United Silver Corp. (TSX: USC) Announces Appointment of Interim President and Chief Executive Officer
21 June 2011 - 10:16PM
Marketwired
United Silver Corp. ("United Silver Corp.", the "Company" or "USC")
(TSX: USC)(OTCQX: USCZF)(FRANKFURT: UM8) announced today that Mr.
Graham M. (Chip) Clark, Jr., currently Chairman of the Company, has
accepted the appointment as interim President and Chief Executive
Officer of United Silver Corp., effective June 19, 2011.
Mr. Clark is a corporate mining lawyer and executive with more
than 35 years experience in the field with The Anaconda Company,
ASARCO, and 13 years with Newmont Mining Corporation, spending 5
years as Senior Vice President and General Counsel. He has
extensive expertise in the acquisition, finance and provision of
security for mineral properties in the U.S. and internationally,
and has negotiated and implemented mineral property joint operating
agreements for major properties including the Post-Betze ore body
in Nevada and the Yanacocha deposit in Peru. Mr. Clark is a
graduate of the Yale School of Law.
In light of current market conditions, United Silver Corp. also
announces that its Board of Directors has commenced a review of
strategic options in relation to its pre-production mine
development and exploration programs at the Crescent Silver Mine
project. The Company has previously announced a $4.3 million
surface and underground drilling exploration program, a $9 million
underground development program and a mill expansion program of
$2.5 million, all currently underway for a mine production target
of the first quarter of 2012. The Company intends to conduct a
detailed study of mine development and exploration operations with
the intention of adjusting the mine development plan and budget
expected to be incurred in bringing the Crescent Silver Mine
project back into production. The results of this plan and budget
will be disclosed once available.
Mr. Charles Pitcher has stepped down as President and Chief
Executive Officer as the Company evaluates its working capital
requirements and obligations associated with the Crescent Silver
Mine project. Mr. Pitcher has agreed to remain as a consultant and
director to the Company to assist in the management transition and
to enable the Company to benefit from his considerable expertise
and experience.
ABOUT UNITED SILVER CORP.
United Silver Corp. is currently earning, through development
and operations, an 80% interest in the Crescent Silver Mine project
in Idaho's prolific Silver Belt - directly between two of the
world's historically largest silver producing properties, the
Sunshine and Bunker Hill mines. The Crescent Silver Mine project
has historically produced 25 million ounces of silver at an average
grade of 27.0 opt (Crescent Mine Updated NI 43-101 Technical Report
on Resources, March 1, 2010). USC is committed to building a senior
silver-producing mining company based on aggressive exploration and
development of the highly-prospective current land position at the
Crescent Silver Mine project and through the acquisition of
additional precious metals interests. The Company trades on the
Toronto Stock Exchange under the symbol "USC". For more information
about the Company, please visit: www.unitedsilvercorp.com.
ON BEHALF OF UNITED SILVER CORP.
Graham (Chip) Clark, Chief Executive Officer
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: a
$4.3 million surface and underground drilling exploration program,
a $9 million underground development program and a mill expansion
program of $2.5 million are currently underway for a mine
production target of the first quarter of 2012; that the Company
intends to conduct a detailed study of mine development and
exploration operations with the intention of adjusting the mine
development plan and budget expected to be incurred in bringing the
Crescent Silver Mine project back into production; that production
can start in the first quarter of 2012, that we can build a senior
silver-producing mining company based on aggressive exploration and
development of the highly-prospective current land position at the
Crescent Silver Mine project and through the acquisition of
additional precious metals interests. 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 activities
and development of mineral properties, 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 financing, the inability to obtain any
necessary permits or other required regulatory approvals for the
company's mineral projects as and when needed; the inability to
agree with joint venture or other key partners on important items,
labour shortages, 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 TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of the content of this news release.
Contacts: CHF Investor Relations Cathy Hume (416) 868-1079 x231
cathy@chfir.com www.unitedsilvercorp.com
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