SOURCE: U.S. Precious Metals, Inc.

February 24, 2009 20:34 ET

USPR Announces Filing of Form 10-Q

SANFORD, FL--(Marketwire - February 24, 2009) - M. Jack Kugler, Chief Executive Officer and Chairman of the Board of U.S. Precious Metals, Inc. (OTCBB: USPR) ("USPR"), announced today that USPR has filed its Quarterly Report on Form 10-Q for the second quarter ended November 30, 2008.

On January 15, 2009, USPR announced that it would delay the filing of its Form 10-Q for the second quarter ended November 30, 2008 due to USPR's internal review and analysis of certain accounting matters and subsequent conclusion that there were certain errors in the financial statements contained in the Company's Annual Report on Form 10-K filed for fiscal year ended May 31, 2008 and the Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2008.

Following the completion of the internal review and analysis, the Company filed its Quarterly Report on Form 10-Q for the second quarter ended November 30, 2008, an amendment to its Annual Report on Form 10-K/A for the fiscal year ended May 31, 2008, and an amendment to its Quarterly Report on Form 10-Q/A for the first quarter ended August 31, 2008, all of which can be found on the USPR web site at http://www.uspmgold.com in the Investor Relations section or can be accessed through the Securities and Exchange Commission web site at www.sec.gov.

About U.S. Precious Metals, Inc.:

USPR is a mineral exploration company headquartered in Sanford, Florida and operating in Mexico through its Mexican subsidiary, U.S. Precious Metals de Mexico, S.A. de C.V. USPR owns significant exploration 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 Registration Statement on Form SB-2, as amended, filed with the U.S. Securities and Exchange Commission ("SEC") on September 6, 2005 and August 26, 2005 and its Annual Report on Form 10-K/A for the fiscal year ended May 31, 2008, filed with the SEC on February 23, 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.

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