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Re: News Releases - Friday, June 27, 2008
U.S. Silver Corporation Files New NI 43-101 Technical Report on
the Galena Mine
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June 27, 2008 --Toronto, Ontario -- U.S. Silver Corporation
(USA.--TSXV) ("U.S. Silver" or the "Company"), is pleased to announce
the filing of its updated 43-101 technical report on SEDAR entitled
"Galena Mine, Shoshone County, Idaho, Technical Report, June 26, 2008"
(the "Technical Report") on SEDAR. The Technical Report follows U.S.
Silver's May 12, 2008, press release announcing new estimates for
reserves and resources at the Galena Mine as at December 31, 2007. The
Technical Report was authored by Daniel H. Hussey, Certified
Professional Geologist and Chief Geologist of U.S. Silver-Idaho, Inc.
(a wholly-owned subsidiary of United States Silver, Inc., U.S. Silver's
wholly-owned subsidiary) and can viewed under U.S. Silver's profile
online at www.sedar.com.
Highlights Include
.. Proven and probable reserves at its Galena Mine complex near Wallace,
Idaho increased to 17,449,400 ounces of silver contained in 981,100
tons of ore at an average grade of 17.79 ounces of silver per ton
(oz/t). This represents a 15 percent increase in ounces of silver and
a 22 percent increase in tons from the previous technical report on the
Galena Mine dated June 4, 2007.
.. The proven and probable reserve, silver ounces increased in one year
by 60 percent over the December 31, 2006 estimate of 444,003 tons at a
grade of 24.5 ounces per ton containing 10,878,797.
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Ag
Tons Grade Contained % Cu Contained
Copper-Silver Ore (oz/t) Ounces Cu Tons
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Proven & Probable
Reserves 702,200 21.19 14,878,100 0.68% 4,790
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Measured & Indicated
Resources 715,900 14.73 10,545,100 0.49% 3,500
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Inferred Resource 640,300 18.38 11,765,900 0.57% 3,650
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Ag
Tons Grade Contained % Pb Contained
Lead-Silver Ore (oz/t) Ounces Pb Tons
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Proven & Probable
Reserves 278,900 9.22 2,571,300 9.85% 27,460
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Measured & Indicated
Resources 215,600 9.30 2,005,700 9.43% 20,330
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Inferred Resource 873,800 7.18 6,275,100 7.72% 67,460
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The silver-lead portion of the reserve estimate now represents 28
percent of the total reserve tons. Silver ounces contained in
silver-lead ore increased by 87 percent, with a 79 percent increase in
contained tons of lead. The total reserve tons of silver-lead material
increased by 126 percent. Ounces of silver contained in the
silver-copper reserve increased by 8 percent over the April 2007
reserve.
The increase in reserves is a result of an exploration and development
program undertaken by U.S. Silver since acquiring ownership and
operation of the Galena mine in June 2006. During 2007, management
placed an increased emphasis on development and
Diamond drilling of the
known silver-lead zones that exist at the Galena mine. Recent
exploration demonstrated that the silver-lead zone may be potentially
larger than originally indicated. While exploration and development of
silver-copper ore continues on a par with silver-lead development, the
Company expects the silver-lead resource to grow at an increased rate
in the near term. The silver-lead ore is being processed at the Coeur
mill while silver-copper ore continues to be processed at the Galena
mill.
Reserve and resource grades are based on mine chip and
Diamond drilling
samples. All samples are obtained and assays are reported under a
formal quality assurance program.
Mark Hartmann, President and Chief Operating Officer of U.S. Silver,
stated "we are pleased with the effort our work force made during 2007
in exploring and developing new areas for production, that allowed the
Company to report an increase in ore reserves, particularly for
silver-lead ore. We have made significant improvements since taking
over the Galena Mine complex and are excited about the many
opportunities ahead of us."
Information of a technical nature in this press release respecting the
properties has been prepared and reviewed by Mr. Daniel H. Hussey,
Chief Geologist of U. S. Silver, who supervised the drilling and
sampling programs, and resource estimation. Mr. Hussey is a "qualified
person" within the meaning of National Instrument 43-101 of the
Canadian Securities Administrators.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly-owned subsidiaries, owns and operates
the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in
Shoshone County, Idaho, with the Galena mine being the second most
prolific silver mine in US history. Total silver production from U.S.
Silver's mining complex has exceeded 210 million ounces of silver
production since 1953. U.S. Silver controls a land package now
totaling approximately 18,000 acres in the heart of the Coeur d'Alene
Mining District. U.S. Silver is focused on the production and
exploration from existing operations as well as exploring and
developing its extensive Silver Valley holdings in the Coeur D'Alene
Mining District.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are
subject to significant risks and uncertainties that are difficult to
predict. Actual results might differ materially from results suggested
in any forward-looking statements. The Company 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 the Company. Additional information identifying risks and
uncertainties is contained in filings by the Company with the Canadian
securities regulators, which filings are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bruce Reid
Chief Executive Officer
(416) 848 -- 0858
Or
Vance Loeber
Investor Relations
(604) 805 -- 3530
or visit www.us-silver.com
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Copyright (c) 2008 US SILVER CORPORATION (USA) All rights reserved.
For more information visit our website at http://www.us-silver.com/ or
send mailto:hfairhurst@us-silver.com
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