SOURCE: U.S. Precious Metals, Inc.

November 24, 2009 17:02 ET

USPR Enters Into Relationship With Castlepines

LAKE MARY, FL--(Marketwire - November 24, 2009) - M. Jack Kugler, Chief Executive Officer and Chairman of the Board of U.S. Precious Metals, Inc. (OTCBB: USPR) ("USPR" or the "Company") announced today that the Company has been working with Castlepines Corporation, a well-established international investment and consulting firm, since August of 2009, to explore the Company's operational and financing plans. In connection with that relationship, Castlepines has indicated an interest in investing up to $200 million to assist the Company in continuing its exploration and drilling program on the 37,000 acres of land where the Company's concessions are located (the "Solidaridad Property") and to commence a small exploitation program. Castlepines has made a conditional commitment to invest in USPR. The commitment letter is contingent, among other things, on USPR obtaining an off-take agreement and continued due diligence.

"This proposed new facility is a very important step towards creating a capital structure that will enable the Company to further realize growth potential for the Company's stockholders," said Mr. Kugler.

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