us silver & gold inc (USA) Snapshot

U.S. Silver & Gold Inc. Presents at Resource Exploration & Development (RED) Summit, Jun-18-2013 09:45 AM. Venue: ING Ivey Leadership Centre, Exchange Tower - Ground Floor, 130 King Street West, Toronto, Ontario, Canada. Speakers: Darren John Blasutti, Chief Executive Officer, President and Director.

U.S. Silver & Gold Inc. announced consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $22.9 million and net loss of $3.4 million or $0.06 per share. The net loss is primarily attributable to under-performance at the Drumlummon Mine, which is scheduled to be put on care and maintenance during second quarter of 2013 given current gold prices. A net loss of $3.4 million was recorded for the quarter, compared with net income of $2.9 million in the first quarter of 2012. This decrease was due to lower realized metal prices, higher cost of sales (primarily at the Drumlummon Mine), higher general and administration expenses (including post-merger costs and tax re-organization work) and higher depreciation, depletion and amortization. Cost increases were partially offset by higher year-over-year production and lower income tax expense in connection with the tax re-organization. For the quarter, the company reported consolidated production of 598,139 silver ounces. Strong Galena Complex silver production of 577,095 ounces (a 4.7% increase over first quarter of 2012) at a silver cash cost of $20.48 per ounce. 2013 guidance re-forecasted to 2.6 to 3.0 million silver ounces at cash costs of $16 to $18 per ounce (from 2.7 to 3.0 million silver ounces at cash costs of $17 to $19 per ounce).

U.S. Silver & Gold Inc. provided Caladay Drilling Update. Drilling in the Caladay Zone continues to uncover wide zones of silver-lead mineralization characterized by higher grade sections. As an example, Hole 49-226 revealed 51 feet of greater than 14 ounces per ton silver equivalent that included two higher grade zones of 12 and 15 feet. In addition, Hole 52-412 intersected 80 feet of over 12 ounces per ton silver equivalent with a 14.5 foot higher grade zone. The detailing of these higher grade sections within large areas of mineralization typified by the Caladay Zone will assist in mine planning. Ongoing drilling will focus on the 4900 and 5200 Levels. Drilling in the silver-copper veins on the 4900 and 5200 Levels has extended these veins along strike and down dip. In addition, new veins continue to be discovered. In Hole 52-404 for example, 3.2 feet of 42.4 ounces per ton silver equivalent has been intersected in a new vein. It is quite common to intersect multiple veins while drilling in these areas.