U.S. Silver Reports Management Changesadmin
U.S. Silver Corporation announce that Bobby Cooper will become the Company’s new Chairman of the Board effective immediately. Mr. John Ryan, the former Chairman, will remain an active member of the board. Mr. Ryan was hugely instrumental in the creation of US Silver in 2006. He has served the Company with distinction and dedication over the past two years providing the leadership needed to help the Company and its Galena Mine achieve a significant turnaround.
Mr. Ryan commented, “With current market conditions, it is time for someone new with a strong operating background to guide the Company towards its objective of returning the Galena mine to full profitability in a difficult commodity market.” Mr. Bruce Reid, the Chief Executive Officer, further thanked John for all his hard work and dedication in helping US Silver during his tenure as Chairman. “I look forward to his continued assistance as Board member.”
Mr. Cooper is a Mining Engineer with over 40 years of direct involvement in the mining industry. He previously worked at Kennecott Mining Corporation from 1987 to 1997, where he was President and Chief Operating Officer from 1993 to 1997. Mr. Cooper has extensive experience with both public and private company boards. Most recently, Mr. Cooper served as Chairman of High Plains Uranium Inc. from 2005 until that company was taken over in late 2006. Mr. Cooper has been an independent member of the board of US Silver since its inception in 2006.
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 its extensive Silver Valley holdings.
The Company is debt free and has about $10 million in working capital.