US Precious Metals, Inc. (USPR) Restructures Resource Technology Corp. Contract
MARLBORO, N.J., Feb. 5, 2014 (GLOBE NEWSWIRE) -- US Precious Metals, Inc. ("Company") (OTCBB:USPR) is pleased to announce that on January 30, 2014 it entered into an agreement with Resource Technology Corp. ("RTC") to restructure their pre-existing contract.
Following the successful completion of Phase 1 Satellite imaging carried out in September 2013, USPR entered into talks with RTC with regard to restructuring the agreement that existed between both parties. (See Press release dated September 19th 2013).
The new terms consist of reducing the 300 million share payment to RTC to preferred shares convertible into 125 Million common USPR shares. RTC, backed by Plasmafication Technologies Holdings (PTH) has committed to contribute $5 million to USPR over the next 12 months. In conjunction with this, they have also agreed to use best efforts to work at removing existing debt from the Company's balance sheet. Other aspects of the revised agreement include USPR's use of the Plasma processing plant for 5 days per month to process ore from our Mexican concession, with 100% of these revenues going directly to USPR. PTH agreed to build a separate processing plant exclusively for USPR's use at cost with PTH contributing 1/3rd of these construction costs. Moreover, and as part of the transaction, USPR receives a 25-year License for use of plasmafication technologies of metallic rich ores and concentrates.
Mr. Jerry Pane CEO of USPR stated, " I am delighted to present to our shareholders a revised agreement with RTC that now reflects the very exciting results of our Phase I satellite imaging reports." Mr. Pane continued, "we're also very pleased to report that the corresponding groundwork from the satellite imaging is now on the schedule for this month and we will release results forthwith."
Plasma processing employs an advanced thermal process (in excess of 7,000 F) which breaks down ore concentrates into their basic elemental state. The plasma-based process, called Plasmafication, is state-of-the-art technology developed in conjunction with leading U.S. universities; specifically designed for precious metal separation, and the Company is excited that it will be the first in the industry to implement it. This process will yield significantly greater processing returns than conventional milling processes currently employed in the mining industry.
US Precious Metals, Inc. is an exploration stage company engaged in the acquisition, exploration and development of mineral properties. We focus on gold, silver and copper primarily located in the State of Michoacán, Mexico owning exploration and exploitation concessions to approximately 37,000 contiguous acres of mineral rights.
For information contact, Mr. Steve Chizzik, Investor Relations, The Verrazano Group, LLC, +1(973) 232 5132, www.usprgold.com.
This release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from results, performance or expectations implied by these forward-looking statements.
CONTACT: Steve Chizzik Investor relations The Verrazano Group, LLC +1(973) 232 5132 OfficeSource: US Precious Metals, Inc.