BEND, Ore., Oct. 6, 2011 (GLOBE NEWSWIRE) -- U.S. Rare Earth Minerals, Inc. (OTCBB:USMN) today announced it has posted an "Enterprise Progress Summary" on the company's website at www.us-rem.com. Shareholders and the public are invited to visit the NEWS and PRESS sections to view the full letter and related attachments.
"Our management team has recently secured financing to bring our Nevada facilities to a fully operational status," said Dennis Cullison, president and chief of production. "We now have the capability to deliver large commercial orders. We have successfully renegotiated our exclusive right-to-mine and market contract with the owner of the mining claims. Our contract includes four new claims and the rights to any and all rare earth mineral holdings across more than 2,000 acres. USMN is now paid-in-full, under its mining agreement with the owner of the claims through the end of 2011."
"The progress we have made in the last two quarters has been extraordinary," said Paul Hait, CEO and chairman. "We have eliminated all major debt from our balance sheet, expanded our shareholder base, strengthened and diversified our Advisory Board with internationally renowned technical experts, assembled an extraordinary team of dedicated professionals in operations, finance, and sales. As a result, we are forging the kind of worldwide recognition - both for our company and our Excelerite™ brand – that is attracting major U.S. retail and international distribution interest."
About U.S. Rare Earth Minerals, Inc.
U.S. Rare Earth Minerals, Inc. ("USMN") is engaged in the sale and distribution of products derived from the company's mining activities relating to natural mineral deposits commonly known as calcium montmorillonite and other natural minerals and nutrients. They are sold under the brand name Excelerite™. USMN is headquartered in Bend, Oregon, with executive offices in Las Vegas. The company maintains a website at: www.us-rem.com.
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of U.S. Rare Earth Minerals, Inc., and members of management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.