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| | January 13, 2010
U.S. Silver Announces Record Production in Q4 09
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January 13, 2010 - Toronto, Ontario - U.S. Silver Corporation (TSX-V: USA, US OTC: USSIF, Frankfurt: QE2) ("US Silver" or "the Company") is pleased to announce record silver and lead production both in the fourth quarter of 2009 (Q409) and for the entire year. This was the best quarterly silver and lead production from the Galena Mine since its acquisition by the Company in June 2006. Highlights are tabulated below:
| PERIODIC PRODUCTION DATA |
Silver
(Ounces) |
Lead
(Pounds) |
Copper
(Pounds) |
| Fourth quarter 2009 |
650,841 |
2,462,707 |
254,955 |
| Fourth quarter 2008 |
496,041 |
1,462,899 |
249,182 |
| Full year 2009 |
2,427,156 |
6,446,856 |
1,075,307 |
| Full year 2008 |
1,722,274 |
4,180,860 |
874,174 |
| Full year 2009 vs. 2008 percent increase |
40.9% |
54.2% |
23.0% |
Silver production exceeded 200,000 ounces per month during each month of Q409. Silver and lead production levels in the last quarter were both higher than the corresponding production levels in each of the prior three quarters.
Un-audited cash cost per silver ounce produced, net of by-product credits, totaled $11.73 for Q409 and $11.72 for the calendar year.
Rehabilitation of the Galena shaft continued during the fourth quarter of 2009. The bulkhead at the bottom of the caved area of the shaft, just above the 3200 level station, has been removed and the concrete lining has been poured to the top of the station. Remaining work includes scaling, re-bolting and shotcreting the 3200 level station. The concrete lining will be extended 30 feet below the 3200 level station and will terminate at that point where the shaft reverts to the standard timber sets. The completion of these repairs in early February will allow operation of the Galena shaft for men and materials from surface to the 5500 level. The Galena shaft has not hoisted ore since 1990. In the first of half of 2010 work will be completed on skip loading pockets so that in the second half of 2010, the Galena shaft, in addition to already moving materials and personnel, will be able to hoist ore and waste.
For 2010, an emphasis will continue on main level track development as well as driving raises to develop additional mining stopes. Production in 2010 will remain just above 200,000 ounces per month for the first half of the year. In the second half of 2010, thanks to increased development work making more mining stopes with slightly higher head grades available, production will grow to over 250,000 ounces per month. Total production in 2010 is targeted at 2.7 million ounces of silver, 5.9 million pounds of lead and 1.5 million pounds of copper. Cash costs are expected remain at current levels for the first half of the year and decline with increased production in the second half of 2010.
After a record of 418 days without a lost time accident, a minor lost time accident occurred in the fourth quarter.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and operates the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver mine in US history. Total silver production from U.S. Silver's mining complex has exceeded 210 million ounces of silver production since 1953. U.S. Silver controls a land package now totaling approximately 18,000 acres in the heart of the Coeur d'Alene Mining District. U.S. Silver is focused on expanding the production from existing operations as well as exploring and developing its extensive Silver Valley holdings in the Coeur D'Alene Mining District.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tom Parker, President and CEO (208) 752-0400
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