October 09, 2009 07:00 ET

USA Uranium Adds Chairman and Completes BLM Biological Assessment

LAS VEGAS, NV--(Marketwire - October 9, 2009) - USA Uranium Corp. (PINKSHEETS: USAU) (http://usauranium.com) is pleased to announce that Mr. Ken Berscht has joined the Board of Directors of the Company and has been elected Chairman. Mr. Berscht has also been appointed CEO and will be responsible for refining and developing the strategic vision for the Company's aggressive US-based precious metal property acquisition strategy.

Mr. Ken Berscht is a member of the Society of Mining, Metallurgy and Exploration Inc. (SME), and is qualified as an International Financial Adviser in England. In his career as a broker he has qualified with the Investment Dealers Association in Canada and as a General Principal with the National Association of Securities Dealers, Inc. and the New York Stock Exchange in the United States of America. He is a graduate of the University of Western Ontario Business School.

Mr. Berscht has extensive experience in the mining industry and has recently retired as a Director and the CEO after completing the reorganization of a major Silver producer and after assisting in raising over $50 million to put the historic Sunshine silver mine in Idaho into production. Recently he was also the managing Directors of Artemis Silver Fund whose goal was to provide long-term capital appreciation by investing in a portfolio consisting primarily of silver mining and precious metal-related securities, and silver bullion.

Mr. Karl Harz, President of the Company, stated, "Having someone with Mr. Berscht's range and depth of mining and financial experience, agree to coordinate our efforts will not only allow us to accomplish our goals all the more quickly, but gives serious credibility to our core vision of developing a significant inventory of US based gold in the ground properties."

Mr. Berscht has been the Vice President of Enerplus International a division of EnerPlus, one of Canada's largest Oil and Gas Income Trusts. He has assisted in financing a number of small companies in the mining and petroleum industry such as, Arimex Resources, Alberta Oil and Gas, Maxx Petroleum and many others in their formative stages. He was also instrumental in financing a ten million dollar oil drilling project in Benin, West Africa and aided in the financing of a Keltic Petrochemical plant in Nova Scotia.

In his career as a broker, he has managed institutional accounts in Asia and Europe. Mr. Berscht was also directly responsible for introducing investors from Hong Kong (PRC), Taiwan and Japan into the equity markets in Canada and the US. He has also managed an oil and gas fund in the Cayman Islands and is a former director in Odyssey Management Inc., a restricted mutual fund administrator in the Cayman Islands.

The Company is also pleased to announce that it has completed the Biological Assessment (BA) on the La Dama D' Oro property. The Biological Assessment is an evaluation of potential effects of a proposed project on proposed, endangered, threatened, and sensitive animal and plant species and their habitats. The BA is required by the BLM and the County as a prelude to the planned drilling program and the ultimate re-commencement of production on the property.

Ore taken from the La Dama D' Oro between 1934 and 1941 produced 480.83 oz of gold and 624 oz of silver with an average annual grade over the seven years of 0.84 oz per ton gold and 1.30 oz. per ton silver. A complete record of shipments is set out below:

Ore shipments from La Dama d' Oro (formerly Mojave Boy, Mojave Girl, and Tarantula Mines) to Burton Mill, 1934 to 1941 (Burton, 1980)

                              Avg.   Avg.
Year    Tons   Au oz. Ag oz. Au opt Ag opt
----- -------  ------ ------ ------ ------
1934   124.58   80.15 153.00   0.64   1.91
1935    65.17   56.66  45.00   0.87   0.79
1936   110.37  111.92 237.00   1.01   2.12
       (no production shipped to Burton
1937    Mill during 1937)
1938    21.80   25.59  44.00   1.17   1.72
1939   167.94  115.41  47.00   0.69   0.41
1940    66.32   71.51  81.78   1.08   1.14
1941    14.53   19.59  16.84   1.35   0.86
----- -------  ------ ------ ------ ------
Total  570.71  480.83 624.62   0.84   1.30

USA Uranium Director of Communications John Perez said, "USA Uranium is thrilled to have Ken Berscht on the team as we head into this new leg of the gold bull market. Ken's years of expertise in the capital markets and his development of world class mining projects are key to the success of USAU in the precious metals arena. Ken Berscht brings a wealth of successful experience to the USAU team as we accelerate in the acquisition and development of a variety of new precious metals projects in North America and we look forward to working with Ken Berscht."

Contact Information

  • Contact:
    John Perez
    USA Uranium Corp.
    Director of Communications
    949 280 4323 office
    310-802-3871 e-fax