US. Power Systems, Inc. Announces Joint Venture with Global Platinum + Gold
PHOENIX, Sept. 17 /PRNewswire/ -- U. S. Power Systems, Inc. (OTC: USPS) is pleased to announce that it has entered into a Joint Venture with Global Platinum + Gold (OTC: GPGI) of Salt Lake City, UT., for the development of the Hassayampa property, located near Buckeye, AZ. The 100-acre property was purchased by the Joint Venture and will use a proprietary process for the recovery of platinum group metals. The Agreement provides for a 50/50 split of all profits and losses and appoints USPS as the Operator of the property. The Joint Venture intends to operate on a - 0 - discharge exemption and will commence start-up production on a limited scale (approx. 10 tons per week) while the Permit application is being worked on. It is the intention of the Joint Venture to bring the property into full production as soon as an Aquifer Protection Permit can be finalized from the Arizona Department of Environmental Quality. A majority of the items required for obtaining the Permit have been completed. We have also retained a local environmental consulting firm to complete the final requirements to obtain the permit.
USPS has successfully completed a number of small platinum production runs at its pilot plant using ore from the Hassayampa site and has sold product to a major Eastern refiner. The production potential of platinum only for the Joint Venture at an achievable 50 tons per day would net the Joint Venture in excess of $60,000,000. After successfully achieving this level the Joint Venture intends to scale up production with additional equipment and labor. These figures do not account for any additional revenue associated with gold, palladium and other precious metal in the ore.
This communication to shareholders and the public contains certain forward looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding estimated reserves, estimated future production, and the value thereof, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
For information contact J. Scott Gardner of U. S Power Systems, Inc., 623-979-2562. |
