USCorp (OTCBB:USCS) today released the following letter from
Chairman and CEO, Robert Dultz:
Dear Shareholders and Interested Members of the Public:
I briefly want to recap some of our accomplishments in the last
several months. Primarily these focus on the completion of our
Phase II drilling effort at the Twin Peaks Property.
I am happy to report to you that things at USCorp are quickly
coming together as we work to bring our Twin Peaks Project and
Picacho Salton Project properties into production.
Although we waited far longer than we had expected for them, the
results of our drilling at Twin Peaks, as released in our June 29,
2009 press release, were very good and confirmed our
expectations.
The recent report by Geological Support Services on the drilling
results has led us to believe that the extensive quartz structure,
called the �Quartz Dike�, appears to extend for about two miles in
a mineralized trend going east and west, and from the northwest to
the southeast, we expect to be able to better define the gold
deposit and other mineralization when the samples from the Phase 3
drilling are assayed later this summer.
USCorp has also made significant progress working with the
various entities involved in the permitting process for our Picacho
Salton property in California. We have completed and filed with the
El Centro, California BLM office an amended Environmental
Assessment Report. We remain hopeful that a permit will be granted
soon so that USCorp can commence the planned 15,000 foot drilling
program on this exciting property.
As a result of the economic downturn we have been able to
negotiate prices for our drilling programs that were not available
to us in the past. This opportunity of quality contractors and
equipment, with quality people, that are available and affordable
bodes well for USCorp.
There are several questions that many of you have asked
individually and I would like to take this opportunity to address
them.
Q: Do the published feasibility studies on
the homepage include the fall 2008 drilling results?
A: No, they do not contain updated
information. The revisions that we have made of late were to make
minor corrections to those documents that were inadvertently missed
before they were uploaded and to remove any references to Canadian
mining standards, specifically National Instrument 43-101. USCorp
is not a Canadian Corporation and does not own any mining
properties in Canada, and therefore is not subject to Canadian
regulations. Although the Canadian standards regarding the
measurement of mineralization are internationally recognized, they
are not recognized under the US Securities & Exchange
Commission rules and regulations and as a US company, we must
comply with SEC rules even if some investors look for the Canadian
standard.
Q. Is USCorp drilling again?
A: As of the date of this writing, we are
in the final stages of the approval process necessary to begin our
reverse circulation drilling program on our Picacho Salton Project
in Imperial County, California.
The BLM office in Arizona has granted
approvals for our drilling program at Twin Peaks Project and we
have already done Phases 1 and 2 drilling at that site. We will
begin the third and final stage of our 3 Phase drilling program at
our Twin Peaks Project in Yavapai County, Arizona as soon as we
receive funding for the project.
Q: Regarding the drilling permits in
California, when do you expect that permit to be issued?
A: There are many factors outside of
USCorp�s control that go into obtaining approvals for a Mining Plan
of Operations. The largest is the review and approval process
conducted by the Bureau of Land Management (BLM). We are awaiting
final approval for the Picacho Salton Project from the Bureau of
Land Management office in Imperial County, California so that we
can commence drilling there. We expect that drilling will move
rather quickly once approvals are granted.
Q: Are you going to be able to obtain the
financings needed to carry out the drilling programs?
A: We have a commitment for up to $2.19
million for 2009 from a fund in Switzerland. As of this writing, we
have received $400,000 of that commitment from them. We are
uncertain at this time if that funding will continue. We believe
that we will be able to obtain financing, if not from this
commitment, then from other sources in the US and Europe.
Q: Things don�t seem to be moving at
USCorp � it just seems that we are where we were last summer? Is
this the case?
A: Sometimes it seems that way to us as
well, but that is not the case. We have made a lot of progress. At
times we are so busy that we really don�t have time to stop and
talk about it. There are three major factors that determine when we
move forward with our plans to develop our properties. Those
factors are:
1. Project development plans. This is the
portion of our business plan that specifically and in detail lays
out how we intend to develop our properties. We have a sensible
plan that we are meticulously following.
2. Approvals and permits from regulatory
agencies. Local, state and federal agencies are responsible for
managing reasonable development of natural resources as specified
in laws and various agency regulations. The approval process is a
time consuming one. USCorp is committed to following all laws and
regulations that pertain to the development of its properties. The
one aspect of this process that we have absolutely no control over
is how long regulatory agencies may take to review and process our
applications and grant approvals. As citizens we appreciate the
fiduciary responsibility of these agencies to preserve and protect
the environment, historical and sacred sites, and endangered
species. As miners we have to be ready to move forward to develop
our properties once these approvals are granted and of course, we
would prefer the process move faster; but we cannot short-cut what
is required.
3. Financing. It goes without saying that
without adequate financing it is impossible for us to move forward
with our plans for developing our properties. And, in the past year
it is no secret that the credit markets and financing have been
difficult to obtain on terms favorable to junior mining public
companies and their shareholders. We continue to work with several
different financing sources both in the US and overseas.
USCorp has been very conservative in our statements and timing
of our press releases . We have done very little �promotion� of the
Company and the opportunities represented by developing our Twin
Peaks Project in Yavapai County, Arizona and our Picacho Salton
Project in Imperial County, California.
We believe our conservative approach may have been misunderstood
by some members of the public leading them to form the opinion that
our properties are not as great an opportunity as they actually
are, or that our commitment to develop these properties is not our
top priority.
We pledge to our shareholders and investors that we will be more
expansive in letting you know the activities occurring at USCorp.
While we have made certain that material information is conveyed to
you, we know that many of you are looking for even more information
so you know that USCorp is moving forward. We intend to provide
more information in a timely manner both in press releases and on
our web site that is now being updated.
Our primary goals are to bring the Twin Peaks and Picacho Salton
properties into production and to raise the public�s perception of
USCorp�s worth. We expect to increase our shareholder base and
hopefully as the investing public becomes more and more aware of
our exciting properties this will be reflected in our trading
volume and a share price that we believe will more accurately
reflect both the company�s value and management�s achievement of
our goals.
I look forward to keeping you apprised of our progress in the
days, weeks and months ahead.
Sincerely,
Robert DultzChairman and CEO
About USCorp
USCorp has two mineral exploration projects in the United
States: the gold and silver Twin Peaks project located in Yavapai
County, Arizona, and the gold Picacho Salton project located in
Imperial County, California.
About Measurements
Technical Reports and Feasibility Studies on our two projects
are available on our website. Information concerning the properties
and operations of USCorp and its subsidiaries has been presented in
accordance with Canadian and internationally recognized standards.
The terms "Mineral Resource," "Measured Mineral Resource,"
"Indicated Mineral Resource" and "Inferred Mineral Resource" used
in our reports are Canadian mining terms and they are not defined
terms under standards of the United States Securities and Exchange
Commission. Under United States standards, mineralization may not
be classified as a "reserve" unless the determination has been made
that the mineralization could be economically produced and
permitted in order to be legally produced or extracted at the time
the reserve calculation is made. USCorp cautions readers not to
assume that all or any part of Measured, Indicated or Inferred
Resources will ever be converted into Mineral Reserves as defined
by the United States Securities and Exchange Commission.
Forward Looking Statements
Statements contained in this release that are not historical
facts are forward-looking statements that involve risks and
uncertainties. Among the important factors that could cause actual
results to differ materially from those in the forward-looking
statements include, but are not limited to, those discussed in
�Risk Factors� in the company�s filings with the U.S. Securities
and Exchange Commission. The actual results that the company
achieves may differ materially from any material forward-looking
statements due to such risks and uncertainties. The company
undertakes no obligation to revise or update publicly any
forward-looking statements for any reason.
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