U.S. Silver Corporation

U.S. Silver Corporation

May 01, 2007 16:00 ET

U.S. Silver Corporation: Appoints New Chief Financial Officer

TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - U.S. Silver Corporation ("U.S. Silver" or the "Corporation") (TSX VENTURE:USA) is pleased to announce that Joseph Rauhala has been appointed Chief Financial Officer of the Corporation effective May 1, 2007.

Since January 2006, Mr. Rauhala served as the Chief Financial Officer of a regulated Canadian financial institution. Prior to this, Mr. Rauhala held senior positions at major international banks in both Canada and in the United States.

"Joseph has very significant experience in finance, banking, compliance and financial risk management," said Bruce Reid, CEO of U.S. Silver. "To complement his extensive background in finance, Joseph brings a strong understanding of hard rock mining, having been born, raised and employed as a miner in the Sudbury, Ontario mining district."

The Corporation has granted Mr. Rauhala stock options to purchase 1,000,000 common shares of the Corporation at a price of $1.19 per share, expiring five years from the date of issue. Such options are subject to the terms and conditions of the Corporation's stock option plan, certain vesting provisions, and the policies of the TSX Venture Exchange.

John Ryan will resign as Chief Financial Officer of the Corporation effective May 1, 2007 but will continue to hold office as the Chairman of the Board of Directors. Mr. Ryan will continue his active support of U.S. Silver as it focuses on the ongoing development of its mining properties in the Silver Valley district in Idaho.

"I'd like to thank John for all of his efforts acting as CFO for the Corporation," said Mr. Reid. "He spent a significant amount of time ensuring that the Corporation's finances were well managed and Joseph's appointment will allow John to focus his energies towards his role as Chairman of the Board, and the future success of US Silver."


U.S. Silver Corporation owns and operates the producing Galena Silver Mine, in Shoshone County, Idaho which is the second most prolific silver mine in U.S. history with over 200 million ounces of silver produced since 1953. The Mine is currently anticipated to produce 3.2 million ounces of silver in 2007 with associated by-product lead and copper production. U.S. Silver acquired the Galena Mine as well as the Coeur Mine and the Caladay Property and over 11,000 acres of ground in the heart of the Coeur D'Alene Silver Mining District in June 2006. The Company is focused on the production and exploration of 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 Corporation 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 Corporation. Additional information identifying risks and uncertainties is contained in filings by the Corporation with the Canadian securities regulators, which filings are available at www.sedar.com.

The common shares of U.S. Silver to be issued as described in this press release have not been registered under the U.S. 1933 Act and may not be offered or sold in the United States (or to a U.S. person) absent registration under the U.S. 1933 Act or an applicable exemption from the registration requirements of the U.S. 1933 Act.

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
    (647) 500-4495
    U.S. Silver Corporation
    Vance Loeber
    Investor Relations
    (604) 805-3530