TORONTO,
Dec. 18, 2013 /PRNewswire/ - 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.