|
Der Letter to the shareholders erklaert eine ganze Menge: Dear Shareholders and Interested Members of the Public: I briefly want to recap some of our accomplishments in the last several months. Primarily these focus on the completion of our Phase II drilling effort at the Twin Peaks Property. I am happy to report to you that things at USCorp are quickly coming together as we work to bring our Twin Peaks Project and Picacho Salton Project properties into production. Although we waited far longer than we had expected for them, the results of our drilling at Twin Peaks, as released in our June 29, 2009 press release, were very good and confirmed our expectations. The recent report by Geological Support Services on the drilling results has led us to believe that the extensive quartz structure, called the “Quartz Dike”, appears to extend for about two miles in a mineralized trend going east and west, and from the northwest to the southeast, we expect to be able to better define the gold deposit and other mineralization when the samples from the Phase 3 drilling are assayed later this summer. USCorp has also made significant progress working with the various entities involved in the permitting process for our Picacho Salton property in California. We have completed and filed with the El Centro, California BLM office an amended Environmental Assessment Report. We remain hopeful that a permit will be granted soon so that USCorp can commence the planned 15,000 foot drilling program on this exciting property. As a result of the economic downturn we have been able to negotiate prices for our drilling programs that were not available to us in the past. This opportunity of quality contractors and equipment, with quality people, that are available and affordable bodes well for USCorp. There are several questions that many of you have asked individually and I would like to take this opportunity to address them. Q: Do the published feasibility studies on the homepage include the fall 2008 drilling results? A: No, they do not contain updated information. The revisions that we have made of late were to make minor corrections to those documents that were inadvertently missed before they were uploaded and to remove any references to Canadian mining standards, specifically National Instrument 43-101. USCorp is not a Canadian Corporation and does not own any mining properties in Canada, and therefore is not subject to Canadian regulations. Although the Canadian standards regarding the measurement of mineralization are internationally recognized, they are not recognized under the US Securities & Exchange Commission rules and regulations and as a US company, we must comply with SEC rules even if some investors look for the Canadian standard. Q. Is USCorp drilling again? A: As of the date of this writing, we are in the final stages of the approval process necessary to begin our reverse circulation drilling program on our Picacho Salton Project in Imperial County, California. The BLM office in Arizona has granted approvals for our drilling program at Twin Peaks Project and we have already done Phases 1 and 2 drilling at that site. We will begin the third and final stage of our 3 Phase drilling program at our Twin Peaks Project in Yavapai County, Arizona as soon as we receive funding for the project. Q: Regarding the drilling permits in California, when do you expect that permit to be issued? A: There are many factors outside of USCorp’s control that go into obtaining approvals for a Mining Plan of Operations. The largest is the review and approval process conducted by the Bureau of Land Management (BLM). We are awaiting final approval for the Picacho Salton Project from the Bureau of Land Management office in Imperial County, California so that we can commence drilling there. We expect that drilling will move rather quickly once approvals are granted. Q: Are you going to be able to obtain the financings needed to carry out the drilling programs? A: We have a commitment for up to $2.19 million for 2009 from a fund in Switzerland. As of this writing, we have received $400,000 of that commitment from them. We are uncertain at this time if that funding will continue. We believe that we will be able to obtain financing, if not from this commitment, then from other sources in the US and Europe. Q: Things don’t seem to be moving at USCorp – it just seems that we are where we were last summer? Is this the case? A: Sometimes it seems that way to us as well, but that is not the case. We have made a lot of progress. At times we are so busy that we really don’t have time to stop and talk about it. There are three major factors that determine when we move forward with our plans to develop our properties. Those factors are: 1. Project development plans. This is the portion of our business plan that specifically and in detail lays out how we intend to develop our properties. We have a sensible plan that we are meticulously following. 2. Approvals and permits from regulatory agencies. Local, state and federal agencies are responsible for managing reasonable development of natural resources as specified in laws and various agency regulations. The approval process is a time consuming one. USCorp is committed to following all laws and regulations that pertain to the development of its properties. The one aspect of this process that we have absolutely no control over is how long regulatory agencies may take to review and process our applications and grant approvals. As citizens we appreciate the fiduciary responsibility of these agencies to preserve and protect the environment, historical and sacred sites, and endangered species. As miners we have to be ready to move forward to develop our properties once these approvals are granted and of course, we would prefer the process move faster; but we cannot short-cut what is required. 3. Financing. It goes without saying that without adequate financing it is impossible for us to move forward with our plans for developing our properties. And, in the past year it is no secret that the credit markets and financing have been difficult to obtain on terms favorable to junior mining public companies and their shareholders. We continue to work with several different financing sources both in the US and overseas. USCorp has been very conservative in our statements and timing of our press releases . We have done very little “promotion” of the Company and the opportunities represented by developing our Twin Peaks Project in Yavapai County, Arizona and our Picacho Salton Project in Imperial County, California. We believe our conservative approach may have been misunderstood by some members of the public leading them to form the opinion that our properties are not as great an opportunity as they actually are, or that our commitment to develop these properties is not our top priority. We pledge to our shareholders and investors that we will be more expansive in letting you know the activities occurring at USCorp. While we have made certain that material information is conveyed to you, we know that many of you are looking for even more information so you know that USCorp is moving forward. We intend to provide more information in a timely manner both in press releases and on our web site that is now being updated. Our primary goals are to bring the Twin Peaks and Picacho Salton properties into production and to raise the public’s perception of USCorp’s worth. We expect to increase our shareholder base and hopefully as the investing public becomes more and more aware of our exciting properties this will be reflected in our trading volume and a share price that we believe will more accurately reflect both the company’s value and management’s achievement of our goals. I look forward to keeping you apprised of our progress in the days, weeks and months ahead. Sincerely, Robert Dultz Chairman and CEO |
|
| aus der Diskussion: | USCorp - Neue Homepage + Produktionsbeginn Ende 2010 geplant |
| Autor (Datum des Eintrages): | iblis (29.07.09 14:31:55) |
| Beitrag: | 2 von 22 (ID:37669481) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |