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Re: News Release - Tuesday, May 13, 2008
U.S. Silver Corporation Announces Normal Course Issuer Bid
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May 13, 2008 - Toronto, Ontario - U.S. Silver Corporation (USA-TSXV)
("U.S. Silver" or the "Company") announced today that it has filed with
the TSX Venture Exchange ("TSXV") a Notice of Intention to Make a
Normal Course Issuer Bid which has been accepted by the TSXV. Under
the terms of its normal course issuer bid, U.S. Silver may purchase up
to the lesser of 7,385,000 common shares, being 3.5% of the issued and
outstanding common shares of U.S. Silver, and the number of common
shares equal to a maximum aggregate purchase price of Cdn.$5,908,000.
U.S. Silver currently has 211,640,827 common shares outstanding.
The normal course issuer bid will commence on May 15, 2008 and will
terminate on May 14, 2009. This is the first normal course issuer bid
undertaken by U.S. Silver. The common shares will be acquired through
the facilities of the TSXV and the purchase and payment for the shares
will be made by U.S. Silver in accordance with the requirements of the
TSXV and all other applicable laws.
The price paid by U.S. Silver for any common shares acquired by it will
be the market price of the shares at the time of acquisition. All
shares acquired by U.S. Silver under this bid will be cancelled.
U.S. Silver is engaging in a normal course issuer bid because it
believes that, from time to time, the market price of its common shares
may not fully reflect the underlying value of its business and its
future business prospects. As a result, depending upon future price
movements and other factors, U.S. Silver believes that its outstanding
common shares may represent an attractive investment, since a portion
of U.S. Silver's excess cash can be invested for an attractive risk
adjusted return on capital through its bid.
Research Capital Corporation will be conducting the issuer bid on
behalf of U.S. Silver.
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 producer in U.S. 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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