TORONTO, June 12, 2014 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA)(OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") announced today that workers at its Galena Complex have ratified a collective agreement that will be in effect until June 2017, with economic terms to be reviewed in June 2016.
"We were pleased to learn that a majority of our Galena mine employees voted in favour of our contract proposal" said Darren Blasutti, President and CEO of U.S. Silver & Gold. "While participating in cost savings is difficult for everyone, at this point it's necessary given the current price of silver. All of our Directors, Management and salaried employees are already participating in wage cuts. We greatly appreciate the willingness of our bargaining unit employees to participate in the much needed savings which will be reinvested back into the Galena Complex. We look forward to putting our focus back on meeting our production goals and we hope the price of silver will rise to the point at which the wage cuts can be restored."
About U.S. Silver & Gold Inc.
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 and is the second most prolific silver mine in U.S. history, delivering over 200 million ounces to date. 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.
SOURCE: U.S. Silver & Gold Inc.
For further information: Darren Blasutti, President and CEO, 416-848-9503, www.us-silver.com; Nichole Richard, Investor Relations, 416-848-9503