LAKE MARY, FL -- (Marketwire) -- 06/09/10 -- U.S. Precious Metals, Inc. (OTCBB: USPR) ("USPR" or the "Company") announced today that it has agreed to extend the closing date for the transaction previously announced with SAK Arabia, LLC to June 18, 2010. In connection with the extension of the closing date, as required by the term sheet, SAK Arabia has made arrangements for a non-refundable deposit of $350,000 to be placed into escrow. James Tomkins of SAK Arabia states that "we are excited about the prospects for U.S. Precious Metals and are looking forward to being part of its continued growth." Michael Jack Kugler, Chairman and CEO of U.S. Precious Metals, believes "this transaction will fundamentally improve the position of the Company and we are looking forward to having SAK Arabia as an investor and partner."
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:
U.S. Precious Metals, Inc.
M. Jack Kugler
Chairman and Chief Executive Officer
(407) 566-9310
http://www.usprgold.com