U.S. Silver Announces Management Changes and Stock Option Grants
TORONTO, ONTARIO–(Marketwire – July 8, 2008) – U.S. Silver Corporation (TSX VENTURE:USA) (“U.S. Silver” or the “Company”) is pleased to announce the promotion of three senior staff members, the appointment of a Controller at its Galena Mine complex in Wallace, Idaho and the retirement of Mark Hartmann, President and Chief Operating Officer of U.S. Silver.
Dale Ibbitson has been promoted to Mine Manager at the Galena Mine complex. Dale was hired by U.S. Silver-Idaho, Inc., U.S. Silver’s subsidiary, in 2007 as a rehabilitation shaft specialist who consulted on the repair of the Galena Mine shaft. Dale has over 50 years of diversified underground mining experience in North America and will be responsible for the day-to-day operations of the Galena mine complex. Mr. Ibbitson will report to Bruce Reid, Chief Executive Officer. Stock Options to purchase 400,000 common shares in the capital of Company have been granted to Mr. Ibbitson pursuant to the Company’s stock option plan (the “Plan”). The options are priced at $0.40 per share and expire five years from the date of issue, and are subject to the terms and conditions of the Plan, certain vesting provisions, and the policies of the TSX Venture Exchange (the “Exchange”).
Carolyn Turner has been hired as the new Controller at the corporate office in Wallace, Idaho. Until recently Carolyn worked as a treasurer at a major mining company and previously worked in finance and administration at the Galena Mine complex up until 2005. Ms. Turner will report to Joseph Rauhala, Chief Financial Officer. Stock Options to purchase 500,000 common shares in the capital of Company have been granted to Ms. Turner pursuant to the Plan. The options are priced at $0.40 per share and expire five years from the date of issue, and are subject to the terms and conditions of the Plan, certain vesting provisions, and the policies of the Exchange.
Dan Hussey has been promoted to Manager of Exploration for U.S. Silver. Dan had been the Chief Geologist at the Galena mine and has more than 30 years of geological and exploration experience. Dan will be responsible for exploration in the Americas and will continue to manage district wide exploration programs in Idaho’s Silver Valley. Dan will work at the corporate office in Wallace, Idaho.
Greg Nickel has been promoted to Chief Geologist at the Galena mine. Greg was hired early this year as a Senior Mine Geologist. He had previously worked at the mine at various times as Chief Engineer and Chief Geologist. Greg’s skills and prior experience at the Galena Mine complex enabled him to make major contributions to the operation since his return.
Mark Hartmann, the President and Chief Operating Officer of U.S. Silver, has announced that he will be retiring from the Company as of July 31, 2008. U.S. Silver wishes to thank Mr. Hartmann for his service to the Company and wishes him well in his future endeavours.
Bruce Reid, Chief Executive Officer, states “We are pleased to be able to make these promotions from within the U.S. Silver team. With production levels expanding and the Company focused on continued production growth, it is important that we are able to promote high quality people into key positions. We also owe a great deal of thanks to Mark Hartmann for his highly valuable contribution and dedication over the last two years to the turn around of the Galena Mine complex. We wish Mark all the very best in his retirement”.
Finally, the Company announces grants of incentive stock options to a director and an officer of U.S. Silver. Stock options to purchase a total of 600,000 common shares have been granted pursuant to the Plan. The options are priced at $0.40 per share and expire five years from the date of issue, and are subject to the terms and conditions of the Plan, certain vesting provisions, and the policies of the Exchange.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly-owned subsidiaries, owns and operates the Galena, Coeur, and Caladay silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine being the second most prolific silver producer in U.S. 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 totalling approximately 18,000 acres in the heart of the Coeur d’Alene Mining District. U.S. Silver is focused on expanding its production from existing operations as well as exploring its extensive Silver Valley holdings.
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 regulators, which filings are available at www.sedar.com.
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