--(BUSINESS WIRE)-- (TSX:USA, OTCQX:USSIF, Frankfurt:QE2) (“U.S. Silver” or the “Company”) announces that the Board of Directors has approved the 2012 budget and operating plan.
Specifically, the Company announces that it forecasts 2012 production to be approximately 2.4 million ounces of silver with by-product production of lead to be approximately 6.5 million pounds and copper to be approximately 1.2 million pounds.
is now proceeding with development work to support the re-opening of the , located adjacent and connected underground to the Company’s operating , located in the prolific near . First production from the is targeted for the end of this year. Capital spending associated with this program in 2012 will total approximately . Total silver resources identified to date are approximately 6 million ounces of silver. Drilling in 2011 further defined the resource, allowing for the definition of optimal development and mine plans. It is expected that resources in the Coeur mine area will produce at the rate of up to 500,000 ounces per year once full production rates are achieved toward the end of 2013.
In addition, the Company has planned for approximately 100,000 feet of exploration drilling in 2012, compared to 77,000 feet in 2011 and 47,000 feet in 2010. This will be a combination of underground drilling and the continuation of U.S. Silver’s surface program that began in 2011. The Company will provide exploration results to the market as soon as they become available throughout the year.