Business
U.S. Silver & Gold provides second quarter production update
TORONTO , July 14, 2014 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA , OTCQX: USGIF) ("...
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"\n\nTORONTO, July 14, 2014 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX: USGIF) (\"U.S. Silver & Gold\" or the \"Company\") today announced second quarter production figures for its Galena Mine Complex in Idaho. \n\nHighlights \n\n\nProduction of approximately 521,000 silver ounces and 650,000 silver equivalent ounces1 for the second quarter of 2014, at a silver cash cost of $12.31 per ounce and an all-in sustaining cost of $15.36 per ounce. \nExtensive cost-cutting initiatives and productivity improvements implemented over the last year delivered reductions of 25% in cash costs and 35% in all-in sustaining costs year-over-year. \nSilver, lead and copper production increased by 35%, 100% and 22% respectively compared with Q1, 2014 and silver equivalent production rose by 41%. \nThe Company is on-track to deliver approximately 2.0 – 2.4 million silver ounces in 2014 at cash costs of $14.50 – $15.50 per ounce and all-in cash costs of $18.00 – $19.00 per ounce. \nA collective bargaining agreement was ratified by workers at the Galena Complex on June 12, 2014, which will be in effect until June 2017. The agreement contains economic concessions from the bargaining unit that will be reviewed in June 2016. \nAs of June 30, 2014, the Company's cash balance totaled approximately $7.2 million\nThe Company expects to release its second quarter financial results on August 13, 2014.\n\n\"This quarter's operating results follow a year of sacrifice and hard work that we undertook to restructure the Galena Complex and allow us to be profitable in the current lower price environment,\" said Darren Blasutti, President and CEO of U.S Silver & Gold Inc. \"Since Q3, 2012 we have reduced cash costs by almost 40% and lowered all-in sustaining costs by roughly 55%.  We believe these results are not only sustainable but, we see them as benchmarks we can improve on going forward. We will continue to transition from low tonnage, narrow, silver/copper production to wider, more profitable high tonnage silver/lead stopes for the remainder of the year.\" \n\nGalena Complex Second Quarter Production DetailsThe Galena Complex produced 520,723 ounces of silver during the second quarter of 2014 at an average grade of 13.5 ounces per ton and a cash cost of $12.31 per ounce of silver.  Production for the quarter r...