Press Release Source: U.S. Precious Metals, Inc.
U.S. Precious Metals to Proceed with Mexican Drilling Program
Thursday January 17, 8:00 am ET
CELEBRATION, Fla.--(BUSINESS WIRE)--U.S. Precious Metals, Inc. (OTCBB:USPR - News) announced today that it has signed a contract with MTSO, a well known drilling contractor in the State of Michoacan, Mexico and is expediting plans to proceed with the drilling campaign announced in its corrected release of March 27, 2007. The drilling campaign will be conducted on the Solidaridad property, also referred to as La Sabila, in southern Michoacan, Mexico, under the direction of President David Burney. Mr. Burney stated that “our objective is to fill in gaps in the oxide ore record and explore for a sulfide ore body at depths below 200 meters, the maximum hole depths drilled in the previous drilling campaign. We are optimistic that the results will confirm this”.
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USPR Director Brian Russell said today, “we should proceed with the drilling program as soon as feasible since without further exploration and determination of the full extent of the resources available, a future exploitation cannot be planned.” Mr. Russell went on to say, “If the results of the drilling are as expected or better, it seems a commencement of mining could be possible in early 2009.
According to the Company, three zones of mineralization have been identified, the North zone, the Main zone and Cuendeo. Previous exploration efforts were concentrated within these 3 zones, which occur along an IP anomaly 3 kilometers in length and 500 meters in width. This represents less than 8% of the concession block owned by USPR, which comprises a total of 37,316 acres of land. This leaves a large portion of the strike length and surrounding area open for continued exploration drilling. There is good reason to believe that further mineralized material will be discovered in the areas not yet explored.
In the previous drilling program, comprising 11 reverse-circulation drill holes totaling 1780 meters, a 2 meter drill intercept of 25.1 g/t (0.81oz/t) gold and a second intercept of 2 meters of 35.4 g/t (1.14oz/t) gold in drill hole SD97-1 were encountered. Drill hole number SD97-3 intercepted a 2 m run of 41.4 g/t (1.33oz/t) gold.
USPR drilling is focused on defining the parameters of the existing mineralized zones and establishing a mineable block of ore, in preparation for mineral extraction and processing in a proposed pilot plant.
US Precious Metals, Inc. is a gold exploration company operating in Mexico through its wholly owned Mexican subsidiary. U.S. Precious Metals de Mexico. US Precious Metal’s common stock is quoted on the OTC Bulletin Board under the symbol "USPR."
Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate," "believe," "estimate," "plan," "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company'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 the Company's Registration Statement on Form SB-2, as amended, and its Annual Report on Form 10-KSB, as amended, for the year ended May 31, 2006. Except as required by the Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect.
Contact:
U.S. Precious Metals, Inc.
Jack Wagenti, 407-566-9689
Chairman of the Board
www.usprgold.com
