production & exploration Galena Mine - Coeur d'Alene Mining District - 48 million oz
| February 26, 2009 |
| U.S. Silver Announces Debt Financing Facility |
TORONTO, ONTARIO--(Marketwire - Feb. 26, 2009) - U.S. Silver Corporation (TSX VENTURE:USA) ("U.S. Silver" or the "Company") is pleased to announce that the Company has arranged a credit facility for financing a portion of the Company's concentrate inventory and receivables. The facility provider is Auramet Trading. Auramet, based in Fort Lee, New Jersey, is a leading metals trading, merchant banking and advisory firm specializing in the global resource sector.
Maximum utilization of the facility is not expected to exceed USD 5,000,000 and limited utilization is expected to commence over the next several weeks. The facility has an initial term of one year and is renewable annually thereafter, although it can be repaid and cancelled without penalty upon 30 days notice.
Interest costs for funds borrowed under the facility will be based on a spread over the London Inter-bank Offered Rate ("LIBOR") for United States Dollars ("USD"). The Company anticipates initial USD interest costs of 5.00%-6.00% per annum.
Management is optimistic the facility will provide a cost-effective and non-dilutive improvement in the liquidity of its existing working capital position. Additionally, the facility allows for more efficient and beneficial execution of silver concentrate sales.
ABOUT U.S. SILVER CORPORATION
U.S. Silver, through its wholly owned subsidiaries, owns and operates the Galena, Coeur, and Caladay silver-lead-copper mines in Shoshone County, Idaho, with the Galena Mine being the second most prolific silver producer in U.S. history. Total silver production from U.S. Silver's mining complex has exceeded 210 million ounces of silver production since 1953. U.S. Silver controls a land package now totaling approximately 18,000 acres in the heart of the Coeur d'Alene Mining District. U.S. Silver is focused on expanding its production from existing operations as well as exploring and developing its extensive Silver Valley holdings. |
Please
login
to post a reply
