U.S. Silver Corporation (USA.TO) announced that its Board of
Directors unanimously recommends that U.S. Silver shareholders
REJECT the unsolicited cash offer from Hecla Mining Company (
) to acquire all of the outstanding common shares of U.S. Silver.
Gordon Pridham, Interim CEO of U.S. Silver said: "the Board
continues to believe that the proposed strategic combination
transaction with RX Gold is in the best interest of shareholders
and continues to recommend that U.S. Silver shareholders vote in
favour of the combination transaction at the August 7th
shareholders' meeting. Valuation multiples in the precious metals
sector are at or near all-time lows, the Hecla Offer is simply not
compelling enough for us to abandon our strategic plan going
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