Intertainment Media Provides Ortsbo Transaction Update

TORONTO, CANADA–(Marketwire – Nov. 28, 2011) – Intertainment Media Inc. (“Intertainment” or the “Company”) (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) is pleased to provide a further update on the status of its subsidiary, Ortsbo Inc. (“Ortsbo”). Based on the continued growth of Ortsbo and the analysis with key strategic advisors to increase value to the Company and its shareholders, Intertainment intends to initiate the process to “spin out” Ortsbo and consider independent applications for listing on senior Exchanges in Canada and the United States. This transaction will be subject to all applicable board, shareholder and regulatory approvals.

As part of the process, the intention is for Intertainment to retain significant interest in the new enterprise, allowing it to gain from any increase in valuation of Ortsbo as an independent company and to use those gains to continue to develop and support exciting new technology and new media assets with the goal of creating additional independent enterprises. This strategy is consistent with Intertainment’s mandate to create, nurture and invest in high growth enterprises.

To date, Ortsbo has garnered significant interest by US Banks, Venture and investment firms and has already received interest for a lead order of $20 Million from a US Institution at an anticipated pre-money valuation for Ortsbo Inc. of a minimum $210 Million USD, with further potential interest for additional financing. This provides Ortsbo, as an independent division of Intertainment with a significantly higher independent value than the total current enterprise of the Company as a whole.

With the guidance and foresight of Intertainment’s strategic investment and incubation program, Ortsbo has quickly grown to over 40 Million Monthly Unique Users and has generated in excess of 1.3 Billion minutes of User Engagement, surpassing growth of Facebook, Gmail, Foursquare and other major social media platforms in its first year. To capitalize on the increasing enterprise valuations in the social media sector, Intertainment feels that the best methodology for continued increased value is to allow Ortsbo to grow as an independent firm.

Ortsbo is currently reviewing its strategic operations plan, together with its advisors, as it plans to establish a world-class executive team, senior social media, linguistic, marketing and technology staff to continue the accelerated growth and generate sustainable revenue programs. It is proposed that Ortsbo’s head office will be located in Southern California to take advantage of the rich resources in the social media, venture, and entertainment industries in those regions, with significant development and operations residing in the Toronto and New York City regions.

Upon discussions with Intertainment’s Board of Directors, advisors and counsel, an initial strategic plan has been established, which includes arms length 3rd party financing, and a separate Board of Directors allowing it to work towards the independent listing requirements.

Management has presented, as part of the initial strategic plan, a proposal to issue subject to tax and regulatory review, in conjunction with the completion of the proposed spin out, the Company would affect a dividend whereby shareholders of Intertainment, as of an effective record date, to be set in early January 2012, will, in total, receive up to 20% of the pre-money value of Ortsbo by way of common stock received by Intertainment in the new Ortsbo publicly listed entity. Under the terms of the proposal, the dividend will be distributed to record date shareholders as Ortsbo common stock.

“Management and the Board of Intertainment, along with our strategic advisors feel that the value and the Ortsbo brand, along with future opportunities would be accelerated as an independent company,” said David Lucatch, President of Ortsbo / CEO of Intertainment Media Inc. “To unlock the value and potentially gain from the future of Ortsbo, we feel that potential senior Exchange listings are the ideal opportunity to foster this objective, giving our current and future shareholders a stake in the growth of Ortsbo while validating the Intertainment incubation model.”

The Company will provide further details as they become available.

US Gold Announces Positive Preliminary Feasibility Study for Gold Bar Project, Nevada

Toronto, Ontario (November 28, 2011) – US GOLD CORPORATION (NYSE.AMEX: UXG – TSX: UXG) is pleased to announce results of a Preliminary Feasibility Study (“PFS”) for its 100% owned Gold Bar Project in Nevada. The PFS was prepared by SRK Consulting (U.S.) Inc. (“SRK”) of Reno, Nevada, in accordance with the requirements of Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”).

Highlights of the Pre-feasibility Study
(All amounts in US dollars)

• Average annual production of approximately 51,000 ounces of gold over an 8-year mine life (total 410,400 ounces), at a cash cost of $665 per ounce (oz).
• Open-pit mine with conventional oxide heap leach processing. Projected gold recovery of 82% after primary crushing to 5 centimeters (2 inches) and a 90-day leach cycle.

• After-tax Net Present Value (NPV) of $36.4 million at $1,200 per oz gold and 8% discount rate, giving an Internal Rate of Return (IRR) of 29%. Based on today’s spot gold price ($1,700 per oz) the after-tax NPV and IRR increase to $109.1 million and 61% respectively.

• Estimated initial capital expenditures of $55.8 million and sustaining capital of $38.5 million, for total life-of-mine (LoM) capital expenditures of $94.3 million. Pay-back period of 2.6 years at $1,200 per oz gold, or 1.4 years based on the spot gold price ($1,700 per oz).

Financial Analysis

The PFS calculates a Base Case (gold price of $1,200 per ounce) after-tax NPV of $36.4 million, an IRR of 29%, and average after-tax cash flow from operations of $18.1 million per year.

The financial metrics for the projects are stated both after-tax and pre-tax. US Gold has included pre-tax metrics for comparability with our peer companies, many of which have published preliminary economic studies on a pre-tax basis prior to recent NI 43-101 changes. Economic sensitivities at different metals prices and discount rates are calculated as follows:

Capital

Capital costs for the PFS include all activities required prior to and during development of the mine. Initial capital is estimated at $55.8 million including $7.7 million (16%) for contingencies. Additional capital expenses such as a heap leach expansion and reclamation and closure obligations bring the total life-of-mine capital required to $94.3 million including $13.9 million (17%) for contingencies. The PFS assumes that a contract miner will be employed to operate the mining fleet, and that new capital equipment will be purchased for the operation. Capital costs are summarized as follows:

Operating Costs

Operating costs per ore tonne processed and per payable ounce (after refining) are as follows:

Mining and Processing

The PFS evaluates the use of open pit mining and heap leach processing of oxide material at a rate of approximately 5,500 tonnes per day. Processing will consist of primary crushing to a size of 5 centimetres (cm) or 2 inches with agglomeration applied as required. Sodium cyanide and cement consumption are expected to be 0.25 kilograms (kg) per tonne (0.5 pounds (lbs) per ton) and 2.5 kg/tonne (5 lbs/ton) respectively. Over the mine life, production will total 15.1 million tonnes of ore at 1.0 gram per tonne (gpt) gold or 0.03 ounces per ton (opt) gold for total recoverable gold of 410,400 ounces (oz). The proposed production schedule is as follows:

Permitting

The Gold Bar Project, in Eureka County, Nevada, is located on public lands managed by the Bureau of Land Management (BLM) Battle Mountain Field Office, and on patented lands. The BLM and the Nevada Division of Environmental Protection (NDEP) will be the primary regulatory agencies responsible for ensuring environmental protection as the Gold Bar Project progresses through permitting and approval processes. US Gold believes that both permitting processes (Federal and State) can be accelerated by completing certain activities concurrently when appropriate. The Gold Bar Project will also require environmental review pursuant to the National Environmental Policy Act (NEPA).

US Gold believes that the level of detail in the PFS is sufficient to make a positive production decision without a full feasibility study being completed. The intention is therefore to proceed directly to the permitting phase and move towards productions as quickly as possible.

Resource Estimate

The updated NI 43-101 compliant resource estimate included in the PFS was developed by SRK and is comprised only of gold resources that fall within the boundaries of a conceptual pit. In this case the conceptual pit was designed at the then one-year trailing average gold price of $1,500/oz. This approach differs from previously published resource estimates on the project, which were unconstrained resources. As a result of this difference in approach, the stated resource estimate by SRK is lower. The updated resource is as follows:

*Notes:

• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves;
• Resources stated are contained within a potentially economically minable open pit stated above a 0.30 gpt Au cut-off grade;
• Variable density was applied to tonnage estimates as determined during metallurgical test work;
• Pit optimization is based on an assumed gold price of $1,500/oz, metallurgical recovery of 82% and a processing and G&A cost of $7.99/tonne;
• A NI 43-101 compliant technical report containing the “Mineral Resource Estimate” will be filed on SEDAR and posted on US Gold’s website (www.usgold.com). The resource estimate was completed using Datamine© mining software by Frank Davies (SRK Consulting Associate) a “Qualified Person” and “Independent” of US Gold within the meaning of NI 43-101;
• Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

Reserves

The PFS establishes reserves under NI 43-101 for the Gold Bar Project. Under NI 43-101 regulations only resources in the measured or indicated category can be included as proven or probable reserves. The reserves estimate is further constrained by the design pits included in the PFS, which demonstrate economic and engineering feasibility in the current mining environment. In this case the reserve pit was designed at the three-year trailing average gold price at the time the reserves were established of $1,100/oz. The underlying assumptions supporting the reserves estimate are as follows:

*Notes: Metallurgical tests to support this assumption conducted by Kappes, Casidday and Associates of Reno, Nevada. Tables detailing the metallurgical test results are attached at the end of this release.

The PFS reserves estimate is as follows:

Metallurgical Testing

The Gold Pick, Gold Ridge and Cabin Creek deposits are well oxidized and occur at elevations above the local water table. Test work indicates that the ore leaches quickly with normal cyanide application, and is enhanced by primary crushing. While determining that 82% gold recovery was reasonable during commercial production, SRK considered three sources of technical information. First, a large volume of cyanide soluble assay data is available for comparison with fire assay results, this ratio of cyanide leach recovery to fire assay recovery is useful in determining which mineralized zones are amenable to heap leach. Second, bottle roll and column testing conducted be Kappes, Casidday and Associates (KCA) between 1984 and 1994 was available for composite samples collected by the projects previous owner. Third, in late 2010 and 2011 US Gold conducted a core-drilling (PQ size) program to collect metallurgical samples from all the main mineral zones, and bulk samples were collected from the existing Gold Pick pit. KCA analysed these samples with supervision and guidance from SKR. Recent test work consisted of bottle roll tests on 74 samples, column tests on 4 core composites and 4 bulk composites. A summary of the 2011 column test results at a 5 cm (2 inch) crush size is as follows:

PROPERTY LOCATION

The Gold Bar Project is located within the Battle Mountain-Eureka-Cortez gold trend in Eureka County, Central Nevada. The property was previously mined from 1990 to 1994 by Atlas Precious Metals Inc. The nearest operating mines are Barrick Gold’s Ruby Hill (approximately 25 miles to the Southeast) and its Cortez Mine (approximately 35 miles to the Northwest).

ABOUT US GOLD

US Gold’s objective is to qualify for inclusion in the S&P 500 by 2015. US Gold explores for gold and silver in the Americas and is advancing its El Gallo Project in Mexico and its Gold Bar Project in Nevada towards production. US Gold’s shares are listed on the NYSE and the TSX under the symbol UXG, trading 2.5 million shares daily during the past twelve months. US Gold’s shares are included in S&P/TSX and Russell indices and Van Eck’s Junior Gold Miners ETF. Rob McEwen, Chairman and CEO, owns 20% of the shares of US Gold.

PROPOSED MERGER & VOTE
On June 14, 2011 the Company announced that Mr. Rob McEwen proposed to combine the Company with Minera Andes to create a high-growth, low-cost, mid-tier silver producer operating in the Americas. Each Minera Andes shareholder would receive 0.45 of a US Gold share for every Minera Andes share held. US Gold shareholders of record at the close of business on the record date, December 12, 2011, will be entitled to notice of and to vote at the special meeting. The special meeting will be held in Toronto on January 19, 2012. The venue will be announced shortly.

QUALIFIED PERSON

Technical information related to the PFS contained in this news release has been reviewed and approved by J. B. Pennington, an independent Qualified Person as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of the information in this release. The report titled “NI 43-101 Preliminary Feasibility Study of US Gold Corporation’s Gold Bar Project” with an effective date of November 28, 2011 has been prepared by SKR Consulting, an independent geological consulting firm with a local office in Reno, Nevada. This report will be available on SEDAR (www.sedar.com) within 180 days.

FORWARD LOOKING STATEMENTS

Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “intends,” “anticipates,” “believes,” “expects” and “hopes” and include, without limitation, statements regarding the Company’s results of exploration, plan of business operations, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

CAUTIONARY STATEMENTS FOR U.S. INVESTORS

US Gold prepares its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, US Gold reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.
Canadian regulations permit the disclosure of resources in terms of “contained ounces”; however, the SEC only permits issuers to report “mineralized material” in tonnage and grade without reference to contained ounces. Under U.S. regulations the tonnage and grade described herein under the “measured” and “indicated” categories would be characterized as mineralized material. The disclosure herein is being made by US Gold to provide a means of comparing its project to those of other companies in the mining industry, many of which are Canadian and report pursuant to NI 43-101, and to comply with applicable disclosure requirements. U.S. investors should be aware that the issuer has no “reserves” as defined by Guide 7 and are cautioned not to assume that any part or all of the potential target mineral resources will ever be confirmed or converted into Guide 7 compliant “reserves”.