Dee, USGIF has also acquired the Belmont Gold Mine - since and its said to be ready for production late 2013 -
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.
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 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.
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