U.S. Silver & Gold Inc. Press Releases

U.S. Silver & Gold Reports First Quarter Financial and Operational Results

Mon, 13 May 2013 16:00:00 -0400

TORONTO, May 13, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") today reported financial and operational results for the first quarter of 2013.

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This earnings release should be read in conjunction with the Company's MD&A, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.us-silver.com.

All figures are in U.S. dollars unless otherwise noted.

Highlights of First Quarter

First quarter production in line with expectations. 2013 guidance re-forecasted to 2.6 to 3.0 million silver ounces at cash costs of $16 to $18 per ounce (from 2.7 to 3.0 million silver ounces at cash costs of $17 to $19 per ounce).
Galena Complex revenues of $17.6 million and net income of $2.1 million.
Consolidated revenues of $22.9 million and net loss of $3.4 million or $0.06 per share. The net loss is primarily attributable to under-performance at the Drumlummon Mine, which is scheduled to be put on care and maintenance during Q2, 2013 given current gold prices.
Consolidated production of 598,139 silver ounces. Strong Galena Complex silver production of 577,095 ounces (a 4.7 percent increase over Q1, 2012) at a silver cash cost of $20.48 per ounce.
Realized silver price of $30.32 per ounce (a nine percent decrease compared to Q1, 2012), copper price of $3.68 per pound and lead price of $1.03 per pound.
Further review of exploration, capital projects and capital development costs increased previously stated 2013 cost reduction targets from $10 to $12 million. Implementation of remaining cost-saving and productivity measures at the Galena Complex and the corporate office, and closure of the Drumlummon Mine underway.
Continuing strong exploration results in the Caladay Zone.

"On January 27, 2013 we completed implementation of a new 24/7 schedule to increase productivity and profitability at the Galena Mine Complex. We began seeing the benefit of that strategy in the first quarter of 2013 with a 3 percent increase in tonnage over the previous quarter. We expect to see increased tonnage as well as budgeted grade over the remainder of 2013, which will positively impact cash costs starting in the second quarter," said Darren Blasutti, President and CEO of U.S. Silver and Gold. "That, in combination with the immediate cost reductions, the fast tracking of the Caladay Zone and a focus on protecting our balance sheet, positions the Company well in an increasing silver price environment."

Production and Operating Costs

As reported in the April 24, 2013 press release, the Company had strong first quarter consolidated silver production totalling 598,139 ounces, along with gold production of 2,161 ounces. Consolidated silver cash costs were $22.20 per ounce (compared with $17.65 per ounce in the fourth quarter of 2012) due primarily to the underperformance of the Drumlummon Mine in Q1, 2013 and the expected mining of lower grade material at the Galena Complex during the quarter.

A net loss of $3.4 million was recorded for the quarter, compared with net income of $2.9 million in the first quarter of 2012. This decrease was due to lower realized metal prices, higher cost of sales (primarily at the Drumlummon Mine), higher general and administration expenses (including post-merger costs and tax re-organization work) and higher depreciation, depletion and amortization. Cost increases were partially offset by higher year-over-year production and lower income tax expense in connection with the tax re-organization.

Galena Complex
The Galena Mine Complex delivered 577,095 ounces of silver during the first quarter of 2013. Despite transitioning to the 24/7 shift schedule one month into the quarter, a 4.7 percent increase in production over Q1, 2012 resulted. Average grade increased three percent to 9.6 ounces per ton silver, while the realized silver price fell 8.7 percent to $33.29 per ounce. Please see Table 1 below for further detail.

Table 1 Galena Production Details
	Q1 2013	Q1 2012
Total Ore Processed (tons milled)	62,826	61,073
Silver - Copper	44,887	42,346
Silver - Lead	17,939	18,727
Silver produced (ounces)	577,095	551,228
Lead produced (pounds)	1,772,256	1,584,143
Copper produced (pounds)	261,618	232,478
Silver recoveries (percent)	96.2	96.0
Lead recoveries (percent)	92.7	92.0
Copper recoveries (percent)	95.9	96.1
Silver head grade (ounces per ton)	9.55	9.40
Silver - Copper	10.83	11.25
Silver - Lead	6.34	5.21
Lead head grade (percent)	5.33	4.60
Copper head grade (percent)	0.30	0.29
Silver sold (ounces)	568,401	569,027
Lead sold (pounds)	1,769,304	1,639,121
Copper sold (pounds)	259,728	238,226
Realized silver price ($ per ounce)	$30.40	$33.29
Realized lead price ($ per pound)	$1.03	$0.95
Realized copper price ($ per pound)	$3.68	$4.12
Silver cash costs ($ per ounce)¹	$20.48	$19.37

¹The Company reports the cash cost per ounce of silver produced, a non-GAAP measure, in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement. These measures do not have any standardized meaning and may differ from methods used by other companies with similar descriptions. The method does not include depletion, depreciation, exploration or corporate administrative costs and is therefore not directly reconcilable to costs as reported under International Financial Reporting Standards

At $20.48, cash costs were higher during the first quarter of 2013 than in the prior year. This is due to an increase in labour costs following the addition of personnel to accommodate the new 24/7 schedule. Productivity increased as a result, and a subsequent rise in March and April productivity has also been noted. This trend is expected to positively impact ounce production and cash costs beginning in the second quarter and continue throughout fiscal 2013. Additionally, production and development miners from the Coeur mine were re-deployed late in the first quarter in order to achieve what the Company expects will be more profitable production from the higher grade Caladay areas by the third quarter of the year.

Drumlummon Mine
The Drumlummon Mine produced 2,161 ounces of gold and 21,044 ounces of silver during the first quarter of the year at a by-product cash cost of $2,289.73 per ounce gold.

As previously announced, given current gold prices and recent mine performance, production at Drumlummon is being discontinued and the mine will be put on care and maintenance. A small, ongoing exploration program will be maintained and the Company will move the remaining equipment, materials inventory, and supplies to the Galena Complex in Idaho.

Exploration Update
As per the Company's April 24, 2013 press release, recent drilling in the Caladay Zone at the Galena Complex has uncovered higher grade silver-lead mineralization and extended silver-copper veins on the 4900 and 5200 levels along strike and down dip. Over the remainder of 2013, the exploration drill program will extend and better define these areas and focus on: 1) developing resources that are close to existing infrastructure; 2) continuing underground exploration diamond core drilling in the Caladay Zone; 3) defining additional reserves; 4) adding to resources; and, 5) identifying viable new silver veins within the greater Galena Complex.

Financial Position
U.S. Silver & Gold's cash and cash equivalents at March 31, 2013 totaled $11.0 million compared to $18.9 million at December 31, 2012, while net working capital totaled $11.7 million compared to $16.0 million for the same dates, respectively. The decrease in net working capital primarily reflects net cash inflows from operations less drilling, underground development, and exploration costs, purchase of property, plant and equipment, rehabilitation and access development activity, and other changes in non-cash working capital.

Adjusting for the Company's credit facility of $7.9 million, the Company's working capital was $20 million as at March 31, 2013. Management is currently reviewing options for refinancing the debt.

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. It owns and operates the Galena Mine Complex in the heart of the Silver Valley/Coeur d'Alene Mining District, Shoshone County, Idaho. It produces high-grade silver 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 Inc. also owns the Drumlummon Mine Complex in Lewis and Clark County, Montana.

Mr. Jim Atkinson, Vice President, Exploration and a Qualified Person under Canadian Securities Administrators guidelines, has approved the contents of this news release.

For further information please see SEDAR or www.us-silver.com for the NI 43-101 compliant Technical Report on the Galena Project dated March 22, 2013.

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 at which 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, that 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.

Darren Blasutti
President and CEO
416-848-9503
www.us-silver.com

Nicole Richard
Investor Relations
416-848-9503

Notice of U.S. Silver & Gold's 2013 First Quarter Financial Results Conference Call

Thu, 09 May 2013 16:00:00 -0400

TORONTO, May 9, 2013 /CNW/ - U.S. Silver & Gold Inc. ("U.S. Silver & Gold" or the "Company") (TSX:USA; OTCQX:USGIF) will release its 2013 first quarter financial results following the close of markets on Monday, May 13, 2013.

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Senior management will host a conference call on Monday, May 13, 2013 at 4:30 p.m. ET to review the financial results of the quarter. All interested parties are invited to participate by dialing 647-427-7450 or 1-888-231-8191. Please call 15 minutes prior to the call to secure a line. You will be put on hold until the conference call begins. A corporate presentation will be posted on the Company's website 30 minutes prior to the call which can be followed during the call.

A question and answer session will follow the conference call, at which time the operator will provide instructions for submitting questions. A taped replay of the conference call will be available for seven (7) days, until May 20, 2013 by calling 416-849-0833 or 1-855-859-2056, reference number 70747631.

U.S. Silver & Gold's full financial statements and Management's Discussion & Analysis for the three-month period ended March 31, 2013 will be filed with SEDAR following the release and will be available via U.S. Silver's website at www.us-silver.com.

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 first production having been achieved in late 2012 and the Caladay Zone is being evaluated for bulk mining development. Visit www.us-silver.com.

Nicole Richard, Investor Relations
nrichard@us-silver.com
416-848-9503

First Quarter Production Results and Corporate Update

Wed, 24 Apr 2013 18:13:00 -0400

TORONTO, April 24, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") today announced production figures for its 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.

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First Quarter Highlights

Consolidated production of 598,139 silver ounces and 2,161 gold ounces during the first quarter, which was budgeted to be the lowest production and highest cost quarter of the year.
Galena Mine Complex production of approximately 577,000 silver ounces at cash costs of $20.48 per ounce.
Management has taken immediate measures to reduce and manage costs, and has implemented further productivity measures to protect the balance sheet:
Given the recent decline in silver and gold prices, production at the Drumlummon Mine will be discontinued at the end of the second quarter when the mine will be put on care and maintenance.
As a result of the Drumlummon closure and cost initiatives, silver production for the year has been re-forecasted to 2.6 to 3.0 million ounces (from 2.7 to 3.0 million ounces), at lower projected silver cash costs of $16.00 to $18.00 per ounce.
The March 31, 2013 cash balance was approximately $11 million. Non-cash working capital was approximately $8.7 million exclusive of $7.9 million in debt. The Company is currently in discussions with various lenders to re-finance the debt on more favourable terms.
Full quarterly results and further details on cost reductions will be communicated to shareholders during the first quarter earnings release and conference call scheduled for Monday May 13, 2013.

Galena First Quarter Production Details

The Galena Mine produced 577,095 ounces of silver during the first quarter of 2013 at a grade of 9.6 ounces per ton and silver cash costs of $20.48 per ounce. The first quarter was expected to be the lowest production quarter of the year with mined grade slightly below the expected 2013 annual silver grade of 11.4 ounces per ton. Overall tonnage for the quarter was up 3 percent when compared with the first and fourth quarters of 2012.

Table 1 Galena Production Highlights
	Q1 2013	Q1 2012	Change	Q4 2012
Processed Ore (tons milled)	62,826	61,073	+3%	60,597
Production (ounces)	577,095	551,228	+5%	625,604
Grade (ounces per ton)	9.6	9.4	+2%	10.7
Cash Costs	$ 20.48	$ 19.37	+6%	$ 18.54
Lead (pounds)	1,772,256	1,584,143	+12%	1,403,981
Copper (pounds)	261,618	232,478	+13%	298,241

"Silver production at the Galena Mine got off to a solid start in 2013 following a record fourth quarter in 2012," stated Darren Blasutti , President and CEO of U.S. Silver and Gold. "Although we mined 16 percent below the expected average grade for the year and our move to a 24/7 schedule took slightly longer than planned, we are on track to meet our 2013 guidance for the Galena Mine Complex. We began seeing productivity improvements from the new schedule in March and April, and the grade for the second quarter is meeting expectations. Our focus going forward will be on implementing stringent cost-saving measures in the short term, and executing our plans to fast-track the Caladay Zone for production of higher-grade, lower cost areas beginning in the third quarter of the year. "

Cost Controls and Productivity Measures

Drumlummon Closure

Given current gold prices and recent mine performance, production at the Drumlummon Mine near Helena Montana, is being discontinued and the mine will be put on care and maintenance. An orderly shutdown will begin immediately and is expected to be completed by the end of the second quarter. A small, ongoing exploration program will be maintained and the Company will move equipment, inventory, and supplies to the Galena Mine Complex in Idaho. During the first quarter of the year, Drumlummon produced 21,044 ounces of silver and 2,161 ounces of gold at a by-product cash cost of $2,288.73 per ounce gold. Although management reduced operating costs for the quarter by over $1.5 million, Drumlummon Mine gold and silver production was materially lower and gold cash costs were materially higher than what was budgeted. This was principally due to chronic issues with mine equipment availability and servicing, and lower than anticipated gold and silver grades. As a result of equipment issues, the Company milled approximately 35 percent fewer tons than what was budgeted at gold and silver grades that were approximately 25 percent below budget estimates.

"Unfortunately production at the Drumlummon Mine is not economically viable at current gold prices," stated U.S. Silver & Gold President & CEO Darren Blasutti . "We have been working very hard since the beginning of the year to reduce costs and increase productivity at the mine, and while we expected to see improvements over the course of 2013, current gold prices and forecast gold production do not warrant continuing our operations there. The Board of Directors and Management Team have a responsibility to safeguard the business and assets of the Company. With that in mind, we made the difficult decision to put the mine on care and maintenance. We very much appreciate the commitment and outstanding contributions made by our employees at Drumlummon. We will do our best to help ensure a smooth transition for everyone affected by this change. From now until closing, we will be eliminating all non-essential capital and operating spending while focusing on mining areas already developed to maximize cash flow generation. The shutdown is prudent to preserve Drumlummon's gold and silver resources until economic circumstances merit their extraction."

Immediate Cost Reductions

As a result of the Company's portfolio review and cost control focus, $10 million in exploration, capital projects and capital development costs will be cut from the 2013 budget. The Company has also begun reducing general and administrative costs at the corporate office and the Galena Mine Complex, targeting a minimum of $1 million in savings for the year. In addition, the Galena Mine site has initiated a hiring freeze and will eliminate any non-budgeted overtime.

Re-deployment of Capital Development Employees

Management has been re-evaluating its capital development and rehabilitation needs at the Galena Mine Complex and will re-focus these efforts on mining the most profitable stope targets. Assets and employees will be re-deployed to priority stopes in the second quarter. The Galena Mine has stopes available for this transition due to the shift to a 24/7 schedule and several of the development and rehabilitation crews have the training required for this type of work.

Caladay Production Plans

Plans to fast track production in the high potential Caladay Zone were initiated in February and will be maintained. Mining will commence in high-grade, silver-copper zones targeting 100 tons per day early in the third quarter of 2013. Targeted stopes at the 4900 level contain silver grades that are considerably higher than the ore currently being mined in the Galena and Coeur areas. Additional development and potential production prior to the end of the year is also planned for high grade silver-lead stopes in the Caladay Zone which are much wider than the current Galena silver-lead areas. In order to achieve what the Company expects will be more profitable production from the higher grade Caladay areas by the third quarter of the year, production and development miners were re-deployed from the Coeur area late in the first quarter.

Caladay Drilling Update

Drilling in the Caladay Zone continues to uncover wide zones of silver-lead mineralization characterized by higher grade sections. As an example, Hole 49-226 revealed 51 feet of greater than 14 ounces per ton silver equivalent that included two higher grade zones of 12 and 15 feet. In addition, Hole 52-412 intersected 80 feet of over 12 ounces per ton silver equivalent with a 14.5 foot higher grade zone. The detailing of these higher grade sections within large areas of mineralization typified by the Caladay Zone will assist in mine planning. Ongoing drilling will focus on the 4900 and 5200 Levels.

Drilling in the silver-copper veins on the 4900 and 5200 Levels has extended these veins along strike and down dip. In addition, new veins continue to be discovered. In Hole 52-404 for example, 3.2 feet of 42.4 ounces per ton silver equivalent has been intersected in a new vein. It is quite common to intersect multiple veins while drilling in these areas. Selected drilling results for the Caladay Zone since the March 28, 2013 press release can be found in the table below.

Table 2 Recent Caladay Zone Mineralization
Hole No.	From (ft)	To (ft)	Width (ft)	Ag (oz/ton)	Pb (%)	Cu (%)	Ag Equivalent (oz/ton)	Ag Equivalent (g/t)
49-226	133.0	184.0	51.0	6.82	10.97	--	14.72	505
Including	141.2	154.0	12.8	9.78	13.58	--	19.56	671
Including	163.5	180.0	16.5	10.19	19.29	--	24.08	826
49-235	170.0	250.0	80.0	4.12	4.84	--	7.60	261
Including	205.0	230.0	25.0	6.91	8.13	--	12.76	438
52-412	405.0	485.0	80.0	7.60	6.39	--	12.20	418
Including	462.4	476.9	14.5	15.35	18.19	--	28.45	975
52-413	372.2	388.0	15.8	10.54	12.29	--	19.39	665
52-414	168.5	180.0	11.5	12.83	18.91	--	26.45	907
49-280T	90.0	104.3	14.3	16.00	--	0.25	16.64	571
52-404	625.0	628.2	3.2	40.13	--	0.81	42.14	1445
52-418	582.0	620.0	38.0	11.82	--	0.11	12.09	415


Note:	Silver Equivalent calculated using $25.00/oz. Ag, $3.10/lb. Cu and $0.90/lb. Pb.
	Since these drill holes were completed from different drill stations and intersect the veins at various angles the recovered intersections may not reflect true widths. Please refer to www.us-silver.com for all drilling results.

Quality Assurance / Quality Control ("QA/QC")

U.S. Silver & Gold maintains a QA/QC Program for all assays, whether completed at the Drumlummon laboratory or at a contract laboratory including the use of standards, blanks and duplicates. All QA/QC results are evaluated using a program of QA/QC monitoring. Both the contract laboratory and the Drumlummon laboratory maintain programs of QA/QC as well. Assays for the Caladay Zone were prepared by a commercial laboratory located in Osburn, Idaho.

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 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 first production having been achieved in late 2012 and the Caladay Zone is being evaluated for bulk mining development.

Mr. Jim Atkinson , Vice President, Exploration and a Qualified Person under Canadian Securities Administrators guidelines, has approved the contents of this news release.

For further information please see SEDAR or www.us-silver.com for the NI 43-101 compliant Technical Report on the Galena Project dated March 22, 2013.

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.

Darren Blasutti
President and CEO
416-848-9503
www.us-silver.com

Nicole Richard
Investor Relations
416-848-9503

U.S. Silver & Gold Reports Fourth Quarter and Year-End 2012 Financial Results

Thu, 28 Mar 2013 16:01:00 -0400

TORONTO, March 28, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") today reported year-end financial and operational results for 2012.

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This earnings release should be read in conjunction with the Company's MD&A, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.us-silver.com.

All figures are in U.S. dollars unless otherwise noted.

Financial Highlights

For the fourth quarter of 2012, the Company reported the following results from continuing operations:

Revenues of $25.5 million
Adjusted net income of $0.3 million or $0.01 per share prior to a $14.4 million non-cash impairment charge related to the Drumlummon Mine and one-time, merger-related expenses
Net loss of $16.6 million or $0.27 per share
Strong production of 661,000 silver ounces at cash costs of $17.65 per silver ounce
Cash balance of $18.9 million at December 31, 2012

For the full year 2012, the Company reported the following results from continuing operations:

Revenues of $94.9 million
Adjusted net income of $4.7 million or $0.08 per share prior to a $14.4 million non-cash impairment charge related to the Drumlummon Mine and one-time, merger-related expenses
Net loss of $17.8 million, or $0.29 per share
Production of 2.57 million silver ounces at cash costs of $18.33 per ounce with the Drumlummon Mine consolidated for the full fiscal year 2012

Earnings for the quarter and full year were impacted by non-cash impairment charges related to the Drumlummon mine. These non-cash charges were identified as part of the Company's normal course value impairment testing and were due to a number of factors, including a capital allocation decision to focus exploration spending in 2013 on the Caladay Zone at the Galena Complex, a year-over-year reduction in measured, indicated and inferred resources, an industry-wide reduction in precious metal valuations and increases in operating costs.

"The Caladay Zone has the potential to double the Company's silver production and significantly reduce operating costs without the need to issue equity to fund its development at current silver prices," commented Darren Blasutti , President and CEO of U.S. Silver and Gold. "The close proximity of the Caladay Zone to our existing infrastructure, coupled with spare hoisting and milling capacity should position us for strong production growth and operating cost leverage, thereby enhancing future profitability."

Corporate Highlights

In 2012, the Company replaced proven and probable reserves of 23.2 million ounces and reported measured and indicated resources of 13.0 million ounces (an increase of 8 percent) and inferred resources of 14.4 million ounces as at December 31, 2012 and an additional 4.0 million ounces of inferred resources as at March 19, 2013 (versus 13.1 million ounces as at December 31, 2011). Please see SEDAR or www.us-silver.com for the Company's independent NI 43-101 compliant technical report in respect of the Galena Complex dated March 22, 2013 (the "Galena Technical Report") prepared by Chlumsky, Armbrust & Meyer, LLC ("CAM").
Drilling continues to identify significant mineralization in the Caladay Zone since the January 30, 2013 press release including 20 feet of 15.9 ounce per ton (544 grams per tonne) silver equivalent, 23.9 feet of 12.3 ounces per ton (422 grams per tonne) silver equivalent and 1.9 feet of 100.4 ounces per ton (3,443 grams per tonne) silver equivalent. For additional results, see Tables 1 and 2 below.
Silver production in 2013 is forecast to grow approximately 10 - 15 percent to 2.7 - 3.0 million ounces with projected silver cash costs of $17.00 to $19.00 per ounce.

Consolidated Mine Production and Operating Costs

As previously announced in the press release of January 30, 2013, the Company had strong fourth quarter consolidated silver production totalling 661,337 ounces along with gold production of 3,832 ounces. Consolidated silver cash costs decreased from $18.72 in the third quarter of 2012 to $17.65 per ounce in the fourth quarter.

In 2012, the Company produced 2.31 million ounces of silver and 5,691 ounces of gold at a by-product cash cost of $18.33 per ounce silver, compared to 2.32 million ounces of silver and cash costs of $15.82 per ounce in 2011. Had RX Gold been consolidated with U.S. Silver & Gold for the entire fiscal year, annual silver production would have been 2.57 million ounces, representing an increase of 11 percent over 2011. Consolidated annual gold production would have been 20,432 ounces.

The Company recorded a net loss of $17.8 million for the year ended December 31, 2012 compared to net income of $12.4 million for the year ended 2011. The decrease in earnings was primarily attributable to impairment charges at the Drumlummon Mine, higher depreciation, depletion and amortization, lower realized silver prices as well as higher cost of sales, higher general and administration expenses, higher exploration costs, higher stock-based compensation expense and lower income tax expense for 2012 compared to 2011.

Galena Complex

During 2012, 231,496 tons of ore were mined at the Galena Complex at an average grade of 10.1 ounces per ton silver, which produced 2.25 million ounces of silver at a cash cost of $19.02 per ounce. This compares to 236,903 tons of ore mined in 2011 at an average grade of 10.2 ounces per ton silver, which produced 2.32 million ounces of silver at a cash cost of $15.82. Combined silver recoveries from the Galena and Coeur mills were 96.3 percent for 2012 compared with recoveries of 96.4 percent in 2011.

Tonnage was negatively impacted by the termination of high cost contract mining crews and re-habilitation work on the #3 Shaft in early 2012. In August 2012, this situation improved with the addition of 60 full-time employees enabling the Galena Complex to move from the current five-day-a-week schedule to a 24/7 schedule on January 27, 2013. The new management team is committed to increasing profitable production and ensuring a cash flow positive operation in fiscal 2013 and beyond. Fourth quarter labour costs were affected by increased hiring and new-employee training expenditures as the operation adjusted its staffing levels in preparation for a seven-day-a-week schedule. The increase in productivity noted in the fourth quarter is expected to continue to positively impact ounce production and cash costs over 2013 and the longer term.

Drumlummon Mine

From August 13, 2012 to December 31, 2012, Drumlummon milled 25,741 tons of ore at a grade of 0.23 ounces per ton gold and 2.70 ounces per ton silver to produce 5,691 ounces of gold and 59,184 ounces of silver at a by-product cash cost of $1,426.53 per ounce gold during this period.

Operations at the Drumlummon Mine were lower than expected during the fourth quarter of 2012 in both tons and grade as decisions were made to reassign mining personnel to enable development of diamond drilling stations for exploration on the Northstar and Frankie veins. This resulted in operations accessing smaller high-grade veins areas thereby decreasing production tonnage during the quarter. Ongoing ventilation challenges and weather-related air reversal inside the mine prevented miners from reaching active headings. A fan and air-door installation was excavated and installed in the Gunsinger Decline which along with other ventilation re-routing in the mine has alleviated the issues.

At the end of 2012, given the state of the capital markets in the precious metals industry, the Company decided to focus its capital resources on the drilling and development in the Caladay Zone at the Galena Complex. The Caladay Zone requires confirmation drilling, is close to existing infrastructure with both spare hoisting and spare milling capacity, requires no ore transportation for milling and no additional permitting. The exploration budget for the Drumlummon mine was reduced to $1 million for 2013 compared with $5.9 million in 2012 for the full calendar year. As a result, an impairment charge of $14.4 million to the carrying value of the Drumlummon Mine and related goodwill has been taken. The Drumlummon Mine will continue operating for as long as it can generate positive cash flow.

Exploration Update

As previously announced in the Company's January 30, 2013 press release, recent drilling in the Caladay Zone of the Galena Mine Complex along with modelling of past results led to the expansion of existing silver-lead areas and the discovery of a large, high-grade silver-copper target located close to the existing mine infrastructure. Work in this area is progressing well. Selected results since the January 30, 2013 press release for silver lead and silver copper mineralization are found below in Tables 1 and 2, respectively.

Table 1 Recent Silver-Lead Drilling Results - Caladay Zone
Hole No.	From (ft)	To (ft)	Width (ft)	Ag (oz/ton)	Pb (%)	AgEq (oz/t)	AgEq (g/t)
40-320	282.4	306.7	24.3	4.71	5.22	5.22	179
40-326	175.0	225.0	50.0	7.17	AP¹	7.17	246
49-219	146.5	170.4	23.9	7.53	9.49	12.27	421
49-220	148.9	245.0	96.1	3.41	4.84	5.83	200
49-221	129.5	173.4	43.9	4.48	5.75	7.35	252
49-222	141.0	174.5	33.5	6.19	6.28	9.33	320
49-227	145.0	260.0	115.0	5.36	7.17	8.95	307
49-232	193.0	239.0	46.0	5.44	AP¹	5.44	187
49-236	222.0	373.0	151.0	2.50	3.76	4.38	150
49-238	175.0	195.0	20.0	11.03	9.67	15.86	544
49-238	226.8	330.0	103.2	3.49	3.73	5.35	183

¹ Assay Pending.

Table 2 Recent Silver-Copper Drilling Results - Caladay Zone
Hole No.	From (ft)	To (ft)	Width (ft)	Ag (oz/ton)	Ag (g/t)	Cu (%)
49-220	74.8	99.0	24.2	11.21	384	0.15
49-222	71.0	78.3	7.3	8.33	286	0.11
49-259T	25.6	30.0	4.4	14.71	504	0.25
49-260T	25.6	30.0	4.4	11.39	391	0.19
49-260T	148.1	150.0	1.9	99.06	3394	1.00

Note: Since these drill holes were completed from different drill stations and intersect the veins at various angles the recovered intersections may not reflect true widths. Please refer to www.us-silver.com for all drilling results.

Based on the existing block model and analysis done in connection with the current Galena Technical Report, the additional exploration potential for the Caladay Zone can be expressed as 10 to 30 million tons, grading 5 to 6 ounces per ton silver, for a potential of 50 to 180 million ounces of silver. No economic or recovery considerations were included in this estimate. CAM agrees that the exploration potential estimate by U.S. Silver & Gold is a reasonable assessment of the ultimate exploration potential of that area. However, the potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Caladay Zone and it is uncertain if further exploration will result in this target being delineated as a mineral resource.

Consultants have been engaged to advise on geotechnical aspects of the Caladay Zone and develop a mine plan which integrates the significant resource into the existing Galena Complex mine plan. Test mining advanced on a block of silver-lead ore at the 4000 level which has allowed a relatively large (25'x80') area to be opened up thereby adding to the growing understanding of the Caladay Zone's geological and geotechnical characteristics. Test mining continues in support of the evaluation of possible extraction methods. Development is underway on the 4900 level to gain access to a prospective block of high grade silver-copper mineralization. The intent is to refine the geological interpretation and provide a platform for possible production mining later in the year. Both of these areas are outside of the mine's 2013 production schedule and would represent new mining fronts incremental to the current plan.

Management believes the Caladay Zone will not only provide high grade feed to fill the existing infrastructure but will also prove to be amendable to bulk mining methods enabling significant per ton cost reductions in an expansion scenario. A new team focused on the Caladay Zone, separate from operations, has been created. The Company will provide a Preliminary Economic Assessment for the Caladay Zone in the first half of 2013.

"Because over 1100 of the holes in the Caladay Zone are historic holes, we plan to spend several months drilling holes to validate these old results," stated Jim Atkinson , Vice President Exploration, U.S. Silver and Gold. "In early March alone, we drilled three confirmatory holes and have already confirmed over 4 million inferred silver ounces."

Reserves and Resources

The Company replaced reserves of 23.1 million ounces in 2012. In addition, measured and indicated resources were increased by 8 percent to 13.0 million ounces silver. Inferred resources of 14.4 million ounces were reported as of December 31, 2012 followed by an additional 4.0 million added as of March 19, 2013.

Table 3 NI-43-1012012 Reserve & Resource Summary
	Tons	Ag (oz)	Ag (oz/t)	Cu (t)	Cu %	Pb (t)	Pb (%)
Reserves (Proven & Probable) December 31, 2012	2,091,279	23,176,206	11.08	5,450	0.41	50,368	6.60
Resources (Measured and Indicated) December 31, 2012	1,318,874	13,043,743	9.89	3,919	0.67	38,532	5.23
Resources (Inferred)¹ December 31, 2012	1,338,052	14,392,293	10.76	3,147	0.69	71,148	8.09
Resources (Inferred)¹ March 19, 2013	822,711	4,050,540	4.92	0	0.00	27.711	3.37

¹The table shows inferred resources with effective dates of December 31, 2012 and March 19, 2013. These figures represent distinct resource blocks. It was necessary to separate the two resources because data from three holes drilled in March 2013 was incorporated in the latter estimate. In this instance, regulations prohibit resources with different effective dates from being combined.

The Company is committed to following best practices for ore reconciliation and reserve estimation. For this reason, an ore reconciliation was completed for 2012 production for the first time in more than five years. As a result, a reduction in the December 31, 2012 reserve grades for silver, copper and lead was deemed appropriate after consideration of actual mine performance against the reserve model. Previously, parameters used in the reserve estimation process were drawn from historic practices preceding the Company's involvement at the Galena Complex. Findings indicated that, while the amount of contained metal was matching well, the grade of ore mined was below expectations. This discrepancy between reserve grade and mined grade has existed for several years (see Chart 1). Reasons for this difference include; average vein width, ability to mine to design stope width and changes in vein continuity (i.e. pinch/swell, faulted offsets). It was decided that the best way to incorporate this updated view was to increase the amount of waste dilution. The changes made to the reserve estimate do not alter the near-to-medium term plans for the operation in terms of production or operating costs and have already been incorporated in the 2013 outlook and beyond.

Quality Assurance / Quality Control ("QA/QC")

U.S. Silver & Gold maintains a QA/QC Program for all assays, whether completed at the Drumlummon laboratory or at a contract laboratory including the use of standards, blanks, duplicates. All QA/QC results are evaluated using a program of QA/QC monitoring. Both the contract laboratory and the Drumlummon laboratory maintain programs of QA/QC as well. Assays for the Caladay Zone were prepared by a commercial laboratory.

Calculation of Silver and Gold Cash Cost

The Company has changed its presentation of revenues and cash costs to report under a payable ounces basis to conform to the presentation used by other comparable entities within the silver mining industry. Previous disclosures have been restated to conform to the amended presentation. The Company reports the cash cost per ounce of silver produced, a non-GAAP measure, in accordance with measures widely reported in the silver mining industry as a benchmark for performance measurement. These measures do not have any standardized meaning and may differ from methods used by other companies with similar descriptions. The method does not include depletion, depreciation, exploration or corporate administrative costs and is therefore not directly reconcilable to costs as reported under International Financial Reporting Standards.

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 first production having been achieved in late 2012 and the Caladay 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.

Mr. Jim Atkinson , Vice President, Exploration and a Qualified Person under Canadian Securities Administrators guidelines, has approved the contents of this news release.

For further information please see SEDAR or www.us-silver.com for the NI 43-101 compliant Technical Report on the Galena Project dated March 22, 2013.

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.

Darren Blasutti
President and CEO
416-848-9503
www.us-silver.com

Nicole Richard
Investor Relations
416-848-9503

Notice of U.S. Silver & Gold's 2012 Fourth Quarter and Year-End Financial Results Conference Call

Mon, 25 Mar 2013 12:23:00 -0400

TORONTO, March 25, 2013 /CNW/ - U.S. Silver & Gold Inc. ("U.S. Silver & Gold" or the "Company") (TSX:USA; OTCQX:USGIF) will release its 2012 fourth quarter and year-end financial results following the close of markets on Thursday, March 28, 2013.

Senior management will host a conference call on Thursday, March 28, 2013 at 4:30 p.m. ET to review the financial results of the quarter. All interested parties are invited to participate by dialing 647-427-7450 or 1-888-231-8191. Please call 15 minutes prior to the call to secure a line. You will be put on hold until the conference call begins.

A question and answer session will follow the conference call, at which time the operator will provide instructions for submitting questions. A taped replay of the conference call will be available until April 4, 2013 by calling 416-849-0833 or 1-855-859-2056, reference number 27634925.

A live audio webcast of the conference call will be available at www.us-silver.com and http://www.newswire.ca. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 365 days.

U.S. Silver & Gold's full financial statements and Management's Discussion & Analysis for the three- and twelve-month period ended December 31, 2012 will be filed with SEDAR following the release and will be available via U.S. Silver's website at www.us-silver.com.

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'AleneMining District, Shoshone County, Idaho and the Drumlummon Mine Complexin 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.

Nicole Richard, Investor Relations - Canada
nrichard@us-silver.com
416-848-9503

Heather Bailey, Investor Relations - United States
hbailey@ussil.com
208-556-1535 ext. 1002

U.S. Silver & Gold announces 2012 production totals, 2013 guidance and high-grade silver copper in Caladay Zone

Wed, 30 Jan 2013 20:47:00 -0500

CLICK HERE for a print-ready version

TORONTO, Jan. 30, 2013 /CNW/ - U.S. Silver & Gold Inc. ("U.S. Silver & Gold" or the "Company") (TSX: USA) (OTCQX: USGIF) today announced production for 2012, production guidance for 2013 and positive new findings in the Caladay Zone (previously known as the Lead Zone) of the Galena Complex.

Highlights

Strong fourth quarter consolidated silver production totalling 661,337 ounces along with gold production of 3,832 ounces.
Consolidated annual silver production of 2.57 million ounces, representing an increase of 6 percent over 2011 and consolidated annual gold production of 20,432 ounces.
Discovery of a large, high grade area of silver-copper mineralization adjacent to the Caladay Zone. Drill results include 3.7 feet at 65.3 ounces per ton silver (2,239 grams per tonne), 5.5 feet at 59.7 ounces per ton silver (2,047 grams per tonne) and 2.0 feet at 66.2 ounces per ton silver (2,270 grams per tonne).
Additional high grade silver-lead mineralization identified in the Caladay Zone since the Company's last exploration update¹ including 16.8 feet at 25.79 ounces per ton silver equivalent² (884 grams per tonne silver equivalent) and 7.5 feet at 23.90 ounces per ton silver equivalent (819 grams per tonne silver equivalent).
Year-end cash balance of approximately $19 million.
Forecast 2013 silver production to grow approximately 10 - 15 percent to 2.7 - 3.0 million ounces with projected cash costs reduced approximately 10 percent to $17.00 - $19.00 per ounce.

Year-end financial statements for U.S. Silver & Gold are scheduled to be released on or about March 27, 2013. The final calculation of operating costs has not yet been completed, but total cash costs for all of 2012 are expected to be in line with forecast. The Company expects to update its NI 43-101 compliant reserves and resources in late February following independent 3^rd party review.

"Our goals for 2013 are to increase production, reduce costs and raise the profitability of the ounces we mine," stated Darren Blasutti , President and CEO of U.S. Silver & Gold. "With the increased silver production achieved during the fourth quarter of 2012, and expected higher productivity from our new 24/7 schedule, we are confident we can meet the goals set for 2013. We are particularly excited about the increasing potential of the Caladay Zone. Recent drilling, along with the modelling of past results, has led to the expansion of existing silver-lead areas and the discovery of a large, high-grade silver-copper target that is close to our existing mine infrastructure. These new areas will enable us to take advantage of our additional hoisting and milling capacity to increase production in 2014 and beyond, with modest capital outlays."

Galena Complex Production Update

Galena Mine

The Galena Complex produced 625,604 ounces of silver during the fourth quarter of 2012 and 2.25 million ounces in total for the year. Ore grade for the quarter increased to 10.7 ounces per ton silver from 10.0 ounces per ton in the previous quarter. Quarterly ore tonnage grew 7 percent to 60,497 tons following a planned workforce increase. Further productivity improvements are expected as the adoption of a new 24 hour, seven-days-a-week shift schedule is completed early in 2013.

During late 2012 and early 2013, a review of historic data for the Caladay Zone, along with continued exploration, identified an area of high grade silver-copper mineralization between the 4700 and 5200 Levels. It is a zone of silver-copper mineralization found on the hanging wall side of a broader area of silver-lead mineralization. It occurs as a cluster of narrow stringer veins, shear fillings, and siderite veins. This discovery is in a location that is distinct from the area previously known as the Lead Zone, but overlaps it. See Figure 1 for illustration of the Caladay Zone. The high grade silver-lead and new silver-copper areas between the 4700 and 5200 Levels in the Caladay Zone are in close proximity to existing Galena mine infrastructure. See Figure 2 for part of the 4900 Level Plan. The Galena Complex has over 600 tons of unused hoisting and milling capacity which will allow for increased production from these areas as early as Q4, 2013. The first priority will be to pursue a low capital cost option to fully utilize existing production capacity over the next several years while the Company studies expansion options beyond the existing 1,500 tons per day milling and hoisting capacity. These studies will consider activation of the adjacent 4,900 foot Caladay shaft which is currently idle. Current drilling and planned second-quarter 2013 test mining will provide a further opportunity for geologists and engineers to better understand both the high grade silver-lead resource and the new silver-copper discovery. A scoping study has been initiated to determine the timing and most profitable approach to integrating this zone into existing mine plans. Preliminary findings from this study are expected to be available at mid-year.

Table 1 below outlines selected drill information from the newly discovered silver-copper mineralization.

Table 1 Recent Silver-Copper Drilling Results - Caladay Zone
Hole No.	From (ft)	To (ft)	Width (ft)	Ag (oz/ton)	Ag (g/t)	Pb (%)	Cu (%)
49-194	62.0	65.0	3.0	10.70	367	0.00	0.20
49-196	40.0	43.0	3.0	7.84	269	0.00	0.12
49-197	5.0	6.5	1.5	30.80	1,056	0.10	0.40
	39.1	40.0	0.9	32.00	1,097	0.17	1.63
49-198	34.0	36.0	2.0	11.80	405	0.00	0.28
	83.0	83.6	0.6	20.20	693	0.00	0.39
	183.5	186.3	2.8	23.10	792	0.00	0.34
	255.0	258.0	3.0	14.00	480	0.00	0.21
49-199	70.1	73.8	3.7	65.30	2,239	0.00	1.62
	161.7	167.2	5.5	59.70	2,047	0.20	1.11
49-200	236.0	238.0	2.0	66.20	2,270	0.37	1.01

Note for Tables 1, 2 and 3: Since these drill holes were completed from different drill stations and intersect the veins at various angles, the recovered intersections may not reflect true widths. Complete drill hole data can be found at www.us-silver.com.

Table 2 outlines selected additional silver-lead holes from the Caladay Zone.

Table 2 Recent Silver-Lead Drilling Results - Caladay Zone
Hole No.	From (ft)	To (ft)	Width (ft)	Ag (oz/ton)	Ag (g/t)	Pb (%)	Ag Equivalent (oz/ton)	Ag Equivalent (g/t)
49-199	283.7	291.2	7.5	13.40	460.50	17.50	23.90	819
49-201	249.5	249.5	11.6	9.90	339.40	16.90	20.10	689
49-202	255.5	273.0	17.5	5.70	194.10	10.10	11.70	436
49-215	100.6	258.0	157.4	2.40	82.29	3.02	4.21	144
49-216	150.0	166.8	16.8	13.26	454.63	20.89	25.79	884

Note: Silver equivalent calculations used $30 silver prices and $0.90 lead prices.

Coeur Mine

Initial production from redevelopment of the Coeur Mine began during the fourth quarter of 2012. As expected, the silver-copper ore mined here has been of a similar grade to the silver ore that is mined at the Galena Mine. Continued new development as well as rehabilitation of existing workings will contribute to overall site production and provide access for exploration in the coming year. Activities in this section of the Galena Complex are planned to be cash flow positive in 2013 at current metal prices. The Coeur Mine is expected to ramp-up from roughly 125,000 ounces of silver production in 2013 to approximately 500,000 ounces of silver production by 2016.

350-370 Silver Vein System

As previously announced in the Company's October 11, 2012 press release, a new silver-copper vein system called the 350-370 was identified at the Galena Complex. Additional drilling has since traced this mineralization to within 150 feet of existing workings on the 5200 level. This area has the potential to offer near-term production opportunities at grades and widths comparable to other silver-copper ore currently being mined.

Table 3 below outlines the latest drill intersections showing mineralization in the 350-370 area. Complete drill data can be found at www.us-silver.com.

Table 3 Recent 350-370 Silver Vein System Drilling Results
Hole No.	Target	From (ft)	To (ft)	Width (ft)	Ag (oz/ton)	Ag (g/t)	Pb (%)	Cu (%)
52-397	350 Vein	398.4	401.8	3.4	3.60	123	0.10	0.06
	360 Vein	428.0	432.5	4.5	4.59	157	0.14	0.09
	4^th Vein	611.4	614.8	3.4	45.8	1,570	0.19	0.70
	New Vein	643.9	646.9	3.0	8.74	300	0.13	0.12
52-398	New Vein West of 350	336.5	345.0	8.5	10.63	365	0.13	0.15
	360 Vein	426.0	432.2	6.3	2.47	85	0.06	0.10
	370 Vein	474.0	478.0	4.0	4.56	156	0.12	0.10
	4th Vein	581.0	581.3	0.3	158.0	5,417	0.35	3.63

Drumlummon Mine Production Update

During the fourth quarter of 2012, the Drumlummon mine produced 3,469 ounces of gold and 35,733 ounces of silver. Total production for the year was 20,070 ounces of gold and 316,194 ounces of silver. Mining was continued on the Charlie and Drumlummon Veins.

It is anticipated that in 2013, mining will be initiated on the Christmas, North Star and Frankie Veins and continue on the Charlie and Drumlummon Veins. Gold production is forecast to be 14,000 to 18,000 ounces and is dependent on resource delineation on the aforementioned mining areas.

2013 Guidance

Consolidated silver production of between 2.7 and 3.0 million ounces is expected for 2013. This represents a 10 to 15 percent increase over silver production in 2012, which can be attributed to higher planned grades at the Galena Mine, expected productivity gains from mine schedule changes, modest production at the Coeur Mine, and initial ore from test mining in the Caladay Zone to offset reduced silver production from the Drumlummon Mine compared with 2012. Cash costs are forecast to drop by approximately 10 percent to between $17.00 and $19.00 per ounce of silver. Lower unit costs will be driven by a larger production base as well as productivity improvements expected from the new higher capacity mine schedule. Consolidated gold production is forecast at 14,000 to 18,000 ounces.

Quality Assurance / Quality Control ("QA/QC")

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 first production having been achieved in late 2012 and the Caladay 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.

Mr. Jim Atkinson , Vice President, Exploration and a Qualified Person under Canadian Securities Administrators guidelines, has approved the contents of this news release.

Some of the potential quantities and grades disclosed in this news release are conceptual in nature. At the current stage of exploration, there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Galena Mine Complex and Drumlummon Mine. It is uncertain if further exploration will result in certain exploration targets being delineated as a mineral resource.

Please see SEDAR or www.us-silver.com for the NI 43-101 compliant Technical Report and Resource Estimate on the Drumlummon Mine Project dated April 9, 2012 and the Galena Project dated March 19, 2012.

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 Mine 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.

¹ "U.S. Silver & Gold Intersects Wide Zones of Silver Mineralization in Lead Zone at Galena Complex", November 28, 2012.
² Assumes metal prices of $30/oz silver and $0.90/lb lead.

Darren Blasutti
President and CEO
416-848-9503
www.us-silver.com

Nicole Richard
Investor Relations - Canada
416-848-9503

Heather Bailey
Investor Relations - United States
208-556-1535 ext. 1002

U.S. Silver & Gold Adopts Shareholder Rights Plan

Tue, 11 Dec 2012 06:45:00 -0500

For a print-ready PDF of this release, please CLICK HERE

TORONTO, Dec. 11, 2012 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") announced today that its board of Directors (the "Board") has adopted a shareholder rights plan (the "Rights Plan").

The Rights Plan is intended to ensure that, to the extent possible, the Company's Board and shareholders have adequate time to consider and evaluate any unsolicited take-over bid, and to identify, solicit, develop and negotiate any value-enhancing alternatives that would be considered appropriate. This will encourage fair treatment of the Company's shareholders in connection with any unsolicited take-over bid.

The Board has authorized the issuance of one right in respect of each common share of the Company outstanding at 5:00 p.m. (Toronto time) on December 11, 2012 and each share issued thereafter.

The rights will become exercisable if a person, together with their affiliates, associates and joint actors, acquires or announces an intention to acquire beneficial ownership of common shares which, when aggregated with its holdings, total 20% or more of the outstanding common shares of the Company (determined in the manner set out in the Rights Plan).
Following the acquisition of 20% or more of the outstanding common shares, each right held by a person other than the acquiring person and its affiliates, associates and joint actors would, upon exercise, entitle the holder to purchase common shares at a substantial discount to the market price of the common shares at that time.
The Rights Plan permits the acquisition of control of the Company through a "permitted bid", a "competing permitted bid" or a negotiated transaction.

A "permitted bid" is one that, among other things, is made to all holders of common shares for all of their shares, is open for a minimum of 60 days and is subject to an irrevocable minimum tender condition of at least 50% of the common shares held by independent shareholders.

The Board has the discretion to defer the time at which the rights become exercisable and to waive the application of the Rights Plan.

The Rights Plan is effective immediately and will be submitted to the shareholders for ratification at the annual general meeting in May 2013. If it is not ratified within six months, the Rights Plan and any rights issued pursuant to it will terminate. If it is ratified, the Rights Plan will continue in effect until the third annual meeting of shareholders thereafter. A copy of the plan will be available on SEDAR at www.sedar.com.

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 late redevelopment and the Lead-Silver 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.

CAUTIONARY NOTE REGARDING 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 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 regulator available at www.sedar.com.

Contacts:

Darren Blasutti
President and CEO
416-848-9503
www.us-silver.com

Nicole Richard
Investor Relations - Canada
416-848-9503

Heather Foster
Investor Relations - United States
208-556-1535 ext. 2

U.S. Silver & Gold Intersects Wide Zones of Silver Mineralization in Lead Zone at Galena Complex

Wed, 28 Nov 2012 07:00:00 -0500

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TORONTO, Nov. 28, 2012 /CNW/ - 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.

The underground drilling program continues to expand the size of the LZ and confirm the presence of potentially mineable grades and widths of silver and lead mineralization. Table 1 (below) shows the results of the eight most recent holes drilled at the LZ. They confirm mineralization grade and thickness in the accessible area on the 4900 level. They also test an area in the center of the mineralization block where there had been little previous drilling, and focus on expanding the known extent of the LZ at this level and below.

Holes have generally been drilled at a favorable angle to the mineralization and intersect close to true thickness, although actual thickness has yet to be determined. Mineralization is accessible from the 4900 level and the Company anticipates that it will be included in the year-end resource calculation for the LZ.

Table 1 Recent Drilling Results - Lead Zone
Hole No.	From	To	Width (ft)	Ag (oz/t)	Ag (g/t)	Pb (%)	Ag Equivalents (oz/t)	Ag Equivalents (g/t)
DH49-194	218.6	229.8	11.2	7.41	254.1	3.05	9.24	316.80
	257.1	285.0	27.9	7.26	248.9	11.18	13.97	478.91
	311.0	362.0	51.0	2.12	72.7	3.19	4.03	138.31
	362.0	389.3	27.3	4.95	169.7	8.06	9.79	335.52
DH49-195	252.0	294.0	42.0	2.76	94.6	3.28	4.73	162.10
	317.0	360.0	43.0	2.30	78.9	5.28	5.47	187.48
DH49-196	250.0	361.0	111.0	3.44	117.9	6.39	7.27	249.40
Including	258.0	279.0	21.0	9.82	336.7	17.40	20.26	694.63
DH49-197	202.7	227.7	25.0	2.71	92.9	1.41	3.56	121.92
	249.0	349.5	100.5	5.08	174.2	7.55	9.61	329.49
DH49-200	208.0	239.0	31.0	6.75	231.4	1.88	7.88	270.11
	263.7	265.7	2.0	8.27	283.5	9.23	13.81	473.42
	277.3	376.0	98.7	3.57	122.4	4.99	6.56	225.05
DH49-203	236.7	331.5	94.8	4.71	161.5	7.38	9.14	313.31
Including	241.3	255.0	13.7	9.41	322.6	13.80	17.69	606.52
DH49-204	233.3	381.8	148.5	3.89	133.4	6.52	7.80	267.50
DH49-205	243.9	254.0	10.1	10.56	362.1	23.10	24.42	837.26
	254.0	340.0	86.0	6.13	210.2	9.15	11.62	398.40

To convert ounces per ton to grams per tonne, multiply by 34.286.

Note: Since these drill holes were completed from different drill stations and intersect the veins at various angles, the recovered intersections may not reflect true widths.

The LZ is a semi-continuous mineralized zone that extends throughout the Galena Mine from the 2400 level to the 5200 level, and potentially into the Caladay Mine at depth. The estimated strike length on the known levels ranges between 1,200 and 3,600 feet and the apparent widths range between 200 and 400 feet. Highly mineralized portions can exceed 100 feet as shown in Table 1 above. The LZ occurs as a large lead-silver (Ag-Pb) zone of disseminated and stringer-controlled mineralization containing higher grade linear zones. It is anticipated that lower cost bulk mining methods will be used to exploit this potential resource.

The LZ appears to have potential global grades of 3 to 4 ounces per ton (103 to 137 grams per tonne) silver and 3 to 5 percent lead with higher grade occurring in zones within the LZ. All targeted areas contain 1 to 3 continuous zones of higher grade mineralization, ranging between 5.5 to 10.0 ounces per ton (189 to 343 grams per tonne) silver and 5 to 11 percent lead, surrounded by lower grade material. High grade zones represent 30 to 40 percent of the total global tonnage with continuous widths ranging between 15 and 30 feet.

________________________________
¹ Note that potential quantities and grades disclosed in this news release are conceptual in nature and there has been insufficient exploration to define a mineral resource on the all of the targets in the Galena Mine Complex. It is uncertain if further exploration will result in all of the targets in the Galena Mine Complex being delineated as a mineral resource.

Drumlummon Mine

Belmont Mine

The previously producing Belmont Mine in the Drumlummon area of Montana was purchased in the summer of 2012 by U.S. Silver & Gold. The mine produced approximately 500,000 tons in the early 1900s from the Bald Mountain and Belmont veins. In the late 1980s and early 1990s previous owners re-examined the property and Gulf Titanium completed a non 43-101 compliant resource estimate of 77,000 tons of 0.59 ounce per ton gold, and conducted test mining from a surface decline. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. The Company is not treating the historical estimate as a current resource.

In the fourth quarter of 2012, the Company began a program to confirm previous drilling in the Belmont and Bald Mountain veins and discover new veins in the area. This drill program was established to "twin" previous intersections that had been discovered in the early 1990s. Early and deep snow resulted in cancellation of the drilling before the full program could be finished—however, two holes were completed and a third was started. The first hole (Bel 12-01) obtained seven intercepts with gold and silver mineralization as outlined in Table 2 below.

Table 2 Belmont DH #1 Azi: 319 Dip: - 40 Total Depth: 1,094.5 ft.
Intercept (ft)	Width (ft)	Au (oz/t)	Au (g/t)	Ag (oz/t)	Ag (g/t)	Comments
466-469.5	3.5	0.50	17.18	3.8	131.0	West Belmont vein
791-792	1.0	0.41	14.19	0.3	9.6	Possible new vein
892-900	8.0	0.47	14.95	0.9	32.2	Bald Mountain vein zone
932-935	3.0	2.67	91.54	7.4	255.1	Bald Mountain footwall vein
988-989	1.0	0.19	6.34	0.2	7.2	Possible new vein
1015-1016.5	1.5	0.37	12.65	2.6	90.5	Possible new vein zone

To convert ounces per ton to grams per tonne, multiply by 34.286.

Note the true thickness of the veins is not known but calculations based on the angle of the drill hole and the intersections suggest that they will be 80 to 90% of the intersected width.

Belmont Drill Hole (DH) #1 was completed at an azimuth of 319 degrees and a dip of minus 40 degrees with a total depth of 1,094 feet. It was drilled from the top of Bald Mountain at an elevation of approximately 6,550 feet.

The second drill hole intersected a drift at the target depth in the Bald Mountain vein, but did encounter several veins in the upper parts of the hole with those assays still pending. The third hole was abandoned due to heavy snowfall and winter conditions which made it too hazardous to access to the drill site. The hole was capped and prepared for re-entry in the spring.

Quality Assurance / Quality Control ("QA/QC")

U.S. Silver & Gold maintains a QA/QC Program for all assays, whether completed at the Drumlummon laboratory or at a contract laboratory including the use of standards, blanks, duplicates. All QA/QC results are evaluated using a program of QA/QC monitoring. Both the contract laboratory and the Drumlummon laboratory maintain programs of QA/QC as well. Assays for the Belmont drilling were completed at the Company's laboratory at the Drumlummon Mine in Montana while the assays for the Lead Zone were prepared by a commercial laboratory located in Osburn, Idaho

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.

Mr. Jim Atkinson , Vice President, Exploration and a Qualified Person under Canadian Securities Administrators guidelines has approved the contents of this news release.

Please see SEDAR or www.us-silver.com for the 43-101 compliant Technical Report and Resource Estimate on the Drumlummon Mine Project dated April 9, 2012 and the Galena Project dated March 19, 2012.

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 Mine 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.

Darren Blasutti
President and CEO
416-848-9503
www.us-silver.com

Nicole Richard
Investor Relations - Canada
416-848-9503

Heather Foster
Investor Relations - United States
208-556-1535 ext. 2

U.S. Silver & Gold Reports Adjusted net income of $3.7 million or $0.06 per share

Tue, 13 Nov 2012 16:00:00 -0500

TORONTO, Nov. 13, 2012 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") today reported financial and operational results for the third quarter ending September 30, 2012.

Third Quarter Highlights
(All figures in U.S. dollars unless otherwise noted)

Adjusting for one-time charges which resulted from the business combination of U.S. Silver Corporation and RX Gold & Silver Inc., net income for the quarter was $3.7 million or $0.06 per share. With the inclusion of these one-time charges, the Company reported a third quarter net loss of $1.8 million or $0.03 per share, compared with net income of $5.2 million or $0.08 per share for the third quarter of 2011. Revenue increased from $14.7 million in the second quarter of 2012 to $34.4 million in the third quarter of 2012.

Galena Complex silver production was 544,104 ounces for the quarter and 1.62 million ounces for the first nine months of 2012. Drumlummon production since August 13, 2012 was 2,223 ounces of gold and 23,451 ounces of silver. Adjusted Drumlummon production for the entire quarter was 4,421 ounces of gold and 64,176 ounces of silver and, for the first nine months of 2012 was approximately 16,600 ounces of gold and 280,000 ounces of silver.
Year-to-date combined production was 1.9 million ounces of silver and 16,600 ounces of gold. The Company remains on target to achieve its guidance of 2.6-2.8 million ounces of silver and 20,000 - 25,000 ounces of gold. The fourth quarter is expected to be the highest silver production quarter.
The new Management team of the recently created U.S. Silver & Gold is focused on increasing the mining grade while improving production in order to reduce operating costs. Early in 2013 productivity at the Galena Complex will increase by changing from a five-day work week to a 24/7 shift schedule. In addition, the Drumlummon Mine will institute labour cost reductions and maximize processing efficiencies by moving the milling of gold and silver ore from a leased mill to the Galena Complex.
A new team, separate from operations, has been created to focus on the development of the Lead Zone. As announced in the Company's October 11, 2012 press release, the newly-interpreted geometry of this world class silver / lead mineralized zone suggests that alternative, lower-cost mining methods may be utilized in this part of the Galena Complex.
Management has eliminated approximately 90 percent of the corporate cost duplication and expects to achieve $3 million per annum in corporate cost savings through the business combination.

"The third quarter of 2012 progressed as expected, with a profit achieved before one-time charges including severance and other merger-related costs," stated Darren Blasutti , President and Chief Executive Officer of U.S. Silver & Gold. "After assessing the existing mining plans, the new Management team has shifted the Company's focus from achieving arbitrary ounce production targets to increasing the profitability of ounces mined. We are also undertaking productivity improvements and cost reductions to allow for greater earnings and cash flow per share going forward."

Key Statistics

	Q3 2012		Adjusted Q3 2012		Q3 2011		Adjusted YTD 2012		YTD 2011
Revenue (millions)	$	34.4	$	35.5	$	28.3	$	91.8	$	78.2
Silver Produced (ounces)	567,555		608,280		645,593		1,903,680		1,788,228
Gold Produced (ounces)	2,223		4,421		-		16,602		-
Lead Produced (pounds)	1,429,449		1,429,449		1,916,795		3,860,542		4,911,214
Copper Produced (pounds)	259,445		259,445		317,127		729,750		898,252
Cash Cost / Silver Ounce	$	20.53	$	21.57	$	17.57	$	18.61	$	16.89

Net Income (Loss) (millions)	$	( 1.8)	$	3.7	$	5.2	$	5.3	$	15.9
Earnings Per Share (diluted)	$	(0.03)	$	0.06	$	0.08	$	0.08	$	0.25

Financial Results

Adjusting for one-time charges including transaction costs related to the Company's business combination, net income for the quarter was $3.7 million, or $0.06 per share. With the inclusion of these charges, the Company had a third quarter net loss of $1.8 million or $0.03 per share, compared with net income of $5.2 million or $0.08 per share for the third quarter of 2011. (Note: Due to much higher realized silver prices, 2011 was a year of record revenue.)

Adjusting for one-time charges as outlined above, net income for the first nine months of 2012 would have been $5.3 million, or $0.08 per share. With the inclusion of these charges, the Company had a net loss for the first nine months of 2012 of $1.2 million, or $0.02 per share. This compares with net income of $15.9 million or $0.25 per share during the first nine months of 2011 and net income of $1.5 million for the same period in 2010.

Production and Operating Costs

	Galena Complex	Q3 2012		YTD 2012		YTD 2011
	Tons Milled	56,488		170,899		180,922
	Average Silver Head Grade (ounces per ton)	10.02		9.91		10.21
	Silver Recoveries (percent)	96.1		95.9		96.3
	Silver Produced (ounces)	544,104		1,623,231		1,788,228
	Silver Sold (ounces)	602,401		1,703,761		1,898,545
	Realized Silver Price (per ounce)	$	27.68	$	29.63	$	38.09
	Cash costs (per ounce)	$	22.27	$	20.90	$	16.89

Year-to-date ore production was 170,899 tons versus 180,922 tons milled during the first nine months of 2011 and cash costs increased to $20.90 per ounce. Tonnage was negatively impacted by the termination of highly-paid contract-mining crews in early 2012, which resulted in development, repair and exploration crews taking on production roles that require a different skill set. In August 2012 this situation was improved by the addition of 60 full-time employees, which will enable the Galena Complex to move from the current five-day-a-week schedule to a 24/7 schedule on January 1, 2013.

The new Management team is committed to increasing profitable production and ensuring a cash flow positive operation in fiscal 2013 and beyond. The hiring ramp-up and new-employee training raised labour costs in the quarter. However, the increase in productivity that is expected to result from an appropriate staffing complement and the switch to a seven-day-a-week schedule, should positively impact ounce production and cash costs starting in early 2013.

Realized silver prices in the quarter were $2 per ounce lower than the third quarter 2012 average spot silver price primarily due to the timing of Xstrata contracts on the copper/silver ore, which defers pricing on concentrate shipments by one month. Average head grade year-to-date was 9.91 compared to 10.21 during the first nine months of 2011.


Drumlummon Mine	Q3 2012		Adjusted Q3 2012		Adjusted YTD 2012
Tons Milled	8,734		19,434		73,741
Average Gold Head Grade (ounces per ton)	0.27		0.25		0.25
Average Silver Head Grade (ounces per ton)	3.11		3.91		4.50
Gold Recoveries (percent)	94.0		92.4		91.5
Silver Recoveries (percent)	86.4		84.5		84.5
Gold Produced (ounces)	2,223		4,421		16,602
Silver Produced (ounces)	23,451		64,176		280,449
Gold Sold (ounces)	4,450		4,585		14,772
Silver Sold (ounces)	82,027		85,988		240,449
Realized Gold Price (USD per ounce)	$	1,624.53	$	1,631.57	$	1,594.33
Realized Silver Price (USD per ounce)	$	28.28	$	28.30	$	28.55
Cash Cost Gold - By Product (USD per ounce)	$	1,164.13	$	1,216.89	$	1,123.21
Cash Cost Silver - By Product (USD per ounce)	$	(29.23)	$	12.14	$	4.82

During the third quarter of 2012 mining personnel were reassigned to enable development of diamond drilling stations for exploration on the Northstar and Frankie veins. Although this meant accessing smaller high-grade vein areas and consequently decreasing production tonnage in the quarter and into the fourth quarter, it will enable development of additional mining areas for 2013 production.

Approximately 30 percent of Drumlummon's total operating costs result from milling at a leased mill in Philipsburg, Montana. Management believes cost savings of roughly $30 - 40 per ton can be achieved by milling ore at the Galena Complex beginning in the first quarter of 2013. The Company is already seeing benefits at the Galena Complex from reduced inventory, warehousing, shared services, personnel and equipment and exploration synergies.

Exploration Update

The Company's Board of Directors has approved a $3 million exploration drill program for the remainder of the current fiscal year based on the success of our recent exploration drilling (see October 11, 2012 press release). The focus of this program will be as follows:

Galena Complex

Extend and better define the Lead Zone.
Develop immediate and near term minable resources in veins close to existing infrastructure.
Convert resources to reserves at the Coeur Mine.
Aggressively follow a plan to increase the rate of underground and surface exploration diamond core drilling in order to define reserves, upgrade resources and identify viable new silver and lead veins.

As of December 31, 2011 the Galena Complex contained 23.2 million ounces of proven and probable silver reserves. The exploration program continues to be cost-effective in adding reserves and resources at modest expenditure levels. The Company expects the expanded exploration program to continue to increase reserves and resources.

Drumlummon and Belmont Mines

Explore the newly-discovered Frankie Zone to immediately develop minable resources.
Better define ore shoots discovered in 2012 and previous drilling on the Northstar zone with immediate mining potential.
Confirm historic resources at the newly acquired Belmont Mine through surface drilling to test the more significant veins by "twinning" some of the existing holes drilled by others and confirm the presence of mineralization. Mining is anticipated by early 2014.

2012 Outlook

U.S. Silver & Gold affirms its 2012 anticipated production of 2.6 - 2.8 million ounces of silver and 20,000 - 25,000 ounces of gold. This outlook is based on a number of assumptions that the Company believes are reasonable at the time of this earnings release.

Conference Call at 4:30 pm on Tuesday, November 13, 2012
Financial and operating results will be discussed during an analyst and investor conference call with senior management today November 13th at 4:30 pm ET. A question and answer session will follow management's presentation.

Dial-In Numbers:	647-427-7450 (Toronto)
	1-888-231-8191 (Toll-free)

A live audio webcast of the conference call will be available at www.us-silver.com and www.newswire.ca.

A replay of the call will be available until November 20, 2012 by calling 416-849-0833 or 1-855-859-2056, reference number 64243671.

About U.S Silver & Gold

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 late re-development 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.

Mr. Jim Atkinson , Vice President, Exploration and a Qualified Person under Canadian Securities Administrators guidelines has approved the applicable contents of this news release.

Please see SEDAR or www.us-silver.com for the 43-101 compliant Technical Report and Resource Estimate on the Drumlummon Mine Project dated April 9, 2012 and the Galena Project dated March 19, 2012.

CAUTIONARY NOTE REGARDING 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 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 regulator available at www.sedar.com.

Nicole Richard, Investor Relations - Canada
nrichard@us-silver.com
416-848-9503

Heather Bailey, Investor Relations - United States
hbailey@ussil.com
208-556-1535 ext. 1002

Notice of U.S. Silver & Gold 2012 Third Quarter Financial Results and Conference Call

Fri, 02 Nov 2012 07:00:00 -0400

TORONTO, Nov. 2, 2012 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF) will report its third quarter 2012 financial results after market close on Tuesday, November 13, 2012. Senior management will host a conference call that day at 4:30 p.m. ET.

Dial-In Numbers:

647-427-7450 (Toronto)
1-888-231-8191 (Toll-free)

A question and answer session will follow the conference call. Please submit questions in advance to info@us-silver.com. The operator will also provide instructions regarding how to submit questions during the call. Please call 15 minutes prior to the call to secure a line.

A replay of the call will be available until November 20, 2012 by calling 416-849-0833 or 1-855-859-2056, reference number 64243671.

A live audio webcast of the conference call will be available at www.us-silver.com and www.newswire.ca. A replay of the webcast will be available for 90 days.

U.S. Silver & Gold's full financial statements and management's discussion & analysis for the three- month period ended September 30, 2012 will be filed with SEDAR following the release and will be available via U.S. Silver's website at www.us-silver.com.

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 late re-development 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.

Contacts
Nicole Richard, Investor Relations - Canada
nrichard@us-silver.com
416-848-9503

Heather Bailey, Investor Relations - United States
hbailey@ussil.com
208-556-1535 ext. 1002