TORONTO, May 11, 2010 (BUSINESS WIRE) — US Silver Corporation /quotes/comstock/11v!e:usa (CA:USA 0.20, +0.01, +5.26%) (“US Silver” or “the Company”) is pleased to announce first quarter, 2010 production of silver, lead and copper from the Galena mine in Wallace, Idaho, U.S.A. All dollar amounts are in U.S. dollars.
Silver production in the month of March 2010 was the highest monthly production achieved since U.S. Silver purchased the Galena Mine. Silver production for the quarter was the second highest ever recorded by the Company.
PRODUCTION DATA S L C ilver ead opper (ounces) (pounds) (pounds)——————————- ——– ——— ——–First quarter 2010 635,161 1,467,449 249,214——————————- ——– ——— ——–First quarter 2009 634,791 1,057,647 301,120——————————- ——– ——— ——–2010 over 2009 percent increase +0.0% +38.7% -17.2%——————————- ——– ——— ——–
Using metals prices of $16/oz. for silver, $0.95/lb. for lead and $3.25/lb. for copper, equivalent ounces of silver produced totaled 772,913 ounces in the quarter. The average realized price of silver sold during the quarter was $17.74 per ounce.
Unaudited cash cost per silver ounce produced was $12.59. The primary causes for the higher costs were increased rail and drift repair, additional rock bolting and timbering to repair damage from seismic activity that occurred in December 2009 and short-term production delays caused by the completion of the Galena shaft rehabilitation project.
The Galena shaft rehabilitation was substantially completed with the final concrete poured in mid-March. Some additional time was required to transition from the concrete lining to the existing timber sets just below the 3200 level. There are now 830 vertical feet of concrete shaft that will require minimal maintenance in the future. Completion also provides direct access to the 3400 level and allows resumption of mining in the higher grade stopes above that level. Work in the Galena shaft later this year will include the rehabilitation of four loading pockets and the purchase of new aluminum skips to enable ore hoisting up the Galena shaft, something that has not been done since 1990.
The Company is pleased that there were no lost time injuries during the quarter.
The Company also announces that its Annual General Meeting will be held in Toronto on June 29, 2010 at 4:00 p.m. at the offices of Gowling Lafleur Henderson LLP, Suite 1600, 1 First Canadian Place, 100 King Street West, Toronto, Ontario. Please refer to our notice on http://www.sedar.com/ for further details.
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 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 http://www.sedar.com/.
SOURCE: US Silver Corporation
US Silver Corporation Tom Parker, 208-752-0400 CEO
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