be redeemed the Redemption Price for each such
Exchangeable Share upon presentation and surrender at the registered office of
the Corporation or at any office of the Transfer Agent as may be specified by
the Corporation in such notice of the certificates representing such
Exchangeable Shares, together with such other documents and instruments as may
be required to effect a transfer of Exchangeable Shares under the ABCA and such
additional documents and instruments as the Transfer Agent and the Corporation
may reasonably require. Payment of the aggregate Redemption Price for
Exchangeable Shares held by a holder shall be made by delivery to such holder,
at the address of such holder recorded in the securities register of the Corporation
or by holding for pick-up by the holder at the registered office of the
Corporation or at any office of the Transfer Agent as may be specified by the
Corporation in such notice, of a certificate representing the aggregate number
of shares of US Gold Common Stock deliverable by the Corporation to such holder
(which shares shall be duly issued as fully paid and non- assessable and shall
be free and clear of any lien, claim, encumbrance, security interest or adverse
claim) and a cheque of the Corporation payable at par at any branch of the
bankers of the Corporation in respect of the remaining portion, if any, of such
aggregate Redemption Price (less any amounts withheld on account of tax
required to be deducted and withheld therefrom). On and after the
Redemption Date, the holders of the Exchangeable Shares called for
redemption shall not be entitled to exercise any of the rights of holders in
respect thereof, other than the right to receive their proportionate part of
the total Redemption Price, unless payment of the aggregate
Redemption Price deliverable to a 

 14
 

holder
for Exchangeable Shares shall not be made upon presentation and surrender of
share certificates in accordance with the foregoing provisions, in which case
the rights of the holder shall remain unaffected until the aggregate
Redemption Price deliverable to such holder has been paid in the manner
hereinbefore provided.

(4) The Corporation shall have the right at any
time after the sending of notice of its intention to redeem the Exchangeable
Shares as aforesaid to deposit or cause to be deposited the total
Redemption Price of the Exchangeable Shares so called for redemption, or
of such of the said Exchangeable Shares represented by certificates that have
not at the date of such deposit been surrendered by the holders thereof in
connection with such redemption, in a custodial account with any chartered bank
or trust company in Canada named in such notice and any interest allowed on
such deposit shall belong to the Corporation. Provided that such total
Redemption Price has been so deposited prior to the Redemption Date,
on and after the Redemption Date, the Exchangeable Shares shall be
redeemed and the Rights of the holders thereof after the Redemption Date
shall be limited to receiving their proportionate part of the total
Redemption Price for such Exchangeable Shares so deposited, against
presentation and surrender of the said certificates held by them, respectively,
in accordance with the foregoing provisions. Upon such payment or deposit of
the total Redemption Price, the holders of the Exchangeable Shares shall
thereafter be considered and deemed for all purposes to be holders of the
shares of US Gold Common Stock delivered to them.

7.2          Redemption Call
Rights

(1) Subject to the limitations set forth in
Section 7.2(2), including that Alberta ULC shall only be entitled to
exercise its Redemption Call Right with respect to those holders of
Exchangeable Shares, if any, in respect of which US Gold has not exercised its
Redemption Call Right, US Gold and Alberta ULC shall each have the
overriding right (a “Redemption Call Right”),
notwithstanding the proposed redemption of the Exchangeable Shares by the
Corporation pursuant to Section 7.1 hereof, to purchase from all but not
less than all of the holders of Exchangeable Shares (other than US Gold and its
Subsidiaries) on the last Business Day prior to the Redemption Date in
respect of which the Redemption Call Right is exercised all but not less
than all of the Exchangeable Shares held by each such holder on payment by
whichever of US Gold or Alberta ULC is exercising such right (the “Redemption CR Exercising Party”) of
an amount per share equal to (a) the Current Market Price of a share of US
Gold Common Stock on the last Business Day prior to such Redemption Date,
which shall be satisfied in full by causing to be delivered to such holder one
share of US Gold Common Stock plus (b) the Dividend Amount, if any
(collectively, the “Redemption Call Purchase
Price”). In the event of the exercise of a Redemption Call
Right, each holder of Exchangeable Shares (other than US Gold and its
Subsidiaries) shall be obligated to sell all the Exchangeable Shares held by
such holder to the Redemption CR Exercising Party on the last Business Day
prior to such Redemption Date on payment by the Redemption CR Exercising
Party to such holder of the Redemption Call Purchase Price for each such
share.

(2) Alberta ULC shall only be entitled to
exercise its Redemption Call Right with respect to those holders of
Exchangeable Shares, if any, in respect of which US Gold has not exercised its
Redemption Call Right. In order to exercise its Redemption Call
Right, a Redemption CR Exercising Party must notify in writing the
Transfer Agent, as agent for the holders of Exchangeable Shares and the
Corporation of its intention to exercise such right at least 30 days
before the Redemption Date. The Transfer Agent will notify the holders of
Exchangeable Shares as to whether or not a Redemption Call Right has been
exercised (such notice to specify the Redemption CR Exercising Party)
forthwith after the expiry of the date by which the same may be exercised, such
form of notice to be provided by US Gold to the Transfer Agent. If a Redemption
CR Exercising Party duly exercises its Redemption Call Right in 

 15
 

accordance
with this Section 7.2, the right of the Corporation to redeem any
Exchangeable Shares pursuant to Section 7.1 on the Redemption Date
shall terminate at such time and on the last Business Day prior to such
Redemption Date such Redemption CR Exercising Party will purchase and
the holders of Exchangeable Shares (other than US Gold and its Subsidiaries)
will sell all of their Exchangeable Shares then outstanding for a price per
share equal to the Redemption Call Purchase Price.

(3) For the purposes of completing a purchase
of the Exchangeable Shares pursuant to the exercise of a Redemption Call
Right, the Redemption CR Exercising Party shall deposit with the Transfer
Agent, on or before the last Business Day prior to the Redemption Date,
certificates representing the total number of shares of US Gold Common Stock
deliverable by the Redemption CR Exercising Party (which shares shall be
duly issued as fully paid and non-assessable and shall be free and clear of any
lien, claim, encumbrance, security interest or adverse claim) in payment of the
total Redemption Call Purchase Price and a cheque in the amount of the
remaining portion, if any, of the total Redemption Call Purchase Price,
without interest (less any amounts withheld on account of tax required to be
deducted and withheld therefrom) and any interest allowed on such deposit shall
belong to the Redemption CR Exercising Party. Provided that the total
Redemption Call Purchase Price has been so deposited with the Transfer Agent,
on and after the last Business Day prior to the Redemption Date the rights
of each holder of Exchangeable Shares (other than US Gold and its Subsidiaries)
will be limited to receiving such holder’s proportionate part of the total
Redemption Call Purchase Price payable by the Redemption CR
Exercising Party upon presentation and surrender by such holder of certificates
representing the Exchangeable Shares held by such holder in accordance with the
following provisions and such holder shall on and after the last Business Day
prior to such Redemption Date be considered and deemed for all purposes to
be the holder of the shares of US Gold Common Stock delivered to such holder.
Upon surrender to the Transfer Agent of a certificate representing Exchangeable
Shares, together with such other documents and instruments as may be required
to effect a transfer of Exchangeable Shares under the ABCA and such additional
documents and instruments as the Transfer Agent and the Corporation may
reasonably require, the holder of such surrendered certificate shall be
entitled to receive in exchange therefor, and the Transfer Agent on behalf of
the Redemption CR Exercising Party shall deliver to such holder, a
certificate representing the shares of US Gold Common Stock to which such holder
is entitled and a cheque in payment of the remaining portion, if any, of the
holder’s proportionate part of the total Redemption Call Purchase Price,
without interest (less any amounts withheld on account of tax required to be
deducted and withheld therefrom). If neither US Gold nor Alberta ULC exercises
the Redemption Call Right in the manner described above, on the
Redemption Date a holder of Exchangeable Shares shall be entitled to
receive in exchange therefor the Redemption Price otherwise payable by the
Corporation in connection with the redemption of the Exchangeable Shares
pursuant to Section 7.1 hereof.

ARTICLE 8

VOTING RIGHTS

8.1          Voting Rights

Except as required by applicable law and by the
provisions of Sections 8.2, 9.1, 10.1 and 11.2 hereof, the holders of the
Exchangeable Shares shall not be entitled as such to receive notice of or to
attend any meeting of the shareholders of the Corporation or to vote at any
such meeting.

8.2          Election or
Appointment of Single Director

With respect to the rights of the shareholders to
elect or appoint directors as outlined in the ABCA, the rights attaching to the
Exchangeable Shares provided by these Share Provisions shall give the holders 

 16
 

of
the Exchangeable Shares the limited right to vote (and each holder thereof shall
be entitled to one (1) vote per share in person or by proxy) on the
election or appointment of one (1) out of the three (3) directors of
the Corporation, and, for clarification, the holders of the Exchangeable Shares
shall have no right to vote on the election or appointment of the remaining
two (2) directors of the Corporation, which is a right attaching to the
Class A Shares.

ARTICLE 9

AMENDMENT AND APPROVAL

9.1          Amendment

The rights, privileges, restrictions and conditions
attaching to the Exchangeable Shares may be added to, changed or removed only
with the approval of the holders of the Exchangeable Shares given as
hereinafter specified.

9.2          Approval

Any approval given by the holders of the
Exchangeable Shares to add to, change or remove any right, privilege,
restriction or condition attaching to the Exchangeable Shares or any other
matter requiring the approval or consent of the holders of the Exchangeable
Shares shall be deemed to have been sufficiently given if it shall have been
given in accordance with applicable law, subject to a minimum requirement that
such approval be evidenced by resolution passed by not less than two-thirds of
the votes cast on such resolution at a meeting of holders of Exchangeable
Shares duly called and held at which the holders of at least 10% of the
outstanding Exchangeable Shares at that time are present or represented by
proxy; provided that such approval must be given also by the affirmative vote
of holders of more than two-thirds of the Exchangeable Shares represented in
person or by proxy at the meeting excluding Exchangeable Shares beneficially
owned by US Gold or any of its Subsidiaries. If at any such meeting the holders
of at least 10% of the outstanding Exchangeable Shares at that time are not
present or represented by proxy within one-half hour after the time appointed
for such meeting, then the meeting shall be adjourned to such date not less
than five days thereafter and to such time and place as may be designated by
the Chairman of such meeting. At such adjourned meeting the holders of
Exchangeable Shares present or represented by proxy thereat may transact the
business for which the meeting was originally called and a resolution passed
thereat by the affirmative vote of not less than two-thirds of the votes cast
on such resolution at such meeting excluding Exchangeable Shares beneficially
owned by US Gold or any of its Subsidiaries shall constitute the approval or
consent of the holders of the Exchangeable Shares.

ARTICLE 10

RECIPROCAL CHANGES, ETC. IN RESPECT OF US
GOLD COMMON STOCK

10.1        Reciprocal Changes

(1) Each holder of an Exchangeable Share
acknowledges that the Support Agreement provides, in part, that US Gold will
not, except as provided in the Support Agreement, without the prior approval of
the Corporation and the prior approval of the holders of the Exchangeable
Shares given in accordance with Section 9.2 hereof:

 17
 

(a) issue or distribute shares of US Gold
Common Stock (or securities exchangeable for or convertible into or carrying
rights to acquire US Gold Common Stock) to the holders of all or substantially
all of the then outstanding shares of US Gold Common Stock, by way of stock
dividend or other distribution, other than an issue of shares of US Gold Common
Stock (or securities exchangeable for or convertible into or carrying rights to
acquire US Gold Common Stock) to holders of shares of US Gold Common Stock who
exercise an option to receive dividends in shares of US Gold Common Stock (or
securities exchangeable for or convertible into or carrying rights to acquire
US Gold Common Stock) in lieu of receiving cash dividends;

(b) issue or distribute rights, options or
warrants to the holders of all or substantially all of the then outstanding
shares of US Gold Common Stock entitling them to subscribe for or to purchase
shares of US Gold Common Stock (or securities exchangeable for or convertible
into or carrying rights to acquire shares of US Gold Common Stock); or

(c) issue or distribute to the holders of all
or substantially all of the then outstanding shares of US Gold Common Stock:

(i) shares
or securities (including evidence of indebtedness) of US Gold of any class
other than US Gold Common Stock (other than shares convertible into or
exchangeable for or carrying rights to acquire US Gold Common Stock);

(ii) rights,
options or warrants other than those referred to in Section 10.1(1)(b)
above; or

(iii) assets
of US Gold, unless the economic equivalent on a per share basis of such rights,
options, securities, shares, evidences of indebtedness or other assets is
issued or distributed simultaneously to holders of the Exchangeable Shares.

(2) Each holder of an Exchangeable Share
acknowledges that the Support Agreement further provides, in part, that US Gold
will not, except as provided in the Support Agreement, without the prior
approval of the Corporation and the prior approval of the holders of the
Exchangeable Shares given in accordance with Section 9.2 hereof:

(a) subdivide, redivide or change the then
outstanding US Gold Common Stock into a greater number of shares of US Gold
Common Stock;

(b) reduce, combine, consolidate or change the
then outstanding shares of US Gold Common Stock into a lesser number of shares
of US Gold Common Stock; or

(c) reclassify or otherwise change the shares
of US Gold Common Stock or effect an amalgamation, merger, reorganization or
other transaction affecting the US Gold Common Stock, unless the same or an
economically equivalent change shall simultaneously be made to, or in, the
rights of the holders of the Exchangeable Shares.

The Support Agreement further provides, in part,
that the aforesaid provisions of the Support Agreement shall not be changed
without the approval of the holders of the Exchangeable Shares given in
accordance with Section 9.2 hereof.

 18
 

ARTICLE 11

ACTIONS BY THE CORPORATION UNDER SUPPORT
AGREEMENT

11.1        Actions by the
Corporation

The Corporation will take all such actions and do
all such things as shall be necessary or advisable to perform and comply with
and to facilitate performance and compliance by US Gold and Alberta ULC with
all provisions of the Support Agreement applicable to US Gold, Alberta ULC and
the Corporation, respectively, in accordance with the terms thereof including,
without limitation, taking all such actions and doing all such things as shall
be necessary or advisable to enforce to the fullest extent possible for the
direct benefit of the Corporation all rights and benefits in favour of the
Corporation under or pursuant to such agreement.

11.2        Changes to Support
Agreement

The Corporation shall not agree to or otherwise give
effect to any amendment to, or waiver or forgiveness of its rights or
obligations under, the Support Agreement without the approval of the holders of
the Exchangeable Shares given in accordance with Section 9.2 hereof other
than such amendments, waivers and/or forgiveness as may be necessary or
advisable for the purposes of:

(a) adding to the covenants of the other
parties to such agreement for the protection of the Corporation or the holders
of the Exchangeable Shares;

(b) making such provisions or modifications not
inconsistent with such agreement as may be necessary or desirable with respect
to matters or questions arising thereunder which, in the opinion of the Board
of Directors, it may be expedient to make, provided that the Board of Directors
shall be of the good faith opinion, after consultation with counsel, that such
provisions and modifications will not be prejudicial to the interests of the
holders of the Exchangeable Shares; or

(c) making such changes in or corrections to
such agreement which, on the advice of counsel to the Corporation, are required
for the purpose of curing or correcting any ambiguity or defect or inconsistent
provision or clerical omission or mistake or manifest error contained therein,
provided that the Board of Directors shall be of the good faith opinion, after
consultation with counsel, that such provisions and modifications will not be
prejudicial to the interests of the holders of the Exchangeable Shares.

ARTICLE 12

LEGEND; CALL RIGHTS; WITHHOLDING RIGHTS

12.1        Legend

The certificates evidencing the Exchangeable Shares
shall contain or have affixed thereto a legend in form and on terms approved by
the Board of Directors, with respect to the Support Agreement and the Voting
and Exchange Trust Agreement (including, but not limited to the provisions
with respect to the call rights, voting rights and exchange rights thereunder).

 19
 

12.2        Call Rights

Each holder of an Exchangeable Share, whether of
record or beneficial, by virtue of becoming and being such a holder shall be
deemed to acknowledge each of the Liquidation Call Right, the Retraction Call
Right and the Redemption Call Right, in each case, in favour of US Gold
and Alberta ULC, and the overriding nature thereof in connection with the liquidation,
dissolution or winding-up of the Corporation or any other distribution of the
assets of the Corporation among its shareholders for the purpose of winding up
its affairs, or the retraction or redemption of Exchangeable Shares, as the
case may be, and to be bound thereby in favour of US Gold or Alberta ULC, as
the case may be, as herein provided.

12.3        Withholding Rights

US Gold, Alberta ULC, the Corporation and the
Transfer Agent shall be entitled to deduct and withhold from any consideration
otherwise payable under to any holder of Exchangeable Shares such amounts as US
Gold, Alberta ULC, the Corporation or the Transfer Agent is required to deduct
and withhold with respect to such payment under the Income Tax Act (Canada) or United States tax laws or any
provision of provincial, state, federal, local or foreign tax law, in each case
as amended or succeeded. The Transfer Agent may act and rely on the advice of
counsel with respect to such matters. To the extent that amounts are so
withheld, such withheld amounts shall be treated for all purposes as having
been paid to the holder of the Exchangeable Shares in respect of which such
deduction and withholding was made, provided that such withheld amounts are
actually remitted to the appropriate taxing authority. To the extent that the
amount so required to be deducted or withheld from any payment to a holder
exceeds the cash portion of the consideration otherwise payable to the holder,
US Gold, Alberta ULC, the Corporation and the Transfer Agent are hereby
authorized to sell or otherwise dispose of such portion of the consideration as
is necessary to provide sufficient funds to US Gold, Alberta ULC, the
Corporation or the Transfer Agent, as the case may be, to enable it to comply
with such deduction or withholding requirement and US Gold, Alberta ULC, the
Corporation or the Transfer Agent shall notify the holder thereof and remit to
such holder any unapplied balance of the net proceeds of such sale.

ARTICLE 13

NOTICES

13.1        Notices

Subject to applicable law, any notice, request or
other communication to be given to the Corporation by a holder of Exchangeable
Shares shall be in writing and shall be valid and effective if given by mail
(postage prepaid) or by telecopy or by delivery to the registered office of the
Corporation and addressed to the attention of the Secretary of the Corporation.
Any such notice, request or other communication, if given by mail, telecopy or
delivery, shall only be deemed to have been given and received upon actual
receipt thereof by the Corporation.

13.2        Certificates

Any presentation and surrender by a holder of
Exchangeable Shares to the Corporation or the Transfer Agent of certificates
representing Exchangeable Shares in connection with the liquidation,
dissolution or winding-up of the Corporation or the retraction or redemption of
Exchangeable Shares shall be made by registered mail (postage prepaid) or by
delivery to the registered office of the Corporation or to such office of the
Transfer Agent as may be specified by the Corporation, in each case, addressed
to the attention of the Secretary of the Corporation. Any such presentation and
surrender of certificates shall only be deemed to have been made and to be
effective upon actual receipt thereof by the Corporation or the Transfer Agent,
as the case may be. Any such presentation and surrender of certificates made by
registered mail (postage prepaid) shall be at the sole risk of the holder
mailing the same.

 20
 

13.3        Notices to
Shareholders

Subject to applicable law, any notice, request or
other communication to be given to a holder of Exchangeable Shares by or on
behalf of the Corporation shall be in writing and shall be valid and effective
if given by mail (postage prepaid) or by delivery to the address of the holder
recorded in the resister of shareholders of the Corporation or, in the event of
the address of any such holder not being so recorded, then at the last known
address of such holder. Any such notice, request or other communication, if
given by mail, shall be deemed to have been given and received on the fifth
Business Day following the date of mailing and, if given by delivery, shall be
deemed to have been given and received on the date of delivery. Accidental
failure or omission to give any notice, request or other communication to one
or more holders of Exchangeable Shares, or any defect in such notice, shall not
invalidate or otherwise alter or affect any action or proceeding to be taken by
the Corporation pursuant thereto.

In the event of any interruption of mail service immediately
prior to a scheduled mailing or in the period following a mailing during which
delivery normally would be expected to occur, the Corporation will make
reasonable efforts to disseminate any notice by other means, such as
publication. Except as otherwise required or permitted by law, if post offices
in Canada or the United States are not open for the deposit of mail, any notice
which the Corporation or the Transfer Agent may give or cause to be given will
be deemed to have been properly given and to have been received by holders of
Exchangeable Shares if (i) it is given to the TSX for dissemination or
(ii) it is published once in the National Edition of The Globe and Mail
and in the daily newspapers of general circulation in each of the French and English
languages in the City of Montreal, provided that if the National Edition of The
Globe and Mail is not being generally circulated, publication thereof will be
made in any other daily newspaper of general circulation published in the City
of Toronto.

Notwithstanding any other provisions of these share
provisions, notices, other communications and deliveries need not be mailed if
the Corporation determines that delivery thereof by mail may be delayed.
Persons entitled to any deliveries (including certificates and cheques) which
are not mailed for the foregoing reason may take delivery thereof at the office
of the Transfer Agent to which the deliveries were made, upon application to
the Transfer Agent, until such time as the Corporation has determined that
delivery by mail will no longer be delayed. The Corporation will provide notice
of any such determination not to mail made hereunder as soon as reasonably
practicable after the making of such determination and in accordance with this
Section 13.3. Such deliveries in such circumstances will constitute
delivery to the persons entitled thereto.

SCHEDULE A

RETRACTION
REQUEST

To:
U.S. Gold Corporation, US Gold Alberta ULC and US Gold Canadian
Acquisition Corporation, c/o the Trustee

This notice is given pursuant to ARTICLE 6 of
the provisions (the “Share Provisions”) attaching to the share(s) represented
by this certificate and all capitalized words and expressions used in this
notice that are defined in the Share Provisions have the meanings ascribed to
such words and expressions in such Share Provisions.

 21
 

The undersigned hereby notifies the Corporation
that, subject to the Retraction Call Right referred to below, the undersigned
desires to have the Corporation redeem in accordance with ARTICLE 6 of the
Share Provisions:

o all
share(s) represented by this certificate; or

o share(s)
only represented by this certificate.

The undersigned acknowledges the Retraction Call
Right of US Gold and Alberta ULC to purchase all but not less than all the
Retracted Shares from the undersigned and that this notice is and shall be
deemed to be a revocable offer by the undersigned to sell the Retracted Shares
to US Gold or Alberta ULC in accordance with the Retraction Call Right on the
Retraction Date for the Retraction Call Purchase Price and on the other terms
and conditions set out in Section 6.2 of the Share Provisions. If neither
US Gold or Alberta ULC determines to exercise its Retraction Call Right, the
Corporation will notify the undersigned of such fact as soon as possible. This
Retraction Request, and this offer to sell the Retracted Shares to US Gold or
Alberta ULC, may be revoked and withdrawn by the undersigned only by notice in
writing given to the Corporation at any time before the close of business on
the Business Day immediately preceding the Retraction Date.

The undersigned acknowledges that if, as a result of
solvency provisions of applicable law, the Corporation is unable to redeem all
Retracted Shares and provided that neither US Gold nor Alberta ULC has exercised
the Retraction Call Right with respect to the Retracted Shares, the undersigned
will be deemed to have exercised the Exchange Right (as defined in the Voting
and Exchange Trust Agreement) so as to require US Gold or, at the option
of US Gold, Alberta ULC to purchase the unredeemed Retracted Shares.

The undersigned hereby represents and warrants to
the Corporation, US Gold and Alberta ULC that the undersigned has good title
to, and owns, the share(s) represented by this certificate to be acquired by
the Corporation, US Gold or Alberta ULC, as the case may be, free and clear of
all liens, claims, encumbrances, security interests and adverse claims.

	
  

  	
   

  	
   

  	
   

  	
   

  
	
  (Date)

  	
   

  	
  (Signature of
  Shareholder)

  	
   

  	
  (Guarantee of
  Signature)

  

 

o                                    Please check box if the securities and any
cheque(s) resulting from the retraction or purchase of the Retracted Shares are
to be held for pick-up by the shareholder at the principal transfer office of
the Transfer Agent in Toronto, failing which such securities and any cheque
will be mailed to the last address of the shareholder as it appears on the
register.

NOTE:            This panel must be completed and this
certificate, together with such additional documents as the Transfer Agent and
the Corporation may require, must be deposited with the Transfer Agent at its
principal transfer office in Toronto. The securities and any cheque resulting
from the retraction or purchase of the Retracted Shares will be issued and
registered in, and made payable to respectively, the name of the shareholder as
it appears on the register of the Corporation and the securities and cheque
resulting from such retraction or purchase will be delivered to such
shareholder as indicated above, unless the form appearing immediately below is
duly completed, all exigible transfer taxes are paid and the signature of the
registered holder is guaranteed by a 

 22
 

Canadian chartered bank or
trust company, member of a recognized stock exchange in Canada or a member of
the Securities Transfer Association Medallion (STAMP) Program.

Date:

Name
of Person in Whose Name Securities or Cheque(s)

Are to be Registered, Issued or Delivered (please print)

 

	
  

  	
   

  	
   

  
	
  Street Address
  or P.O. Box

  	
   

  	
  Signature of
  Shareholder

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  City, Province
  and Postal Code

  	
   

  	
  Signature
  Guaranteed by

  

 

NOTE:            If this Retraction Request is for less than
all of the share(s) represented by this certificate, a certificate representing
the remaining share of the Corporation will be issued and registered in the
name of the shareholder as it appears on the register of the Corporation,
unless the Share Transfer Power on the share certificate is duly completed in
respect of such share(s).

 

 23Exhibit
10.2

VOTING AND EXCHANGE TRUST
AGREEMENT

AGREEMENT made as of
March 22, 2007, among US Gold Corporation (“US Gold”),
a corporation existing under the laws of Colorado, US Gold Alberta ULC (“Alberta ULC”), an unlimited liability
corporation existing under the laws of Alberta, US Gold Canadian Acquisition
Corporation (“Canadian Exchange Co.”), a
corporation existing under the laws of Alberta, and Computershare Trust Company
of Canada, a trust company incorporated under the laws of Canada (hereinafter referred
to as “Trustee”).

RECITALS:

WHEREAS US Gold, together
with Canadian Exchange Co., has offered, each by way of a public take-over bid,
to acquire all of the outstanding common shares of each of White Knight
Resources Ltd., Nevada Pacific Gold Ltd. and Tone Resources Ltd. in
consideration for exchangeable shares (“Exchangeable Shares”)
of Canadian Exchange Co.;

AND WHEREAS holders of
Exchangeable Shares will be entitled to require Canadian Exchange Co. to redeem
such Exchangeable Shares and upon such redemption each Exchangeable Share shall
be exchanged for one share of common stock of US Gold (“US Gold
Common Stock”);

AND WHEREAS the parties
desire to make appropriate provision and to establish a procedure whereby (i)
voting rights in US Gold shall be exercisable by Beneficiaries (as hereinafter
defined) from time to time by and through the Trustee, which will hold legal
title to the Special Voting Share (as hereinafter defined) to which voting
rights attach for the benefit of Beneficiaries, and (ii) the rights to require
US Gold or, at the option of US Gold, Alberta ULC, to purchase Exchangeable
Shares from the Beneficiaries shall be exercisable by Beneficiaries from time
to time of Exchangeable Shares by and through the Trustee, which will hold legal
title to such rights for the benefit of the Beneficiaries;

AND WHEREAS these
recitals and any statements of fact in this agreement are made by US Gold,
Alberta ULC and Canadian Exchange Co. and not by the Trustee;

NOW THEREFORE, in
consideration of the respective covenants and agreements provided in this
agreement and for other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), the parties agree as follows:

ARTICLE 1

DEFINITIONS AND INTERPRETATION

1.1                                                                               Definitions

In this agreement, each
initially capitalized term and the terms used and not otherwise defined herein
shall have the meaning ascribed thereto in the rights, privileges, restrictions
and conditions (collectively, the “Share Provisions”)
attaching to the Exchangeable Shares as set out in the articles of Canadian
Exchange Co. and the following terms shall have the following meanings:

“Automatic
Exchange Right” has the meaning ascribed thereto in Section 5.11(2).

“Beneficiaries”
mean the registered holders from time to time of Exchangeable Shares, other
than US Gold and its Subsidiaries.

“Beneficiary
Votes” has the meaning ascribed thereto in Section 4.2.

“Exchange
Right” has the meaning ascribed thereto in Section 5.1.

“including”
means “including without limitation” and “includes” means
“includes without limitation”.

“Indemnified
Parties” has the meaning ascribed thereto in Section 8.1.

“Insolvency
Event” means (i) the institution by Canadian Exchange Co. of any
proceeding to be adjudicated a bankrupt or insolvent or to be dissolved or
wound up, or the consent of Canadian Exchange Co. to the institution of
bankruptcy, insolvency, dissolution or winding-up proceedings against it, or
(ii) the filing by Canadian Exchange Co. of a petition, answer or consent seeking
dissolution or winding-up under any bankruptcy, insolvency or analogous laws,
including, without limitation, the Companies Creditors’
Arrangement Act (Canada) and the Bankruptcy and Insolvency
Act (Canada), and the failure by Canadian Exchange Co. within 15
days of becoming aware thereof, or the consent by Canadian Exchange Co. to the
filing of any such petition or to the appointment of a receiver, or (iii) the
making by Canadian Exchange Co. of a general assignment for the benefit of
creditors, or the admission in writing by Canadian Exchange Co. of its
inability to pay its debts generally as they become due, or (iv) Canadian
Exchange Co. not being permitted, pursuant to solvency requirements of
applicable law, to redeem any Retracted Shares pursuant to Section 6.1(4) of
the Share Provisions specified in a retraction request delivered to Canadian
Exchange Co. in accordance with Article 6 of the Share Provisions.

“List”
has the meaning ascribed thereto in Section 4.6.

“Officer’s
Certificate” means, with respect to US Gold, Alberta ULC or Canadian
Exchange Co., as the case may be, a certificate signed by any one of the
Chairman of the Board, the President, any Vice-President or any other senior
officer of US Gold, Alberta ULC or Canadian Exchange Co., as the case may be.

“Retracted
Shares” has the meaning ascribed thereto in Section 5.7.

“Special
Voting Share” means the one share of special voting preference stock
with no par value, issued by US Gold to and deposited with the Trustee, which
entitles the holder of record to a number of votes at meetings of holders of US
Gold Common Stock equal to the number of Exchangeable Shares outstanding from
time to time that are held by Beneficiaries.

“Trust”
means the trust created by this agreement.

“Trust Estate”
means the Special Voting Share, any other securities, the Exchange Right and
any money or other rights or assets that may be held by the Trustee from time
to time pursuant to this agreement.

“Trustee”
means Computershare Trust Company of Canada and, subject to the provisions of
Article 9, includes any successor trustee.

“US Gold
Consent” has the meaning ascribed thereto in Section 4.2.

“US Gold
Liquidation Event” has the meaning ascribed thereto in Section
5.11(1).

 2
 

“US Gold
Liquidation Event Effective Date” has the meaning ascribed thereto
in Section 5.11(3).

“US Gold
Meeting” has the meaning ascribed thereto in Section 4.2.

“Voting
Rights” means the voting rights attached to the Special Voting
Share.

1.2                                                                               Interpretation
Not Affected by Headings, etc.

The division of this
agreement into articles and sections and the insertion of headings are for
reference purposes only and shall not affect the interpretation of this
agreement. Unless otherwise indicated, any reference in this agreement to an “Article”
or “Section” refers to the specified Article or Section of this agreement.

1.3                                                                               Number,
Gender, etc.

In this agreement, unless
the context otherwise requires words 
importing the singular number include the plural and vice versa. Words
importing any gender shall include all genders and words importing persons
include individuals, corporations, partnerships, companies, associations,
trusts, unincorporated organizations, governmental bodies and other legal or
business entities of any kind.

1.4                                                                               Date
for any Action

If any date on which any
action is required to be taken under this agreement is not a Business Day, such
action shall be required to be taken on the next succeeding Business Day.

1.5                                                                               Payments

All payments to be made
hereunder will be made without interest and less any tax required by Canadian
law to be deducted and withheld.

ARTICLE 2

TRUST

2.1                                                                               Establishment
of Trust

The purpose of this
agreement is to create the Trust for the benefit of the Beneficiaries, as
herein provided. The Trustee will hold the Special Voting Share in order to
enable the Trustee to exercise the Voting Rights and will hold the Exchange
Right in order to enable the Trustee to exercise such right and will hold the
other rights granted in or resulting from the Trustee being a party to this agreement
in order to enable the Trustee to exercise or enforce such rights, in each case
as trustee for and on behalf of the Beneficiaries as provided in this
agreement.

ARTICLE 3

SPECIAL VOTING SHARE

3.1                                                                               Issue
and Ownership of the Special Voting Share

Simultaneously with the
execution and delivery of this agreement, US Gold will issue to and deposit
with the Trustee the Special Voting Share to be hereafter held of record by the
Trustee as trustee for and on behalf of, and for the use and benefit of, the
Beneficiaries and in accordance with the provisions of this agreement. US Gold
hereby acknowledges receipt from the Trustee as trustee for and on behalf of
the Beneficiaries of good and valuable consideration (and the adequacy thereof)
for the issuance 

 3
 

of the Special Voting
Share by US Gold to the Trustee. During the term of the Trust and subject to
the terms and conditions of this agreement, the Trustee shall possess and be
vested with full legal ownership of the Special Voting Share and shall be
entitled to exercise all of the rights and powers of an owner with respect to
the Special Voting Share provided that the Trustee shall: (a)  hold the Special Voting Share and the legal
title thereto as trustee solely for the use and benefit of the Beneficiaries in
accordance with the provisions of this agreement; and (b)  except as specifically authorized by this
agreement, have no power or authority to sell, transfer, vote or otherwise deal
in or with the Special Voting Share and the Special Voting Share shall not be used
or disposed of by the Trustee for any purpose other than the purposes for which
this Trust is created pursuant to this agreement.

3.2                                                                               Legended
Share Certificates

Canadian Exchange Co.
will cause each certificate representing Exchangeable Shares to bear an
appropriate legend notifying the Beneficiaries of their right to instruct the
Trustee with respect to the exercise of the Voting Rights in respect of the
Exchangeable Shares of the Beneficiaries.

3.3                                                                               Safe
Keeping of Certificate

The certificate representing
the Special Voting Share shall at all times be held in safe keeping by the
Trustee or its agent.

ARTICLE 4

EXERCISE OF VOTING RIGHTS

4.1                                                                               Voting
Rights

The Trustee, as the
holder of record of the Special Voting Share, shall be entitled to all of the Voting
Rights, including the right to consent to or vote in person or by proxy the
Special Voting Share, on any matter, question, proposal or proposition
whatsoever that may properly come before the stockholders of US Gold at a US
Gold Meeting or in connection with a US Gold Consent. The Voting Rights shall
be and remain vested in and exercised by the Trustee. Subject to Section 6.15
hereof, the Trustee shall exercise the Voting Rights only on the basis of
instructions received pursuant to this Article 4 from Beneficiaries
entitled to instruct the Trustee as to the voting thereof at the time at which
the US Gold Consent is sought or the US Gold Meeting is held. To the extent
that no instructions are received from a Beneficiary with respect to the Voting
Rights to which such Beneficiary is entitled, the Trustee shall not exercise or
permit the exercise of such Voting Rights.

4.2                                                                               Number
of Votes

With respect to all
meetings of stockholders of US Gold at which holders of shares of US Gold
Common Stock are entitled to vote (each, a “US Gold
Meeting”) and with respect to all written consents sought from the
holders of shares of US Gold Common Stock (a “US Gold
Consent”), each Beneficiary shall be entitled to instruct the
Trustee to cast and exercise, in the manner instructed, one vote for each
Exchangeable Share owned of record by such Beneficiary on the record date
established by US Gold or by applicable law for such US Gold Meeting or US Gold
Consent, as the case may be (the “Beneficiary Votes”),
in respect of each matter, question, proposal or proposition to be voted on at
such US Gold Meeting or to be consented to in connection with such US Gold
Consent.

 4
 

4.3                                                                               Mailings
to Shareholders

(1)                                  With
respect to each US Gold Meeting and US Gold Consent, the Trustee will mail or
cause to be mailed (or otherwise communicate in the same manner as US Gold
utilizes in communications to holders of US Gold Common Stock, subject to the
Trustee being advised in writing of such manner and provided that such manner
of communications is reasonably available to the Trustee) to each of the
Beneficiaries named in the List at the Beneficiaries’ respective addresses as
set forth in the List, on the same day as the initial mailing or notice (or
other communication) with respect thereto is given by US Gold to its
stockholders:

(a)                                  a
copy of such notice, together with any related materials, including any
circular or information statement or listing particulars, to be provided to
shareholders of US Gold but excluding proxies to vote US Gold Common Stock;

(b)                                 a
statement that such Beneficiary is entitled to instruct the Trustee as to the
exercise of the Beneficiary Votes with respect to such US Gold Meeting or US
Gold Consent, as the case may be, or, pursuant and subject to Section 4.7,
to attend such US Gold Meeting and to exercise personally the Beneficiary Votes
thereat;

(c)                                  a
statement as to the manner in which such instructions may be given to the
Trustee, including an express indication that instructions may be given to the
Trustee to give:

(i)                                     a
proxy to such Beneficiary or his, her or its designee to exercise personally
such holder’s Beneficiary Votes; or

(ii)                                  a
proxy to a designated agent or other representative of the management of US
Gold to exercise such Beneficiary Votes;

(d)                                 a
statement that if no such instructions are received from the Beneficiary, the
Beneficiary Votes to which such Beneficiary is entitled will not be exercised;

(e)                                  a
form of direction whereby the Beneficiary may so direct and instruct the
Trustee as contemplated herein; and

(f)                                    a
statement of (i) the time and date by which such instructions must be received
by the Trustee in order to be binding upon it, which in the case of a US Gold
Meeting shall not be later than the close of business on the second Business
Day prior to such meeting, and (ii) the method for revoking or amending such
instructions.

(2)                                  The
materials referred to in this Section 4.3 are to be provided to the Trustee by
US Gold, and the materials referred to in Sections 4.3(1)(c), 4.3(1)(e) and
4.3(1)(f) shall (if reasonably practicable to do so) be subject to reasonable
comment by the Trustee in a timely manner; provided, however, that the Trustee
shall have no obligation to review such materials. Subject to the foregoing, US
Gold shall ensure that the materials to be provided to the Trustee are provided
in sufficient time to permit the Trustee to comment as aforesaid and to send
all materials to each Beneficiary at the same time as such materials are first
sent to holders of US Gold Common Stock. US Gold agrees not to 

 5
 

communicate
with holders of US Gold Common Stock with respect to the materials referred to
in this Section 4.3 otherwise than by mail unless such method of communication
is also reasonably available to the Trustee for communication with the Beneficiaries.

(3)                                  For
the purpose of determining Beneficiary Votes to which a Beneficiary is entitled
in respect of any US Gold Meeting or US Gold Consent, the number of
Exchangeable Shares owned of record by the Beneficiary shall be determined at
the close of business on the record date established by US Gold or by
applicable law for purposes of determining stockholders entitled to vote at
such US Gold Meeting or to give written consent in connection with such US Gold
Consent. US Gold will notify the Trustee of any decision of the board of
directors of US Gold with respect to the calling of any US Gold Meeting or the
seeking of any US Gold Consent and shall provide all necessary information and
materials to the Trustee in each case promptly and in any event in sufficient
time to enable the Trustee to perform its obligations contemplated by this
Section 4.3.

4.4                                                                               Copies
of Shareholder Information

US Gold will deliver to
the Trustee copies of all proxy materials (including notices of US Gold
Meetings but excluding proxies to vote US Gold Common Stock), information
statements, reports (including all interim and annual financial statements) and
other written communications that, in each case, are to be distributed by US
Gold from time to time to holders of US Gold Common Stock in sufficient
quantities and in sufficient time so as to enable the Trustee to send or cause
to be sent those materials to each Beneficiary at the same time as such
materials are first sent to holders of US Gold Common Stock. The Trustee will
mail or otherwise send, or cause to be mailed or otherwise sent, to each
Beneficiary, at the expense of US Gold, copies of all such materials (and all
materials specifically directed to the Beneficiaries or to the Trustee for the
benefit of the Beneficiaries by US Gold) received by the Trustee from US Gold
contemporaneously with the sending of such materials to holders of US Gold
Common Stock. The Trustee will also make available for inspection by any
Beneficiary at the Trustee’s principal office(s) in Toronto, Ontario or
Calgary, Alberta all proxy materials, information statements, reports and other
written communications that are:

(a)                                  received
by the Trustee as the registered holder of the Special Voting Share and made
available by US Gold generally to the holders of US Gold Common Stock; or

(b)                                 specifically
directed to the Beneficiaries or to the Trustee for the benefit of the
Beneficiaries by US Gold.

4.5                                                                               Other
Materials

Immediately after receipt
by US Gold or stockholders of US Gold of any material sent or given by or on
behalf of a third party to holders of US Gold Common Stock generally,
including, without limitation, dissident proxy and information circulars (and
related information and material) and take-over bid and securities exchange
take-over bid circulars (and related information and material), US Gold shall
use its reasonable efforts to obtain and deliver to the Trustee copies thereof
in sufficient quantities so as to enable the Trustee to forward or cause to be
forwarded such material (unless the same has been provided directly to
Beneficiaries by such third party) to each Beneficiary as soon as possible
thereafter. As soon as reasonably practicable after receipt thereof, the
Trustee will mail or otherwise send, or cause to be mailed or otherwise sent,
to each Beneficiary, at the expense of US Gold, copies of all such materials
received by 

 6
 

the Trustee from US Gold.
The Trustee will also make available for inspection by any Beneficiary at the
Trustee’s principal office(s) in Toronto, Ontario or Calgary, Alberta copies of
all such materials.

4.6                                                                               List
of Persons Entitled To Vote

Canadian Exchange Co.
shall, (a) prior to each annual, general and special US Gold Meeting or the
seeking of any US Gold Consent and (b) forthwith upon each request made at any
time by the Trustee in writing, prepare or cause to be prepared a list (a “List”) of the names and addresses of the Beneficiaries
arranged in alphabetical order and showing the number of Exchangeable Shares
held of record by each such Beneficiary, in each case at the close of business
on the date specified by the Trustee in such request or, in the case of a List
prepared in connection with a US Gold Meeting or a US Gold Consent, at the
close of business on the record date established by US Gold or pursuant to
applicable law for determining the holders of US Gold Common Stock entitled to
receive notice of and/or to vote at such US Gold Meeting or to give consent in
connection with a US Gold Consent. Each such List shall be delivered to the
Trustee promptly after receipt by 
Canadian Exchange Co. of such request or the record date for such
meeting or seeking of consent, as the case may be, and, in any event, within
sufficient time as to enable the Trustee to perform its obligations under this
agreement. US Gold agrees to give Canadian Exchange Co. written notice (with a
copy to the Trustee) of the calling of any US Gold Meeting or the seeking of
any US Gold Consent, together with the record date therefor, sufficiently prior
to the date of the calling of such meeting or seeking such consent so as to
enable Canadian Exchange Co. to perform its obligations under this Section 4.6.

4.7                                                                               Entitlement
To Direct Votes

Any Beneficiary named in
a List prepared in connection with any US Gold Meeting or any US Gold Consent
will be entitled (a) to instruct the Trustee in the manner described in Section
4.3 hereof with respect to the exercise of the Beneficiary Votes to which such
Beneficiary is entitled or (b) to attend such meeting and personally to
exercise thereat (or to exercise with respect to any written consent), as the
proxy of the Trustee, the Beneficiary Votes to which such Beneficiary is
entitled or (c) to appoint a third party as the proxy of the Trustee to attend
such meeting and exercise thereat the Beneficiary’s voting rights to which such
Beneficiary is entitled except, in each case, to the extent that such
Beneficiary has transferred the ownership of any Exchangeable Shares in respect
of which such Beneficiary is entitled to Beneficiary Votes after the close of
business on the record date for such meeting or seeking of consent.

4.8                                                                               Voting
By Trustee and Attendance of Trustee Representative at Meeting

(1)                                  In
connection with each US Gold Meeting and US Gold Consent, the Trustee shall
exercise, either in person or by proxy, in accordance with the instructions
received from a Beneficiary pursuant to Section 4.3 hereof, the Beneficiary
Votes as to which such Beneficiary is entitled to direct the vote (or any
lesser number thereof as may be set forth in the instructions); provided,
however, that such written instructions are received by the Trustee from the
Beneficiary prior to the time and date fixed by the Trustee for receipt of such
instruction in the notice sent or caused to be sent by the Trustee to the
Beneficiary pursuant to Section 4.3.

(2)                                  The
Trustee shall cause such representatives who are empowered by it to sign and
deliver, on behalf of the Trustee, proxies for Voting Rights enabling a
Beneficiary to attend each US Gold Meeting. Upon submission by a Beneficiary
(or its designee) named in the List prepared in connection with the relevant
meeting of identification satisfactory to the Trustee’s representative, and at
the Beneficiary’s request, such representative shall sign and deliver to such
Beneficiary (or its designee) a proxy to exercise personally the 

 7
 

Beneficiary
Votes as to which such Beneficiary is otherwise entitled hereunder to direct
the vote, if such Beneficiary either (i) has not previously given the Trustee
instructions pursuant to Section 4.3 in respect of such meeting or (ii) submits
to such representative written revocation of any such previous instructions. At
such meeting, the Beneficiary (or its designee) exercising such Beneficiary
Votes shall have the same rights in respect of such Beneficiary Votes as the
Trustee to speak at the meeting in respect of any matter, question, proposal or
proposition, to vote by way of ballot at the meeting in respect of any matter,
question, proposal or proposition, and to vote at such meeting by way of a show
of hands in respect of any matter, question or proposition.

4.9                                                                               Distribution
of Written Materials

Any written materials
distributed by the Trustee to the Beneficiaries pursuant to this agreement
shall be sent by mail (or otherwise communicated in the same manner as US Gold
utilizes in communications to holders of US Gold Common Stock subject to the
Trustee being advised in writing of such manner and provided such manner of
communications is reasonably available to the Trustee) to each Beneficiary at
its address as shown on the register of holders of Exchangeable Shares
maintained by the registrar of the Exchangeable Shares. Canadian Exchange Co.
shall provide or cause to be provided to the Trustee for purposes of
communication, on a timely basis and without charge or other expense:

(a)                                  a
current List; and

(b)                                 upon
the request of the Trustee, mailing labels to enable the Trustee to carry out
its duties under this agreement.

4.10                                                                        Termination
of Voting Rights

Except
as otherwise provided in the Share Provisions,  all
of the rights of a Beneficiary with respect to the Beneficiary Votes
exercisable in respect of the Exchangeable Shares held by such Beneficiary,
including the right to instruct the Trustee as to the voting of or to vote
personally such Beneficiary Votes, shall be deemed to be surrendered by the
Beneficiary to US Gold or Alberta ULC, as the case may be, and such Beneficiary
Votes and the Voting Rights represented thereby shall cease immediately upon
the delivery by such holder to the Trustee of the certificates representing
such Exchangeable Shares in connection with the exercise by the Beneficiary of
the Exchange Right or the occurrence of the automatic exchange of Exchangeable
Shares for US Gold Common Stock, as specified in Article 5 hereof, or upon the
retraction or redemption of Exchangeable Shares pursuant to Article 6 or
Article 7 of the Share Provisions, or upon the effective date of the
liquidation, dissolution or winding-up of Canadian Exchange Co. or any other
distribution of the assets of Canadian Exchange Co. among its shareholders for
the purpose of winding up its affairs pursuant to Article 5 of the Share
Provisions, or upon the purchase of Exchangeable Shares from the holder thereof
by US Gold or Alberta ULC pursuant to the exercise by US Gold or Alberta ULC of
the Retraction Call Right, the Redemption Call Right or the Liquidation Call
Right (unless US Gold shall not have delivered the requisite US Gold Common
Stock and cheque, if any, delivered in exchange therefor to the Trustee pending
delivery to the Beneficiaries).

 8
 

ARTICLE 5

EXCHANGE RIGHT, AUTOMATIC EXCHANGE RIGHT AND US GOLD SUPPORT

5.1                                                                               Grant
and Ownership of the Automatic Exchange Right and the Exchange Right

US Gold, and Alberta ULC,
in the case of the Exchange Right, hereby grant to the Trustee as trustee for
and on behalf of, and for the use and benefit of, the Beneficiaries: (i) the
Automatic Exchange Right, and (ii) the right (the “Exchange
Right”), upon the occurrence and during the continuance of an
Insolvency Event, to require US Gold or Alberta ULC to purchase from each or
any Beneficiary all or any part of the Exchangeable Shares held by the
Beneficiary, all in accordance with the provisions of this agreement. US Gold
hereby acknowledges receipt from the Trustee, as trustee for and on behalf of
the Beneficiaries, of good and valuable consideration (and the adequacy
thereof) for the grant of the Automatic Exchange Right and the Exchange Right
by US Gold to the Trustee. Alberta ULC hereby acknowledges receipt from the
Trustee, as trustee for and on behalf of the Beneficiaries, of good and
valuable consideration (and the adequacy thereof) for the grant of the Exchange
Right by Alberta ULC to the Trustee. During the term of the Trust and subject
to the terms and conditions of this agreement, the Trustee shall possess and be
vested with full legal ownership of the Automatic Exchange Right and the
Exchange Right and shall be entitled to exercise all of the rights and powers
of an owner with respect to the Automatic Exchange Right and the Exchange
Right, provided that the Trustee shall:

(a)                                  hold
the Automatic Exchange Right and the Exchange Right and the legal title thereto
as trustee solely for the use and benefit of the Beneficiaries in accordance
with the provisions of this agreement; and

(b)                                 except
as specifically authorized by this agreement, have no power or authority to
exercise or otherwise deal in or with the Automatic Exchange Right and the
Exchange Right, and the Trustee shall not exercise such right for any purpose
other than the purposes for which this Trust is created pursuant to this
agreement.

5.2                                                                               Legended
Share Certificates

Canadian Exchange Co.
will cause each certificate representing Exchangeable Shares to bear an
appropriate legend notifying the Beneficiaries of the Automatic Exchange Right,
the Exchange Right and of their right to instruct the Trustee with respect to
the exercise of the Exchange Right in respect of the Exchangeable Shares held
by a Beneficiary.

5.3                                                                               Exercise
of Exchange Right

The Exchange Right shall
be and remain vested in and exercisable by the Trustee. Subject to Section 6.15
hereof, the Trustee shall exercise the Exchange Right only on the basis of
instructions received pursuant to this Article 5 from Beneficiaries entitled to
instruct the Trustee as to the exercise thereof. To the extent that no
instructions are received from a Beneficiary with respect to the Exchange
Right, the Trustee shall not exercise or permit the exercise of the Exchange
Right.

5.4                                                                               Purchase
Price

The purchase price
payable by US Gold or Alberta ULC for each Exchangeable Share to be purchased
by US Gold or Alberta ULC under the Exchange Right shall be an amount per share
equal to (a) the Current Market Price of a share of US Gold Common Stock on the
last Business Day prior to the day of closing of the purchase and sale of such
Exchangeable Share under the Exchange Right, which shall be satisfied in full
by causing to be delivered to such holder one share of US Gold Common Stock, 

 9
 

plus (b) the Dividend
Amount, if any. The purchase price for each such Exchangeable Share so
purchased may be satisfied only by US Gold or Alberta ULC delivering or causing
to be delivered to the Trustee, on behalf of the relevant Beneficiary, one
share of US Gold Common Stock and a cheque for the balance, if any, of the
purchase price without interest (less any amount required to be withheld under
the Income Tax Act (Canada) or United States
tax laws, or any provision of any federal, provincial, state, local or foreign
tax laws).

5.5                                                                               Exercise
Instructions

Subject to the terms and
conditions herein set forth, a Beneficiary shall be entitled, upon the
occurrence and during the continuance of an Insolvency Event, to instruct the
Trustee to exercise the Exchange Right with respect to all or any part of the
Exchangeable Shares registered in the name of such Beneficiary on the books of
Canadian Exchange Co. To cause the exercise of the Exchange Right by the
Trustee, the Beneficiary shall deliver to the Trustee, in person or by
certified or registered mail, at its principal office(s) in Toronto, Ontario or
Calgary, Alberta or at such other places in Canada as the Trustee may from time
to time designate by written notice to the Beneficiaries, the certificates
representing the Exchangeable Shares which such Beneficiary desires US Gold or
Alberta ULC to purchase, duly endorsed in blank, and accompanied by such other
documents and instruments as may be required to effect a transfer of
Exchangeable Shares under the Business
Corporations Act (Alberta), other applicable laws, if any, and the
by-laws of Canadian Exchange Co. and such additional documents and instruments
as the Trustee or Canadian Exchange Co. may reasonably require together with
(a) a duly completed form of notice of exercise of the Exchange Right, contained
on the reverse of or attached to the Exchangeable Share certificates, stating
(i) that the Beneficiary thereby instructs the Trustee to exercise the Exchange
Right so as to require US Gold or Alberta ULC to purchase from the Beneficiary
the number of Exchangeable Shares specified therein, (ii) that such Beneficiary
has good title to and owns all such Exchangeable Shares to be acquired by US
Gold or Alberta ULC free and clear of all liens, claims and encumbrances, (iii)
the names in which the certificates representing US Gold Common Stock issuable
in connection with the exercise of the Exchange Right are to be issued and (iv)
the names and addresses of the persons to whom such new certificates should be
delivered and (b) payment (or evidence satisfactory to the Trustee, Canadian
Exchange Co. and US Gold of payment) of the taxes (if any) payable as
contemplated by Section 5.8 of this agreement. If only a portion of the
Exchangeable Shares represented by any certificate delivered to the Trustee are
to be purchased by US Gold or Alberta ULC under the Exchange Right, a new
certificate for the balance of such Exchangeable Shares shall be issued to the
holder at the expense of Canadian Exchange Co.

5.6                                                                               Delivery
of US Gold Common Stock; Effect of Exercise

Promptly after receipt of
the certificates representing the Exchangeable Shares that a Beneficiary
desires US Gold or Alberta ULC to purchase under the Exchange Right (together
with such documents and instruments of transfer and a duly completed form of
notice of exercise of the Exchange Right) duly endorsed for transfer to US Gold
or Alberta ULC, the Trustee shall notify US Gold, Alberta ULC and Canadian
Exchange Co. of its receipt of the same, which notice to US Gold, Alberta ULC
and Canadian Exchange Co. shall constitute exercise of the Exchange Right by
the Trustee on behalf of the holder of such Exchangeable Shares, and US Gold or
Alberta ULC shall immediately thereafter deliver to the Trustee, for delivery
to the Beneficiary of such Exchangeable Shares (or to such other persons, if
any, properly designated by such Beneficiary), a certificate for the number of
shares of US Gold Common Stock deliverable in connection with such exercise of
the Exchange Right (which shares shall be duly issued as fully paid and non-assessable
and shall be free and clear of any lien, claim or encumbrance, security
interest or adverse claim) and a cheque for the balance, if any, of the
purchase price therefor; provided, however, that no such delivery shall be made
unless and until the Beneficiary requesting the same shall have paid (or
provided evidence satisfactory to the Trustee, Canadian Exchange Co., Alberta

 

 10

ULC and US Gold of the
payment of) the taxes (if any) payable as contemplated by Section 5.8 of this
agreement. Immediately upon the giving of notice by the Trustee to US Gold,
Alberta ULC and Canadian Exchange Co. of the exercise of the Exchange Right, as
provided in this Section 5.6, the closing of the transaction of purchase and
sale contemplated by the Exchange Right shall be deemed to have occurred, and
the Beneficiary of such Exchangeable Shares shall be deemed to have transferred
to US Gold (or, at US Gold’s option, to Alberta ULC) all of its right, title
and interest in and to such Exchangeable Shares and the related interest in the
Trust Estate and shall not be entitled to exercise any of the rights of a
holder in respect thereof, other than the right to receive its proportionate
part of the total purchase price therefor, unless the requisite number of
shares of US Gold Common Stock (together with a cheque for the balance, if any,
of the total purchase price therefor) is not delivered by US Gold or Alberta
ULC to the Trustee, for delivery to such Beneficiary (or to such other persons,
if any, properly designated by such Beneficiary), within five Business Days of
the date of the giving of such notice by the Trustee, in which case the rights
of the Beneficiary shall remain unaffected until such shares of US Gold Common
Stock are so delivered and any such cheque is so delivered and paid.
Concurrently with the closing of the transaction of purchase and sale
contemplated by the Exchange Right, such Beneficiary shall be considered and
deemed for all purposes to be the holder of the shares of US Gold Common Stock
delivered to it pursuant to the Exchange Right. 
Notwithstanding the foregoing until the requisite number of shares of
Common Stock of US Gold and the cheque for the balance, if any, of the total
purchase price therefore, is delivered to a Beneficiary, the Beneficiary shall
be deemed to still be a holder of the sold Exchangeable Shares for purposes of
voting rights with respect thereto under this agreement.

5.7                                                                               Exercise
of Exchange Right Subsequent to Retraction

In the event that a
Beneficiary has exercised its retraction right under Article 6 of the Share
Provisions to require Canadian Exchange Co. to redeem any or all of the
Exchangeable Shares held by the Beneficiary (the “Retracted
Shares”) and is notified by Canadian Exchange Co. pursuant to
Section 6.1(4) of the Share Provisions that Canadian Exchange Co. will not be
permitted as a result of solvency requirements of applicable law to redeem all
such Retracted Shares, subject to receipt by the Trustee of written notice to
that effect from Canadian Exchange Co. and provided that neither US Gold nor
Alberta ULC shall have exercised its Retraction Call Right with respect to the
Retracted Shares and that the Beneficiary shall not have revoked the retraction
request delivered by the Beneficiary to Canadian Exchange Co. pursuant to
Section 6.1(5) of the Share Provisions, the retraction request will constitute
and will be deemed to constitute notice from the Beneficiary to the Trustee
instructing the Trustee to exercise the Exchange Right with respect to those
Retracted Shares that Canadian Exchange Co. is unable to redeem. In any such
event, Canadian Exchange Co. hereby agrees with the Trustee and in favour of
the Beneficiary immediately to notify the Trustee of such prohibition against
Canadian Exchange Co. redeeming all of the Retracted Shares and immediately to
forward or cause to be forwarded to the Trustee all relevant materials
delivered by the Beneficiary to Canadian Exchange Co. or to the Transfer Agent
(including without limitation a copy of the retraction request delivered
pursuant to Section 6.1(1) of the Share Provisions) in connection with such
proposed redemption of the Retracted Shares and the Trustee will thereupon
exercise the Exchange Right with respect to the Retracted Shares that Canadian
Exchange Co. is not permitted to redeem and will require US Gold or, at US Gold’s
option, Alberta ULC, to purchase such shares in accordance with the provisions
of this Article 5.

5.8                                                                               Stamp
or Other Transfer Taxes

Upon any sale of
Exchangeable Shares to US Gold or Alberta ULC pursuant to the Exchange Right or
the Automatic Exchange Right, the share certificate or certificates
representing US Gold Common Stock to be delivered in connection with the
payment of the total purchase price therefor shall be issued in the name of the
Beneficiary of the Exchangeable Shares so sold or in such names as such
Beneficiary may otherwise direct in writing without charge to the holder of the
Exchangeable Shares 

 11
 

so sold, provided,
however, that such Beneficiary (a) shall pay (and none of US Gold, Alberta ULC,
Canadian Exchange Co. or the Trustee shall be required to pay) any documentary,
stamp, transfer or other similar taxes that may be payable in respect of any
transfer involved in the issuance or delivery of such shares to a person other
than such Beneficiary or (b) shall have established to the satisfaction of the
Trustee, US Gold, Alberta ULC and Canadian Exchange Co. that such taxes, if
any, have been paid.

5.9                                                                               Notice
of Insolvency Event

Immediately upon the
occurrence of an Insolvency Event or any event that with the giving of notice
or the passage of time or both would be an Insolvency Event, Canadian Exchange
Co. and US Gold shall give written notice thereof to the Trustee. As soon as
practicable after receiving notice from Canadian Exchange Co. or US Gold or
from any other person of the occurrence of an Insolvency Event, the Trustee
will mail to each Beneficiary, at the expense of US Gold, a notice of such
Insolvency Event in the form provided by US Gold, which notice shall contain a
brief statement of the right of the Beneficiaries with respect to the Exchange
Right.

5.10                                                                        Call
Rights

The Liquidation Call
Right, the Redemption Call Right, the Retraction Call Right, the Automatic
Exchange Right and the Exchange Right are hereby agreed, acknowledged,
consented to and confirmed, and it is agreed and acknowledged that such rights
are granted as part of the consideration for the obligations of US Gold under
this agreement.

5.11                                                                        Automatic
Exchange Right

(1)                                  US
Gold shall give the Trustee written notice of each of the following events
(each a “US Gold Liquidation Event”)
at the time set forth below:

(a)                                  in
the event of any determination by the board of directors of US Gold to
institute voluntary liquidation, dissolution or winding up proceedings with
respect to US Gold or to effect any other distribution of assets of US Gold
among its stockholders for the purpose of winding up its affairs, at least 60
days prior to the proposed effective date of such liquidation, dissolution,
winding up or other distribution; and

(b)                                 immediately,
upon the earlier of (i) receipt by US Gold of notice of and (ii) US Gold
otherwise becoming aware of any threatened or instituted claim, suit, petition
or other proceeding with respect to the involuntary liquidation, dissolution or
winding up of US Gold or to effect any other distribution of assets of US Gold
among its stockholders for the purpose of winding up its affairs.

(2)                                  Immediately
following receipt by the Trustee from US Gold of notice of any US Gold
Liquidation Event contemplated by Section 5.11(1)(a) or 5.11(1)(b), the Trustee
will give notice thereof to the Beneficiaries. Such notice shall be provided by
US Gold to the Trustee and shall include a brief description of the automatic
exchange of Exchangeable Shares for shares of US Gold Common Stock provided for
in Section 5.11(4) below (the “Automatic
Exchange Right”).

(3)                                  In
order that the Beneficiaries will be able to participate on a pro rata basis
with the holders of US Gold Common Stock in the distribution of assets of US
Gold in connection with a US Gold Liquidation Event, immediately prior to the
effective date (the “US Gold 

 12
 

Liquidation
Event Effective Date”) of a US Gold Liquidation Event
all of the then outstanding Exchangeable Shares (other than Exchangeable Shares
held by US Gold or its Subsidiaries) shall be automatically exchanged for
shares of US Gold Common Stock. To effect such automatic exchange, US Gold
shall purchase each Exchangeable Share outstanding on the immediately prior to
the US Gold Liquidation Event Effective Date and held by a Beneficiary, and
each such Beneficiary shall sell the Exchangeable Shares held by it at such time,
for a purchase price per share equal to (a) the Current Market Price of a share
of US Gold Common Stock on the immediately prior to the US Gold Liquidation
Event Effective Date, which shall be satisfied in full by US Gold delivering to
such holder one share of US Gold Common Stock, plus (b) the Dividend Amount, if
any.

(4)                                  On
the immediately prior to the US Gold Liquidation Event Effective Date, the
closing of the transaction of purchase and sale contemplated by the automatic
exchange of Exchangeable Shares for US Gold Common Stock shall be deemed to
have occurred, and each Beneficiary shall be deemed to have transferred to US
Gold all of such Beneficiary’s right, title and interest in and to such
Exchangeable Shares and shall cease to be a holder of such Exchangeable Shares
and US Gold shall deliver or cause to be delivered to the Trustee, for delivery
to such holders, the certificates for the number of shares of US Gold Common
Stock deliverable upon the automatic exchange of Exchangeable Shares for US Gold
Common Stock (which shares shall be duly issued as fully paid and
non-assessable and shall be free and clear of any lien, claim or encumbrance,
security interest or adverse claim) and a cheque for the balance, if any, of
the total purchase price for such Exchangeable Shares and any interest on such
deposit shall belong to US Gold. Concurrently with each such Beneficiary
ceasing to be a holder of Exchangeable Shares, such Beneficiary shall be
considered and deemed for all purposes to be the holder of the shares of US
Gold Common Stock delivered to it, or to the Trustee on its behalf, pursuant to
the automatic exchange of Exchangeable Shares for shares of US Gold Common
Stock and the certificates held by such Beneficiary previously representing the
Exchangeable Shares exchanged by such Beneficiary with US Gold pursuant to such
automatic exchange shall thereafter be deemed to represent the shares of US
Gold Common Stock delivered to such Beneficiary by US Gold pursuant to such
automatic exchange. Upon the request of any Beneficiary and the surrender by
such Beneficiary of Exchangeable Share certificates deemed to represent shares
of US Gold Common Stock, duly endorsed in blank and accompanied by such
instruments of transfer as US Gold may reasonably require, the Trustee shall
deliver or cause to be delivered to such Beneficiary certificates representing
the shares of US Gold Common Stock of which such Beneficiary is the holder and
a cheque in payment of the remaining portion, if any, of the purchase price (less
any amount required to be withheld under the Income Tax
Act (Canada) or United States tax laws, or any provision of any
federal, provincial, state, local or foreign tax laws).  Notwithstanding the foregoing until each
Beneficiary is actually entered on the register of holders of US Gold Common
Stock, such Beneficiary shall be deemed to still be a holder of the transferred
Exchangeable Shares for purposes of all voting rights with respect thereto
under this agreement.

5.12                                                                        US
Gold Common Stock

The obligations of US
Gold to issue shares of US Gold Common Stock pursuant to the Automatic Exchange
Right or the Exchange Right are subject to all applicable laws and regulatory
or stock exchange requirements.

 13
 

5.13                                                                        Withholding
Rights

US Gold, Alberta ULC,
Canadian Exchange Co. and the Trustee shall be entitled to deduct and withhold
from any consideration otherwise payable under this agreement to any holder of
Exchangeable Shares or US Gold Common Stock such amounts as US Gold, Alberta
ULC, Canadian Exchange Co. or the Trustee is required to deduct and withhold
with respect to such payment under the Income Tax Act
(Canada) or United States tax laws or any provision of provincial, state, local
or foreign tax law, in each case as amended or succeeded. The Trustee may act
and rely on the advice of counsel with respect to such matters. To the extent
that amounts are so withheld, such withheld amounts shall be treated for all
purposes as having been paid to the holder of the shares in respect of which
such deduction and withholding was made, provided that such withheld amounts
are actually remitted to the appropriate taxing authority. To the extent that
the amount so required to be deducted or withheld from any payment to a holder
exceeds the cash portion of the consideration otherwise payable to the holder,
US Gold, Alberta ULC, Canadian Exchange Co. and the Trustee are hereby
authorized to sell or otherwise dispose of such portion of the consideration as
is necessary to provide sufficient funds to US Gold, Alberta ULC, Canadian
Exchange Co. or the Trustee, as the case may be, to enable it to comply with
such deduction or withholding requirement and US Gold, Alberta ULC, Canadian
Exchange Co. or the Trustee shall notify the holder thereof and remit to such
holder any unapplied balance of the net proceeds of such sale.

ARTICLE 6

CONCERNING THE TRUSTEE

6.1                                                                               Powers
and Duties of the Trustee

(1)                                  The
rights, powers, duties and authorities of the Trustee under this agreement, in
its capacity as trustee of the Trust, shall include: (a)  receipt and deposit of the Special Voting
Share from US Gold as trustee for and on behalf of the Beneficiaries in
accordance with the provisions of this agreement;

(a)                                  granting
proxies and distributing materials to Beneficiaries as provided in this agreement;

(b)                                 voting
the Beneficiary Votes in accordance with the provisions of this agreement;

(c)                                  receiving
the grant of the Exchange Right and the Automatic Exchange Right from US Gold
and, in the case of the Exchange Right, Alberta ULC, as trustee for and on
behalf of the Beneficiaries in accordance with the provisions of this
agreement;

(d)                                 exercising
the Exchange Right and enforcing the benefit of the Automatic Exchange Right,
in each case in accordance with the provisions of this agreement, and in connection
therewith receiving from Beneficiaries any requisite documents and distributing
to such Beneficiaries shares of US Gold Common Stock and cheques, if any, to
which such Beneficiaries are entitled pursuant to the exercise of the Exchange
Right or the Automatic Exchange Right, as the case may be;

(e)                                  holding
title to the Trust Estate;

(f)                                    investing
any moneys forming, from time to time, a part of the Trust Estate as provided
in this agreement;

 14
 

(g)                                 taking
action at the direction of a Beneficiary or Beneficiaries to enforce the
obligations of US Gold, Alberta ULC and Canadian Exchange Co. under this
agreement and under the Share Provisions; and

(h)                                 taking
such other actions and doing such other things as are specifically provided in
this agreement.

(2)                                  In
the exercise of such rights, powers, duties and authorities the Trustee shall
have (and is granted) such incidental and additional rights, powers and
authority not in conflict with any of the provisions of this agreement as the
Trustee, acting in good faith and in the reasonable exercise of its discretion,
may deem necessary, appropriate or desirable to effect the purpose of the
Trust. Any exercise of duties or of discretionary rights, powers and
authorities by the Trustee shall be final, conclusive and binding upon all
persons. For greater certainty, the Trustee shall have only those duties as set
out specifically in this agreement.

(3)                                  The
Trustee in exercising its rights, powers, duties and authorities hereunder
shall act honestly and in good faith and with a view to the best interests of
the Beneficiaries and shall exercise the care, diligence and skill that a
reasonably prudent trustee would exercise in comparable circumstances.

(4)                                  The
Trustee shall not be bound to give notice or do or take any act, action or
proceeding by virtue of the powers conferred on it hereby unless and until it
shall be specifically required to do so under the terms hereof; nor shall the
Trustee be required to take any notice of, or to do or to take any act, action
or proceeding as a result of any default or breach of any provision hereunder,
unless and until notified in writing of such default, which notice shall
distinctly specify the default or breach desired to be brought to the attention
of the Trustee, and in the absence of such notice the Trustee may for all
purposes of this agreement conclusively assume that no default or breach has
been made in the observance or performance of any of the representations,
warranties, covenants, agreements or conditions contained herein.

6.2                                                                               No
Conflict of Interest

The Trustee represents to
US Gold, Alberta ULC and Canadian Exchange Co. that at the date of execution
and delivery of this agreement there exists no material conflict of interest in
the role of the Trustee as a fiduciary hereunder and the role of the Trustee in
any other capacity. The Trustee shall, within 90 days after it becomes aware
that such material conflict of interest exists, either eliminate such material
conflict of interest or resign in the manner and with the effect specified in
Article 9. If, notwithstanding the foregoing provisions of this Section 6.2,
the Trustee has such a material conflict of interest, the validity and
enforceability of this agreement shall not be affected in any manner whatsoever
by reason only of the existence of such material conflict of interest. If the
Trustee contravenes the foregoing provisions of this Section 6.2, any
interested party may apply to the Superior Court of Justice (Ontario) for an
order that the Trustee be replaced as trustee hereunder.

6.3                                                                               Dealings
With Transfer Agents, Registrars, Etc.

(1)                                  Each
of US Gold, Alberta ULC and Canadian Exchange Co. irrevocably authorizes the
Trustee, from time to time, to:

 15
 

(a)                                  consult,
communicate and otherwise deal with the respective registrars and transfer
agents, and with any such subsequent registrar or transfer agent, of the
Exchangeable Shares and US Gold Common Stock; and

(b)                                 requisition,
from time to time, from any such registrar or transfer agent any information
readily available from the records maintained by it, which the Trustee may
reasonably require for the discharge of its duties and responsibilities under
this agreement.

(2)                                  Each
of US Gold and Alberta ULC covenant that it will supply the Trustee or the
Transfer Agent, as the case may be, in a timely manner with duly executed share
certificates for the purpose of completing the exercise from time to time of
all rights to acquire US Gold Common Stock hereunder, under the Share
Provisions and under any other security or commitment given to the
Beneficiaries pursuant thereto, in each case pursuant to the provisions hereof
or of the Share Provisions or otherwise.

6.4                                                                               Books
and Records

The Trustee shall keep
available for inspection by US Gold, Alberta ULC and Canadian Exchange Co. at
the Trustee’s principal office(s) in Toronto, Ontario or Calgary, Alberta
correct and complete books and records of account relating to the Trustee’s
actions under this agreement, including, without limitation, all information
relating to mailings and instructions to and from Beneficiaries and all
transactions pursuant to the Voting Rights and the Exchange Right, for the term
of this agreement. On or before February 15, 2008, and on or before February 15
in every year thereafter, so long as the Special Voting Share is registered in
the name of the Trustee, the Trustee shall transmit to US Gold, Alberta ULC and
Canadian Exchange Co. a brief report, dated as of the preceding December 31st,
with respect to:

(a)                                  the
property and funds comprising the Trust Estate as of that date;

(b)                                 the
number of exercises of the Exchange Right, if any, and the aggregate number of
Exchangeable Shares received by the Trustee on behalf of Beneficiaries in
consideration of the issuance and delivery by US Gold or Alberta ULC of shares
of US Gold Common Stock in connection with the Exchange Right, during the
calendar year ended on such December 31st; and

(c)                                  all
other actions taken by the Trustee in the performance of its duties under this
agreement that it had not previously reported.

6.5                                                                               Income
Tax Returns and Reports

The Trustee shall, to the
extent necessary and as advised by counsel, prepare and file, or cause to be
prepared and filed, on behalf of the Trust appropriate United States and
Canadian income tax returns and any other returns or reports as may be required
by applicable law or pursuant to the rules and regulations of any securities
exchange or other trading system through which the Exchangeable Shares are
traded. In connection therewith, the Trustee may obtain the advice and assistance
of such experts or advisors as the Trustee considers necessary or advisable. US
Gold shall retain qualified experts or advisors for the purpose of providing
such tax advice or assistance.

 16
 

6.6                                                                               Indemnification
Prior To Certain Actions By Trustee

(1)                                  The
Trustee shall exercise any or all of the rights, duties, powers or authorities
vested in it by this agreement at the request, order or direction of any
Beneficiary upon such Beneficiary furnishing to the Trustee reasonable funding,
security and indemnity against the costs, expenses and liabilities which may be
incurred by the Trustee therein or thereby, provided that no Beneficiary shall
be obligated to furnish to the Trustee any such funding, security or indemnity
in connection with the exercise by the Trustee of any of its rights, duties,
powers and authorities with respect to the Special Voting Share pursuant to
Article 4, subject to Section 6.15 and with respect to the Exchange Right
pursuant to Article 5, subject to Section 6.15, and with respect to the
Automatic Exchange Right pursuant to Article 5.

(2)                                  None
of the provisions contained in this agreement shall require the Trustee to
expend or risk its own funds or otherwise incur financial liability in the
exercise of any of its rights, powers, duties, or authorities unless funded,
given security and indemnified as aforesaid.

6.7                                                                               Action
of Beneficiaries

No Beneficiary shall have
the right to institute any action, suit or proceeding or to exercise any other
remedy authorized by this agreement for the purpose of enforcing any of its
rights or for the execution of any trust or power hereunder unless the
Beneficiary has requested the Trustee to take or institute such action, suit or
proceeding and furnished the Trustee with the funding, security and indemnity
referred to in Section 6.6 and the Trustee shall have failed to act within a
reasonable time thereafter. In such case, but not otherwise, the Beneficiary
shall be entitled to take proceedings in any court of competent jurisdiction
such as the Trustee might have taken; it being understood and intended that no
one or more Beneficiaries shall have any right in any manner whatsoever to
affect, disturb or prejudice the rights hereby created by any such action, or
to enforce any right hereunder, including, without limitation, under the Voting
Rights, the Exchange Right or the Automatic Exchange Right, except subject to
the conditions and in the manner herein provided, and that all powers and
trusts hereunder shall be exercised and all proceedings at law shall be
instituted, had and maintained by the Trustee, except only as herein provided,
and in any event for the equal benefit of all Beneficiaries.

6.8                                                                               Reliance
By Trustee Upon Declarations

The Trustee shall not be
considered to be in contravention of any of its rights, powers, duties and
authorities hereunder if, when required, it acts and relies in good faith upon
lists (including any Lists), notices, statutory declarations, certificates,
(including share certificate and officers 
certificates), opinions or reports or other papers or documents
furnished pursuant to the provisions hereof or required by the Trustee to be
furnished to it in the exercise of its rights, powers, duties and authorities
hereunder if such lists (including any Lists), notices, statutory declarations,
certificates, opinions or reports comply with the provisions of Section 6.9, if
applicable, and with any other applicable provisions of this agreement.

6.9                                                                               Evidence
and Authority To Trustee

(1)                                  US
Gold, Alberta ULC and/or Canadian Exchange Co. shall furnish to the Trustee
evidence of compliance with the conditions provided for in this agreement
relating to any action or step required or permitted to be taken by US Gold,
Alberta ULC and/or Canadian Exchange Co. or the Trustee under this agreement or
as a result of any obligation imposed under this agreement, including, without
limitation, in respect of the 

 17
 

Voting Rights
or the Exchange Right and the taking of any other action to be taken by the
Trustee at the request of or on the application of US Gold, Alberta ULC and/or
Canadian Exchange Co. forthwith if and when:

(a)                                  such
evidence is required by any other section of this agreement to be furnished to
the Trustee in accordance with the terms of this Section 6.9; or

(b)                                 the
Trustee, in the exercise of its rights, powers, duties and authorities under
this agreement, gives US Gold, Alberta ULC and/or Canadian Exchange Co. written
notice requiring it to furnish such evidence in relation to any particular
action or obligation or matter specified in such notice.

(2)                                  Such
evidence shall consist of an Officer’s Certificate of US Gold, Alberta ULC
and/or Canadian Exchange Co. or a statutory declaration or a certificate made
by persons entitled to sign an Officer’s Certificate stating that any such condition
has been complied with in accordance with the terms of this agreement.

(3)                                  Whenever
such evidence relates to a matter other than the Voting Rights or the Exchange
Right or the Automatic Exchange Right and except as otherwise specifically
provided herein, such evidence may consist of a report or opinion of any
solicitor, attorney, auditor, accountant, appraiser, valuer or other expert or
any other person whose qualifications give authority to a statement made by
such person, provided that if such report or opinion is furnished by a
director, officer or employee of US Gold, Alberta ULC and/or Canadian Exchange
Co. it shall be in the form of an Officer’s Certificate or a statutory
declaration.

(4)                                  Each
statutory declaration, Officer’s Certificate, opinion or report furnished to
the Trustee as evidence of compliance with a condition provided for in this
agreement shall include a statement by the person giving the evidence:

(a)                                  declaring
that such person has read and understands the provisions of this agreement
relating to the condition in question;

(b)                                 describing
the nature and scope of the examination or investigation upon which such person
based the statutory declaration, certificate, statement or opinion; and

(c)                                  declaring
that such person has made such examination or investigation as such person
believes is necessary to enable them to make the statements or give the
opinions contained or expressed therein.

6.10                                                                        Experts,
Advisers and Agents

The Trustee may:

(a)                                  in
relation to these presents act and rely on the opinion or advice of or
information obtained from any solicitor, attorney, auditor, accountant,
appraiser, valuer or other expert, whether retained by the Trustee or by US
Gold, Alberta ULC and/or Canadian Exchange Co. or otherwise, and may retain or
employ such assistance as may be necessary to the proper determination and
discharge of its powers and duties and determination of its rights or duties
hereunder and may 

 18
 

pay proper and
reasonable compensation for all such legal and other advice or assistance as
aforesaid;

(b)                                 employ
such agents and other assistance as it may reasonably require for the proper
determination and/or discharge of its powers and duties hereunder; and

(c)                                  pay
reasonable remuneration for all services performed for it (and shall be
entitled to receive reasonable remuneration for all services performed by it)
in the discharge of the trusts hereof and compensation for all reasonable
disbursements, costs and expenses made or incurred by it in the discharge of
its duties hereunder and in the management of the Trust.

6.11                                                                        Investment
of Moneys Held By Trustee

Unless otherwise provided
in this agreement, any moneys held by or on behalf of the Trustee which under
the terms of this agreement may or ought to be invested or which may  be on deposit with the Trustee or which may
be in the hands of the Trustee may be invested or reinvested in the name or
under the control of the Trustee in securities in which, under the laws of the
Province of Ontario, trustees are authorized to invest trust moneys, provided
that such securities are stated to mature within two years after their purchase
by the Trustee and the Trustee shall so invest such money on the written
direction of Canadian Exchange Co. Pending the investment of any money as
herein provided such moneys may be deposited in the name of the Trustee in any
chartered bank in Canada or, with the consent of Canadian Exchange Co., in the
deposit department of the Trustee or any other loan or trust company authorized
to accept deposits under the laws of Canada or any province thereof at the rate
of interest then current on similar deposits.

6.12                                                                        Trustee
Not Required to Give Security

The Trustee shall not be
required to give any bond or security in respect of the execution of the
trusts, rights, duties, powers and authorities of this agreement or otherwise
in respect of the premises.

6.13                                                                        Trustee
Not Bound to Act on Request

Except as in this
agreement otherwise specifically provided, the Trustee shall not be bound to
act in accordance with any direction or request of US Gold, Alberta ULC and/or
Canadian Exchange Co. or of the respective directors thereof until a duly
authenticated copy of the instrument or resolution containing such direction or
request shall have been delivered to the Trustee, and the Trustee shall be
empowered to act upon any such copy purporting to be authenticated and believed
by the Trustee to be genuine.

6.14                                                                        Authority
to Carry on Business

The Trustee represents to
US Gold, Alberta ULC and Canadian Exchange Co. that at the date of execution
and delivery by it of this agreement it is authorized to carry on the business
of a trust company in each of the provinces and territories of Canada but if,
notwithstanding the provisions of this Section 6.14, it ceases to be so
authorized to carry on business, the validity and enforceability of this
agreement and the Voting Rights, the Exchange Right, the Automatic Exchange
Right and the other rights granted in or resulting from the Trustee being a
party to this agreement shall not be affected in any manner whatsoever by
reason only of such event but the Trustee shall, within 90 days after ceasing
to be 

 19
 

authorized to carry on
the business of a trust company in any province or territory of Canada, either
become so authorized or resign in the manner and with the effect specified in
Article 9.

6.15                                                                        Conflicting
Claims

(1)                                  If
conflicting claims or demands are made or asserted with respect to any interest
of any Beneficiary in any Exchangeable Shares, including any disagreement
between the heirs, representatives, successors or assigns succeeding to all or
any part of the interest of any Beneficiary in any Exchangeable Shares, resulting in conflicting claims or
demands being made in connection with such interest, then the Trustee shall be
entitled, in its sole discretion, to refuse to recognize or to comply with any
such claims or demands. In so refusing, the Trustee may elect not to exercise
any Voting Rights, Exchange Right, Automatic Exchange Right or other rights
subject to such conflicting claims or demands and, in so doing, the Trustee
shall not be or become liable to any person on account of such election or its
failure or refusal to comply with any such conflicting claims or demands. The
Trustee shall be entitled to continue to refrain from acting and to refuse to
act until:

(a)                                  the
rights of all adverse claimants with respect to the Voting Rights, Exchange
Right, Automatic Exchange Right or other rights subject to such conflicting
claims or demands have been adjudicated by a final judgement of a court of
competent jurisdiction; or

(b)                                 all
differences with respect to the Voting Rights, Exchange Right or other rights
subject to such conflicting claims or demands have been conclusively settled by
a valid written agreement binding on all such adverse claimants, and the
Trustee shall have been furnished with an executed copy of such agreement.

(2)                                  If
the Trustee elects to recognize any claim or comply with any demand made by any
such adverse claimant, it may in its discretion require such claimant to furnish
such surety bond or other security satisfactory to the Trustee as it shall deem
appropriate to fully indemnify it as between all conflicting claims or demands.

6.16                                                                        Acceptance
of Trust

The Trustee hereby
accepts the Trust created and provided for, by and in this agreement and agrees
to perform the same upon the terms and conditions herein set forth and to hold
all rights, privileges and benefits conferred hereby and by law in trust for
the various persons who shall from time to time be Beneficiaries, subject to
all the terms and conditions herein set forth.

ARTICLE 7

COMPENSATION

7.1                                                                               Fees
and Expenses of the Trustee

The Trustee will invoice
US Gold for its fees and expenses under this agreement. US Gold, Alberta ULC
and Canadian Exchange Co. jointly and severally agree to pay the Trustee
reasonable compensation for all of the services rendered by it under this
agreement and will reimburse the Trustee for all reasonable expenses
(including, but not limited to, taxes other than taxes based on the net income or
capital of the Trustee, fees paid and disbursements reimbursed to legal counsel
and other experts and advisors and agents and assistants, and travel expenses)
and disbursements, including the cost and

 

 20

expense of any suit or
litigation of any character and any proceedings before any governmental agency,
and including fees and expenses for attendance at any US Gold Meeting,
reasonably incurred by the Trustee in connection with its duties under this
agreement; provided that US Gold, Alberta ULC and Canadian Exchange Co. shall
have no obligation to reimburse the Trustee for any expenses or disbursements
paid, incurred or suffered by the Trustee in any suit or litigation or any such
proceedings in which the Trustee is determined to have acted in bad faith or
with fraud, negligence, recklessness or wilful misconduct.

ARTICLE 8

INDEMNIFICATION AND LIMITATION OF LIABILITY

8.1                                                                               Indemnification
of the Trustee

(1)                                  US
Gold, Alberta ULC and Canadian Exchange Co. jointly and severally agree to
indemnify and hold harmless the Trustee and each of its directors, officers,
employees and agents appointed and acting in accordance with this agreement
(collectively, the “Indemnified Parties”)
against all claims, losses, damages, reasonable costs, penalties, fines and
reasonable expenses (including reasonable expenses of the Trustee’s legal
counsel) which, without fraud, negligence, recklessness, wilful misconduct or
bad faith on the part of such Indemnified Party, may be paid, incurred or
suffered by the Indemnified Party by reason or as a result of the Trustee’s
acceptance or administration of the Trust, its compliance with its duties set
forth in this agreement, or any written or oral instruction delivered to the
Trustee by US Gold, Alberta ULC or Canadian Exchange Co. pursuant hereto.

(2)                                  US
Gold, Alberta ULC or Canadian Exchange Co. shall be notified by the Trustee of
the written assertion of a claim or of any action commenced against the
Indemnified Parties, promptly after any of the Indemnified Parties shall have
received any such written assertion of a claim or shall have been served with a
summons or other first legal process giving information as to the nature and
basis of the claim.  Provided that the
omission to so notify US Gold, Alberta ULC or Canadian Exchange Co. shall not
relieve US Gold, Alberta ULC or Canadian Exchange Co. of any liability which
any of them may have to any Indemnified Party except to the extent that any
such delay prejudices the defence of any such claim or action or results in any
increase in the liability which US Gold, Alberta ULC or Canadian Exchange Co.
have under this indemnity.  Subject to
(ii) below, US Gold, Alberta ULC and Canadian Exchange Co. shall be entitled to
participate at their own expense in the defence and, if US Gold, Alberta ULC
and Canadian Exchange Co. so elect at any time after receipt of such notice,
either of them may assume the defence of any suit brought to enforce any such
claim. The Trustee shall have the right to employ separate counsel in any such
suit and participate in the defence thereof, but the fees and expenses of such
counsel shall be at the expense of the Trustee unless: (i) the employment of
such counsel has been authorized by US Gold, Alberta ULC or Canadian Exchange
Co.; or (ii) the named parties to any such suit include both the Trustee and US
Gold, Alberta ULC or Canadian Exchange Co. and the Trustee shall have been
advised by counsel acceptable to US Gold, Alberta ULC or Canadian Exchange Co.
that there may be one or more legal defences available to the Trustee that are
different from or in addition to those available to US Gold, Alberta ULC or
Canadian Exchange Co. and that, in the judgement of such counsel, would present
a conflict of interest were a joint representation to be undertaken (in which
case US Gold, Alberta ULC and Canadian Exchange Co. shall not have the right to
assume the defence of such suit on behalf of the Trustee but shall be liable to
pay the reasonable fees and expenses of counsel for the 

 21
 

Trustee). The
indemnities contained in this Article 8 shall survive the termination of the
Trust and the resignation or removal of the Trustee.

8.2                                                                               Limitation
of Liability

The Trustee shall not be
held liable for any loss which may occur by reason of depreciation of the value
of any part of the Trust Estate or any loss incurred on any investment of funds
pursuant to this agreement, except to the extent that such loss is attributable
to the fraud, negligence, recklessness, wilful misconduct or bad faith on the
part of the Trustee.

ARTICLE 9

CHANGE OF TRUSTEE

9.1                                                                               Resignation

The Trustee, or any
trustee hereafter appointed, may at any time resign by giving written notice of
such resignation to US Gold, Alberta ULC and Canadian Exchange Co. specifying
the date on which it desires to resign, provided that such notice shall not be
given less than sixty (60) days before such desired resignation date unless US
Gold, Alberta ULC and Canadian Exchange Co. otherwise agree and provided
further that such resignation shall not take effect until the date of the
appointment of a successor trustee and the acceptance of such appointment by
the successor trustee. Upon receiving such notice of resignation, Canadian
Exchange Co. shall promptly appoint a successor trustee, which shall be a
corporation organized and existing under the laws of Canada and authorized to
carry on the business of a trust company in all provinces and territories of
Canada, by written instrument in duplicate, one copy of which shall be
delivered to the resigning trustee and one copy to the successor trustee.
Failing the appointment and acceptance of a successor trustee, a successor
trustee may be appointed by order of a court of competent jurisdiction upon
application of one or more of the parties to this agreement. If the retiring
trustee is the party initiating an application for the appointment of a
successor trustee by order of a court of competent jurisdiction, US Gold,
Alberta ULC and Canadian Exchange Co. shall be jointly and severally liable to
reimburse the retiring trustee for its legal costs and expenses in connection
with same.

9.2                                                                               Removal

The Trustee, or any
trustee hereafter appointed, may (provided a successor trustee is appointed) be
removed at any time on not less than sixty (60) days’ prior notice by written
instrument executed by US Gold, Alberta ULC and Canadian Exchange Co., in
duplicate, one copy of which shall be delivered to the trustee so removed and
one copy to the successor trustee, provided that such removal shall not take
effect until the date of acceptance of appointment by the successor trustee.

9.3                                                                               Successor
Trustee

Any successor trustee
appointed as provided under this agreement shall execute, acknowledge and
deliver to US Gold, Alberta ULC and Canadian Exchange Co. and to its
predecessor trustee an instrument accepting such appointment. Thereupon the
resignation or removal of the predecessor trustee shall become effective and
such successor trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, duties and obligations of its
predecessor under this agreement, with the like effect as if originally named
as trustee in this agreement. However, on the written request of US Gold,
Alberta ULC and Canadian Exchange Co. or of the successor trustee, the trustee
ceasing to act shall, upon payment of any amounts then due to it pursuant to
the provisions of this agreement, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee
so ceasing to act. Upon the request of any such successor trustee, US Gold,
Alberta 

 22
 

ULC, Canadian Exchange
Co. and such predecessor trustee shall execute any and all instruments in
writing for more fully and certainly vesting in and confirming to such
successor trustee all such rights and powers. 
Notwithstanding the foregoing, any corporation to which all or
substantially all of the business of the Trustee is transferred shall
automatically become the successor trustee without any further act.

9.4                                                                               Notice
of Successor Trustee

Upon acceptance of
appointment by a successor trustee as provided herein, US Gold, Alberta ULC and
Canadian Exchange Co. shall cause to be mailed notice of the succession of such
trustee hereunder to each Beneficiary specified in a List. If US Gold, Alberta
ULC or Canadian Exchange Co. shall fail to cause such notice to be mailed
within 10 days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be mailed at the expense of US
Gold, Alberta ULC and Canadian Exchange Co.

ARTICLE 10

AMENDMENTS AND SUPPLEMENTAL TRUST AGREEMENTS

10.1                                                                        Amendments,
Modifications, etc.

Subject to Section 10.2
thereof, this agreement may not be amended or modified except by an agreement
in writing executed by US Gold, Alberta ULC, Canadian Exchange Co. and the
Trustee and approved by the Beneficiaries in accordance with Section 9.2 of the
Share Provisions.

10.2                                                                        Ministerial
Amendments

Notwithstanding the
provisions of Section 10.1, the parties to this agreement may in writing, at
any time and from time to time, without the approval of the Beneficiaries,
amend or modify this agreement for the purposes of:

(a)                                  adding
to the covenants of any or all parties hereto for the protection of the
Beneficiaries hereunder provided that the board of directors of each of
Canadian Exchange Co., Alberta ULC and US Gold shall be of the good faith
opinion (confirmed in writing by each to the Trustee) that such additions will
not be prejudicial to the rights or interests of the Beneficiaries;

(b)                                 making
such amendments or modifications not inconsistent with this agreement (as
confirmed in writing by Canadian Exchange Co. which may be relied upon by the
Trustee), as may be necessary or desirable with respect to matters or questions
which, in the good faith opinion of the board of directors of each of US Gold,
Alberta ULC and Canadian Exchange Co. (confirmed in writing by each to the
Trustee) and in the opinion of the Trustee, in reliance upon a certificate of
Canadian Exchange Co., having in mind the best interests of the Beneficiaries,
it may be expedient to make, provided that such boards of directors (confirmed
in writing by each to the Trustee) and the Trustee, acting in reliance upon a
certificate of Canadian Exchange Co., shall be of the opinion that such
amendments and modifications will not be prejudicial to the rights or interests
of the Beneficiaries as a whole; or

(c)                                  making
such changes or corrections which, on the advice of counsel to US Gold, Alberta
ULC, Canadian Exchange Co. and the Trustee, are required for the 

 23
 

purpose of
curing or correcting any ambiguity or defect or inconsistent provision or
clerical omission or mistake or manifest error.

10.3                                                                        Meeting
To Consider Amendments

Canadian Exchange Co., at
the request of US Gold, shall call a meeting or meetings of the Beneficiaries
for the purpose of considering any proposed amendment or modification requiring
approval pursuant hereto. Any such meeting or meetings shall be called and held
in accordance with the by-laws of Canadian Exchange Co., the Share Provisions
and all applicable laws.

10.4                                                                        Changes
in Capital of US Gold and Canadian Exchange Co.

At all times after the
occurrence of any event contemplated pursuant to Section 2.7 or 2.8 of the
Support Agreement or otherwise, as a result of which either US Gold Common
Stock or the Exchangeable Shares or both are in any way changed, this agreement
shall forthwith be amended and modified as necessary in order that it shall
apply with full force and effect, mutatis mutandis, to all new securities into
which US Gold Common Stock or the Exchangeable Shares or both are so changed
and the parties hereto shall execute and deliver a supplemental trust agreement
giving effect to and evidencing such necessary amendments and modifications.

10.5                                                                        Execution
of Supplemental Trust Agreements

Notwithstanding Section
10.1, from time to time Canadian Exchange Co. (when authorized by a resolution
of its Board of Directors), US Gold (when authorized by a resolution of its
board of directors) and the Trustee may, subject to the provisions of these
presents, and they shall, when so directed by these presents, execute and
deliver by their proper officers, trust agreements or other instruments
supplemental hereto, which thereafter shall form part hereof. In executing or
accepting the supplemental trusts created by any supplemental indenture
permitted by this Article 10, the Trustee will be entitled to receive and
(subject to Article 6) will be fully protected in relying upon an Officer’s
Certificate and opinions of counsel stating that the execution of such
supplemental indenture is authorized or permitted in this agreement.

ARTICLE 11

TERMINATION

11.1                                                                        Term

The Trust created by this
agreement shall continue until the earliest to occur of the following events:

(a)                                  no
outstanding Exchangeable Shares are held by a Beneficiary;

(b)                                 each
of US Gold, Alberta ULC and Canadian Exchange Co. elects in writing to
terminate the Trust and such termination is approved by the Beneficiaries in
accordance with Section 9.2 of the Share Provisions; and

(c)                                  21
years after the death of the last survivor of the descendants of His Majesty
King George VI of Canada and the United Kingdom of Great Britain and Northern
Ireland living on the date of the creation of the Trust.

 24
 

11.2                                                                        Survival
of Agreement

This agreement shall
survive any termination of the Trust and shall continue until there are no
Exchangeable Shares outstanding held by a Beneficiary; provided, however, that
the provisions of Article 7 and Article 8 shall survive any termination of this
agreement.

ARTICLE 12

GENERAL

12.1                                                                        Severability

If any term or other
provision of this agreement is invalid, illegal or incapable of being enforced
by reason of any rule or law, or public policy, all other conditions and
provisions of this agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify
this agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner to the end that the transactions contemplated
hereby are fulfilled to the fullest extent possible.

12.2                                                                        Enurement

This agreement shall be
binding upon and enure to the benefit of the parties hereto and their
respective successors and permitted assigns and, subject to the terms hereof,
to the benefit of the Beneficiaries.

12.3                                                                        Notices
to Parties

Any notice and other
communications required or permitted to be given pursuant to this agreement
shall be in writing and shall be deemed sufficiently given if delivered in
person or if sent by facsimile transmission (provided such transmission is
recorded as being transmitted successfully) at or to the address or facsimile
telephone number set forth beneath the name of such party below:

If to Canadian
Exchange Co. or Alberta ULC:

2900 Manulife Place

10180-101 Street

Edmonton, Alberta

T5J 3V5

Facsimile No.: (780) 423-7276

Attention:  Corporate Secretary

If to US Gold:

165 South Union

Suite 565

Lakewood, CO 80228

Facsimile No.: (303) 238-1438

Attention:  William F. Pass

 25
 

In the case of
Canadian Exchange Co., Alberta ULC and US Gold, with copy to:

Fraser Milner Casgrain LLP

1 First Canadian Place

100 King Street West, Suite 3900

Toronto, Ontario

M5X 1B2

Attention: 
Michael Melanson

Fax:  (416) 863-4592

If to the Trustee:

Computershare Trust Company of Canada

600, 530 8th Avenue S.W.

Calgary, Alberta   T2P 3S8

Attention: 
Manager, Corporate Trust

Fax:  (403) 267-6598

or at such other address
as the party to which such notice or other communication is to be given has
last notified the party giving the same in the manner provided in this section.
Any notice given shall be deemed to have been received on the date of such
delivery or sending. Provided that if any notice or other communication to
which this section applies is given or delivered by facsimile transmission and
is recorded as having been transmitted successfully after 5:00 pm (local time
of recipient) on a business day or at any time on a day that is not a business
day, such notice or other communication shall be deemed to have been given or
delivered and received on the following business day.

12.4                                                                        Notice
to Beneficiaries

Any notice, request or
other communication to be given to a Beneficiary shall be in writing and shall
be valid and effective if given by mail (postage pre-paid or by delivery, to
the address of the holder recorded in the securities register of Canadian
Exchange Co. or, in the event of the address of any such holder not being so
recorded, then at the last known address of such holder. Any such notice,
request or other communication, if given by mail, shall be deemed to have been
given and received on the fifth day following the date of mailing and, if given
by delivery, shall be deemed to have been given and received on the date of
delivery. Accidental failure or omission to give any notice, request or other
communication to one or more holders of Exchangeable Shares, or any defect in
such notice, shall not invalidate or otherwise alter or affect any action or
proceeding to be taken pursuant thereto.

12.5                                                                        Risk
of Payments By Post

Whenever payments are to
be made or certificates or documents are to be sent to any Beneficiary by the
Trustee or by Canadian Exchange Co., Alberta ULC, US Gold or by such
Beneficiary to the Trustee or to US Gold or Alberta ULC or Canadian Exchange
Co., the making of such payment or sending of such certificate or document sent
through the post shall be at the risk of Canadian Exchange Co., in the case of
payments made or documents by the Trustee or Canadian Exchange Co. or Alberta
ULC or US Gold and the Beneficiary, in the case of payments made or documents
by the Beneficiary.

 26
 

12.6                                                                        Counterparts

This agreement may be
executed in counterparts (by facsimile or otherwise), each of which shall be
deemed an original, but all of which taken together shall constitute one and
the same instrument.

12.7                                                                        Jurisdiction

This agreement shall be
construed and enforced in accordance with the laws of the Province of Ontario
and the laws of Canada applicable therein.

12.8                                                                        Attornment

Each of the Trustee, US
Gold, Alberta ULC and Canadian Exchange Co. agrees that any action or
proceeding arising out of or relating to this agreement or any of the
transactions contemplated by this agreement may be instituted in the courts of
Ontario, waives any objection which it may have now or hereafter to the venue
of any such action or proceeding, irrevocably submits to the non-exclusive
jurisdiction of the said courts in any such action or proceeding, agrees to be
bound by any judgement of the said courts and not to seek, and hereby waives,
any review of the merits of any such judgement by the courts of any other
jurisdiction, and each of US Gold and Alberta ULC hereby appoint Canadian
Exchange Co. at its registered office in the Province of Alberta as attorney
for service of process.

IN WITNESS WHEREOF the
parties hereto have caused this agreement to be duly executed as of the date
first above written.

	
  

  	
  US GOLD CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William F. Pass

  
	
   

  	
  Name:

  	
  William F. Pass

  
	
   

  	
  Title:

  	
  VP, C.F.O. and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  US GOLD ALBERTA ULC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William F. Pass

  
	
   

  	
  Name:

  	
  William F. Pass

  
	
   

  	
  Title:

  	
  VP, C.F.O. and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  US GOLD CANADIAN ACQUISITION CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William F. Pass

  
	
   

  	
  Name:

  	
  William F. Pass

  
	
   

  	
  Title:

  	
  VP, C.F.O. and Secretary

  

 

 27
 

 

	
  

  	
  COMPUTERSHARE TRUST COMPANY OF CANADA

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dan Sander

  
	
   

  	
  Name:

  	
  Dan Sander

  
	
   

  	
  Title:

  	
  Professional Corporate Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia Selby

  
	
   

  	
  Name:

  	
  Patricia Selby

  
	
   

  	
  Title:

  	
  Professional Corporate Trustee

  

 

 

 28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]