Santacruz Silver Mining reports fatality at Tres Amigos mine in Bolivia
Tres Amigos mine, a part of the Caballo Blanco Group of mines, has resumed operations after it was shut down following the incident.
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”.
Read the full news release here.
