TORONTO, Dec. 18, 2013 /PRNewswire/ - U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF) received an order from the Mine Safety and Health Administration ("MSHA") that required the Company to temporarily shut down its Galena Mine Shaft #3 pending resolution of four previously existing citations that did not relate to any employee injury or allege imminent danger in the mine. Some employees were temporarily sent home while a contingency plan was developed.
The MSHA order was given during a routine inspection and involves repairs below the 4600 level and above the 5200 level on the #3 Shaft. The repairs have been in progress for some time and are expected to be completed by early 2014. In the meantime, the mine's contingency plan entails hoisting ore from the Coeur Shaft once minor rehabilitation is completed later this week on the 3700 level. Some development, repair and mining crews were back in the mine today and it is expected that work will re-start in all stopes above the 3700 level by Monday.
The Company does not expect there to be any impact on production guidance for 2013 and remains on track to deliver 2.1 - 2.2 million ounces for the year.
"Although operations have been temporarily affected, we are working with MSHA to resolve the matter and doing all we can to get the #3 Shaft up and running as soon as possible," said Darren Blasutti, President and CEO of U.S. Silver & Gold. "The Coeur Shaft has been taken off care and maintenance and is fully operational."About U.S. Silver & Gold U.S. Silver & Gold is a silver and gold mining company focused on growth from its existing asset base and execution of targeted accretive acquisitions. It owns and operates the Galena Mine Complex in the heart of the Silver Valley/Coeur d'Alene Mining District, Shoshone County, Idaho which produces high-grade silver ore and is the second most prolific silver mine in U.S. history, delivering over 200 million ounces to date. The Caladay Zone is being evaluated for bulk mining development. U.S. Silver & Gold also owns the Drumlummon Mine Complex in Lewis and Clark County, Montana. For further information please see SEDAR or www.us-silver.com. Cautionary Statement Regarding Forward Looking Information: This news release contains "forward‐looking information" within the meaning of applicable securities laws. Forward‐looking information includes, but is not limited to, the Company's expectations intentions, plans, and beliefs with respect to, among other things, the Galena Complex and the Drumlummon Mine. Often, but not always, forward‐looking information can be identified by forward‐looking words such as "anticipate", "believe", "expect", "goal", "plan", "intend", "estimate", "may", and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward‐looking information is based on the opinions and estimates of the Company as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking information. This includes the ability to develop and operate the Galena and Drumlummon properties, risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade or recovery rates, permitting timelines, capital expenditures, reclamation activities, social and political developments and other risks of the mining industry. Although U.S. Silver and Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. By its nature, forward‐looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific those contribute to the possibility that the predictions, forecasts, and projections of various future events will not occur. The Company undertakes no obligation to update publicly or otherwise revise any forward‐looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. SOURCE U.S. Silver & Gold Inc.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts