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U.S. Silver (TSX-V:USA - OTC:CYLPF)


U.S. Silver Announces Q1 2009 Production Costs

Thursday May 21, 2009, 8:00 am EDT

TORONTO--(BUSINESS WIRE)--U.S. Silver Corporation (TSX-V:USA - OTC:CYLPF) (“US Silver” or the “Company”) is pleased to announce that the Galena Mine was successful in managing its cost structure during a period of increased production. As a result, the cash cost per ounce of silver produced totaled $10.59 for the quarter ended March 31, 2009. This cash cost was 35% lower than the fourth quarter 2008 ($16.27) and 29% lower than the first quarter of 2008 ($14.88). Calculations of cash cost per silver ounce produced are based on guidance provided by the Gold Institute and utilize the by-product method.

During the first quarter of 2009 the mine produced 634,791 ounces of silver, 1,057,600 pounds of lead and 301,120 pounds of copper. Silver production for the first quarter of 2009 was 28% higher than the prior quarter (496,041 ounces) and 118% higher than the first quarter 2008 (291,203 ounces).

Thomas Parker, President and Chief Executive Officer of U.S. Silver, stated, “The corrective actions and process improvements that we initiated in late 2008 and early 2009 are beginning to pay off in terms of both lower cost per ounce and higher production volume. We expect these positive outcomes to continue. We thank our employees for their tremendous contribution to this cost turnaround and we note that the temporary 10% wage cuts announced earlier have recently been rescinded Additional details will become available when we release our first quarter 2009 financial results on May 29, 2009.”

ABOUT U.S. SILVER CORPORATION

U.S. Silver, through its wholly-owned subsidiaries, owns and operates the Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver mine in US history. Total silver production from U.S. Silver's mining complex has exceeded 210 million ounces of silver production since 1953. U.S. Silver controls a land package now totaling approximately 18,000 acres in the heart of the Coeur d'Alene Mining District. U.S. Silver is focused on expanding the production from existing operations as well as exploring and developing its extensive Silver Valley holdings in the Coeur D'Alene Mining District.

http://finance.yahoo.com/news/US-Silver-Announces-Q1-2009-bw-15314231.html?.v=1