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U.S. Silver & Gold announces 2012 production totals, 2013 guidance and high-grade silver copper in Caladay Zone
TORONTO , Jan. 30, 2013 /CNW/ - U.S. Silver & Gold Inc. ("U.S. Silver & Gold" or the "Company") (TSX: USA ) (OTCQX: USGIF) today announced production for 2012, production guidance for 2013 and positive new findings in the Caladay Zone (previously known as the Lead Zone ) of the Galena Complex .
- Strong fourth quarter consolidated silver production totalling 661,337 ounces along with gold production of 3,832 ounces.
- Consolidated annual silver production of 2.57 million ounces, representing an increase of 6 percent over 2011 and consolidated annual gold production of 20,432 ounces.
- Discovery of a large, high grade area of silver-copper mineralization adjacent to the Caladay Zone . Drill results include 3.7 feet at 65.3 ounces per ton silver (2,239 grams per tonne), 5.5 feet at 59.7 ounces per ton silver (2,047 grams per tonne) and 2.0 feet at 66.2 ounces per ton silver (2,270 grams per tonne).
- Additional high grade silver-lead mineralization identified in the Caladay Zone since the Company's last exploration update1 including 16.8 feet at 25.79 ounces per ton silver equivalent2 (884 grams per tonne silver equivalent) and 7.5 feet at 23.90 ounces per ton silver equivalent (819 grams per tonne silver equivalent).
- Year-end cash balance of approximately $19 million .
- Forecast 2013 silver production to grow approximately 10 - 15 percent to 2.7 - 3.0 million ounces with projected cash costs reduced approximately 10 percent to $17.00 - $19.00 per ounce.
Year-end financial statements for U.S. Silver & Gold are scheduled to be released on or about March 27, 2013. The final calculation of operating costs has not yet been completed, but total cash costs for all of 2012 are expected to be in line with forecast. The Company expects to update its NI 43-101 compliant reserves and resources in late February following independent 3rd party review.
"Our goals for 2013 are to increase production, reduce costs and raise the profitability of the ounces we mine," stated Darren Blasutti , President and CEO of U.S. Silver & Gold. "With the increased silver production achieved during the fourth quarter of 2012, and expected higher productivity from our new 24/7 schedule, we are confident we can meet the goals set for 2013. We are particularly excited about the increasing potential of the Caladay Zone . Recent drilling, along with the modelling of past results, has led to the expansion of existing silver-lead areas and the discovery of a large, high-grade silver-copper target that is close to our existing mine infrastructure. These new areas will enable us to take advantage of our additional hoisting and milling capacity to increase production in 2014 and beyond, with modest capital outlays."