U.S. Silver Reports Second Quarter 2010 Results
U.S. Silver Corporation (TSX-V: USA, US OTCQX: USSIF, Frankfurt: QE2)
('US Silver? or 'the Company?) is pleased to announce second quarter,
2010 financial results in U.S. dollars.
- Cash Flow from Operating Activities $4.9 million year-to-date, $2.5
million in the quarter, with cash on hand remaining constant at $2.3
million - Revenue of $29.5 million year to date, $14.5 in the quarter
- Earnings of $0.6 million year to date, $0.2 in the quarter
- Silver production of 563,291 ounces in the quarter and 1,198,452
ounces year-to-date
'We are generally pleased with the continued good performance across all
areas of our operations.? stated Tom Parker, President and CEO. 'The
impact of the contractor′s accident and subsequent investigation by the
Mine Safety and Health Administration (MSHA) in June disrupted
operations and contributed to lower production levels than we had been
achieving so far this year. We remain focused on achieving our
previously stated targets while operating safely, smartly and
efficiently.?
| Q2 | Q1 | YTD | |||||||||
| Revenue | $14.5 | $15.0 | $29.5 | ||||||||
Cost of Mining | 12.0 | 13.1 | 25.1 | ||||||||
General and administrative | 1.0 | 0.5 | 1.5 | ||||||||
Exploration | 0.4 | 0.2 | 0.6 | ||||||||
Selling and marketing | 0.1 | 0.0 | 0.1 | ||||||||
$1.0 | $1.2 | $2.2 | |||||||||
Other expenses | 0.7 | 0.4 | 1.1 | ||||||||
Net income before tax | $0.3 | $0.8 | $1.1 | ||||||||
| Net income after tax | $0.2 | $0.4 | $0.6 | ||||||||
| Cash flow from operations | $2.5 | $2.4 | $4.9 | ||||||||
| Production | |||||||||||
Silver (oz) | 563,291 | 635,161 | 1,198,452 | ||||||||
Lead (lbs) | 1,268,909 | 1,467,449 | 2,736,358 | ||||||||
Copper (lbs) | 250,644 | 249,214 | 499,858 | ||||||||
| Cash Costs ($/oz after by-product credits) | $12.90 | $12.59 | $12.74 | ||||||||
Development Summary
As previously disclosed, the Company continues to invest in mine
development to open new mining areas to secure strong production levels
in to the future. During the first half of 2010 ('H1-2010?) the Company
completed 435 feet of raise development, 1,580 feet of track development
and 836 feet of mechanized development drifting; versus 332 feet of
raise development, 1,186 feet of track development and 1,246 feet of
mechanized development drifting during the first half of 2009
('H1-2009?). The raise and track development footage increased 31% and
33%, respectively; H1-2010 versus H1-2009. In the first half of 2010,
the Company completed 20,952 feet of exploration drilling, compared to 0
feet of exploration drilling in the first half of 2009.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and/or 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 217 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
SilverValley 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 www.sedar.com.
U.S. Silver Corporation
Tom Parker, CEO, 208-752-0400
or
Chris
Hopkins, CFO, 416-907-9539