U.S. Silver Corporation

U.S. Silver Corporation

February 27, 2009 16:29 ET

U.S. Silver Reports NI 43-101 Proven and Probable Reserves Increase by 20 Percent

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2009) - U.S. Silver Corporation (TSX VENTURE:USA) ("U.S. Silver" or the "Company") announces that NI 43-101 compliant proven and probable reserves at its 100% owned Galena Mine Complex near Wallace, Idaho have increased to 20,976,700 ounces of silver contained in 1,148,800 tons of ore at an average grade of 18.26 ounces of silver per ton (oz/t) plus 5,050 tons of copper and 43,320 tons of lead.

Measured and indicated resources now total 533,700 tons containing 9,204,700 ounces of silver at an average grade of 17.25 oz/t silver, plus 2,810 tons of copper and 8,150 tons of lead. In addition, there are greater than 17 million ounces of silver contained in 1,247,000 tons, at a grade of 13.66 oz/t silver plus 3,260 tons of copper and 65,140 tons of lead included in the updated inferred resource estimate.

Silver-Copper Ore Ag Grade Cu
Tons (oz/t) Ag Ounces % Cu Tons
Proven & Probable Reserves 722,500 23.41 16,912,100 0.70% 5,050
Measured & Indicated 458,700 18.32 8,403,200 0.61% 2,810
Inferred Resource 566,900 19.37 10,983,200 0.58% 3,260

Silver-Lead Ore Ag Grade Pb
Tons (oz/t) Ag Ounces % Pb Tons
Proven & Probable Reserves 426,300 9.53 4,064,600 10.16% 43,320
Measured & Indicated 75,000 10.69 801,500 10.87% 8,150
Inferred Resource 680,100 8.90 6,049,600 9.58% 65,140

43-101 Compliant, Effective March 1, 2009, Coeur Mine Inferred Resource Included

The NI 43-101 reserve estimate, effective December 31, 2008, is a 17 percent increase in tons and a 20 percent increase in silver ounces over the January 1, 2008 estimate of 981,100 tons of proven and probable ore at an average grade of 17.79 oz/t, containing 17,449,400 ounces of silver, after replacing reserves depleted by mining during 2008. The reported measured and indicated resources are exclusive of the proven and probable reserve. The Coeur mine inferred resource is included in the silver-copper resource.

The increase in reserves is attributed to the exploration and development program conducted by U.S. Silver since taking over ownership and operation of the Galena mine in June 2006. Significant reserve gains are the result of recent discoveries and development of the silver-lead 175 vein on the 5200 level, the silver-copper 220 vein on the 4600 level, and a multiple vein zone on the 2400 level.

U.S. Silver anticipates filing the technical report for the updated reserves and resources, following NI 43-101 guidelines, on SEDAR within the next 45 days. Reserve and resource grades are based on mine chip samples and diamond drilling samples. All samples are obtained and assays are reported under a formal quality assurance program.

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

New Corporate Presentation

Mr. Thomas Parker, the new CEO of U.S. Silver, will provide an updated Company presentation at the Prospectors and Developers Association Convention in Toronto, Ontario on Tuesday, March 3, 2009 at 3:30 pm, EST. The new presentation will be available at www.us-silver.com after Mr.Parker's presentation on March 3.


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 mine in US 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 and developing 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • U.S. Silver Corporation
    Tom Parker
    President and CEO
    (208) 752-0400
    Website: www.us-silver.com