US Precious Metals (fka USPR)

[gitreal]

Interesting scenarios. Not being an attorney, I am not sure of the answers, but I will make a guess. I doubt that being in a JV with a Canadian-traded company would change anything. The company itself is still not Canadian traded.

As for your second scenario, I believe that the BCSC would review a technical document issued and in fact, would require submittal of documents. However, they would not be considered "43-101 compliant" until they are reviewed and approved.

As for your third option, it appears that USPR does not think that the BCSC or the SEC cares if US-traded companies fraudulently issue "43-101" reports. Ironically, several SEC-filers have very recently come under the scrutiny of the SEC because of their "43-101" reports:

This is what the SEC asked LBSR, regarding their "43-101" reports:

We note your disclosure stating that you prepared a standard Canadian National Instrument 43-101 report for your properties. Tell us whether you filed the report on SEDAR for review by the Canadian authorities. If you have not, you will need to address the potential variance in perception either by replacing references to “standard National Instrument 43-101 report” with “geologic report” or by adding language clarifying that the report has not been filed on SEDAR for review by the Canadian authorities as is the general practice by Canadian filers.

http://www.sec.gov/Archives/edgar/data/1172178/000000000015000918/filename1.pdf

ECPN, an even more blatant scam than USPR, is also under some heat for their 43-101 report:

http://www.sec.gov/Archives/edgar/data/1135202/000000000015005288/filename1.pdf

Is USPR next? They should be. Especially if they have the cojones to issue another report, and make the mistake of fraudulently labeling it as a 43-101 (again).