U.S. Silver Corporation
TSX VENTURE : USA

U.S. Silver Corporation

March 11, 2008 09:13 ET

U.S. Silver Corporation Completes Exploration Drift on New Silver-Copper Zone at the Galena Mine

TORONTO, ONTARIO--(Marketwire - March 11, 2008) - U.S. Silver Corporation (TSX VENTURE:USA) - is pleased to announce results from the recently completed exploration drift mining on the 3400 level at the Galena mine near Wallace, Idaho. The actual mined grades in the drift were 51.66 ounces per ton (opt) silver and 2.77% copper with an average width of 7.1 feet over a strike length of 66 feet. The undiluted vein averaged 4.1 feet wide, 84.36 opt silver, and 4.56 % copper. This exploration drift was put in to test the potential of the new silver-copper zone. Mark Hartmann, President of U.S. Silver commented that "The Company is currently evaluating options on how to most efficiently develop and mine this newly discovered mineralization on the 3400 level."

This exploration drift on the 3400 level followed up on a diamond drilling intercept previously announced in a press release dated July 25, 2007. The intercept in drill hole number 34-105 hit 19.8 feet (true thickness 11.4 feet) of tetrahedrite mineralization grading 63.90 opt silver and 3.41% copper. This was within an interval 32.0 feet thick (true thickness 18.4 feet) which averaged 46.25 opt silver and 2.64% copper.

The drift was driven out from the 3400 level 287 West raise. The 287 West ore chute had ended 88 feet west of the raise. The new drift went through 154 feet of low-grade material prior to encountering the new ore zone. Because of the distance from the raise, the heading was stopped at a distance of 308 feet from the raise. Ore grade material assaying 16.74 opt silver and 0.88% Cu over a width of 5.0 feet remained in the face. The exploration drift is about 32 feet above the 3400 level track elevation and the diamond drill (34-105) intercept is about 72 feet above the exploration drift. Bruce Reid Chief Executive Officer stated that "this is one of a number of new high grade zones that the Company has discovered and is developing for future production."

Other U.S. Silver exploration projects currently in progress include development and diamond drilling on the 2400 level of the Galena mine as well as surface diamond drilling. The current drift development on the 2400 level is being used as a diamond drilling platform to explore the recently discovered silver-copper and silver-lead zones announced in the press release of March 13, 2007. Twenty holes totaling 6,400 feet of drilling have been completed. Results to-date indicate multiple high-grade vein structures with silver-copper as well as silver-lead mineralization. Assays have been received for sixteen drill holes and fifteen have ore intercepts. The drilling results are currently being analyzed and will be released in the near future. Significant drilling results received to date include 4.8 feet true thickness running 31.71 opt silver and 0.49% copper in hole 24-147. Drill hole 24-149 had two silver-lead intercepts 124 feet apart that were 3.9 feet true thickness running 12.11 opt silver and 14.87% lead, and 5.8 feet true thickness that runs 11.83 opt silver and 9.76% lead.

A surface diamond drill was mobilized on November 12, 2007 to drill properties leased by U.S. Silver from American Silver Mining Company and Gem State Mining Company. The properties are approximately 2.5 miles northwest and 5 miles east of the Galena mine. Drilling targets include mineralization associated with the Ft. Wayne Fault and the Silver Standard Anticline. The diamond drilling was completed on February 11, 2008 and an analysis of the results is pending.

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. Underground diamond drill core holes were drilled with BQ size tools. Surface diamond drilling is being done with HQ size tools.

QUALIFIED PERSON

Information of a technical nature in this press release respecting the properties has been prepared and reviewed by Mr. Daniel H. Hussey, Chief Geologist of U. S. Silver who supervised the drilling and sampling programs. Mr. Hussey is a "qualified person" within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.

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 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
    Website: www.us-silver.com
    or
    U.S. Silver Corporation
    Vance Loeber
    Investor Relations
    (604) 805-3530