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U.S. Silver Receives Shareholder Approval for Combination with RX Gold

07.08.2012  |  CNW

TORONTO, Aug. 7, 2012 /CNW/ - U.S. Silver Corporation (TSX: USA) ("U.S. Silver" or the "Company") is pleased to announce that at the special meeting of shareholders held today, U.S. Silver shareholders approved the proposed combination transaction with RX Gold & Silver Inc. ("RX Gold") to be completed by plan of arrangement.

U.S. Silver will seek final approval of the plan of arrangement from the Ontario Superior Court of Justice on August 9, 2012. Closing of the combination transaction is subject to receipt of such final approval and satisfaction of certain other customary conditions, and is expected to occur on or about August 13, 2012.

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 U.S. 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.

Forward-Looking Statements

Certain information in this press release may contain forward‐looking statements. This information is based on current expectations that are subject to significant risks, assumptions and uncertainties that are difficult to predict and the risk that regulatory or court approvals may not be obtained or that conditions of closing will not be satisfied or waived within the timeframe contemplated. The foregoing list of factors is not exhaustive. Accordingly, investors should not place undue reliance on forward-looking information. U.S. Silver includes in publicly available documents filed from time to time with securities commissions and the Toronto Stock Exchange, a thorough discussion of the risk factors that can cause anticipated outcomes to differ from actual outcomes. Forward-looking information is provided as of the date of this news release only, it should not be relied upon as of any other date, and U.S. Silver assumes no obligation to update or revise this information to reflect new events or circumstances, except as expressly required by law. There can be no assurance that the combination transaction will receive the required court approval or that the proposed combination transaction or any alternative transaction will be completed.

SOURCE U.S. Silver Corporation

U.S. Silver Corporation
Gordon Pridham, Chairman & Interim CEO, or Chris Hopkins, CFO
416-907-5501
info@us-silver.com (www.us-silver.com)


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