Mining Companies - Silver Companies

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US Silver Corp owns and operates the Galena Mine in the historic Silver Valley of North Idaho. The Galena Mine and Mill, along with the Coeur Mine and Mill and the Caladay Project were acquired from Coeur d'Alene Mines Corp (NYSE-CDE) on June 1, 2006. A total of 11,000 acres of patented and unpatented mining claims, along with surface facilities and equipment were acquired for $15 million.  US Silver is listed on the following exchanges (TSXV " USA ", OTCQX -"USSIF" and DB Frankfurt "QE2").  SP on 24 April 10 was .18.

The Galena Mine lies in the heart of the Coeur d'Alene Mining District, the most prolific silver district in United States history with over 1.2 billion ounces of silver production. Throughout the long history of the Company's properties, the mines have produced some 9.9 million tons of ore containing over 200 million ounces of silver, 160 million pounds of copper, and 22 million pounds of lead at an average grade of 21.2 ounces per ton of silver, 0.8% copper and 8.8% lead. The Galena Mine ranks as the second largest primary silver mine in US history.

Share Structure

Reserve highlights include:

*Copper-Silver ore reserves at 17.0 million ounces of silver, 5,160 tons of copper

*Lead-Silver ore reserves at 4.7 million ounces of silver, 49,930 tons of lead

*Total proven and probable ore reserves at 21.7 million ounces of silver

*Silver reserves up 3% over the December 31, 2008 reserve, up 113% over June 2006 reserve

*Reserves up over last year, after producing 2.4 million ounces of silver during 2009

*Reserves up over last year, after producing 2.4 million ounces of silver during 2009

*Lead reserves up 15% relative to the December 31, 2008 reserve

Projects

Galena Mine and Mill

During 2007 and 2008, management placed an increased emphasis on development and diamond drilling of the silver-lead zones that exist at the Galena mine. Recent exploration suggests that the silver-lead zone may be larger than originally indicated. While this exploration and development work was successful, due to recent changes in commodity prices, management plans to place a greater emphasis on silver-copper ore during 2009. The mine and mill have the flexibility to easily shift emphasis from silver-copper to silver-lead production, as needed.

The Company announced on March 8, 2010 that its Galena shaft rehabilitation has been completed. The entire 830 feet of shaft requiring rehabilitation have been cleared, lined with concrete, and new electrical, air and water lines have been installed. These actions will provide complete top to bottom access to the Galena shaft for men and materials starting mid-March 2010.
The Company commenced production of silver-lead ore during the fourth quarter of 2007 and restarted the Coeur mill to process the silver-lead ores. Development activities were focused on the exploration and development of the multiple areas where silver-lead ores were identified in historic workings or drill holes in the Galena mine. Exploration and development activity produced silver-lead ores on the 2400, 3000, 3700 and 5200 levels by the end of 2008. Silver lead ore is now being produced from all of these levels. With the activation of the second circuit in the Galena mill, the silver-lead ore is now processed there and the Coeur mill has been placed on care and maintenance since January 2009.

Coeur Mine and Mill

The company decided in 2007 to reactivate the Coeur mill to process lead-silver ore produced at the Galena mine. To achieve this, the company rehabilitated the 3400 level of the Coeur mine (the 3700 level of the Galena mine) haulage way connecting the Galena mine to the Coeur shaft, a distance of about 1.5 miles. The reconditioning involved ground support and installing new rail and utilities as well as moving the primary ventilation fans. The mill was also reconditioned and commissioned in early September 2007. The mill ran until January 2009 when it was placed on care and maintenance after the second circuit in the Galena mill was activated.

Pipeline Projects 

Caladay Mine

Dayrock

Corporate

BOBBY E. COOPER
                        Chairman

TOM PARKER
                                    President and CEO / Director

JOSEPH RAUHALA
                        Chief Financial Officer

WADE N. BLACK
                                    Director

JOHN S. BROCK
                                    Director

JAMES M.MACINTOSH
                        Director

GORDON E. PRIDHAM
                        Director

KEVIN D. STULP
                                    Director

Financials

Dec 31 2008

Cash 2.9 Mil

Liabilities 2.5 Mil

Expenses 42 Mil

Loss per Share (.01)

News Releases

Media

Dec 31 2008

S/O 214,723,847

Warrants  roughly 14M exp dec 2009

Options  16.9 Mil

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