TORONTO, Aug. 22, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX:
USGIF) ("U.S. Silver & Gold" or the "Company") is pleased to announce
that it has closed its previously announced non-brokered private
placement for gross proceeds of approximately CDN $5.78M (the "Private
Placement") consisting of 9,636,331 units ("Units") at a price of CDN
$0.60 per Unit.

"This Private Placement was led by a well-respected strategic investor
who has confidence in management's ability to continue to manage costs
and understands the Company's leverage in a rising silver market," said
Darren Blasutti, President of U.S. Silver & Gold.  "It strengthens our
balance sheet, which remains a key corporate objective in the current
fluctuating silver price environment. I'm also happy that the placement
was well over-subscribed and that several members of the Board and
Management participated."

U.S. Silver & Gold intends to use the proceeds to continue development
of the low capital intensity, high potential Caladay Zone and for
general administrative and corporate costs.  Each Unit consisted of one
common share and one half of one common share purchase warrant (each
whole purchase warrant, a "Warrant"). Each Warrant entitles the holder
to acquire one common share at an exercise price of CDN $0.75 for a
period of three years from August 22, 2013.

As part of on-going cost reduction measures, Mr. Louis Dionne has
volunteered to step down from the Board of Directors.  The Company
would like to thank Louis for his valuable contributions and insight
over the last two years and wish him all the best in the future.

About U.S. Silver & Gold Inc.


U.S. Silver & Gold Inc. is a newly formed silver and gold mining company
focused on growth from its existing asset base and the execution of
targeted accretive acquisitions. It owns and operates the Galena Mine
Complex in the heart of the Silver Valley/Coeur d'Alene Mining
District, Shoshone County, Idaho.  It produces high-grade silver and is
the second most prolific silver mine in U.S. history, delivering over
200 million ounces to date. The Caladay Zone is being evaluated for
bulk mining development. U.S. Silver & Gold Inc. also owns the
Drumlummon Mine Complex in Lewis and Clark County, Montana.

For further information please see SEDAR or www.us-silver.com for the NI 43-101 compliant Technical Report on the Galena Project
dated March 22, 2013.

Cautionary Statement Regarding Forward Looking Information:


This news release contains "forward?looking information" within the
meaning of applicable securities laws. Forward?looking information
includes, but is not limited to, the Company's expectations intentions,
plans, and beliefs with respect to, among other things, the Galena
Complex and the Drumlummon Mine. Often, but not always, forward?looking
information can be identified by forward?looking words such as
"anticipate", "believe", "expect", "goal", "plan", "intend",
"estimate", "may", and "will" or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions, or statements about future events or
performance. Forward?looking information is based on the opinions and
estimates of the Company as of the date at which such information is
provided and is subject to known and unknown risks, uncertainties, and
other factors that may cause the actual results, level of activity,
performance, or achievements of the Company to be materially different
from those expressed or implied by such forward looking information.
This includes the ability to develop and operate the Galena and
Drumlummon properties, risks associated with the mining industry such
as economic factors (including future commodity prices, currency
fluctuations and energy prices), failure of plant, equipment, processes
and transportation services to operate as anticipated, environmental
risks, government regulation, actual results of current exploration
activities, possible variations in ore grade or recovery rates,
permitting timelines, capital expenditures, reclamation activities,
social and political developments and other risks of the mining
industry. Although U.S. Silver and Gold has attempted to identify
important factors that could cause actual results to differ materially
from those contained in forward?looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such
information. By its nature, forward?looking information involves
numerous assumptions, inherent risks and uncertainties, both general
and specific, that contribute to the possibility that the predictions,
forecasts, and projections of various future events will not occur. The
Company undertakes no obligation to update publicly or otherwise revise
any forward?looking information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.

SOURCE U.S. Silver & Gold Inc.