U.S. Silver Reports Record Production

 

 

TORONTO - U.S. Silver Corporation reported record silver and lead production both in the fourth quarter of 2009 (Q409) and for the entire year. This was the best quarterly silver and lead production from the Galena Mine since its acquisition by the Company in June 2006.

Un-audited cash cost per silver ounce produced, net of by-product credits, totaled $11.73 for Q409 and $11.72 for the calendar year. Rehabilitation of the Galena shaft continued during the fourth quarter of 2009. The bulkhead at the bottom of the caved area of the shaft, just above the 3200 level station, has been removed and the concrete lining has been poured to the top of the station. Remaining work includes scaling, re-bolting and shotcreting the 3200 level station. The concrete lining will be extended 30 feet below the 3200 level station and will terminate at that point where the shaft reverts to the standard timber sets. The completion of these repairs in early February will allow operation of the Galena shaft for men and materials from surface to the 5500 level. The Galena shaft has not hoisted ore since 1990. In the first of half of 2010 work will be completed on skip loading pockets so that in the second half of 2010, the Galena shaft, in addition to already moving materials and personnel, will be able to hoist ore and waste.

For 2010, an emphasis will continue on main level track development as well as driving raises to develop additional mining stopes. Production in 2010 will remain just above 200,000 ounces per month for the first half of the year. In the second half of 2010, thanks to increased development work making more mining stopes with slightly higher head grades available, production will grow to over 250,000 ounces per month. Total production in 2010 is targeted at 2.7 million ounces of silver, 5.9 million pounds of lead and 1.5 million pounds of copper. Cash costs are expected remain at current levels for the first half of the year and decline with increased production in the second half of 2010.

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. The company controls a land package now totaling approximately 18,000 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.

The company’s address is 401 Bay St, Suite 2702, P.O. Box 136, Toronto, ON M5H 2Y4, 416.848.0858, fax: 647.722.9652.