U.S. Silver & Gold Reports First Quarter Financial and Operational Results

About this update from Americas Gold And Silver Corporation

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 13, 2013 /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 first quarter of 2013.\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\nAll figures are in U.S. dollars unless otherwise noted.\n\n\nHighlights of First Quarter \n\n\nFirst quarter production in line with expectations. 2013 guidance\n re-forecasted to 2.6 to 3.0 million silver ounces at cash costs of $16\n to $18 per ounce (from 2.7 to 3.0 million silver ounces at cash costs\n of $17 to $19 per ounce).\n\n\nGalena Complex revenues of $17.6 million and net income of $2.1 million.\n\n\nConsolidated revenues of $22.9 million and net loss of $3.4 million or\n $0.06 per share.  The net loss is primarily attributable to\n under-performance at the Drumlummon Mine, which is scheduled to be put\n on care and maintenance during Q2, 2013 given current gold prices.\n\n\nConsolidated production of 598,139 silver ounces. Strong Galena Complex\n silver production of 577,095 ounces (a 4.7 percent increase over Q1,\n 2012) at a silver cash cost of $20.48 per ounce.\n\n\nRealized silver price of $30.32 per ounce (a nine percent decrease\n compared to Q1, 2012), copper price of $3.68 per pound and lead price\n of $1.03 per pound.\n\n\nFurther review of exploration, capital projects and capital development\n costs increased previously stated 2013 cost reduction targets from $10\n to $12 million. Implementation of remaining cost-saving and\n productivity measures at the Galena Complex and the corporate office,\n and closure of the Drumlummon Mine underway.\n\n\nContinuing strong exploration results in the Caladay Zone.\n\n\n\"On January 27, 2013 we completed implementation of a new 24/7 schedule\n to increase productivity and profitability at the Galena Mine Complex.\n We began seeing the benefit of that strategy in the first quarter of\n 2013 with a 3 percent increase in tonnage over the previous quarter. We\n expect to see increased tonnage as well as budgeted grade over the\n remainder of 2013, ...

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