USCorp Discloses Additional Details of Proposed $125 Million Joint Venture
November 09 2010 - 8:30AM
Business Wire
USCorp (OTCBB:USCS) today provided further details with regard
to its recently announced agreement to form a joint venture to fund
up to $125 million to develop gold and silver properties.
USCorp has signed an agreement with a fully reporting public US
company, which is the holding company of a major Chinese-based
conglomerate with revenues in excess of $700 million (USD)
annually, to form a joint venture to complete exploration and begin
development of USCorp’s mining properties. The US company, holding
Chinese assets, has requested confidentiality until the joint
venture is funded with an initial $25 million, which must take
place on or before January 15, 2011.
The agreement calls for USCorp to contribute to the joint
venture the claims it presently owns in Arizona and California once
the $25 million has been received by the joint venture. It is the
responsibility of the US company, holding Chinese assets, to secure
the $25 million in funding for the joint venture. In the event that
the necessary initial funding is unable to be raised, the agreement
provides that it can be cancelled and neither USCorp nor the
Chinese partner will be obligated to perform under the Agreement.
Each entity will own 50 percent of the joint venture. Initially the
joint venture is expected to carry out the following:
- Completion of the drilling program at
Twin Peaks in Arizona
- Initiating the drilling program at
Picacho Salton in California
- Updating the mineralization estimates
in the Company’s Technical Reports
- Completion of all engineering and
permitting on the two projects
- Retirement of all existing debt
- Commencement of mining operations.
This newly-formed joint venture entity will seek to raise an
additional $100 million (USD) to expand its asset base but no
assurance can be given that either funding will be successful.
Upon the completion of the funding the claims will be
transferred to the joint venture and the joint venture is expected
to complete the drilling and development of the properties. Reports
from previous drilling show significant gold and silver
mineralization on the properties. This joint venture should enable
completion of the drilling programs in Arizona and California.
USCorp’s Twin Peaks property in Yavapai County, Arizona is near to,
and on the same fault zone as the world famous Freeport-McMoRan
mine in Arizona. USCorp’s Picacho Salton Property, in California,
is adjacent to both NewGold’s open pit gold mine and the Goldcorp
claims group in Imperial County California.
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. Information about USCorp can be found
at the company’s website: http://uscorpnv.com.
About Measurements
Technical Reports and Feasibility Studies on USCorp 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 &
Exchange Commission (SEC). Under SEC standards, mineralization may
not be classified as a “reserve” unless 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.
SAFE HARBOR ACT DISCLAIMER
NOTICE
“SAFE HARBOR’ STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: The statements contained in this release which
are not historical facts are forward-looking statements that are
subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in or implied by forward
looking statements. These risks and uncertainties include the
Company’s entry into new commercial businesses, the risk of
obtaining financing, recruiting and retaining qualified personnel,
and other risks described in the Company’s Securities and Exchange
Commission filings. The forward looking statements in this press
release speak only as of the date hereof, and the Company disclaims
any obligation to provide updates, revisions or amendments to any
forward looking statement to reflect changes in the Company’s
expectations or future events.
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