U.S. Silver Corporation Announces the Acquisition of the Historic Dayrock Lead-Silver Mine and Mill
Tuesday July 10, 10:48 am ET
ca.us.biz.yahoo.com
TORONTO, ONTARIO--(MARKET WIRE)--Jul 10, 2007 -- U.S. Silver Corporation (CDNX:USA.V - News), is pleased to announce the acquisition of the historic Dayrock Lead-Silver Mine and Mill facility located about 3 1/2 miles northeast of the Company's Galena Mining Complex in the Silver Valley of North Idaho. The Dayrock operated intermittently from 1924 until 1977 having produced 155 million pounds of lead and 6,500,000 ounces of silver. The total tonnage milled was 1,276,488 tons at an average grade of 6.07% lead, 0.32% zinc, and 5.11 ounces of silver per ton. The purchase price for the 80 acre package was USD $175,000. There are no royalties on this property going forward. In addition, U.S. Silver has staked an additional 385 mining claims in the vicinity of the Dayrock, increasing its land package in the Silver Valley by more than 7,000 acres to approximately 18,000 acres.
U.S. Silver's intention is to explore for new undiscovered vein systems as well as extensions of the four known high grade oreshoots that were historically mined at the Dayrock mine. The mill, although idle for many years, has a historic capacity of 450 tons per day. Low metals prices, inefficient mining activities, and property issues resulted in the mine being idled in the 1970's. Head grades from the Dayrock Mine during the last full year of operation were 11.9 ounces of silver and 12.0% lead per ton of ore mined. While the mill appears to be in good condition due to the high level of care and maintenance activities during the past 30 years, repairs and upgrades will be required to put the mill back into operation. The Company will undertake an engineering study to determine the best course of action for the Dayrock property, including the feasibility of returning the mine and mill to full operation. Also included in the study will be the option to utilize the Dayrock mill as a third milling option in the event U.S. Silver is successful in discovering ore in one of the many silver, lead, and zinc prospects now under control by the Company. The Company currently produces a silver-copper concentrate at the Galena mill and will produce a silver-lead concentrate at the Coeur mill beginning in September, 2007. U.S. Silver has also started an aggressive surface exploration program within the Company's vast Silver Valley mining properties with surface drilling activities planned to start later this summer.
QUALIFIED PERSON
Information of a technical nature in this press release respecting the properties has been prepared and reviewed by Mr. Daniel H. Hussey, Chief Geologist of U.S. Silver. Mr. Hussey is a "qualified person" within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.
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. 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
U.S. Silver Corporation
Mark Hartmann
President
(208) 556-1535
Source: U.S. Silver Corporation |
