Toronto Stock Exchange Symbol: USA
TORONTO, Aug. 15, 2012 /CNW/ - U.S. Silver & Gold Inc. ("U.S. Silver & Gold") is pleased to announce that its common shares have commenced trading on the TSX today under the stock symbol "USA" following the combination transaction that closed on August 13, 2012. The common shares of U.S. Silver Corporation ("U.S. Silver") have been delisted from the TSX and the common shares of RX Gold & Silver Inc. ("RX Gold") have been delisted from the TSX-V.
The warrants of U.S. Silver continue to be securities of U.S. Silver and are exercisable for shares of U.S. Silver & Gold based on the exchange ratio of 0.67 of a common share of U.S. Silver & Gold for each common share of U.S. Silver. The warrants of U.S. Silver continue to be listed on the TSX and are posted for trading under the stock symbol "USL.WT".
In addition, the common shares of U.S. Silver and the common shares of RX Gold were delisted from the OTCQX International as of the close of business yesterday. U.S. Silver & Gold is pursuing a listing on the OTCQX and expects to complete this process in the near future.
About U.S. Silver & Gold Inc.
U.S. Silver & Gold is a new silver and gold mining company focused on growth from existing and new assets. U.S. Silver & Gold owns and operates the Galena Mine Complex in the heart of the Silver Valley/Coeur d'Alene Mining District, Shoshone County, Idaho and the Drumlummon Mine Complex in Lewis and Clark County, Montana. Within the Galena Mine Complex, the Galena mine produces high grade silver and is the second most prolific silver mine in U.S. history, delivering over 200 million ounces to date, the Coeur mine is under re-development with production expected in late 2012 and the Caladay lead/silver zone is being evaluated for bulk mining development. U.S. Silver & Gold also controls 14,000 acres of exploration land in the prolific Silver Valley that has had very little exploration focus until recently. The Drumlummon mine currently produces high grade gold and silver with historical production of 1 million ounces of gold and 12 million ounces of silver and has never been fully exploited or explored. U.S. Silver & Gold is concentrating on unlocking value at its producing asset base. U.S. Silver & Gold is also focused on brownfield expansion and the execution of targeted accretive acquisitions.
Certain information in this press release may contain forward‐looking statements. This information is based on current expectations that are subject to significant risks, assumptions and uncertainties that are difficult to predict and the risk that U.S. Silver & Gold will not obtain a listing on the OTCQX. Actual results might differ materially from results suggested in any forward‐looking statements. U.S. Silver & Gold assumes no obligation to update the forward‐looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking‐statements unless and until required by securities laws applicable to U.S. Silver & Gold.
SOURCE: U.S. Silver & Gold Inc.
For further information:
U.S. Silver & Gold Inc.
President & Chief Executive Officer