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Tone Completes USGL take over Documents

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TONE (TNS.V) Resources Completes USGL take over Documents 2006-06-12 19:15 ET - News Release Mr. Scott Baxter reports UPDATE TO PROPOSED OFFER BY U.S. GOLD Tone Resources Ltd. wishes to clarify its position with respect to the news release issued by U.S. Gold Corp. on June 5, 2006. Tone believes that it has done everything it can do in order to assist U.S. Gold in making a formal offer to its shareholders. Tone submitted a letter in support of U.S. Gold's application to the Canadian securities regulators for an exemption from the requirement that it obtain a formal valuation of certain companies which U.S. Gold announced it was going to make an offer for, including Tone. On April 26, 2006, after Tone learned that U.S. Gold's exemption application would not be granted by the Ontario and Quebec securities commissions, it instructed its financial advisers to proceed forthwith with preparation of a valuation. Prior to this a fairness opinion had already been initiated by Tone on April 5, 2006. On May 11, 2006, the valuation was completed and delivered to U.S. Gold. On June 6, 2006, Tone delivered to U.S. Gold drafts of Tone's financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), which U.S. Gold must include in the United States S-4 registration statement. U.S. Gold must include these financial statements in its offer. Completion of these financial statements and the consent of Tone's auditors to inclusion of the financial statements in the registration statement now await only an indication from U.S. Gold that it is satisfied with the form of the statements. Contact: Scott Baxter, President, Email: [e-mail] North America Toll Free: 1-888-737-2454, Tel: [phone], Fax: [phone] Website: www.ToneResources.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.