Business
U.S. Silver & Gold announces fourth quarter and 2013 full year results and 2014 guidance
TORONTO , Jan. 20, 2014 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA )  (OTCQX: US...
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"\n\nTORONTO, Jan. 20, 2014 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA)  (OTCQX: USGIF)  (\"U.S. Silver & Gold\" or the \"Company\") today announced fourth quarter and 2013 full year production figures for its Galena Mine Complex and guidance for 2014.  \n\nHighlights \n\n\nProduction of approximately 450,000 silver ounces and 543,000 silver equivalent1 ounces for the fourth quarter of 2013 at a silver cash cost of $16.25 per ounce and an all-in sustaining cost per ounce of $21.002 despite a 10-day shaft shutdown at the Galena Complex in mid-December.  \nFull year Galena Complex production of 2.12 million silver ounces at a silver cash cost of $17.75 and all-in sustaining costs of $24.25.  Year-over-year silver production down 6%, cash costs per silver ounce reduced 7% and all-in sustaining costs decreased 20%.  \nThe Small Mine Plan implemented early in the third quarter of 2013 delivered significant cost reductions and increased silver cut-off grade by 33% to over 15 ounces per ton silver equivalent.  Silver head grade for the quarter rose 34% to 14.38 ounces per ton and increased 12% for the year to 11.31 ounces per ton. \n2014 Galena Complex silver production forecast to be 2.2 – 2.4 million ounces with projected silver cash costs of $14.50 - $15.50 per ounce and all-in sustaining cash costs of $18.00 - $19.00 per ounce. This represents an 8% increase in production, a 15% reduction in cash costs and a 24% decrease in all-in sustaining cash costs over full year 2013.  As in the previous year, the Company expects to see continued cost improvement throughout fiscal 2014. \nYear-end cash balance of approximately $7.2 million as at December 31, 2013.  \nYear-end financial statements for U.S. Silver & Gold are scheduled to be released by March 27, 2014.  References to cash, cash costs and all-in sustaining cash costs for both the quarter and full year are unaudited and may change based on final audited results. \n\n\"We made significant progress in 2013, reducing costs, increasing grade and achieving our production guidance for the year,\" said Darren Blasutti, President and CEO of U.S. Silver & Gold.  \"Given the current silver price environment, we made a strategic decision mid-year to focus on delivering higher grade silver at lower tonnage levels by in...