US Precious Metals, Inc. (USPR) Provides Company Update
December 11 2014 - 1:45PM
Access Wire
NEW YORK, NY /
ACCESSWIRE / December 11, 2014 / US Precious Metals,
Inc.(USPR:OTCQB) provides the following operational update.
The Company is continuing its negotiations with Mesa
Acquisitions Group, LLC (MAG) to restructure its existing mining
development agreement. The parties have discussed the specifics of
MAG commencing a 30,000 meter drilling campaign on our property
sufficient to complete the National Instrument 43-101 compliant
report. This endeavor contemplates a base camp for staff that
supports 4 drilling rigs operating on two 12 hour shifts per days,
7 days per week.
Management has met with MAG on three separate occasions in the
past 30 days and members from MAG have spent the last week in
Mexico developing this plan. The Company expects documentation from
MAG in the coming 7 to 10 days. The cost of this initial endeavor
is estimated to be $10,000,000.
During the groundwork phase of the VERS study, the technicians
covered roughly 300 acres of the 2,000 acres shot by satellite and
provided a very in-depth report to the Company of the values. This
consisted of 11 of the 71 anomalies reported to the company. The
drilling campaign slotted to begin in January 2015, will focus
primarily on these 2,000 acres.
Additionally, as previously reported, upon funding, the Company
also intends to use satellite imaging to explore the remaining
35,000 acres. Unlike the initial satellite imaging program which
isolated only gold anomalies, this proposed imaging program will
identify gold, silver and copper anomalies. After lengthy
discussions with the Ukrainian imaging company, the estimated cost
for this entire image shoot will approximate $3 million, which
compares with $5.8 million if performed in stages. They also have
assured us that results will be received within 60 days from
payment and the unrest in the Ukraine, which caused the excessive
delays in receiving the initial results, will not impact our
proposed program.
The cost of this imaging program will be paid by the Company. In
this regard, Mr. Scott Hartman, board member and director of
Mergers and Acquisitions for the Company, has facilitated term
sheets from potential third party funders who have expressed
interest in funding the drilling program if the Company for any
reason doesn't conclude its drilling program funding with MAG.
Finally, given the current events and negotiations referenced
above, the Company requested and received from Duane Morris, LLP a
payment extension to December 19, 2014. Please refer to our Form
8-K filed on this date for more information concerning this
matter.
For further information, visit the Company's website:
www.usprgold.com.
This press release may contain certain "forward-looking
statements" relating to the business of U.S. Precious Metals, Inc.
and its subsidiary. All statements, other than statements of
historical fact included herein are "forward-looking statements"
including statements regarding the Company's short term business
and operations, the general ability of the Company to achieve its
commercial objectives, the business strategy, plans and objectives
of the Company and its subsidiaries; and any other statements of
non-historical information. These forward-looking statements are
often identified by the use of forward-looking terminology such as
"believes", "expects", "intended", or similar expressions, involve
known and unknown risks and uncertainties. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
annual report of Form 10-K and its periodic reports that are filed
with the Securities and Exchange Commission and available on its
website (http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
Investment & Company Information
Contact:
Steve Chizzik
Investor relations
The Verrazano Group, LLC
+1(973) 232 5132
SOURCE: US Precious Metals, Inc.