U.S. Silver Reports Third Quarter 2010 Results
U.S. Silver Corporation (TSX-V: USA: Frankfurt: QE2) ('US Silver?
or 'the Company?) today announces its financial results for the third
quarter of 2010. All figures are listed in U.S. dollars.
- Cash Flow from Operating Activities of $7.1 million year-to-date,
$1.8 million in the quarter, with cash on hand at quarter end of $8.1
million - Revenue of $41.5 million year-to-date, $12.0 million in the quarter
- Earnings of $0.9 million year-to-date, $0.3 million in the quarter
- Silver production of 507,368 ounces in the quarter and 1,705,820
ounces year-to-date
'Despite lower production volumes previously disclosed, the Company has
remained profitable. We continue to pursue higher grade mining areas and
modified mining methods to maximize head grade in active stopes,? stated
Tom Parker, President and CEO. 'We ended the quarter in a strong
financial position thanks in part to the well-received equity issue that
closed on September 29, 2010 and look forward to building on this
position as we move forward.?
| Q3 | YTD | |||||
| Revenue | $ | 12.0 | $ | 41.5 | ||
Cost of Mining | $ | 8.6 | $ | 33.6 | ||
General and administrative | $ | 0.6 | $ | 2.2 | ||
Exploration | $ | 0.5 | $ | 1.1 | ||
Selling and marketing | $ | 0.0 | $ | 0.1 | ||
$ | 2.3 | $ | 4.5 | |||
Other expenses | $ | 1.9 | $ | 2.9 | ||
Net income before tax | $ | 0.4 | $ | 1.5 | ||
| Net income after tax | $ | 0.3 | $ | 0.9 | ||
| Cash flow from operations | $ | 1.8 | $ | 7.1 | ||
| Production | ||||||
Silver (oz) | 507,368 | 1,705,820 | ||||
Lead (lbs) | 1,424,637 | 4,160,995 | ||||
Copper (lbs) | 224,943 | 724,801 | ||||
| Cash Costs ($/oz after by-product credits) | $ | 13.57 | $ | 12.94 | ||
Development Summary
As previously disclosed, the Company continues to invest in mine
development to open new mining areas to secure strong production levels
in to the future. During the nine months ended September 30, 2010 the
Company completed 496 feet of raise development, 2,566 feet of track
development and 2,238 feet of mechanized development drifting; versus
628 feet of raise development, 1,688 feet of track development and 2,238
feet of mechanized development drifting during the same period in 2009.
In the nine months ended September 30, 2010, the Company completed
35,470 feet of exploration drilling, compared to 6,630 feet of
exploration drilling in the first half of 2009.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and/or 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 217 million ounces of silver
production since 1953. U.S. Silver controls a land package now totaling
approximately 14,000 acres in the heart of the Coeur d'Alene Mining
District. U.S. Silver is focused on expanding the production from
existing operations as well as exploring and developing its extensive
SilverValley holdings in the Coeur d'Alene Mining District.
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.
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.
U.S. Silver Corporation
Tom Parker, CEO, 208-752-0400
Chris
Hopkins, CFO, 416-907-9539