United Silver Corp. Retains SRK Consulting to Complete New Preliminary Economic Assessment and Updated Resource Estimate
April 15 2013 - 8:22AM
Business Wire
United Silver Corp. (“United Silver Corp.”, the “Company”, or
“USC”: TSX; USC: OTC; USCZF: Frankfurt: UM8) announces that it
has retained SRK Consulting Engineers and Scientists (“SRK”) to
review, validate and revise as required an internally generated
Preliminary Economic Assessment (“PEA”) and an updated resource
estimate to ensure they meet the standards required for inclusion
in an updated NI 43-101 compliant Technical Report and PEA. The
revised mine plan, (“PEA”) and updated resource estimate for the
Crescent Mine will be completed shortly. The mine is located near
the town of Kellogg, in the prolific Coeur d’Alene Silver Belt, in
the state of Idaho. Historically, the Crescent Mine, the adjoining
Sunshine mine to the east and the Bunker Hill mine to the west,
have combined to produce more than 575 million ounces of silver.
The Crescent mine remains largely under explored on both the
Alhambra and South veins to depths exceeding 1,830 meters (6,000
feet) from the surface and along a strike length of 2,500 meters
(8,200 feet).
Upon beginning work for the Company in early February 2013,
Michael P. Gross, M.S., P.Geo., the new Chief Operating Officer,
immediately initiated development of an internal Preliminary
Economic Assessment and updated resource estimate. Mr. Gross, in
conjunction with Mr. R. Michael Robb, P.E. and Mr. Terrence Byberg,
both experienced underground miners and mine operators, has
developed a mine plan and budget for capital expenditures that he
and his team believe will bring the mine to commercial production..
Additionally, Mr. Gross retained Ms. Hazel Mullin, M.S., an
associate of Mr. Lawrence A. Dick PhD, P.Geo. who is the Qualified
Person for the Company, to complete an updated resource
estimate.
SRK will complete the NI 43-101 Technical Report timely for
posting on SEDAR as required by Canadian Securities Regulators. The
work for the SRK PEA and updated resource estimate is expected to
be completed within 5 weeks of the date that USC delivers the
completed in-house documentation to SRK in approximately two weeks.
The completed Technical Report will be posted to SEDAR within 45
days of announcing the results of the PEA and updated resource
estimate.
“We are very encouraged by the results of our internal
assessment of what is required to bring the Crescent Mine to
commercial production.” said Graham Clark, CEO of USC, “If SRK’s
PEA confirms our assessment, we will have a very clear plan and
roadmap to bring the mine into production.”
ABOUT UNITED SILVER CORP.
USC is a vertically integrated Canadian mining company with
operations in Idaho, USA. It has an 80% interest in the Crescent
Silver Mine project in the Silver Valley’s prolific Silver Belt -
directly between two of the district’s historically largest silver
producing properties, the Sunshine and Bunker Hill mines. USC also
offers a full suite of mining services including contract mining
and providing a complete fabrication shop and service for building
and repairing mining equipment to silver miners in the district.
USC's common shares trade on the Toronto Stock Exchange under the
symbol "USC". For more information about USC, please visit:
www.unitedsilvercorp.com
www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
"Graham Clark" Chairman and CEO
Investor RelationsTel. (855) 238-0202
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements, which address future events and
conditions, which are subject to various risks and uncertainties.
Forward looking statements in this press release include that we
can bring the Crescent Mine to commercial production with a
reasonable investment, and that SRK will complete a PEA and
technical report on the Crescent Mine within 5 weeks. The Company's
actual results and financial position could differ materially from
those anticipated in such forward-looking statements as a result of
numerous factors, some of which may be beyond the Company's
control. These factors include: results of exploration and
development activities, mis-estimation of mineral reserves and
resources, fluctuations in the marketplace for the sale of
minerals, the inability to implement corporate strategies, the
inability to obtain sufficient financing to pay our obligations or
carry our plans, labor shortages, possible delays in completing the
mill, the inability to keep key employees, currency fluctuations,
general market and industry conditions and other risks disclosed in
the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and
opinions of the Company's management on the date the statements are
made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.
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