U.S. Silver Corporation Announces New 43-101 Technical Report
Tuesday June 5, 10:48 am ET
biz.yahoo.com
TORONTO, ONTARIO--(MARKET WIRE)--Jun 5, 2007 -- U.S. Silver Corporation (CDNX:USA.V - News) ("U.S. Silver" or the "Company") is pleased to release its newly completed 43-101 Technical Report on the Galena Mine Complex in Northern Idaho. The Company previously released (April 18, 2007) a significant increase in the total reserves and resources over the initial numbers estimated and published just after the Company purchased the mine in June 2006. Silver reserves increased by over 40% and the total silver reserves and resources increased by 17 % to over 48 million ounces. The previous and the new 43-101 technical reports can both be viewed at www.sedar.com.
"This new technical report is the compilation of a considerable amount of exploration and development work that has been undertaken at the mining complex over the past year" said Bruce Reid, Chief Executive Officer of U.S. Silver. "The increases in silver reserves and resources are the result of these efforts." The Company has drilled nearly 70,000 feet of core and developed over 12,000 feet of underground drifts and tunnels since the mine was acquired in June, 2006.
The Company is currently operating the Galena Mine at over 400 tons/day of copper-silver tetrahedrite ore a day with a forecast of over a 1000 tons/day by the 1st Quarter 2008. In addition US Silver will start mining lead-silver galena ore in the 3rd Quarter of 2007 with production achieving nearly 400 tons/day of this material by the end of 2007. The lead-silver material will be milled at the Coeur Mill which is currently on standby after being repaired and rehabilitated earlier this year.
The Company produced 328,984 ounces of silver during the 1st Qrt of 2007 at an average cash cost of U.S. $ 10.16 per ounce. This compared with 200,044 ounces in the 4th Qrt, of 2006 at cash costs of U.S. $13 per ounce. By way of further comparison, the company produced 149,646 ounces of silver during the 3rd Qrt, 2006 at a cash cost of over U.S. $19 per oz. The headgrades averaged 17.0 oz./sdt up from 12.7 oz./sdt during the 3rd Qrt 2006. The company expects the headgrade to continue to improve through 2007.
The Company continues to implement a turnaround at the mine which includes an extensive redevelopment of new reserves (see press release dated April 18, 2007), a redesign of the mining method in some areas and numerous challenging repairs of facilities and equipment. "The company is well on its way to make 2007 the production turnaround year at the Galena Mine, and with continued strong metal prices we should be profitable through the remainder of 2007." Stated Mark Hartmann, President of U.S. Silver.
ABOUT U.S. SILVER CORPORATION
U.S. Silver owns and operates the producing Galena silver mine in Shoshone County, Idaho, which is the second most prolific silver mine in US history. Total silver production from U.S. Silver's Galena and Coeur mining complex has exceeded 210 million ounces of silver production since 1953. The mine is currently anticipated to produce 3.2 million ounces of silver in 2007. In June 2006, U.S. Silver acquired the Galena mine, Coeur mine, and Caladay property along with a land package of 11,000 acres in the heart of the Coeur d'Alene Mining District. U.S. Silver is focused on the production and exploration of its extensive Silver Valley holdings.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
U.S. Silver Corporation
Bruce Reid
Chief Executive Officer
(647) 500-4495
U.S. Silver Corporation
Vance Loeber
Investor Relations
(604) 805-3530
Source: U.S. Silver Corporation |
