U.S. Precious Metals, Inc. Announces Assay Results From Drill Holes 11 and 12
Friday May 22, 4:25 pm ET
ca.us.biz.yahoo.com
SANFORD, FL--(MARKET WIRE)--May 22, 2009 -- M. Jack Kugler, Chief Executive Officer and Chairman of the Board of Directors of U.S. Precious Metals, Inc. (OTC BB:USPR.OB - News) (the "Company"), announced today that the Company has received assay results from drill holes 11 and 12.
Drill holes 11 and 12 were drilled in the northeastern portion of the Main Zone at a -50 degree angle directly above drill holes 5 and 6, respectively, to further evaluate the quartz sulfide veins. Drill holes 5 and 6 were drilled at a -70 degree angle.
Drill hole 11 intersected ten mineralized zones. Drill hole 12, however, indicates the quartz sulfide vein is thinning with fewer intersects.
Samplings from these quartz veins resulted in an increase in the measured and indicated mineralized material located on the Solidaridad Concessions. Mr. Kugler stated he is pleased with the results and is optimistic as the drilling campaign continues.
Chris Christopherson Laboratory, an independent umpire assayer, conducted the tests on and provided the Company with the assay results from drill holes 11 and 12. Applied Minerals, Inc. continues to supervise the chain of custody for all core samples shipped to Chris Christopherson Laboratory for analytical assays.
Based on these results, the Company has decided to focus its exploratory drilling in the southwestern portion of the Main Zone. For more information, visit the Company's website at www.usprgold.com.
About U.S. Precious Metals, Inc.
USPR is a mineral exploration company headquartered in Sanford, Florida and operating in Mexico through its Mexican subsidiary, U.S. Precious Metals de Mexico, S.A. de C.V. USPR owns significant exploration rights to approximately 37,000 acres of land in Michoacan, Mexico. USPR's common stock is quoted on the OTC Bulletin Board under the symbol "USPR."
All of our mineral deposits have been estimated in accordance with the standards for mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in National Instrument 43-101, commonly referred to as NI 43-101. However, USPR is a publicly traded company in the United States and is subject to regulation by the United States Securities and Exchange Commission (the "SEC"). SEC reporting requirements for disclosure of mineral properties are governed by SEC Industry Guide 7 ("Guide 7"). Canadian and Guide 7 standards are substantially different.
In order to refer to our mineralized material as "reserves" under Guide 7, the Company is required to determine, within a range of -/+ 15 percent, the cost of extracting the mineralized material from the ground. We have determined that the cost of conducting such a study at this time outweighs the benefit to the Company. Therefore, the Company will be referring to our mineralized material as "mineralized material" to conform to such SEC guidelines. We use certain terms in this press release such as "resources," "geologic resources," "measured," "indicated," and "inferred," that the SEC guidelines strictly prohibit us from including in our filings with the SEC.
Statements contained herein that are not based upon current or historical fact are forward-looking statements. Such forward-looking statements relate to future events and future operating results, performance, prospects and opportunities. The use of terms such as "anticipate," "believe," "estimate," "plan," "intend" and "expect" and similar expressions, as they relate to USPR, or its management, identify forward-looking statements. These forward-looking statements are based on information currently available to USPR and USPR's current plans, intentions and expectations. Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause USPR's actual results, performance, prospects and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in USPR's Annual Report on Form 10-K/A for the fiscal year ended May 31, 2008, filed with the U.S. Securities and Exchange Commission on February 23, 2009. Except as required by the Federal securities law, USPR does not undertake any obligation to revise or update any forward-looking statements contained herein after the date hereof.
Contact:
CONTACT:
U.S. Precious Metals, Inc.
M. Jack Kugler
Chairman of the Board/CEO
(407) 566-9310
usprgold.com
Source: U.S. Precious Metals, Inc. |
