TORONTO, Aug. 7, 2012 /CNW/ – U.S. Silver Corporation (TSX: USA) (“U.S.
Silver” or the “Company”) is pleased to announce that at the special
meeting of shareholders held today, U.S. Silver shareholders approved
the proposed combination transaction with RX Gold & Silver Inc. (“RX
Gold”) to be completed by plan of arrangement.

U.S. Silver will seek final approval of the plan of arrangement from the
Ontario Superior Court of Justice on August 9, 2012. Closing of the
combination transaction is subject to receipt of such final approval
and satisfaction of certain other customary conditions, and is expected
to occur on or about August 13, 2012.

About U.S. Silver Corporation

U.S. Silver, through its wholly-owned subsidiaries, owns and/or operates
the Galena, Coeur, Caladay and Dayrock silver‐lead‐copper mines in
Shoshone County, Idaho, with the Galena mine being the second most
prolific silver mine in U.S. history. Total silver production from U.S.
Silver’s mining complex has exceeded 217 million ounces of silver
production since 1953. U.S. Silver controls a land package now totaling
approximately 14,000 acres in the heart of the Coeur d’Alene Mining
District. U.S. Silver is focused on expanding the production from
existing operations as well as exploring and developing its extensive
Silver Valley holdings in the Coeur d’Alene Mining District.

Forward-Looking Statements

Certain information in this press release may contain forward‐looking
statements. This information is based on current expectations that are
subject to significant risks, assumptions and uncertainties that are
difficult to predict and the risk that regulatory or court approvals
may not be obtained or that conditions of closing will not be satisfied
or waived within the timeframe contemplated. The foregoing list of
factors is not exhaustive. Accordingly, investors should not place
undue reliance on forward-looking information. U.S. Silver includes in
publicly available documents filed from time to time with securities
commissions and the Toronto Stock Exchange, a thorough discussion of
the risk factors that can cause anticipated outcomes to differ from
actual outcomes. Forward-looking information is provided as of the date
of this news release only, it should not be relied upon as of any other
date, and U.S. Silver assumes no obligation to update or revise this
information to reflect new events or circumstances, except as expressly
required by law. There can be no assurance that the combination
transaction will receive the required court approval or that the
proposed combination transaction or any alternative transaction will be
completed.

SOURCE U.S. Silver Corporation