US Gold Corporation (NYSE:UXG,TSX:UXG) and Minera Andes (TSX:MAI) announced the latest information on their proposed merger.

The press release is quoted as saying:

Based upon the input of their independent financial advisors, each special committee has directed its legal counsel to continue due diligence and begin negotiation of binding transaction agreements at a ratio of 0.45 of a US Gold common share for each 1.0 Minera Andes common share held.

Click here to read the entire news release.