U.S. Silver increases Galena reserves and resources
2007-04-18 10:34 ET - News Release
Mr. Bruce Reid reports
U.S. SILVER CORPORATION REPORTS SIGNIFICANT INCREASE IN RESERVES AND RESOURCES
U.S. Silver Corp. has made a significant increase in silver reserves and resources in U.S. Silver's underground mining complex centred around the Galena mine near Wallace, Idaho. Silver reserves increased by 40 per cent and total reserves and resources increased by 17 per cent as compared with the prior year 2006. Total reserves and resources are now over 48 million ounces of silver.
"Since acquiring the mine in June, 2006, U.S. Silver has dedicated significant time and funds to implement an aggressive exploration and development program," said Bruce Reid, chief executive officer of U.S. Silver. "The increase in silver reserves and resources is a result of a these efforts along with improvements in metal prices."
Silver-bearing lead ore (galena) accounts for 9 per cent of the silver reserves and 28 per cent of total silver resources. Lead contained in lead-silver reserves increased by almost 75 per cent compared with the previous year. As previously reported in Stockwatch, U.S. Silver has signed a smelter contract with Teck Cominco Metals Ltd. to process lead-silver concentrates (see news in Stockwatch on April 5, 2007). Lead-silver ore will be processed at U.S. Silver's Coeur mill while the Galena mill continues to process silver-copper ore.
Current ore reserves and resources for U.S. Silver's mining complex in the famous Silver Valley of Idaho are listed in the accompanying table.
Ag
grade Contained
Tons (oz/t) ounces Ag Tons Cu Tons Pb
Proven and probable 757,822 19.99 15,150,180 4,843 15,312
Measured and indicated 1,147,126 12.60 14,457,480 5,065 22,275
Inferred 1,618,809 11.37 18,402,231 4,386 73,197
stockwatch.com
Using very rough numbers and full recovery etc I am showing the value of the lead and copper adds about 23 million AG equiv ounces to the total 48 mill for a AG equiv of abouut 71 million ounces. |
