TORONTO, Dec. 18, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF) has come to an agreement with the Mine Safety and Health Administration ("MSHA") to modify a previously issued order, and will re-open its Galena Mine Shaft #3 which is used for hoisting ore. The Mine will begin to recall employees who were impacted by the closure tomorrow (December 19, 2013).
The original MSHA order was given during a routine inspection and involved repairs on the #3 Shaft below the 4600 level and above the 5200 level. The shaft was shut down pending an agreed plan to resolve pre-existing citations which were unrelated to employee injury and did not allege imminent danger in the mine. The affected employees were temporarily sent home while the Company worked on a resolution with MSHA.
"Galena Mine Shaft #3 will be up and running for production hoisting immediately and we are looking forward to getting affected employees back to work quickly," said Darren Blasutti, President and CEO of U.S. Silver & Gold. "I would like to thank MSHA for working with us to resolve the issues in an expedited manner."
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.
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.
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