U.S. Silver Corporation

U.S. Silver Corporation

April 18, 2007 10:17 ET

U.S. Silver Corporation Reports Significant Increase in Reserves and Resources

TORONTO, ONTARIO--(CCNMatthews - April 18, 2007) - U.S. Silver Corporation ("U.S. Silver" or the "Corporation") (TSX VENTURE:USA) announces a significant increase in silver reserves and resources in U.S. Silver's underground mining complex centered around the Galena mine near Wallace, Idaho. Silver reserves increased by 40 percent and total reserves and resources increased by 17 percent as compared to the prior year 2006. Total reserves and resources are now over 48 million ounces of silver.

"Since acquiring the mine in June 2006, U.S. Silver has dedicated significant time and funds to implement an aggressive exploration and development program." said Bruce Reid, CEO of U.S. Silver. "The increase in silver reserves and resources is a result of a these efforts along with improvements in metal prices."

Silver bearing lead ore (galena) accounts for 9 percent of the silver reserves and 28 percent of total silver resources. Lead contained in lead-silver reserves increased by almost 75 percent compared to the previous year. As previously announced, U.S. Silver has signed a smelter contract with Teck Cominco Metals Ltd. to process lead-silver concentrates (see press release dated April 5, 2007). Lead-silver ore will be processed at U.S. Silver's Coeur mill while the Galena mill continues to process silver-copper ore.

Current ore reserves and resources for U.S. Silver's mining complex in the famous Silver Valley of Idaho are listed in the table below:

Grade Contained
Tons (oz/t) Ounces Ag Tons Cu Tons Pb
---- ------ --------- ------- -------

Proven & Probable 757,822 19.99 15,150,180 4,843 15,312

Measured & Indicated 1,147,126 12.60 14,457,480 5,065 22,275

Inferred 1,618,809 11.37 18,402,231 4,386 73,197

U.S. Silver will continue its aggressive exploration and development program during 2007 in order to further increase resources and to upgrade resources to reserves. There are currently two diamond drills operating underground at the Galena mine, each drill operating two shifts per day. A surface drill will be added during the summer to conduct exploration within U.S. Silver's 17-square-mile land position surrounding the Galena, Coeur, and Caladay properties. The Corporation expects to complete over 80,000 feet of drilling during 2007.

The prices used for calculations of reserves and resources were $10.00 per ounce of silver, $2.30 per pound of copper and $0.55 per pound of lead. The cutoff grade used for reserve and resource estimation is 14.5 equivalent ounces of silver per ton. A National Instrument 43-101 compliant technical report on the reserves and resources will be filed on SEDAR within 45 days of this news release.


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.

All silver assay results reported in this news 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. All diamond drill core holes were drilled with BQ size tools.


U.S. Silver Corporation owns and operates the Galena Silver Mine and also owns the Coeur Mine and Caladay Property, which are located near the Galena Silver Mine, as well as certain other mining properties in the Coeur d'Alene Mining district, a region known for silver, lead and zinc production in northern Idaho. U.S. Silver acquired these silver properties in June 2006.

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