US Precious Metals, Inc. (OTCQB: USPR) (“Company”) is pleased to announce that on May 22, 2013 it entered into an agreement with Mesa Acquisitions Group, LLC. in association with Alba Petroleos ( www.albapetroleos.com.sv ) to further explore and develop USPRs Mexican concessions.
Mesa Acquisitions/Alba Petroleos has committed to expend up to approximately $50 million to explore and develop pre-determined portions of two of our Mexican concessions known as Solidaridad 1 & Solidaridad 2 located in Michoacan, Mexico. In addition, they will construct the necessary plant and/or bring in the necessary equipment to process the head ore. In return, they will receive 10 million shares of USPR common stock and receive a 30% interest of the project. USPR will retain 70% of the project.
The work will be implemented and funded by our joint venture partners in 3 stages
Stage 1: Immediate dispatch of high tech satellite imaging to identify mineralization and to confirm the Company’s two previous drilling campaigns. This phase will commence immediately.
Stage 2: Develop the infrastructure necessary to commence mining and milling operations, including road, water, and power installation and staging area development for employees on site. This phase is expected to commence upon completion of Phase 1.