US Precious Metals, Inc. (USPR) Restructures Resource Technology Corp. Contract
February 05 2014 - 2:11PM
US Precious Metals, Inc. ("Company") (OTCBB:USPR) is pleased to
announce that on January 30, 2014 it entered into an agreement with
Resource Technology Corp. ("RTC") to restructure their pre-existing
contract.
Following the successful completion of Phase 1 Satellite imaging
carried out in September 2013, USPR entered into talks with RTC
with regard to restructuring the agreement that existed between
both parties. (See Press release dated September 19th 2013).
The new terms consist of reducing the 300 million share payment
to RTC to preferred shares convertible into 125 Million common USPR
shares. RTC, backed by Plasmafication Technologies Holdings (PTH)
has committed to contribute $5 million to USPR over the next 12
months. In conjunction with this, they have also agreed to use best
efforts to work at removing existing debt from the Company's
balance sheet. Other aspects of the revised agreement include
USPR's use of the Plasma processing plant for 5 days per month to
process ore from our Mexican concession, with 100% of these
revenues going directly to USPR. PTH agreed to build a separate
processing plant exclusively for USPR's use at cost with PTH
contributing 1/3rd of these construction costs. Moreover, and as
part of the transaction, USPR receives a 25-year License for use of
plasmafication technologies of metallic rich ores and
concentrates.
Mr. Jerry Pane CEO of USPR stated, " I am delighted to present
to our shareholders a revised agreement with RTC that now reflects
the very exciting results of our Phase I satellite imaging
reports." Mr. Pane continued, "we're also very pleased to report
that the corresponding groundwork from the satellite imaging is now
on the schedule for this month and we will release results
forthwith."
About PTH:
Plasma processing employs an advanced thermal process (in excess
of 7,000 F) which breaks down ore concentrates into their basic
elemental state. The plasma-based process, called Plasmafication,
is state-of-the-art technology developed in conjunction with
leading U.S. universities; specifically designed for precious metal
separation, and the Company is excited that it will be the first in
the industry to implement it. This process will yield significantly
greater processing returns than conventional milling processes
currently employed in the mining industry.
About USPR:
US Precious Metals, Inc. is an exploration stage company engaged
in the acquisition, exploration and development of mineral
properties. We focus on gold, silver and copper primarily located
in the State of Michoacán, Mexico owning exploration and
exploitation concessions to approximately 37,000 contiguous acres
of mineral rights.
For information contact, Mr. Steve Chizzik, Investor Relations,
The Verrazano Group, LLC, +1(973) 232 5132, www.usprgold.com.
This release contains forward-looking statements which involve
known and unknown risks, delays, and uncertainties not under the
Company's control which may cause actual results, performance or
achievements of the Company to be materially different from
results, performance or expectations implied by these
forward-looking statements.
CONTACT: Steve Chizzik
Investor relations
The Verrazano Group, LLC
+1(973) 232 5132 Office