USCorp Gold and Silver Junior Exploration Mining Company Update
July 15 2010 - 8:30AM
Business Wire
USCorp (OTCBB:USCS), today released the following information
for shareholders and interested members of the public:
Last January, USCorp entered into discussions with a European
entity, and some progress was made regarding a private placement of
our Common Class B shares in Europe. USCorp was not able to release
any information publically or privately regarding this transaction
due to the ongoing nature of the discussions. The purchasing
activity in Europe of our Common Class B shares caused a spike up
to 24 cents per share in March of our Class A shares in the U.S.
Ultimately, USCorp determined that the European entity’s
expectations and structure were not appropriate for USCorp as a
U.S. based fully reporting public corporation, leading to a
mutually agreed termination of contact.
Recently the Proprietary Information about USCorp and technical
information about our properties was moved to our web site and is
now available, upon request at uscorpnv.com. This is the same body
of information that was previously available on the Sharevault web
site. Access to the proprietary data is by invitation only after
signing a confidentiality agreement and it is password protected.
The information includes:
- Feasibility Studies and
Technical Reports for Twin Peaks in Arizona, USA and Picacho Salton
in California, USA, Historical Assays, Drill Logs and other
documents from the late 1800s through 2009
- Maps and photographs of our
properties
- Corporate Information and SEC
filings
This information is technical in nature; it is intended for
mining industry professionals and not the general public. Summaries
and reports based on the proprietary information are available to
the general public on our web site and in our filings with the
Securities and Exchange Commission.
Meanwhile, in California we are in the final stages of obtaining
approvals necessary to conduct our planned drilling program on our
Picacho Salton Project. The Bureau of Land Management (BLM) has
determined that all necessary studies and reports have been
submitted and are complete. USCorp has entered the final step
before the BLM grants approval of our Mining Plan of Operations for
the Picacho site.
During the 30 day Comment Period, during which the public was
offered an opportunity to voice concerns, the Quechan Tribe of Fort
Yuma did object to our proposed drilling program in a letter dated
8 June 2010. The California BLM is currently working with the
Quechan Tribe to resolve those objections. We have been assured by
the BLM that resolution is progressing, although when resolution
will come is not known.
The following are excerpts from an email received by USCorp from
the California Desert District BLM Office:
"…In the process of writing the
decision record we will have to respond to every issue brought up
by the tribe…From the look of things we might also amend some
portions of the E.A. [Environmental Assessment] while resolving
some of these issues. … I believe we will be through with this
process soon..."
USCorp expects the concerns of the Quechan Tribe to be addressed
and that approval of our California drilling program will attract
the financing necessary to allow USCorp to complete the planned
drilling program at the Picacho Salton Project in California.
In late 2008 USCorp completed the first two phases of our three
phase drilling program on our Twin Peaks Project in Arizona. At
that time we received a commitment for funding our 2009 operations,
including completing the Twin Peaks drilling program as well as the
Picacho Salton Project drilling program. Due to the world financial
collapse in late 2008 our funding source was unable to meet its
commitment to us. After the financial collapse most of the
acceptable funding sources dried up. The third and final phase of
the Twin Peaks drilling program is designed to generate a report
that meets industry reporting standards. Without the third phase
completed we cannot say much regarding the results of the first two
phases, except to release assays results as we have done
previously. And until we receive the results of the third phase of
drilling we cannot update our technical report and feasibility
study which were written before the current drilling program. All
of our current projections have been made without including the
results from the first two phases of the drilling program.
We continue to discuss financing options with individuals and
entities regarding financing, joint-ventures, acquisitions, and
other potential business combinations in order to complete our
drilling program on our Twin Peaks project in Arizona, as well as
financing our Picacho Salton project drilling program and continued
development of our properties. This month we began preliminary due
diligence discussions for raising the necessary financing in
Europe.
Given the continuing demand for precious metals and cooperation
with the BLM in California and in Arizona, USCorp expects that
these issues will be resolved soon. We thank you for your trust in
USCorp, and look forward to completing our plan to take our
properties to production.
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 projects are
presented in accordance with Canadian and internationally
recognized standards. The terms "Mineral Resource," "Measured
Mineral Resource," "Indicated Mineral Resource" and "Inferred
Mineral Resource" are Canadian mining terms and are not defined
terms under standards of the United States Securities and Exchange
Commission (SEC). Under SEC 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 SEC.
Forward Looking Statements
Statements contained in this release that are not historical
facts are forward-looking and involve risks and uncertainties. See
“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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