TORONTO,
Dec. 12, 2013 /CNW/ - U.S. Silver
& Gold Inc. (TSX: USA) (OTCQX:
USGIF) received an order from the Mine Safety and Health
Administration ("MSHA") that required the Company to temporarily
shut down its Galena Mine Shaft #3 pending resolution of four
previously existing citations that did not relate to any employee
injury or allege imminent danger in the mine. Some employees were
temporarily sent home while a contingency plan was developed.
The MSHA order was given during a routine
inspection and involves repairs below the 4600 level and above the
5200 level on the #3 Shaft. The repairs have been in progress
for some time and are expected to be completed by early 2014.
In the meantime, the mine's contingency plan entails hoisting ore
from the Coeur Shaft once minor rehabilitation is completed later
this week on the 3700 level. Some development, repair and
mining crews were back in the mine today and it is expected that
work will re-start in all stopes above the 3700 level by
Monday.
The Company does not expect there to be any
impact on production guidance for 2013 and remains on track to
deliver 2.1 - 2.2 million ounces for the year.
"Although operations have been temporarily
affected, we are working with MSHA to resolve the matter and doing
all we can to get the #3 Shaft up and running as soon as possible,"
said Darren Blasutti, President and
CEO of U.S. Silver & Gold. "The Coeur Shaft has been taken off
care and maintenance and is fully operational."
About U.S. Silver & Gold
U.S. Silver & Gold is a silver and gold mining company focused
on growth from its existing asset base and 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 which produces
high-grade silver ore 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 also owns the Drumlummon Mine Complex in
Lewis and Clark County,
Montana.
For further information please see SEDAR or
www.us-silver.com.
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 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 those 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.