RE: Second quarter ResultsBof,
U.S. Silver Reports Second Quarter 2009 ResultsTORONTO, Aug 26, 2009 (BUSINESS WIRE) --
U.S.Silver Corporation (USA: TSX-V) ("US Silver" or "the Company") ispleased to announce Q2 2009 financial results demonstrating continuedprogress in the Company's turnaround strategy.
Highlights:
-- Production of 583,453 ounces of silver in Q209, 40% higher than Q208 (416,972 ounces).
-- Production of 1,833,638 pounds of lead in Q209, 77% higher than Q208 (1,037,045 pounds).
-- Production of 250,451 pounds of copper in Q209, 18% higher than Q208 (212,179 pounds).
-- Cash cost per silver ounce produced of $11.34 in Q209, 19% lower than Q208 ($14.04).
-- Cash used in operating activities of $1.3 million in Q209 ($1.3 million used in Q208).
--Net loss of $0.5 million ($0.00 per share) in Q209 compared to net lossof $0.9 million in 2Q08 ($0.00 per share).
-- Comprehensive loss of $1.5 million in Q209 compared to a Q208 comprehensive income of $1.6 million.
--In July 2009, the Company raised gross proceeds of CA$4,600,115 via theissuance of 35,385,500 units at a price of CA$0.13 per unit, with eachunit comprising one common share and one-half of a common sharepurchase warrant.
Company CEO, Tom Parker, stated: "We arepleased with the improved results in the first half of 2009 compared tothe first half of 2008. We worked the entire first half of the yearwith no lost time injuries. Our Q2 production results were slightlyless favorable then Q1, primarily due to lower head grades in May andearly June, yet we averaged more than 200,000 ounces of silver permonth during the first half of this year. In July we resumedexploration drilling with one drill underground and resumed therehabilitation of the Galena shaft. We also continued development workunderground necessary to create additional production stopes in thefuture."