U.S. Silver Corporation
TSX VENTURE : USA

U.S. Silver Corporation

May 13, 2008 14:53 ET

U.S. Silver Corporation Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - May 13, 2008) - U.S. Silver Corporation (TSX VENTURE:USA) ("U.S. Silver" or the "Company") announced today that it has filed with the TSX Venture Exchange ("TSXV") a Notice of Intention to Make a Normal Course Issuer Bid which has been accepted by the TSXV. Under the terms of its normal course issuer bid, U.S. Silver may purchase up to the lesser of 7,385,000 common shares, being 3.5% of the issued and outstanding common shares of U.S. Silver, and the number of common shares equal to a maximum aggregate purchase price of Cdn.$5,908,000. U.S. Silver currently has 211,640,827 common shares outstanding.

The normal course issuer bid will commence on May 15, 2008 and will terminate on May 14, 2009. This is the first normal course issuer bid undertaken by U.S. Silver. The common shares will be acquired through the facilities of the TSXV and the purchase and payment for the shares will be made by U.S. Silver in accordance with the requirements of the TSXV and all other applicable laws.

The price paid by U.S. Silver for any common shares acquired by it will be the market price of the shares at the time of acquisition. All shares acquired by U.S. Silver under this bid will be cancelled.

U.S. Silver is engaging in a normal course issuer bid because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of its business and its future business prospects. As a result, depending upon future price movements and other factors, U.S. Silver believes that its outstanding common shares may represent an attractive investment, since a portion of U.S. Silver's excess cash can be invested for an attractive risk adjusted return on capital through its bid.

Research Capital Corporation will be conducting the issuer bid on behalf of U.S. Silver.

ABOUT U.S. SILVER CORPORATION

U.S. Silver, through its wholly owned subsidiaries, owns and 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 producer in U.S. 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 the production and exploration from existing operations as well as exploring and developing its extensive Silver Valley holdings in the Coeur D'Alene Mining District.

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
    Website: www.us-silver.com