U.S. Silver & Gold to Put Drumlummon Mine on Care and Maintenance

U.S. Silver & Gold Inc. (TSX:USA, OTCQX USGIF) announced production figures from the Galena Mine Complex in Idaho and the Drumlummon Mine in Montana.

As quoted in the press release:

Consolidated production of 598,139 silver ounces and 2,161 gold ounces during the first quarter, which was budgeted to be the lowest production and highest cost quarter of the year.

U.S. Silver & Gold’s President and CEO, Darren Blasutti, said:

Unfortunately production at the Drumlummon Mine is not economically viable at current gold prices. We have been working very hard since the beginning of the year to reduce costs and increase productivity at the mine, and while we expected to see improvements over the course of 2013, current gold prices and forecast gold production do not warrant continuing our operations there. The Board of Directors and Management Team have a responsibility to safeguard the business and assets of the Company.

To view the whole press release, click here,