USCorp (OTCBB:USCS), today released the following information for shareholders and interested members of the public:

Last January, USCorp entered into discussions with a European entity, and some progress was made regarding a private placement of our Common Class B shares in Europe. USCorp was not able to release any information publically or privately regarding this transaction due to the ongoing nature of the discussions. The purchasing activity in Europe of our Common Class B shares caused a spike up to 24 cents per share in March of our Class A shares in the U.S. Ultimately, USCorp determined that the European entity's expectations and structure were not appropriate for USCorp as a U.S. based fully reporting public corporation, leading to a mutually agreed termination of contact.

Recently the Proprietary Information about USCorp and technical information about our properties was moved to our web site and is now available, upon request at uscorpnv.com. This is the same body of information that was previously available on the Sharevault web site. Access to the proprietary data is by invitation only after signing a confidentiality agreement and it is password protected. The information includes:

  • Feasibility Studies and Technical Reports for Twin Peaks in Arizona, USA and Picacho Salton in California, USA, Historical Assays, Drill Logs and other documents from the late 1800s through 2009
  • Maps and photographs of our properties
  • Corporate Information and SEC filings

This information is technical in nature; it is intended for mining industry professionals and not the general public. Summaries and reports based on the proprietary information are available to the general public on our web site and in our filings with the Securities and Exchange Commission.

Meanwhile, in California we are in the final stages of obtaining approvals necessary to conduct our planned drilling program on our Picacho Salton Project. The Bureau of Land Management (BLM) has determined that all necessary studies and reports have been submitted and are complete. USCorp has entered the final step before the BLM grants approval of our Mining Plan of Operations for the Picacho site.

During the 30 day Comment Period, during which the public was offered an opportunity to voice concerns, the Quechan Tribe of Fort Yuma did object to our proposed drilling program in a letter dated 8 June 2010. The California BLM is currently working with the Quechan Tribe to resolve those objections. We have been assured by the BLM that resolution is progressing, although when resolution will come is not known.

The following are excerpts from an email received by USCorp from the California Desert District BLM Office:

          "?In the process of writing the decision record we will have to respond to every issue brought up by the tribe?From the look of things we might also amend some portions of the E.A. [Environmental Assessment] while resolving some of these issues. ? I believe we will be through with this process soon..."

USCorp expects the concerns of the Quechan Tribe to be addressed and that approval of our California drilling program will attract the financing necessary to allow USCorp to complete the planned drilling program at the Picacho Salton Project in California.

In late 2008 USCorp completed the first two phases of our three phase drilling program on our Twin Peaks Project in Arizona. At that time we received a commitment for funding our 2009 operations, including completing the Twin Peaks drilling program as well as the Picacho Salton Project drilling program. Due to the world financial collapse in late 2008 our funding source was unable to meet its commitment to us. After the financial collapse most of the acceptable funding sources dried up. The third and final phase of the Twin Peaks drilling program is designed to generate a report that meets industry reporting standards. Without the third phase completed we cannot say much regarding the results of the first two phases, except to release assays results as we have done previously. And until we receive the results of the third phase of drilling we cannot update our technical report and feasibility study which were written before the current drilling program. All of our current projections have been made without including the results from the first two phases of the drilling program.

We continue to discuss financing options with individuals and entities regarding financing, joint-ventures, acquisitions, and other potential business combinations in order to complete our drilling program on our Twin Peaks project in Arizona, as well as financing our Picacho Salton project drilling program and continued development of our properties. This month we began preliminary due diligence discussions for raising the necessary financing in Europe.

Given the continuing demand for precious metals and cooperation with the BLM in California and in Arizona, USCorp expects that these issues will be resolved soon. We thank you for your trust in USCorp, and look forward to completing our plan to take our properties to production.

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.

About Measurements

Technical Reports and Feasibility Studies on our 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 and Exchange Commission (SEC). Under SEC standards, mineralization may not be classified as a "reserve" unless the 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.

Forward Looking Statements

Statements contained in this release that are not historical facts are forward-looking and involve risks and uncertainties. See ?Risk Factors? in the company's filings with the U.S. Securities and Exchange Commission. The actual results that the company achieves may differ materially from any material forward-looking statements due to such risks and uncertainties. The company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

USCorp
Robert Dultz, Chairman and CEO
robert@uscorpnv.com
or
Martin E. Janis & Company, Inc. Public Relations
Beverly Jedynak, 312-943-1123
bjedynak@janispr.com