USCorp Announces Letter of Intent to Acquire International Energy and Resources Inc.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--Oct. 29, 2003

USCorp (OTCBB:USCS) is pleased to announce that USCorp and International Energy and Resources Inc. ("IERI") have signed a letter of intent for USCorp to acquire IERI as a wholly owned subsidiary. The acquisition is subject to majority shareholder approval and completion of USCorp's due diligence on IERI and the mining property recently acquired by IERI.

Current assay tests indicate bulk average of .22 ounces of gold per ton of ore in the acquisition property. The property, which is located in Arizona, consists of over 2,000 acres of contiguous claims. IERI has been conducting exploration and development activities on the property for over two years. "We are extremely exited about joining forces and IERI and USCorp becoming one team. We have installed a 30 ton-per-day test mill and we are currently conducting tests on ores from both our property and USCorp's property, the Twin Peaks Mine," said John Owen, IERI's CEO.

Robert Dultz, USCorp's CEO stated, "The test plant is actively producing concentrate, which is being tested for gold and silver values and analyzed to determine flow and mass balance. The results of these tests will determine the best method to process the ore. This is a significant step toward completing the feasibility studies on both the acquired property and The Twin Peaks Mine. We believe these results will significantly increase our assets as well as our reserves of gold and silver and lay a solid foundation for USCorp to become a significant producer. USCorp is committed to a policy of growth by development of our existing properties and acquisition of additional properties already producing or with production potential in order to increase USCorp's total reserves. Several potential acquisitions have been identified."

As previously reported, the Management Teams of IERI and USCorp have been working together for more than three years on the Twin Peaks Mine. These past activities include the completion of the Twin Peaks Mine Phase One Plan of Operations, and IERI's report on the Twin Peaks Mine, which confirmed proven reserves on specific claims. IERI's report also provided the Company with an updated estimation of reserves on 5 of USCorp's 141 claims. These findings have been previously reported in press releases on July 22, 2003 and Aug. 6, 2003 and in our 8-K and 10-KSB filings with the Securities and Exchange Commission.

The Twin Peaks Mine property is located 4.5 miles southeast of the Phelps Dodge (NYSE:PD) Bagdad Copper, Molybdenum, Gold and Silver mine in Bagdad, Ariz. USCorp's Twin Peaks Mine claims group is owned by its wholly owned subsidiary USMetals Inc.

Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties which are described in the company's SEC reports, including Form 10-KSB and the quarterly report on Form 10-QSB.