In response to our April 1 online article, Rob McEwen assembles building blocks for his next enterprise, Gary Robertson responded: News to me – when did U.S. Gold take over Coral? Being a Coral director, Mr. Robertson is in a position to know. In fact, Coral Gold was not one of the companies taken over in late March by Rob McEwens U.S. Gold. No, this was not an April Fools trick on our part; we hope our mistake did not cause readers confusion.
Coral had been on U.S. Golds radar screen for possible takeover, but on January 18, 2007, U.S. Gold announced that it has decided not to pursue its proposed offer for Coral Gold Resources Ltd. at this time in view of certain regulatory requirements that would need to be satisfied by Coral Gold Resources prior to the commencement by U.S. Gold of a formal tender offer. U.S. Gold was concerned that the possible undue delay and expense arising from the satisfaction of those regulatory requirements could possibly jeopardize the proposed offers for the other three companies. In the future, U.S. Gold may re-evaluate its intention to acquire Coral Gold Resources.