Current Report Filing (8-k)
September 11 2014 - 10:02AM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: September 11, 2014
(Date of earliest event reported)
U.S. PRECIOUS METALS, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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000-50703
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14-1839426
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer I.D. No.)
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176 Route 9 North
Suite 306
Marlboro, NJ 07728
(Address of Principal Executive Offices)
(732) 851-7707
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01. Other Information.
On September 11, 2014, the Company released its Chairman's letter to shareholders of the same date. A copy of that letter is attached hereto as Exhibit 99.1
This above referenced Chairman's letter which is attached hereto as Exhibit 99.1 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. Please refer to the Company's Form 10-K for the Fiscal Year ended May 31, 2014 for more information concerning the Company, including its risks and uncertainties.
Item 9.01. Financial Statements and Exhibits.
99.1 Chairman's Letter to Shareholders dated September 11, 2014.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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U.S. PRECIOUS METALS, INC.
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By:
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/s/ Gennaro Pane
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Name: Gennaro Pane
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Title: Chief Executive Officer
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Date: September 11, 2014
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3
Exhibit 99.1
September 11, 2014
Dear Shareholder:
I would like to take this opportunity to update you on the status of our geophysical
ground work as well as provide a brief summary of our prior exploration efforts. We believe that our prior exploration efforts will provide some context to our recent satellite imagery results and forthcoming ground results. I believe it will be helpful for you to understand the relationship between our prior drill holes and the corresponding satellite imaging.
Release of Geophysical Results.
On June 18, 2014, we announced that Mesa Acquisition Group, LLC (MAG) completed the ground geophysical work on approximately 2,000 acres of our property in Mexico. At that time, we expected to receive results within 60 days post completion. We have been informed that the results have been processed and received by MAG. We expect to receive and begin reviewing these results tomorrow and continuing throughout the weekend. We will release these results following completion of our staff review.
Prior Exploration Efforts.
During our 2008 and 2010 drilling campaigns, we core drilled areas of interest, known as the Main Zone, North Zone and Southern Extension. More recently as you know, we completed a satellite imagery program on 2,000 acres which encompassed part of these subject areas. The satellite imagery detected 71 anomalies suggesting gold mineralization.
The attached Exhibit I depicts the 71 anomalies, however, for security reasons we have not included GPS coordinates of these locations.
The attached Exhibit II provides excerpted results of our core drilling programs. These results are limited to core intercepts with > 7/grams/ton of gold. Note that this Exhibit does not represent the complete results of our programs. More complete results of our two drilling programs can be found in our NI 43-101 report (see Exhibit D and elsewhere therein) linked here: http://www.usprgold.com/exploration/ni43101report.
The attached Exhibit III is an overlay of many of our high grade drilling core intercepts (>7 grams/ton of gold) on a number of the anomalies identified by the satellite imagery.
I would like to thank all shareholders for your patience and support, as we know this technology process has taken much longer than expected. Many of the delays attributable to the geophysical ground results were due to the unrest that exists today in the Ukraine, and thankfully have been completed.
I hope this information will allow you to better appreciate the ground results that we will be reporting next week.
If you have any questions concerning the Company, please feel free to call Mr. Steve Chizzik at the Verrazano Group, our Investor Relations company. His number is 201 232 5132.
Respectfully,
/s/ Gennaro Pane
Gennaro Pane
Chairman
EXHIBIT I
Identification of the 71 Anomalies
EXHIBIT II
Core drilling intercepts
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DHID
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From(m)
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To(m)
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Thickness
(meters)
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Au_g/t
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Cu%
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Ag_g/t
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LS08-05
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92.7
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93.3
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0.6
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8.229
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2.69
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124.114
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LS08-05
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113.4
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114.0
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0.6
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19.063
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1.17
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42.514
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LS08-05
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121.9
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122.5
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0.6
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17.006
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3.17
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123.086
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LS08-05
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122.5
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123.1
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0.6
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18.789
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2.62
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91.886
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LS08-05
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123.1
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123.8
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0.7
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19.817
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0.19
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67.886
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LS08-05
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123.8
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124.4
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0.6
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29.074
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0.12
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35.314
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LS08-05
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124.4
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125.0
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LS08-05
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125.0
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125.6
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0.6
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8.400
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0.08
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12.000
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LS08-05
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160.9
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161.5
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0.6
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12.000
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0.34
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33.600
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LS08-06
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58.5
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59.1
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0.6
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13.166
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0.26
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19.886
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LS08-06
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75.0
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75.6
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0.6
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19.886
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0.17
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28.114
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LS08-06
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75.6
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76.2
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0.6
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11.006
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1.63
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32.229
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LS08-06
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79.9
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80.5
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0.6
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8.366
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0.10
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13.714
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LS08-06
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81.7
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82.3
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0.6
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10.491
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0.18
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18.514
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LS08-06
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82.3
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82.9
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0.6
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42.171
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0.17
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19.543
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LS08-06
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82.9
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83.5
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0.6
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20.057
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0.16
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10.971
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LS08-08
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47.5
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48.2
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0.7
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25.920
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6.27
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86.743
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LS08-08
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48.2
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48.8
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0.6
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25.029
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2.20
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52.114
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LS08-09
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70.7
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71.3
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0.6
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10.560
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3.78
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137.143
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LS08-10
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51.8
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52.4
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0.6
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11.589
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0.58
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62.400
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LS08-10
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53.0
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53.6
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0.6
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12.514
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6.42
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121.371
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LS08-11
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96.3
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96.9
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0.6
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9.497
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0.23
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16.457
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LS08-11
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146.9
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147.5
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0.6
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13.406
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0.21
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18.514
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LS08-14
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42.7
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43.3
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0.6
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9.710
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1.96
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125.000
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LS10-001
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16.6
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17.1
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0.5
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8.226
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1.09
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36.468
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LS10-001
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17.7
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18.1
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0.4
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33.800
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2.46
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150.000
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LS10-002
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2.1
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2.4
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0.3
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7.380
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0.65
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49.500
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LS10-002
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2.4
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3.0
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0.6
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66.500
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0.35
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64.500
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LS10-002
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69.2
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69.5
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0.3
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37.000
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4.37
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158.000
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LS10-004
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16.5
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17.1
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0.6
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36.400
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6.73
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208.000
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LS10-004
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17.1
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17.7
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0.6
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10.450
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2.21
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83.800
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LS10-005
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212.0
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213.0
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1.0
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51.300
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3.82
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183.000
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LS10-005
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230.0
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231.0
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1.0
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18.050
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1.42
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39.500
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LS10-006
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6.0
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7.0
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1.0
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7.880
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1.82
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61.500
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LS10-006
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8.0
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8.5
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0.5
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19.550
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1.46
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83.200
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LS10-006
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18.5
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19.5
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1.0
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7.930
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1.35
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40.500
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DHID
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From(m)
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To(m)
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Au_g/t
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Cu%
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Ag_g/t
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LS10-007
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16.0
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17.0
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1.0
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15.650
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1.35
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64.100
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LS10-007
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17.0
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18.0
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1.0
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28.800
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3.66
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116.000
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LS10-007
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22.5
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23.0
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0.5
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7.450
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1.17
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56.300
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LS10-007
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23.0
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24.0
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1.0
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27.300
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4.38
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197.000
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LS10-007
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26.0
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27.0
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1.0
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12.900
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2.42
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71.500
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LS10-007
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27.0
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28.0
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1.0
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6.970
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0.46
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40.200
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EXHIBIT III
Overlay Map
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