SOURCE: U.S. Precious Metals, Inc.

June 21, 2010 09:57 ET

USPR Additional Update on Closing of Investment

LAKE MARY, FL--(Marketwire - June 21, 2010) -  U.S. Precious Metals (OTCBB: USPR) today announced that the closing date for the previously reported investment by SAK Arabia, LLC has been extended. The extension relates to a report from SAK Arabia that the completion of the transfer of funds has been temporarily delayed due to international banking regulations. SAK Arabia has reiterated its commitment to the transaction and Michael Jack Kugler, CEO of U.S. Precious Metals expressed his optimism that the transaction will close in the near future. "We are very pleased about this transaction and are looking forward to the completion of the investment as well as the prospect of working with SAK Arabia and its experienced investment team after the transaction has closed."

About U.S. Precious Metals, Inc.:
USPR is a mineral exploration company headquartered in Lake Mary, Florida and operating in Mexico through its Mexican subsidiary, U.S. Precious Metals de Mexico, S.A. de C.V. USPR owns significant exploration and exploitation 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."

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 for the fiscal year ended May 31, 2009, filed with the U.S. Securities and Exchange Commission on September 16, 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 Information

  • CONTACT:
    U.S. Precious Metals, Inc.
    M. Jack Kugler, Chairman and Chief Executive Officer
    (407) 566-9310
    http://www.usprgold.com