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| | July 20, 2010
U.S. Silver Announces Q2 2010 Production
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July 20, 2010 -- Toronto, Ontario -- U.S. Silver Corporation (TSX-V: USA, OTCQX: USSIF, Frankfurt: QE2) ("U.S. Silver" or "the Company") is pleased to announce silver, copper and lead production for the second quarter and the first half of 2010.
PERIODIC PRODUCTION DATA |
Silver (Ounces) |
Lead (Pounds) |
Copper (Pounds) |
Second quarter 2010 |
563,291 |
1,268,909 |
250,644 |
Second quarter 2009 |
583,453 |
1,833,638 |
250,451 |
First half 2010 |
1,198,452 |
2,736,358 |
499,858 |
First half 2009 |
1,218,244 |
2,891,285 |
551,571 |
First half 2010 vs. 2009 percentage change |
-1.6% |
-5.4% |
-9.4% |
Second quarter 2010 production was 36,709 ounces short of the 600,000 ounce target. Both production and costs were adversely affected by the contractor fatality announced on June 21 and the ensuing investigation by the Mine Safety Health Administration (MSHA). Un-audited cash cost per silver ounce produced, net of by-product credits, totaled $12.78 for Q2-2010 and $12.68 for the six months ended June 30, 2010.
Tom Parker, President and CEO of U.S. Silver stated, "In the second half of 2010, thanks to increased development work, we expect to be mining more stopes with slightly higher head grades. We will continue main level track development as well as driving raises to develop additional mining stopes. Production for the remainder of the year is anticipated to average approximately 250,000 ounces per month. Total targeted production in 2010 is 2.7 million ounces of silver, 5.9 million pounds of lead and 1.5 million pounds of copper. Cash costs are expected to decline with this increased production in the second half of 2010."
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and/or 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 217 million ounces of silver production since 1953. U.S. Silver controls a land package now totalling approximately 14,000 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
Chris Hopkins, CFO and Corporate Secretary (416) 907-9539 |
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