U.S. Silver & Gold Reports Adjusted net income of $3.7 million or $0.06 per share

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 13, 2012 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX:\n USGIF) (\"U.S. Silver & Gold\" or the \"Company\") today reported financial\n and operational results for the third quarter ending September 30,\n 2012.\n\n\nThis earnings release should be read in conjunction with the Company's\n MD&A, Financial Statements and Notes to Financial Statements for the\n corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.us-silver.com.\n\n\nThird Quarter Highlights   (All figures in U.S. dollars unless otherwise noted) \n\n\nAdjusting for one-time charges which resulted from the business\n combination of U.S. Silver Corporation and RX Gold & Silver Inc., net\n income for the quarter was $3.7 million or $0.06 per share.  With the\n inclusion of these one-time charges, the Company reported a third\n quarter net loss of $1.8 million or $0.03 per share, compared with net income of $5.2 million or $0.08 per\n share for the third quarter of 2011. Revenue increased from $14.7\n million in the second quarter of 2012 to $34.4 million in the third\n quarter of 2012.\n\n\nGalena Complex silver production was 544,104 ounces for the quarter and\n 1.62 million ounces for the first nine months of 2012. Drumlummon\n production since August 13, 2012 was 2,223 ounces of gold and 23,451\n ounces of silver. Adjusted Drumlummon production for the entire quarter\n was 4,421 ounces of gold and 64,176 ounces of silver and, for the first\n nine months of 2012 was approximately 16,600 ounces of gold and 280,000\n ounces of silver.\n\nYear-to-date combined production was 1.9 million ounces of silver and\n 16,600 ounces of gold. The Company remains on target to achieve its\n guidance of 2.6-2.8 million ounces of silver and 20,000 - 25,000 ounces\n of gold. The fourth quarter is expected to be the highest silver\n production quarter.\n\nThe new Management team of the recently created U.S. Silver & Gold is\n focused on increasing the mining grade while improving production in\n order to reduce operating costs.  Early in 2013 productivity at the\n Galena Complex will increase by changing from a five-day work week to a\n 24/7 shift schedule. In addition, the Drumlummon Mine will institute labour cost reductions\n and maximize processing ...

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