LAS VEGAS--(BUSINESS WIRE)--Nov. 25, 2005--USCorp (OTCBB: USCS) (Berlin UCP.BER) (WKN A0BLBB) is pleased to review its fiscal 2005 gold exploration accomplishments and recent developments.
In October 2004 we formally announced the acquisition of additional lode mining claims in the Chocolate Mountain Region of the Mesquite Mining District in Imperial County, Calif., near the towns of Picacho and Glamis.
In January 2005 we announced the addition of Quantum GeoConsultants, LLC to our Mining Exploration Team. Quantum principals have more than 10 decades of combined domestic and international management and engineering experience in exploration, mining, metal recovery and mine equipment design and manufacturing. We are pleased to have the Quantum group as independent consultants to the company.
In February 2005 we announced the acquisition of 400,000 tons of gold and silver tailings in the Pilgrim Mining District of Mohave County, near Kingman, Ariz.
Assays provided to USCorp by the prior owners indicated there are potentially viable amounts of gold and silver mineralization in these tailings which were originally processed from the late 1800s until the beginning of WWII.
In April 2005 a representative of Quantum accompanied USCorp senior management on an inspection trip of the company's mineral properties in California. Quantum principals reviewed historical reports and met with other members of the exploration and development team to study maps and past reports, and to discuss a comprehensive program culminating in production. A Quantum representative spent additional time on the property doing research and exploration. This was in addition to another trip a representative of Quantum made, accompanied by USCorp senior management to the company's mining properties in California and Arizona.
In September 2005 USCorp completed a gold bullion loan in excess of $635,000. The transaction was completed through a private Swiss fund.
We are using the proceeds of this loan for working capital and in operations, testing and continued exploration of specific claims that we are considering for commercial production. Our team of mining professionals have begun this process.
The first testing will be on the Kingman Area Tailings as outlined below.
In addition, we have received a Test Production plan and budget for the Chocolate Mountain Region Claims in the Mesquite Mining District of Imperial County from our consulting geologist, Quantum GeoConsultants, LLC. The estimate of 12 weeks for the program is an estimate of time needed to perform testing tasks only and does not take into account delays for governmental review and approval of our mining plan.
We also intend to complete a feasibility report on the Twin Peaks, our flagship property.
Recent Developments -- As reported on Nov. 14, 2005, USCorp has appointed Robert A. Cameron, Ph.D., as consulting exploration geologist to the company. Cameron's firm, Geological Support Services, LLC, is now part of our mining exploration team. Cameron has a Ph.D. in Geophysics from Canterbury University, Kent, England, not Northern Arizona University, Flagstaff, Ariz., as previously inadvertently reported. Since 1987 Cameron has consulted in the mining industry as a geologist in various capacities for companies and projects in the private sector in the United States, Mexico, Australia, New Zealand, West Germany, Poland and Canada. In addition to private consulting, he has worked since 2001 as a professor of geology and geosciences.
As reported on Nov. 17, 2005, USCorp, through our consulting exploration geologist, Robert A. Cameron, Ph.D., applied to the Department of the Interior, Bureau of Land Management for and received approval to begin a drilling program on the Tailings site.
Drilling is scheduled to commence and to be completed within the next 30 days, subject to the drilling crew's schedule. Up to 18 holes are planned with a maximum total footage of 1500 feet. Tailings depth runs from 20 to 60 feet. The company plans to take reasonable steps to minimize disturbance on the property and to protect the environment.
Previous assays and reports, some as old as 1880, have indicated mineralization. Past reports and gossip have contained a broad range of estimates on the amount of gold and silver in the Tailings. This drilling program will definitively determine the amount and valuation of the Tailings including the best process and recovery method to use and will give us the information we need to determine the value and economics of the Tailings.
The results of these projects will determine the exact courses of action we will take regarding these properties.
Please visit our Web site for additional information about USCorp and our properties: www.uscorpnv.com.
Forward-Looking Statements
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the company's Forms 10-KSB, Forms 10-QSB, 8-K and other filings with the U.S. Securities and Exchange Commission. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
