October 6, 2008
U.S. Precious Metals Announces Proven Gold, Silver and Copper Reserves Found in Mexican Mining Concession; Road Construction Permits Granted
U.S. Precious Metals, Inc. (OTCBB: USPR) ("USPR") CEO and Chairman of the Board M. Jack Kugler released assay data for selected intervals in drill holes 8 and 9 today. Drill hole number 8 intersected 20 feet of 0.206 opt gold, 0.88 opt silver and 1.06% copper. Drill hole number 9 intersected 18 feet of 0.146 opt gold, 1.46 opt silver and 1.19% copper. The additional drill hole information has increased the proven reserve from 199,200 tons to 276,899 tons. The additional tonnage adds 3190 ounces of Au (gold), 68,878 ounces of Ag (silver) and 1265 tons of Cu (copper) to the proven reserve. Probable reserves have increased by 8060 tons from 763,088 tons to 771,148. The additional tonnage adds 532 ounces of gold, 9027 ounces of silver and 45 tons of copper to the probable reserves. The proven and probable reserves are located on less than 5 acres of the 37,316.84 acre concessions, leaving 99.9% of the holdings unexplored.
Amended Proven Reserve: 276,899 tons 62,407 ounces Au @ $840.90 per ounce = $52,478,046 298078 ounces Ag @ $11.14 per ounce = $3,320,589 2848 tons Cu @ $5272 per ton = $15,014,656 Total $70,813,291 Amended Probable Reserves: 771,148 tons 292855 ounces Au @ $840.90 per ounce = $246,261,769.50 1087627 ounces Ag @ $11.14 per ounce = $12,116,164.78 6089 tons Cu @ $5272 per ton = $32101208.00 Total $290,479,142.28
Drilling continues on hole numbers 7 and 10 which are expected to be completed within the next 10 days. Drill hole number 7 is a deep exploration drill hole while number 10 is a definition drill hole. Drill holes 11 and 12 have been targeted for definition drilling in the Main Zone.
The above assay data was issued by Applied Minerals, whose CEO, Michael Floersch is a "Qualified Professional Person" under NI 43-101 of the Canadian Certification Requirement.
In other USPR news, the Semarnat, the government environmental protection agency, has issued the required permit changing the land status from forest to mining for the 37,316.76 acre concessions. New roads can now be built accessing drill targets that have previously been inaccessible. USPR will be constructing a warehouse and pilot plant facility on the concession in addition to the laboratory and warehouse facility located in Morelia, Mexico.
About U.S. Precious Metals
U.S. Precious Metals, Inc. is a gold exploration company operating in Mexico through its wholly owned Mexican subsidiary, U.S. Precious Metals de Mexico. U.S. 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 U.S. Precious Metals, Inc., 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-K, for the year ended May 31, 2008. 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. Mr. Michael Jack Kugler CEO 407-566-9310 www.usprgold.com
SOURCE: U.S. Precious Metals, Inc.