U.S. Silver Reports Strong 3rd Quarter 2011 Results
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U.S. Silver Corporation (TSX: USA, US OTCQX: USSIF, Frankfurt: QE2)
('US Silver? or 'the Company?) announced today strong third quarter,
2011 financial results;
- Revenue of $28.3 million in the quarter, a 136% increase over the
same period in 2010 - Net income of $5.2 million in the quarter, compared to $0.5 million
for the same period in 2010 - Cash flow from operating activities of $5.4 million in the quarter,
compared to $1.8 million for the same period in 2010 - Cash on hand of $27.5 million at September 30, 2011 and continuing
to grow - Silver production of 645,543 ounces in the quarter and 1,788,228
ounces year-to-date
'Strong operating performance and pricing continued through the 3rd
quarter and we are pleased with the resulting financial performance for
the Company,? stated Tom Parker, President and CEO. 'These results have
provided the Company with strong revenues and cash flows and a further
strengthened balance sheet providing the resources to invest in and
expand our asset base.?
? | For the three months ended (US$ millions) | ? | ? | ? | Q3 2011 | ? | Q2 2011 | ? | Q1 2011 | ? |
? | ? | |||||||||
Revenue | $28.3 | $30.8 | $19.1 | |||||||
Cost of sales | 17.1 | 18.5 | 10.9 | |||||||
General and administrative | 1.1 | 1.1 | 0.7 | |||||||
Loss on hedge derivatives | 1.6 | 1.3 | 0.6 | |||||||
Exploration | 0.9 | 0.7 | 0.6 | |||||||
Selling and marketing | 0.1 | ? | 0.0 | ? | 0.1 | ? | ||||
$7.5 | $9.2 | $6.2 | ||||||||
Other | 0.1 | ? | 0.2 | ? | (0.1 | ) | ||||
Net income before tax | $7.6 | $9.4 | $6.1 | |||||||
Net income after tax | $5.2 | $6.5 | $4.2 | |||||||
? | ||||||||||
Cash flow from operations | $5.4 | $12.3 | $7.2 | |||||||
Production | ||||||||||
Silver (ounces) | 645,543 | 648,322 | 494,363 | |||||||
Lead (pounds) | 1,916,795 | 1,717,218 | 1,277,201 | |||||||
Copper (pounds) | 317,127 | 321,724 | 259,401 | |||||||
? | ||||||||||
Cash Costs ($/oz after by-product credits) | $17.57 | $15.39 | $17.97 |
Conference Call Dial-In Details
Financial and operating results will be discussed during an analyst and
investor conference call with senior management today November 14th at
11 am EST. A question and answer session will follow management's
presentation. Participants may email questions in advance of the call to info@us-silver.com
Participants may join the call by dialing toll free 1-888-231-8191 or
647-427-7450 for calls from outside Canada and the US. The Conference ID
is 17798573. Please dial in 15 minutes prior to the call to secure a
line. The conference call will be archived for replay from approximately
three hours after the call until Monday, November 28st, 2011
at midnight. To access the archived conference call, please dial
1-855-859-2056 or (416) 849-0833 and enter the Conference ID 17798573.
U.S. Silver hosts a regular quarterly earnings conference call to
provide an opportunity for investors and analysts to discuss the
operating and financial results of the most recent quarter with senior
management.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and/or 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 217 million ounces of silver
production since 1953. U.S. Silver controls a land package now totaling
approximately 14,000 acres in the heart of the Coeur d'Alene Mining
District. U.S. Silver is focused on expanding the production from
existing operations as well as exploring and developing its extensive
Silver Valley holdings in the Coeur d'Alene Mining District.
Neither TSX nor its Regulation Services Provider (as that term is
defined in the policies of the TSX) accepts 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.
U.S. Silver Corporation
Heather Foster, IR Manager, 208-556-1535
ext. 2