USCorp Announces Agreement with Arizona Gold Corp To Finance And Complete Exploration And Development Of 3440 Acre Twin Peaks...
13 Junho 2011 - 9:45AM
Business Wire
USCorp, Inc. (OTC:USCS), and Arizona Gold Corp (“AGC”), a
private British Columbia corporation, today announced an agreement
whereby USMetals, Inc. (“USMetals”, a wholly owned subsidiary of
USCorp) and AGC have agreed to and financed a plan for the
completion of exploration of the 3440 acre “Twin Peaks project” in
Yavapai County, Arizona, USA.
The agreement includes the following:
- Subsequent to the completed $ 2,100,000
funding, Arizona Gold Corp acquired the Twin Peaks project claims
from USMetals, Inc. in exchange for 66.82 % of the issued and
outstanding shares of AGC, thereby making USMetals the majority
shareholder of AGC.
- USMetals’ Chairman and CEO, Robert
Dultz, has been appointed an Officer and a Director of AGC and will
represent USMetals’ interests and those of USCorp’s
shareholders.
- AGC principals and investors have
already funded an initial $ 2,100,000USD for completion of the
exploration of the Twin Peaks project. Subsequent technical reports
are expected to be in compliance with industry standards.
- USMetals’ percentage ownership of AGC
will not ever fall below 50.1% of the issued and outstanding shares
of AGC.
- The project seeks to obtain Canadian
compliant reports sufficient to allow for a listing of AGC’s stock
to be listed on the TSX or the TSXV/V Canadian exchanges within a
six month period.
- The agreement allows for and
anticipates further expansion of the Twin Peaks project and/or the
addition of other properties.
Robert Dultz, Chairman and CEO of USCorp and USMetals, stated:
“We are elated to announce this significant milestone for our
stockholders and investors. Arizona Gold Corp is very excited about
the field and assay work already being done. The initial
contractual funding threshold of $2,100,000USD has been completed.
As a result, the drilling program is moving forward and is expected
to commence by the end of this quarter (June 30, 2011). The highly
qualified and experienced team assembled by AGC demonstrates a very
high level of experience and professionalism. We have constructed
this agreement with AGC in such a way as to preserve and protect
USCorp’s shareholders’ investment in the property while making it
attractive for AGC and its investors. As a direct result of this
initial breakthrough agreement, we expect regular and consistent
updates to the investment community regarding our anticipated
success.”
An 8-K filing was made with the SEC detailing the structure of
the agreement. A copy of the 8-K can be viewed here:
http://sec.gov/Archives/edgar/data/873185/000114420411034789/v225429_8k.htm
About USCorp
USCorp has majority interest in two mineral exploration projects
in the United States: the gold and silver Twin Peaks project
located in Yavapai County, Arizona, and the gold Picacho Salton
project located in Imperial County California.
Information about USCorp can be found at the company’s website:
http://uscorpnv.com.
SAFE HARBOR ACT DISCLAIMER NOTICE
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: The statements contained in this release which
are not historical facts are forward-looking statements that are
subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in or implied by
forward-looking statements. These risks and uncertainties include
the Company's entry into new commercial businesses, the risk of
obtaining financing, recruiting and retaining qualified personnel,
and other risks described in the Company's Securities and Exchange
Commission filings. The forward-looking statements in this press
release speak only as of the date hereof, and the Company disclaims
any obligation to provide updates, revisions or amendments to any
forward-looking statement to reflect changes in the Company’s
expectations or future events.
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