U.S. Silver & Gold Inc. Proposes Amendments to By-Laws
Apr 17 14
U.S. Silver & Gold Inc. announced that at the Annual General Meeting to held on May 20, 2014, the company will propose amendment to By-Law No. 1 of the Company.
U.S. Silver & Gold Inc. Reports Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Production Guidance for the Fourth Quarter and Full Year of 2014; Adopts Amendments to By-Laws
Mar 24 14
U.S. Silver & Gold Inc. reported earnings and operating results for the fourth quarter and full year ended December 31, 2013. For the quarter, revenues were $10.5 million and a net loss of $0.4 million or $0.01 per share.
For the year, revenues were $64.2 million and a net loss was $0.25 per share. The company recorded a consolidated net loss of $15.6 million for the year ended December 31, 2013, compared to net loss of $17.8 million for the year ended 2012. The decrease in net loss was primarily attributable to lower exploration costs, gain on sale of assets, lower stock-based compensation and management compensation, lower acquisition costs, lower impairment charges, partially offset by lower production and realized metals prices, SMP implementation costs incurred, higher operating loss from the Drumlummon Mine, associated care and maintenance costs and higher finance costs.
For the quarter, production was 450,000 silver ounces and 543,000 silver equivalent ounces at a cash cost of $16.26 and an all-in sustaining cost of $21.002 per ounce, which represent decreases of 3% in production, 8% in cash costs and 9% in all-in sustaining costs per ounce over the third quarter of 2013.
For the full year 2013, the company reported Galena Complex production of 2.12 million silver ounces at a cash cost of $17.76 per ounce and an all-in sustaining cost of $24.242, which represent decreases of 6% in production, 7% in cash costs and 20% in all-in sustaining costs per ounce year-over-year. In 2013, the company produced 2.16 million ounces of silver at a by-product cash cost of $18.33 per ounce silver, compared with 2.31 million ounces of silver and cash costs of $18.33 per ounce in 2012.
Silver production for 2014 is forecast between 2.0 - 2.4 million ounces with projected cash costs of $14.50 - $15.50 per ounce and all in sustaining costs between $18.00 and $19.00 per ounce. The Galena Complex will transition toward increased silver-lead production and decreased silver-copper production in order to increase the company's profitability at current silver prices and maintain its long-term viability. This strategy takes advantage of higher silver equivalent grade and lower production costs, as the silver-lead areas are wider on average allowing for bulk mining methods. Staff re-deployment to silver-lead stopes will occur during the first half of the year with the first quarter of 2014 expected to be the lowest silver production and highest cost quarter, while the third quarter and the fourth quarter of 2014 are expected to be highest silver production and lowest costs quarters of 2014.
The company's board of directors has adopted amendments to the company's By-Laws, introducing an advance notice requirement in connection with shareholders intending to nominate directors in certain circumstances. In particular, the By-Law Amendments set forth a procedure requiring advance notice to the company by any shareholder who intends to nominate any person for election as director of the company other than pursuant to (i) a proposal made in accordance with the provisions of the Business Corporations Act (Ontario) or (ii) a requisition of the shareholders made in accordance with the provisions of the Act. Among other things, the By-Law Amendments set a deadline by which such shareholders must notify the company in writing of an intention to nominate directors prior to any meeting of shareholders at which directors are to be elected and set forth the information that the shareholder must include in the notice for it to be valid. The Board believes that the By-Law Amendments provide a clear and transparent process for all shareholders to follow if they intend to nominate directors. In that regard the By-Law Amendments provide a reasonable time frame for shareholders to notify the company of their intention to nominate directors and require shareholders to disclose information concerning the proposed nominees that is mandated by applicable securities laws. The Board will be able to evaluate the proposed nominees' qualifications and suitability as directors and respond as appropriate in the best interests of the company as part of an orderly and efficient meeting process. In the case of an annual meeting of shareholders, notice to the company must be made not less than 30 and not more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting) called for the purpose of electing directors, notice to the company must be made not later than the close of business on the 15th day on which the first public announcement of the date of the special meeting was made. The By-Law Amendments are effective immediately and will be placed before shareholders for ratification at the annual and special meeting of shareholders of the company to be held in May 2013. The By-Law Amendments are in effect until they are confirmed, confirmed as amended or rejected by shareholders at the meeting and, if the By-Law Amendments are confirmed at the Meeting, they will continue in effect in the form in which they were so confirmed.
U.S. Silver & Gold Inc. to Report Q4, 2013 Results on Mar 24, 2014
Mar 21 14
U.S. Silver & Gold Inc. announced that they will report Q4, 2013 results on Mar 24, 2014