USPR +.039 News this morning! looking good here!
Post# of 26666
USPR +.039 News this morning! looking good here!
US Precious Metals, Inc. (OTCQB: USPR) ("Company") is pleased to announce that on May 22, 2013 it entered into an agreement with Mesa Acquisitions Group, LLC. in association with Alba Petroleos ( www.albapetroleos.com.sv ) to further explore and develop USPRs Mexican concessions.
Mesa Acquisitions/Alba Petroleos has committed to expend up to approximately $50 million to explore and develop pre-determined portions of two of our Mexican concessions known as Solidaridad 1 & Solidaridad 2 located in Michoacan, Mexico. In addition, they will construct the necessary plant and/or bring in the necessary equipment to process the head ore. In return, they will receive 10 million shares of USPR common stock and receive a 30% interest of the project. USPR will retain 70% of the project.
The work will be implemented and funded by our joint venture partners in 3 stages
Stage 1: Immediate dispatch of high tech satellite imaging to identify mineralization and to confirm the Company's two previous drilling campaigns. This phase will commence immediately.
Stage 2: Develop the infrastructure necessary to commence mining and milling operations, including road, water, and power installation and staging area development for employees on site. This phase is expected to commence upon completion of Phase 1.
The cost to implement Phase 1& 2 is estimated to be $10 million.
Stage 3: Commence surface mining and sub-surface (underground) mining and build out of processing facilities. This phase is dependent on the timelines on Phase 1 & 2.
The cost to implement Phase 3 is estimated to be $40 million.
Chief Operating Officer Ruben Figueredo and Chief Technical Officer Juan Serrat, who were hired by USPR through Mr. George Mesa's (principal of Mesa Acquisitions Group LLC) recommendation a year ago, will work closely with Mr. Mesa's team to achieve our benchmarks in a timely fashion. On September 21, 2012, USPR appointed Mr. Mesa as Director of Security for its Mexican mining claims.
Jerry Pane, USPR's Chairman, stated "I am very excited to be in the position today to launch the development of our Michoacan, Mexico property. Having worked very closely with Mr. Mesa during the past couple of years, we have seen the endless hours he and his team have spent at our site developing a comprehensive plan of action. It brings great comfort to know that this is the beginning of USPR achieving its short and long term goals. In conjunction with our recently announced agreement to acquire Resource Technology Corp. ("RTC") USPR is poised to maximize value for all our shareholders."
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