U.S. Silver Announces Fourth Quarter and Full Year 2010 Production
U.S. Silver Corporation (TSXV: USA, US OTCQX: USSIF, Frankfurt: QE2)
('U.S. Silver? or 'the Company?) today announced silver, copper and lead
production totals for the fourth quarter and twelve months ended
December 31, 2010 as follows:
PERIODIC PRODUCTION DATA | Silver (Ounces) | Lead (Pounds) | Copper (Pounds) | ||||||||||||
Fourth quarter 2010 | 569,997 | 1,452,694 | 276,298 | ||||||||||||
Fourth quarter 2009 | 650,841 | 2,462,707 | 254,955 | ||||||||||||
Year ended December 31, 2010 | 2,275,817 | 5,613,689 | 1,196,023 | ||||||||||||
Year ended December 31, 2009 | 2,427,156 | 6,446,856 | 1,075,307 | ||||||||||||
Full 2010 vs. 2009 percentage change | -6.2% | -12.9% | 11.2% | ||||||||||||
Using metals prices of $28/oz. for silver, $1.10/lb. for lead and
$4.25/lb. for copper, equivalent ounces of silver produced totalled
670,000 ounces in the quarter. Unaudited cash cost per silver ounce
produced after by-product credits was $13.50 for the year ended December
31, 2010.
Fourth quarter production increased 12% compared to the third quarter of
2010 but was below forecasted levels due to mining of lower grade ore in
the first two months of the quarter, however head grades and production
improved significantly in December, delivering the second highest
monthly production total ever for U.S. Silver. The Company has
historically delivered long term production consistency and will
continue to do so. However, due to the inherent short-term variability
and unpredictability of narrow vein precious metal mining there will be
a degree of unevenness to our reported quarterly results.
Due to the factors above, the Company will no longer provide updated
quarterly guidance, focusing instead on achieving our annual targets,
long-term growth objectives and maximizing shareholder value from U.S.
Silver′s asset base.
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 totalling
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
Silver Valley 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, President and CEO, 208-752-0400
Chris
Hopkins, CFO, 416-907-9539