Very fine news just out !U.S. Silver Corporation Reports Significant Increase in Reserves and Resources
Wednesday April 18, 10:17 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Apr 18, 2007 -- U.S. Silver Corporation ("U.S. Silver" or the "Corporation") (CDNX:USA.V - News) 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.
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"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:
Ag
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.
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