U.S. Silver Corporation
TSX VENTURE : USA

U.S. Silver Corporation

October 15, 2007 09:15 ET

U.S. Silver Corporation Reports 5.6 Feet Grading 14.25 opt Silver and 21.2% Lead from Galena Mine Exploration

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2007) - U.S. Silver Corporation (TSX VENTURE:USA) ("U.S. Silver" or the "Company") is pleased to announce significant silver and lead assay results from the most recent phase of diamond drilling on the 3400 level at the Galena mine. Multiple silver-lead veins have been identified in this drilling program. The best intercept in the recently received assays is from hole 34-111 which had 5.6 feet (true thickness) (1.71 m), grading 14.25 ounces silver per ton (opt) (489 g/t) and 21.21 percent lead.

The current phase of drilling, which consists of 11 holes for a total of 5,100 feet, is a continuation of the drill program started during the first quarter of this year and reported in a press release dated May 15, 2007. Eight additional holes have been completed through September with assays being received on five holes. Drilling will continue through late October and a complete geological interpretation is expected by the end of the year. Significant assays recently received from the current phase of drilling are listed below.



Downhole TRUE TRUE
From To Length Length Length
Hole # (Feet) (Feet) (Ft) (Ft) (m) Ag opt Ag g/t Pb %
------ ------ ------ -------- ------ ------ ------ ------ ------
34-108 389.4 399.6 10.2 6.6 2.01 7.08 243 5.67
457.3 458.6 1.3 1.2 0.37 17.10 586 27.40
479.7 481.9 2.2 0.9 0.27 16.90 579 22.20
546.5 550.9 4.4 2.5 0.76 17.27 592 25.79
573.2 573.9 0.7 0.5 0.15 26.30 902 55.20

34-109 401.0 406.7 5.7 3.7 1.13 5.84 200 10.68
421.8 422.7 0.9 0.6 0.18 30.20 1035 62.80
464.7 465.9 1.2 0.8 0.24 33.90 1162 61.00

34-110 221.6 222.3 0.7 0.7 0.21 39.20 1344 47.30
241.3 242.8 1.5 1.2 0.37 16.50 566 31.10
260.7 261.7 1.0 0.8 0.24 22.70 778 31.70
313.5 319.4 5.9 4.2 1.28 5.33 183 10.17

34-111 265.0 271.0 6.0 5.6 1.71 14.25 489 21.21
283.0 284.6 1.6 1.3 0.40 9.60 329 23.00
304.4 307.1 2.7 2.2 0.67 8.98 308 20.60
326.5 327.1 0.6 0.5 0.15 29.20 1001 54.70
338.4 342.7 4.3 2.2 0.67 7.72 265 18.74

34-113 228.5 230.5 2.0 1.7 0.52 8.58 294 22.80
258.5 264.0 5.5 5.2 1.58 7.40 254 10.46
290.7 291.7 1.0 0.9 0.27 11.80 405 24.60
304.4 309.3 4.9 2.8 0.85 10.25 351 22.64
348.6 353.0 4.4 1.5 0.46 8.29 284 27.01


The silver-lead intercepts lie within a west-northwest trending mineralized zone approximately 150 to 200 feet in width and several hundred feet in strike length. The intercepts indicate the continuation of the multiple vein system identified on the 3000 level. This is a significant advancement in U.S. Silver's understanding of the silver-lead resource at the Galena mine. The 3000 and 3700 levels are currently being prepared for production of silver-lead ores with processing of this ore taking place at the Company's Coeur mill. Historic diamond drill holes indicate this same zone of mineralization may extend to the 4300 level. Additional drilling on the 3200, 4000, and 4300 levels will begin early next year.

The silver-lead ore being developed on the 3000 level is known to extend above the 2800 level. If exploration results from the 3200, 4000, and 4300 level diamond drill programs are as strong as the silver-lead mineralization on the 3400 level, a new galena resource with at least 1,500 feet of vertical extent will have been identified. This is in addition to a major high-grade silver-lead zone that extends from the 4900 level to the 5500 level, as well as a new silver-lead zone recently identified on the 2400 level.

Bruce Reid, Chief Executive Officer, stated, "this round of drilling continues to confirm our expectations of a significant increase in the silver-lead resources in the Galena Mine when the year end 2007 resource is calculated."

QUALIFIED PERSON

The Qualified Person for the technical information in this news release is 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.

All silver assay results reported in this new release were analyzed using standard fire assay techniques by American Analytical Services located in Osburn, Idaho. Check assays are conducted by ALS Chemex, located in Sparks, Nevada. All samples are obtained and assays are reported under a formal quality assurance program. All diamond drill core holes were drilled with BQ size tools.

ABOUT U.S. SILVER CORPORATION

U.S. Silver owns and operates the Galena, Coeur, and Caladay silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver producer in US history. Total silver production from U.S. Silver's mining complex has exceeded 210 million ounces of silver production since 1953. U.S. Silver 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 its production from existing operations as well as exploring 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 Information

  • U.S. Silver Corporation
    Bruce Reid
    Chief Executive Officer
    (416) 848-0858
    or
    U.S. Silver Corporation
    Vance Loeber
    Investor Relations
    (604) 805-3530