Well, it may even be worse then we thought.
I was thinking there was so little in the 10Q about their mining concession that I would read it to see what it says. Can you explain the difference between "explore and exploit" and "access to surface land"?
Because from a non-mining literate logic perspective, I think uspr can only "mine" 3001 of their 37,000 acres.
In the 10Q, uspr states...
"the Company has acquired exploration or exploitation concessions to approximately 37,000 acres of land in Michoacán, Mexico."
But then they state...
"Mining concessions do not automatically grant the holder the right to enter or use the surface land of the property where such mining concessions are located."
And then the big one...
"The Company currently has secured access rights to the portions of the Solidaridad Property where its concessions Solidaridad I, Solidaridad III, and Solidaridad V are located by way of a written agreement entered into by and between its Mexican Subsidiary and the owners of the portions of the Solidaridad Property where these concessions are located."
That's only 1,215 hectares which is 3,001 acres. So uspr only has access rights, as of now, to 8% of their 37,000 acres of property.
Is this normal for mining companies or another just another uspr-ism
This post is my opinion and should not be used as investment advice.
