U.S. Silver Corporation
TSX VENTURE : USA

U.S. Silver Corporation

August 15, 2007 12:37 ET

U.S. Silver Corporation Reports on the Progress of the Repairs in the Galena and Coeur Mines by Procon Mining Contractors

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2007) - U.S. Silver Corporation (TSX VENTURE:USA) is pleased to update the progress of the underground work conducted by Procon Mining Contractors at the Company's Galena and Coeur underground mines near Wallace, Idaho. Procon has been working on four primary development and rehabilitation projects within U.S. Silver's Galena mining complex over the past 2 months. Each project is designed to provide necessary development and rehabilitation activities in advance of the expansion of silver-copper production as well as for the development of the vast silver-lead zones recently discovered in the Galena mine.

Silver-lead ore is currently being stockpiled in anticipation of the September startup of the Coeur mill. Procon crews are advancing the drift rehabilitation on the 3400 level of the Coeur mine. The 3400 level connects to the 3700 level of the Galena mine and will allow for the underground haulage of the silver-lead ore from the Galena mine to the Coeur shaft for hoisting to the Coeur mill. Haulage through the rehabilitated drift is anticipated to begin in September.

Procon is also rehabilitating the 3000 level of the Galena mine in preparation for mining the extensive lead-silver zone. Four high grade silver-lead veins are to be mined on the 3000 level with a combined strike length anticipated to be over 1900 feet. Raise preparation development has started with approximately 4000 tons of development ore anticipated to be mined through September. Production levels of silver-lead ore are expected to reach 400 tons per day by early 2008.

Procon will also begin drifting on the 2400 level into the newly discovered mineralized zone in August. Repairs are also being made to the borehole system required for transferring ore and waste to the shaft hoisting system from this level. This newly discovered zone on 2400 is anticipated to contain both silver-copper as well as silver-lead mineralization. Mining of this new zone should begin before the end of the year.

Procon is also conducting repairs to the Galena shaft. A portion of the shaft collapsed 10 years ago and the shaft has been in disrepair since. Current repairs are designed to make the shaft usable and safe for workers with the primary repair between the 2400 - 3200 levels beginning in September. The repairs required to allow hoisting in the shaft should be completed by the summer of 2008. Once repairs are completed, the Galena shaft will be used concurrent with the #3 shaft at the Galena mine to allow for improved hoisting capability, improved ventilation and service access, as well as allowing for much higher efficiencies in material handling. As hoisting is the single largest limitation to increasing production levels, ore volume should increase significantly once the Galena shaft is available for hoisting ore and waste.

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. 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 owns and operates the producing Galena silver mine in Shoshone County, Idaho, which is the second most prolific silver mine in US history. Total silver production from U.S. Silver's Galena and Coeur mining complex has exceeded 210 million ounces of silver production since 1953. In June 2006, U.S. Silver acquired the Galena mine, Coeur mine, and Caladay property along with a land package of 11,000 acres in the heart of the Coeur d'Alene Mining District. U.S. Silver 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 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
    (647) 500-4495
    or
    U.S. Silver Corporation
    Vance Loeber
    Investor Relations
    (604) 805-3530