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.
For further information:
President and CEO