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USCorp Discloses Additional Details of Proposed $125 Million Joint Venture

11/09/2010 | Press Release

LAS VEGAS–(BUSINESS WIRE)– USCorp (OTCBB:USCS.ob) today provided further details with regard to its recently announced agreement to form a joint venture to fund up to $125 million to develop gold and silver properties.

USCorp has signed an agreement with a fully reporting public US company, which is the holding company of a major Chinese-based conglomerate with revenues in excess of $700 million (USD) annually, to form a joint venture to complete exploration and begin development of USCorp’s mining properties. The US company, holding Chinese assets, has requested confidentiality until the joint venture is funded with an initial $25 million, which must take place on or before January 15, 2011.

The agreement calls for USCorp to contribute to the joint venture the claims it presently owns in Arizona and California once the $25 million has been received by the joint venture. It is the responsibility of the US company, holding Chinese assets, to secure the $25 million in funding for the joint venture. In the event that the necessary initial funding is unable to be raised, the agreement provides that it can be cancelled and neither USCorp nor the Chinese partner will be obligated to perform under the Agreement. Each entity will own 50 percent of the joint venture. Initially the joint venture is expected to carry out the following:

This newly-formed joint venture entity will seek to raise an additional $100 million (USD) to expand its asset base but no assurance can be given that either funding will be successful.

Upon the completion of the funding the claims will be transferred to the joint venture and the joint venture is expected to complete the drilling and development of the properties. Reports from previous drilling show significant gold and silver mineralization on the properties. This joint venture should enable completion of the drilling programs in Arizona and California. USCorp’s Twin Peaks property in Yavapai County, Arizona is near to, and on the same fault zone as the world famous Freeport-McMoRan mine in Arizona. USCorp’s Picacho Salton Property, in California, is adjacent to both NewGold’s open pit gold mine and the Goldcorp claims group in Imperial County California.

About USCorp

USCorp has 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:

About Measurements

Technical Reports and Feasibility Studies on USCorp projects are presented in accordance with Canadian and internationally recognized standards. The terms “Mineral Resource”, “measured Mineral Resource”, “indicated Mineral Resource” and “Inferred Mineral Resource” are Canadian mining terms and are not defined terms under standards of the United States Securities & Exchange Commission (SEC). Under SEC standards, mineralization may not be classified as a “reserve” unless determination has been made that the mineralization could be economically produced and permitted in order to be legally produced or extracted at the time the reserve calculation is made. USCorp cautions readers not to assume that all or any part of Measured, Indicated or Inferred Resources will ever be converted into Mineral Reserves as defined by the SEC.


“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.


Robert Dultz, Chairman and CEO
Martin E. Janis & Company, Inc., Public Relations
Beverly Jedynak, 312-943-1123

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