U.S. GOLD CORP. — Director's Dealing 2004

Sep 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DATARAM CORP (DRAM-NASDQ)
CIK: 0000027093
Period of Report: 2004-09-15

Reporting Person: DUNCAN JEFFREY H (Vice President, Manufacturing)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-15	Options (9/15/2004)	$6.75	A	8200	Acquired	2009-09-15	Common Stock, $1.00 Par Value (8200)	Direct

Footnotes

F1: Options were granted to the reporting person in consideration of his service as an Executive Officer of the Company. Options were granted at an exercise price equal to the fair market value of the Common Stock on the date of grant.

F2: In addition, the Reporting Person holds options to purchase 75,000 shares at $2.3125 a share which are presently exercisable and which expire on 9/10/2006. The Reporting Person holds options to purchase 150,000 shares at $2.8125 a share which are presently exercisable and which expire on 11/19/2007. The Reporting Person holds options to purchase 8,200 shares at $7.98 a share, of which 4,100 shares are presently exercisable and 2,050 shares each become exercisable on 11/26/2004 and 11/2l6/2005. These options expire on 11/26/2011.

F3: The Reporting Person holds options to purchase 8,200 shares at $2.99, of which 2,050 shares are exercisable, 2,050 shares each become exercisable on 9/18/2004, 9/18/2005 and 9/18/2006. These options expire on 9/18/2012. The Reporting Person holds options to purchase 8,200 shares at $4.09 a share, of which 2,050 shares each become exercisable on 9/18/2004, 9/18/2005, 9/18/2006 and 9/18/2007. These options expire on 9/18/2013.