US Silver third quarter production update
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U.S. Silver & Gold provides third quarter production update
TORONTO, Oct. 22, 2014 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") today announced third quarter production figures for its Galena Mine Complex in Idaho.
Highlights
- Production of approximately 358,000 silver ounces and 491,500 silver equivalent ounces[1] for the third quarter of 2014 at a silver cash cost of $16.43 per ounce and an all-in sustaining cost of $21.06 per ounce.
- Despite processing both lower tonnage and lower silver grades, cash costs and all-in sustaining costs declined 7% and 9% respectively compared with Q3 2013, and 15% and 22% year-over-year as the Company continued aggressive cost cutting and transitioning to higher silver equivalent ore.
- Lead production increased by 251% while silver and copper production decreased by 23% and 56% when compared to Q3, 2013.
- The transition to predominately silver-lead ore production from silver-copper was completed this quarter as processing of the higher tonnage silver-lead ore was moved to the Galena Mill with the Coeur Mill now handling silver-copper ore. The Coeur Mill was unavailable during the changeover which limited silver-copper production in the quarter.
- As a result of the milling downtime and quicker ramp-up of silver-lead production, 2014 production guidance is reduced to 1.65 – 1.75 million silver ounces, with silver equivalent production between 2.1 – 2.2 million ounces. Cost targets will be maintained at $14.50 – $15.50 per ounce in cash costs and $18.00 – $19.00 per ounce in all-in sustaining cash-costs.
- As of September 30, 2014, the Company's cash balance totaled approximately $6.7 million.