RE:Fourth QTR and YE 2013 financial results - If Small Mine Plan implementation costs were excluded, the Galena Complex would have made an operating profit of approximately $0.9 million in the second half of the year.
"Our focus over the last year has been on increasing profitability and positive cash flow in a low silver price environment," stated Darren Blasutti , President and CEO of U.S. Silver and Gold. "In 2013, we saw a consistent reduction in costs as we applied disciplined cost containment, implemented a Small Mine Plan, addressed working capital issues and protected our balance sheet through strategic equity, non-core asset sales and debt financing. We exited 2013 mining higher grade ore as planned, and in the first quarter of 2014 began the transition from a majority of silver-copper to silver-lead stopes. This transition will allow us to address the current silver price environment by benefitting from lower cost bulk mining methods and higher silver equivalent grades throughout the remainder of this year, and going forward and over the longer term."