TORONTO, Nov. 28, 2012 /PRNewswire/ - U.S. Silver & Gold Inc. ("U.S. Silver & Gold" or the "Company") (TSX:USA; OTCQX:USGIF) is pleased to provide an update on its 2012 exploration results. The Company's assets are comprised of two 100% owned operating mines: the high grade silver Galena Mine Complex in Idaho and the high grade gold and silver Drumlummon Mine in Montana.
"We are very pleased with our exploration progress at both the Galena Complex and the Drumlummon Mine," stated Jim Atkinson, Vice President, Exploration for U.S. Silver & Gold. "Results for the last eight holes from the 4900 level of the Galena Mine Lead Zone are especially encouraging.
These holes are close to existing infrastructure and can be easily accessed. They were focused in an area where little drilling existed and displayed wide zones of continuous, good grade silver and lead mineralization. We plan to include these drilling results in our year-end resource calculation, and are working toward further defining the Lead Zone while examining low cost bulk mining methods."
Galena Mine Complex
The Lead Zone
Ongoing exploration work continues to define a significant potential silver resource in what is known as the Lead Zone ("LZ") of the Galena Mine Complex. It has over 750 drill holes, many of which were created to test other veins, principally the Silver Vein. The LZ has a global target of between 60 and 70 million tons and a potential global resource of between 150 and 200 million ounces of silver1. Please see Figure 1 for illustration. The 2012 drilling program focused on the initial delineation of a resource on the 4000 and 4900 Levels.
About U.S. Silver & Gold Inc.
U.S. Silver & Gold Inc. is a newly formed silver and gold mining company focused on growth from its existing asset base and the execution of targeted accretive acquisitions. 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 Lead Zone is being evaluated for bulk mining development. 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. Visit www.us-silver.com.
Source: U.S. Silver & Gold Inc.