TORONTO,
Aug. 1, 2012 /CNW/ - U.S. Silver
Corporation (TSX: USA)
("U.S. Silver" or the "Company") announced today that ISS Proxy
Advisory Services (formerly Riskmetrics) ("ISS") and Glass Lewis
& Co. ("Glass Lewis") have each published a report recommending
that their clients vote IN FAVOUR of the combination transaction
with RX Gold & Silver Inc. ("RX Gold") at U.S. Silver's
upcoming shareholders' meeting scheduled to be held on Tuesday,
August, 7, 2012 at 10:00 a.m.
(Toronto time).
"We are very pleased with the support we are
receiving from our shareholders, and now from both ISS and Glass
Lewis, the two leading Canadian proxy advisory firms," said
Gordon Pridham, Chairman and Interim
CEO of U.S. Silver.
ISS is a leading independent corporate
governance analysis and proxy voting firm. Glass Lewis is a
leading, independent, governance analysis and proxy voting firm,
serving institutional investors globally. Their recommendations
assist their respective clients in making choices regarding proxy
voting and transaction decisions.
In recommending that its clients vote IN FAVOUR
of the proposed combination transaction, Glass Lewis stated:
"[…] we agree with the U.S. Silver board that
Hecla's offer is not compelling
enough to reject the RX Gold merger and believe that the board has
given fair consideration to the unsolicited offer. The proposed
combination with RX Gold is expected to yield a number of strategic
benefits and synergies […] on financial terms that implied a
significant premium to U.S. Silver shares. Ultimately, we believe
the longer-term benefits of the RX Gold merger outweigh the
positive aspects of the Hecla
offer at the current offer price. While the Hecla offer would provide immediate and
certain value, we believe that value is not great enough to abandon
the proposed RX Gold merger."
Shareholders are reminded to vote their proxy
IN FAVOUR of the combination transaction before the proxy voting
deadline of Thursday, August 2, 2012
at 5:00 p.m. (Toronto time).
How to Vote IN FAVOUR of the Combination
Transaction with RX Gold
Any U.S. Silver shareholder that has already
voted IN FAVOUR of the proposed combination transaction with RX
Gold need not take any action, as their votes will be counted. Any
U.S. Silver shareholder who has voted against the proposed
combination transaction is encouraged to change its vote and vote
IN FAVOUR of the proposed combination transaction.
Registered shareholders of U.S. Silver are
requested to complete, date, sign and return the form of proxy that
accompanied the Company's management information circular dated
July 9, 2012. To be valid, the form
of proxy must be signed and received by the proxy department of
U.S. Silver's transfer agent, Valiant Trust Company, by mail at
310-606 4 Street SW, Calgary,
Alberta, T2P 9Z9, or by facsimile at 1-855-375-6916 or
toll-free in North America at
1-866-313-1872, not later than 5:00
p.m. (Toronto time) on
August 2, 2012.
Non-registered shareholders who receive voting
instructions from their intermediary should carefully follow the
instructions provided by their intermediary to ensure their vote is
counted. Non-registered shareholders are encouraged and can vote
via internet at www.proxyvote.com.
If you have any questions that are not
answered by U.S. Silver's management information circular, or would
like additional information, you should contact your professional
advisors. You can also contact Phoenix Advisory Partners, the proxy
solicitation firm engaged by U.S. Silver, toll-free at
1-800-240-2133 or outside North
America at 201-806-2222 or by email at
inquiries@phoenixadvisorypartners.com should you have any questions
regarding voting of your shares.
About U.S. Silver
U.S. Silver, through its wholly owned
subsidiaries, owns and/or operates the Galena, Coeur, Caladay and
Dayrock silver-lead-copper mines in Shoshone County, Idaho, with the Galena mine
being the second most prolific silver mine in U.S. history. Total
silver production from U.S. Silver's mining complex has exceeded
217 million ounces of silver production since 1953. U.S. Silver
controls a land package now totalling approximately 14,000 acres in
the heart of the Coeur d'Alene Mining District. U.S. Silver is
focused on expanding the production from existing operations as
well as exploring and developing its extensive Silver Valley holdings in the Coeur d'Alene
Mining District.
SOURCE U.S. Silver Corporation