U.S. Silver Announces 2012 Production Forecast, Coeur Mine Re-development Start and 2012 Exploration Program

Source:  U.S. Silver Corporation – Tue, Jan 31, 2012 

U.S. Silver Corporation (TSX:USA, OTCQX:USSIF, Frankfurt:QE2) (“U.S. Silver” or the “Company”) announces that the Board of Directors has approved the 2012 budget and operating plan.
Specifically, the Company announces that it forecasts 2012 production to be approximately 2.4 million ounces of silver with by-product production of lead to be approximately 6.5 million pounds and copper to be approximately 1.2 million pounds.

U.S. Silver is now proceeding with development work to support the re-opening of the Coeur Mine, located adjacent and connected underground to the Company’s operating Galena Mine, located in the prolific Silver Valley near Wallace, Idaho. First production from the Coeur Mine is targeted for the end of this year. Capital spending associated with this program in 2012 will total approximately $5 million. Total silver resources identified to date are approximately 6 million ounces of silver. Drilling in 2011 further defined the resource, allowing for the definition of optimal development and mine plans. It is expected that resources in the Coeur mine area will produce at the rate of up to 500,000 ounces per year once full production rates are achieved toward the end of 2013.

In addition, the Company has planned for approximately 100,000 feet of exploration drilling in 2012, compared to 77,000 feet in 2011 and 47,000 feet in 2010. This will be a combination of underground drilling and the continuation of U.S. Silver’s surface program that began in 2011. The Company will provide exploration results to the market as soon as they become available throughout the year.
 
Qualified Person
Information of a technical nature in this press release has been prepared and reviewed by Mr. Jeffrey A Moe, Interim Chief Geologist for U. S. Silver, who supervised the drilling and sampling programs. Mr. Moe is a “Qualified Person” within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.

All silver assay results reported in this new release were analyzed using standard assay techniques by American Analytical Services located in Osburn, Idaho. Check assays are conducted by ACT Labs, located in Ontario, Canada. All samples are obtained and assays are reported under a formal quality assurance program.
 
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 Silver Valley holdings in the Coeur d'Alene Mining District.

U.S. Silver Announces Effective Date of Consolidation as January 30, 2012

Source:  U.S. Silver Corporation – Tue, Jan 26, 2012

U.S. Silver Corporation (TSX:USA, OTCQX:USSIF, Frankfurt:QE2) (“U.S. Silver” or the “Corporation”) announces that, further to its press release of January 23, 2012, the Corporation has filed articles of amendment to give effect to the consolidation of the Corporation’s common shares (“Common Shares”) on a basis of five (5) pre-consolidation Common Shares for each one (1) post-consolidation Common Share (the “Consolidation”). The Corporation’s post-consolidation Common Shares will be posted for trading at the opening of Monday January 30, 2011 under the new CUSIP number 90343P507.

The approximately 309 million pre-Consolidation Common Shares outstanding prior to Consolidation will be reduced to approximately 62 million post-Consolidation Common Shares. No fractional Common Shares will be issued in connection with the Consolidation. In the event that the Consolidation would otherwise result in the issuance of a fractional Common Share, such fraction of a Common Share will be rounded down to the nearest whole number.

The Corporation’s listed warrants to purchase Common Shares (“Warrants”) will continue to be traded on the TSX under the symbol “USA.WT” following the Consolidation. There are currently approximately 10.77 million Warrants issued and outstanding. Following the Consolidation, each five (5) Warrants will entitle its holder to purchase one post-consolidation Common Share at an aggregate exercise price of $0.775 per post-consolidation Common Share at any time until July 16, 2014. If all outstanding Warrants are exercised, an aggregate of approximately 2.15 million post-consolidation Common Shares will be issued. In accordance with the terms of the Warrant indenture, notice of the Consolidation has been sent to all holders of Warrants.

The Corporation anticipates mailing letters of transmittal to registered holders of Common Shares on or around January 26, 2012, requesting that they forward their pre-consolidation Common Share certificates to Valiant Trust Company in Toronto in exchange for new Common Share certificates representing the number of Common Shares on a post-consolidation basis.
 
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 Silver Valley holdings in the Coeur d'Alene Mining District.

U.S. Silver Announces Management Changes and Personnel Additions

Source:  U.S. Silver Corporation –  Jan 26, 2012

U.S. Silver Corporation (TSX:USA, OTCQX:USSIF, Frankfurt:QE2) (“U.S. Silver” or the “Corporation”) announces the retirement of Tom Parker, the Corporation’s CEO effective January 31, 2012. “On behalf of the Board and shareholders, I would like to extend sincere appreciation for the leadership that Tom has provided. He joined the Corporation at a critical time in its evolution and led the Corporation in its growth to a well managed mine with stable production and leaves with U.S. Silver in a very strong position,” remarked Gordon Pridham. Mr. Parker will remain on the Board of Directors until the Corporation’s annual shareholders’ meeting anticipated to be held in June 2012 and will also be available to the Corporation on a consulting basis. A CEO search process has begun. Gordon Pridham, Executive Chairman will act as interim CEO until a permanent replacement is named and Steve Long remains responsible for the day-to-day mining operations in Idaho as U.S. Silver’s Chief Operating Officer.

The Corporation also wishes to announce that it is aggressively pursing its strategic goal of growing a high quality work force of experienced miners. Currently, U.S. Silver is working cooperatively with Hecla Mining Corporation to employ key people following their announced suspension of mining operations at its Lucky Friday mine located near U.S. Silver’s operations in the Silver Valley. U.S. Silver has to date hired 13 workers and continues to evaluate potential hires. It is expected that this manpower increase will lead to higher levels of production, mine development and exploration activity.

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 Silver Valley holdings in the Coeur d'Alene Mining District.

U.S. Silver Update on U.S. Stock Exchange Listing Application and Share Consolidation

Source:  U.S. Silver Corporation – Jan 23, 2012

U.S. Silver Corporation (TSX:USA, OTCQX:USSIF, Frankfurt:QE2) (“U.S. Silver” or the “Corporation”) announces that it has received clearance from NYSE Regulation on behalf of NYSE AMEX LLC to file an Original Listing Application to list the Corporation’s common shares (“Common Shares”) on NYSE Amex. While receipt of clearance to file an Original Listing Application indicates satisfaction of certain threshold listing requirements, the Corporation will be required to satisfy a number of additional conditions and confirmations prior to being authorized to list on NYSE Amex. Such matters include, but are not limited to, share distribution and satisfaction of minimum trading price requirements, corporate governance compliance and the filing of a Form 40-F registering the Common Shares to be listed on NYSE Amex. While management believes the Corporation can meet such requirements, there can be no guarantee that the Corporation will meet each such condition and confirmation. 

In connection with such Original Listing Application and satisfaction of minimum trading price requirements, the Corporation also announces that the Toronto Stock Exchange (the “TSX”) has accepted notice from the Corporation of a proposed share consolidation where the issued and outstanding Common Shares will be consolidated on the basis of five (5) pre-consolidation Common Shares for each one (1) post-consolidation Common Share (the “Consolidation”). The Consolidation was previously approved by the shareholders of the Corporation at the Annual and Special Meeting of the Corporation held on June 23, 2011.

The Consolidation will result in the approximately 309 million pre-consolidation Common Shares currently issued and outstanding being reduced to approximately 62 million post-consolidation Common Shares. No fractional Common Shares will be issued in connection with the Consolidation. In the event that the Consolidation would otherwise result in the issuance of a fractional Common Share, such fraction of a Common Share will be rounded down to the nearest whole number.
The Common Shares will continue to be traded on the TSX under the symbol “USA” on a post-consolidation basis, under new CUSIP number 90343P507. The Consolidation remains subject to all necessary regulatory requirements, including required filings with the TSX.
The Corporation’s listed warrants to purchase Common Shares (“Warrants”) will continue to be traded on the TSX under the symbol “USA.WT” following the Consolidation. There are currently approximately 10.77 million Warrants issued and outstanding. Following the Consolidation, each five (5) Warrants will entitle its holder to purchase one post-consolidation Common Share at an aggregate exercise price of $0.775 per post-consolidation Common Share at any time until July 16, 2014. If all outstanding Warrants are exercised, an aggregate of approximately 2.15 million post-consolidation Common Shares will be issued. In accordance with the terms of the Warrant indenture, notice of the Consolidation has been sent to all holders of Warrants.

The Corporation anticipates mailing letters of transmittal to registered holders of Common Shares on or around January 26, 2012, requesting that they forward their pre-consolidation Common Share certificates to Valiant Trust Company in Toronto in exchange for new Common Share certificates representing the number of Common Shares on a post-consolidation basis. It is anticipated that the Common Shares will commence trading on a consolidated basis on the TSX when the market opens on or around January 30, 2012.


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 Silver Valley holdings in the Coeur d'Alene Mining District.