The Company
U.S. Silver Corp. is a relatively new company having just gone public on the TSX Venture Exchange in early January of 2007 using the ticker symbol "USA". The Company purchased 100% of the assets of Coeur Silver Valley Inc. from Coeur d'Alene Mines in June 2006 for approximately $15 million.
U.S. Silver Corp. owns the Galena mine complex located in the heart of the Coeur D’Alene mining district one of the preeminent silver, lead and zinc producing areas in the world. This mine complex is the second most prolific silver mine in US history with over 200 million ounces of silver produced to date. Since 1953 this mine has produced 210 million ounces of silver, 159 million pounds of copper and 22 million pounds of lead from 9.9 million tons of combined silver-copper and silver-lead ore at average grades 21.26 ounces of silver, 0.80% copper and, 8.8% lead per ton of ore.
US Silver's property covers 11,000 acres over an area approximately 11 miles long East to West and 3 miles wide. The property contains two mines and one exploration shaft. The assets include four operating shafts, two operating flotation mills as well as extensive surface and underground mining equipment. The operating Galena mine is located near the center of the property with the Coeur Mine on care and maintenance about 1.5 miles West of the Galena Mine. The Caladay Exploration Shaft is located approximately 2 miles to the east of the Galena Mine.
Currently the Galena mine is operating at approximately 500 tons per day of silver-copper ore. The current plan will see the Galena mine increase to over 700 tons per day by mid year 2007. The intention is to ultimately get production from the Galena mine up to 1100 tons per day as that is the capacity at the Galena mill. This level of production is forecast to be achieved sometime in 2008 after the Galena shaft has been rehabilitated. Repair work on the Galena shaft has started but in the meantime the #3 shaft will be our only hoist for the silver-copper ore.
The company will also initiate lead-silver mining later this year with the intention of hoisting this ore through the Coeur Shaft and processing the material at approximately 400 tons per day at the Coeur Mill. The company has recently signed a new off-take contract with TeckCominco to smelt the lead-silver concentrate starting in September of 2007.