TORONTO, Aug. 7, 2012 /CNW/ - U.S. Silver Corporation
(TSX: USA) ("U.S. Silver" or the
"Company") is pleased to announce that at the special meeting of
shareholders held today, U.S. Silver shareholders approved the
proposed combination transaction with RX Gold & Silver Inc.
("RX Gold") to be completed by plan of arrangement.
U.S. Silver will seek final approval of the plan
of arrangement from the Ontario Superior Court of Justice on
August 9, 2012. Closing of the
combination transaction is subject to receipt of such final
approval and satisfaction of certain other customary conditions,
and is expected to occur on or about August
13, 2012.
About U.S. Silver Corporation
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 totaling 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.
Forward-Looking Statements
Certain information in this press release may
contain forward‐looking statements. This information is based on
current expectations that are subject to significant risks,
assumptions and uncertainties that are difficult to predict and the
risk that regulatory or court approvals may not be obtained or that
conditions of closing will not be satisfied or waived within the
timeframe contemplated. The foregoing list of factors is not
exhaustive. Accordingly, investors should not place undue reliance
on forward-looking information. U.S. Silver includes in publicly
available documents filed from time to time with securities
commissions and the Toronto Stock Exchange, a thorough discussion
of the risk factors that can cause anticipated outcomes to differ
from actual outcomes. Forward-looking information is provided as of
the date of this news release only, it should not be relied upon as
of any other date, and U.S. Silver assumes no obligation to update
or revise this information to reflect new events or circumstances,
except as expressly required by law. There can be no assurance that
the combination transaction will receive the required court
approval or that the proposed combination transaction or any
alternative transaction will be completed.
SOURCE U.S. Silver Corporation