UNITED STATES
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: November 23, 2015
(Date of earliest event reported)
U.S. PRECIOUS METALS, INC.
(Exact name of registrant as specified
in its charter)
| Delaware |
000-50703 |
14-1839426 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer I.D. No.) |
242A West Valley Brook Road
Califon, New Jersey 07830
(Address of Principal Executive Offices)
(732) 851-7707
(Registrant's telephone number, including
area code)
N/A
(Former name or former address, if changed
since last report)
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:
| [ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| [ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] |
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 7.01 Regulation FD Disclosure.
On November 23, 2015, the Company issued the press release
attached hereto as Exhibit 99.1.
The information in this Item 7.01 of this Current Report
is furnished pursuant to Item 7.01 and shall not be deemed "filed" for any purpose, including for the purposes of Section
18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form
8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any
general incorporation language in such filing. The filing of this report and the furnishing
of this information pursuant to Item 7.01 do not mean that such information is material or that disclosure of such information
is required.
Item 9.01. Financial Statements
and Exhibits.
99.1 Press Release of the Company dated
November 23, 2015.
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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/s/ John Gildea |
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Name: John Gildea |
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Title: Chief Executive Officer |
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Date: November 23, 2015 |
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US Precious Metals Inc. Announces Independent Technical Report for
La Sabilia Property
US Precious Metals Inc. (USPR) announces it has received a technical report from Applied
Minerals, Thompson Falls, Montana. The report is entitled “La Sabila Precious & Base Metals Deposit Project Report.”
Mr. Michael J. Floersch is the Qualified Person (QP) responsible for the report.
This 40 page report describes the history of our Michoacan, Mexico property as well as
geology and geologic history of its mineralization. It discusses in detail the resource estimate based upon the 2015 drilling campaign
which primarily focused on The Main Zone and areas surrounding the Main Zone. It also incorporates the previous drilling campaigns
of 2008 and 2010 (a total of 11,300 meters of core was drilled in these three campaigns) along with other historical data. The
Report further summarizes ten mineralized zones recognized in the 2200 meter (1.367 mile) strike length.
The Report calculates indicated resources for the drilled acreage by zone and reports
the following Total Indicated Resource:
Indicated Mineralized Material: 6,283,500 tonnes
Au (Gold) Indicated Resource: 954,957.91 troy ounces
Ag (Silver) Indicated Resource: 4,651,690.38 troy ounces
Cu (Copper) Indicated Resource: 68,680 tonnes
The above tonnage and resource amounts have been determined in accordance with NI 43-101
standards.
This indicated resources encompass less than 1% of USPR’s 37,316 acre property.
The Report concludes: “La Sabila deposit is a copper, silver, gold deposit
within a dolomitic quartz sulfide stockwork and hosted in shallow marine black shale siltstone sedimentary unit of Cretaceous age.
A volcanogenic massive sulfide origin has been suggested by several geologists although not confirmed at this time by academic
studies. The system is a minimum of 2200 meters in length and lies adjacent a reverse fault that creates a northeasterly trending
valley. However, at this time in the exploration, the system is open to the north and south. It is worth pointing out that USPR
has explored less than 1% of the entire concession; further exploration in targeted areas will lead to other strike zones and areas”.
The Report also states: “It is the opinion of the author the project merits continued
exploration and drilling. Due to the success of the 2015 drilling campaign the project is reclassified as a mid-level exploration
project and pre-development planning should begin.”
The Technical Report can be read in its entirety at http://www.usprgold.com/exploration/2015-la-sabilia-technical-report.
John Gildea, CEO of USPR stated; “We are thrilled to announce the results of this
Technical Report. I want to thank all of our employees and loyal shareholders that have helped us reach this momentous milestone.
Now that the Report is complete, I would expect further milestones of our business plan to occur at a more accelerated pace. We
are currently in the planning stage to commence an additional 5,000 meter drilling campaign, along with other exploration efforts,
early in 2016 to expand upon these results. I will keep our shareholders apprised of all developments as they occur.”
Cautionary Note to Investors Regarding Estimates of Indicated Resources
This press release uses the term "Indicated Resources”. We
advise investors that this term is not recognized by the United States Securities and Exchange Commission (the "SEC").
The estimation of Indicated Resources involves greater uncertainty as to their existence and economic feasibility than the estimation
of proven and probable reserves. Mineral resources are not mineral reserves, and investors are cautioned not to assume that indicated
mineral resources will be converted into reserves. Investors are urged to consider closely the disclosures in our Form 10-K and
other SEC filings.
About USPR
US Precious Metals, Inc. is a mid level exploration company
engaged in the acquisition, exploration and development of mineral properties. The Company focuses 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, 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, including the ability of
the Company to sustain growth; 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 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
Steve Chizzik
Investor relations
The Verrazano Group, LLC
+1(973) 232 5132
steve@theverrazanogroup.com