United Silver Corp.
TSX : USC
OTCQX : USCZF
FRANKFURT : UM8

United Silver Corp.

July 21, 2011 20:09 ET

United Silver Corp. Announces Closing of Secured Bridge Loan with Forbes & Manhattan Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

United Silver Corp. ("United Silver Corp.", the "Company" or "USC")(TSX:USC)(OTCQX:USCZF)(FRANKFURT:UM8) announced today in furtherance to its news release dated July 15, 2011, it has completed the closing of a $2,000,000 secured term loan facility provided by Forbes & Manhattan Inc. The term loan facility is secured by the assets of the Company and interest accrues on the principal amount of the loan at a rate of 9% per annum. The principal amount of the loan and all interest accrued thereon shall be repayable in full on or prior to December 31, 2011. The proceeds of the term loan facility will be used for working capital and general corporate purposes.

ABOUT FORBES & MANHATTAN INC.

F&M is a leading international merchant bank based in Toronto, Ontario that has repeatedly developed, financed and built significant shareholder value in companies built on natural resource projects, including Consolidated Thompson Iron Mines Limited, Desert Sun Mining Corp, Belo Sun Mining Corp. and Avion Gold Corporation. F&M has a world-class multidisciplinary team of more than 150 employees and consultants and takes an active involvement in the companies in which it invests, taking direct roles on the boards of directors and on senior management and technical teams. For more information about F&M, please visit www.forbesmanhattan.com.

ABOUT UNITED SILVER CORP.

United Silver Corp. has an 80% interest in the Crescent Silver Mine project in Idaho's prolific Silver Belt - directly between two of the world's historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Silver Mine project has historically produced 25 million ounces of silver at an average grade of 27.0 opt (Crescent Mine Updated NI 43-101 Technical Report on Resources, March 1, 2010). USC also owns United Mine Services, Inc. a successful mining service contractor. The Company trades on the Toronto Stock Exchange under the symbol "USC". For more information about the Company, please visit: www.unitedsilvercorp.com.

ON BEHALF OF UNITED SILVER CORP.

Graham Clark, Chief Executive Officer

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release include that: the loan will be repaid in six months and the proceeds of the term loan facility will be used for working capital and general corporate purposes. The Company's actual results and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: results of exploration activities and development of mineral properties, estimation of mineral reserves and resources, fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the inability to obtain financing, the inability to obtain any necessary permits or other required regulatory approvals for the company's mineral projects as and when needed; the inability to agree with joint venture or other key partners on important items, labour shortages, the inability to keep key employees, currency fluctuations, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • For more information, please contact:
    Cathy Hume
    CHF Investor Relations
    (416) 868-1079 x231
    cathy@chfir.com