U.S. Silver Announces 2012 Production Forecast,
Coeur Mine Re-development
Start and 2012 Exploration Program
TORONTO--(BUSINESS WIRE)-- U.S.
Silver Corporation (TSX:USA, OTCQX:USSIF,
Frankfurt:QE2) (“U.S. Silver” or the
“Company”) announces
that the Board of Directors has approved the 2012
budget and operating plan.
Specifically, the Company
announces that it forecasts 2012 production to be approximately 2.4 million ounces of silver with by-product production of
lead to be approximately
6.5 million pounds and copper to be
approximately 1.2 million pounds.
U.S. Silver
is now proceeding
with development work to support the re-opening of
the Coeur Mine, located adjacent and connected
underground to the Company’s operating Galena
Mine, located in the prolific
Silver
Valley near Wallace,
Idaho. First production from the Coeur Mine is
targeted for the end of this
year. Capital spending associated with this program in 2012 will total approximately $5
million. Total silver resources
identified to date are approximately
6 million ounces of silver.
Drilling in 2011 further defined the resource, allowing for the definition of optimal development
and mine plans. It is expected
that resources in the Coeur mine area will produce at the rate of up to
500,000 ounces per year
once full production rates are achieved toward the end of 2013.
In
addition, the Company has planned
for approximately 100,000 feet
of exploration drilling in
2012, compared to 77,000 feet
in 2011 and 47,000 feet in 2010. This will be a combination of underground drilling and the continuation of U.S. Silver’s
surface program that began in 2011. The Company will provide exploration results to the market as soon as they become
available throughout the year.
Qualified Person
Information
of a technical nature in this
press release has been prepared
and reviewed by Mr. Jeffrey A Moe, Interim Chief Geologist
for U. S. Silver,
who supervised the drilling and sampling programs.
Mr. Moe is a “Qualified
Person” within the meaning
of National Instrument 43-101 of the Canadian Securities Administrators.
All
silver assay results reported in this new release were analyzed using standard assay techniques by American Analytical
Services located in Osburn,
Idaho. Check assays are conducted by ACT Labs,
located in Ontario,
Canada. All samples are obtained and assays are reported under a formal quality assurance program.
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 totaling 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.
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
Corporation 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
Corporation. Additional information identifying risks and uncertainties is contained in filings by the
Corporation with the Canadian securities
regulators, which filings are available at www.sedar.com.