U.S. Silver Provides Update

U.S. Silver Corporation ( TSX: USA, OTCQX: USSIF, Frankfurt: QE2) (“US Silver” or “the Company”) announced today an update on matters currently underway at the Company.

U.S. Listing Application

Due to weakness in silver prices and equity markets its previously announced listing on the NYSE Amex has been postponed until market conditions improve and specifically until a sustainable common share trading price above $2.00 can be demonstrated. The recent drop in equity prices for precious metal producers does not reflect the relatively robust pricing in the commodities market and the Company continues to be optimistic that the current silver price levels and Company’s resulting strong cash flow generation will be reflected in its share price. The Company will continue to monitor the market environment with a view to commencing trading on the NYSE Amex when it has sustained a common share trading price above $2.00.

“The Company continues to execute on its key strategic priorities for 2012. These include building a high quality workforce, developing the Coeur mine to bring it into production by the end of 2012 and identifying additional asset opportunities,” said Mr. Gordon Pridham, Executive Chairman of U.S. Silver. “Mine production continues to generate strong cash flow in accordance with our forecast, as evidenced by our cash bank balances at the end of the first quarter of 2012 of approximately $27 million.”

CEO Search

The Company, with the assistance of a prominent global executive search firm, has reviewed and assessed numerous strong candidates, has identified a short list of mining executives and is currently engaged in more detailed discussions with them. US Silver is committed to a patient, thorough and detailed search and will provide an update to the market as soon as the process is complete. In the interim, the Company continues to execute on its operational and strategic plans.

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