U.S. Silver and Gold Corporate Presentation - November 2 2012

1. A New Company Built For Growth
NOVEMBER 2012
TSX:USA
OTCQX:USGIF

2. Forward Looking Statement – Safe Harbour
Certain information in this presentation 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 approvals may not be obtained or that conditions of closing will not be satisfied or waved within the timeframe
contemplated. Additional potential risks include: that U.S. Silver & Gold may not achieve anticipated synergies; loss of key
personnel; reduction in the anticipated cash levels; and, not achieving production goals stated. Actual results might differ
materially from results suggested in any forward-looking statements. All statements, other than statements of historical fact,
included in the presentation, including, without limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of U.S. Silver & Gold, are forward-looking statements. Words such as
“expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend”, “believe” and other similar expressions are forward-looking
statements. Forward-looking statements are not guarantees of future results and conditions but rather reflect our current views
with respect to future events and are subject to risks, uncertainties, assumptions and other factors, and actual results and
future events could differ materially from those anticipated in such statements. There can be no assurance that such forward-
looking statements will prove to be accurate. U.S. Silver & Gold assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements
unless and until required by securities laws applicable to the U.S. Silver & Gold. Additional information identifying risks and
uncertainties is contained in filings by U.S. Silver & Gold with the Canadian securities regulators, which filings are available at
www.sedar.com.
An additional Cautionary Note to Investors – In the event that we use certain terms in this presentation, such as “resource”,
“measured resource”, “indicated resource” and “inferred resource”. U.S .investors are cautioned that, while such terms are
recognized and required by Canadian Securities Laws, the United States Securities and Exchange Commission does not
recognize them. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been
made that the mineralization could be economically and legally produced or extracted at the time the reserve determination
has been made. U.S. investors should not assume that all or any part of measured or indicated resources will ever be
converted into reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence and as to
whether they can be mined legally or economically. Accordingly, information concerning descriptions of mineralization in this
presentation may not be comparable to information made public by companies that are subject to the SEC’s Industry Guide 7.
Mr. Jim Atkinson, Vice President, Exploration and a Qualified Person under Canadian Securities Administrators guidelines has
approved the applicable contents of this presentation.
2

3. USA – Today
Established, Long-life Operating Assets
2.6 - 2.8M
oz Silver (Ag) Strong Operating Cash Flow
Significant Ongoing Brownfield Expansion
20,000- 25,000 Dominant Land Position in the Silver Valley
oz Gold (Au) Favourable Environment for Accretive Acquisitions
Proven Management & Board
5 M oz Ag by 2014 3

4. Management Team Overview
• Former SVP Corporate Development and Investor Relations for Barrick Gold, reported to President and CEO
Darren Blasutti
• Led Barrick's strategic development for over 13 years executing over 25 gold mining transactions including Sutton Resources,
President and CEO, Homestake Mining, Placer Dome, consolidation of the Cortez property from Rio Tinto. Responsible for creation of Barrick Energy
Director
to hedge Barrick’s exposure to energy prices
• Over 35 years of experience in operations, management, engineering, and exploration for underground and open-pit mines
Robert Taylor • Most recently VP and President North American Operations for Kinross Gold where he was responsible for all operations
COO and exploration
• Former VP, Mine Operations at Stillwater Mining in Montana
• Over 15 years of progressive financial leadership experience and brings extensive senior management expertise
Warren Varga
• Most recently Senior Director, Corporate Development at Barrick Gold Corporation
CFO
• Member of the Canadian Institute of Chartered Accountants and a member of the Chartered Financial Analyst Institute
• Over 33 years experience in mine engineering and management
Steve Long
• Senior manager for underground mining operations for Newmont Mining Corporation, Barrick Gold, Echo Bay and
SVP, Operations
Homestake Mining
Jim Atkinson • Licensed Professional Geologist, over 40 years of experience in exploration geology
VP, Exploration • Completed more than a dozen exploration programs across North America
Peter McRae
• Most recently at Weil, Gotshal & Manges LLP, a major international law firm based in NY
VP, General • Focused on private equity funds, public and private companies acquisitions and divestitures
Counsel 4

5. Board of Directors Overview
Gordon Pridham • Over 30 years of experience as a global finance executive
Chairman • Serves on the public company boards of Newalta Corporation and Titanium Corporation, where he is Chairman of the Board
• Former EVP Strategic Development at Kinross Gold, where he oversaw corporate development and exploration until his
Hugh Agro
retirement in 2009
Director
• Held senior positions with Placer Dome Canada and Deustche Bank
• Geologist with over 40 years experience as an executive for 20 public, junior exploration companies , CEO of Pacific Ridge
John Brock
Exploration
Director
• Participated in 12 major mineral deposit discoveries in north and western Canada, Nevada, Mexico, and Ecuador
• Retired in 2009 as EVP Exploration and Corporate Development at Barrick Gold
Alex Davidson
• 2005 AO Dufresue Award to recognize exceptional achievement and distinguished contribution to mining exploration in Canada
Director
• In 2003 was named Prospector of the Year by PDAC for discovery of Alto Chicama in Peru
Louis Dionne • Former Senior Vice President Underground Operations at Barrick Gold
Director • Currently a director of Detour Gold Corporation and Aurizon Mining Ltd.
Alan Edwards • Board of directors for AuRico Gold Inc., Entrée Gold Inc., Copper One Inc., Oracle Mining Corp. and AQM Copper Inc. (Chairman)
Director • Senior management positions with Frontera Copper, Apex Silver Mines, Kinross, Cyprus Amax and Phelps Dodge
Tom Ryley • Board of directors for Newalta Corporation, Tribute Resources and Benefuel Inc., where he is Chairman of the Board
Director • Former Executive Vice President of Suncor Energy, where he worked for 25 years in a variety of roles
Lorie Waisberg • Former Senior Partner at Goodmans LLP, and EVP of Finance and Administration of Co-Steel Inc.
Director • Accredited with Institute of Corporate Directors and sits on Boards of Tembec and Chemtrade Logistics Inc
Darren Blasutti • President and CEO
Director 5

6. Asset Overview

7. Asset Overview
Galena Mine Complex – 100%
• High grade Cu-Ag and Pb-Ag
• Produced over 240 M oz Ag historically
• Over 23 M oz Ag in “Proven and Probable”
Reserves and 12 M oz Ag in “Measured and
Indicated” Resources*
•Galena area operating
• Coeur area re-starting in Q4 2012
• Lead Zone being assessed for bulk mining
potential
• Excess hoisting and milling capacity
• Experienced work force
Drumlummon Mine – 100%
• High grade Au and Ag
• Produced over 1 M oz Au and 12 M oz Ag
• Extensive mining infrastructure
• Recently acquired adjacent Belmont mine
• Plan to process ore at Galena Complex in 2013
* Descriptions of our mineral deposits are not comparable to similar information reported by U.S. companies which are
subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and
regulations thereunder.
Geographic Concentration Of Assets 7 7

8. Galena Mine Complex
Galena and Coeur Areas
2nd
largest
• Galena first half 2012 production of 1.08 M oz Ag @ $20.20/ounce from
25 production stopes, includes almost a month of lost time due to shaft
and mill re-habilitation
• Coeur re-development started February 2012 with production starting
late 2012
- $5 million budgeted in 2012
- Ramping up over the course of 2013 to 500,000 oz Ag / annum
Primary silver - Current silver M&I resource is 3.3 million oz Ag* with drilling underway
targeting 6.0 million oz Ag by end of 2013
producer in
• Two separate mills with total 1,500 tons/day capacity, currently operating
the U.S. at 60%
• Consistent mill recovery rates of 96% for silver-copper and 92% for silver-
lead ores
• Continued exploration success and mine life extension at Silver Vein and
350-370 Vein
- Veins extending at depth
- 2 newly discovered veins in 2012
- Focus on increasing resources near existing infrastructure
• Expect to increase silver reserves and resources in 2012; extending mine
life
* See www.us-silver.com for NI 43-101 Technical Report
Large Reserve and Resource Base 8 8

9. Galena Mine Complex
Lead Zone
• Semi-continuous mineralized zone extending from Galena into
Caladay Mine at depth
- Currently 2,800 vertical feet with estimated strike length of
1,200-3,600 feet and apparent widths of 200-400 feet
• Mineralization comprises broad areas of Ag and Pb mineralization often
Additional associated with high grade veins containing both high and lower grade
areas
- Global grades of 3-4 oz/ton Ag and 3 to 5% Pb
Production - Higher grades are 30-40 percent with continuous widths of 15-30 feet
ranging from 5-10 oz/ton Ag and 5-11% Pb
• Global tonnage target of 60-70 million tons and potential silver
resource of 150-200 million ounces
• Re-habilitation completed and drilling commenced in the 3rd
quarter
• Area supports lower cost bulk mining methods
• Update expected by year-end on economic potential of
mineralized area
Reducing cash costs in 2013 and beyond
9 9

10. Galena Mine Complex Exploration Upside
Controlled by US Silver & Gold
CDA
“GAP”
Argentine
Western
Vein
Coeur Mine
Deep
Coeur Mine Lead Zone
Deep
Silver
Vein
10

11. Galena Complex Lead Zone (Looking North)
W E
#3 Shaft Galena Caladay
1600
Higher grade areas
(block modelled)
2400
Lead Zone
Downdip projection of
3200 lead zone (2013 Target)
4000 0 2500
feet
4900
5500
11

12. Drumlummon Mine
First half 2012 production of 12,100 oz Au and 216,200 oz Ag
First half 2012 mill recoveries averaged 91% for Au and 84% for Ag
2012 Plan estimates 110,000 tons of ore at 0.25/t Au and 4 oz/t Ag
Labour and cost reductions began in Q3 2012
Plan in place to process Drumlummon ore in Idaho starting at the beginning of 2013 to achieve
stated processing synergies
All current required permits in place under small miners exemption. In process of renewing
appropriate water discharge permit
Continued resource expansion and mine life extension success at Drumlummon and the
recently acquired Belmont mine
2012 exploration success at the Frankie Vein, Sampson area of the Drumlummon Vein, the
New Years Vein and high grade silver veins in the Neenan area near Bald Butte moly project
Process synergies achievable given excess Galena milling capacity
12 12

13. 13
Drumlummon Mine – Claims and Property Boundaries

14. Near Term Operating Goals
USA -Tomorrow Ensure an effective and efficient integration while
maximizing operating synergies of ~$6-7 million
5.0M
oz Ag by 2014
Deliver Coeur area re-development on time and on
budget in Q4 2012
Prepare preliminary analysis of the Lead Zone for
future bulk mining development by end of year
Assess the Belmont property for mid to late
2013 development
Build and communicate to the investment community
the 1-year, 3-year and Life of Mine operating plan
Unlocking value of existing operating assets
14 14

15. Capital Structure and Key Operating Metrics
Symbol/Exchange USA-T
Market Cap (CDN$ M) – close Oct 15, 2012 146.2
Shares Basic (M) 59.8
Options & Warrants 7.5
Fully Diluted 67.3
Cash (US$ M)* $ 21.1
Working Capital (US$ M)* $ 32.2
Debt (US$ M)* $ 8.2
First half Production oz (Ag) 1,295,300
First half cash costs per oz (Ag)* $ 20.36
First half Production oz (Au)* 12,100
Recoveries (Ag)* 90.0%
Recoveries (Au)* 91.0%
* As at June 30 , 2012
Corporate office synergies of $3 million/annum achieved in 2013 budget
15

16. Strategic Objectives

17. Strategic Objectives
Exceed 5.0 M oz Ag by end of 2014:
Roadmap For 1 Execute on brownfield expansions
Success 2 Assess exploration, processing and capital
synergies with geographically focused assets
3 Assess accretive per share acquisition
opportunities in North America
4 Secure line of credit to support future growth
initiatives
Grow earnings and cash flow per share
17 17

18. Junior Silver Producer Multiples
EV / M&I Resources* EV / 2013E EBITDA*
$7.00 8.00x
7.48x
$6.27
$5.87 $5.75 7.00x
$6.00
EV / M&I Resources (US$/oz AgEq)
6.00x 5.79x
$5.00
5.06x 4.93x
EV / 2013E EBITDA
5.00x
$4.00
$3.28 Average: $3.25 4.00x 3.72x Average: 3.79x
$3.00 $2.68 $2.59
3.00x
2.15x
$2.00 1.78x
2.00x
$1.10
1.05x
$1.00 1.00x
$0.54
$0.00 0.00x
FVI FR EDR SVM USA HL SPM RVM FR EDR HL FVI SVM RVM USA SPM
* As at October 1, 2012
Increase visibility within investment community 18

19. Re-Rating Potential
U.S. Silver & Gold is attractively positioned amongst its mid-tier silver producer
peers and could experience a significant re-rating
$1,200 Mid-Tier Silver Producers
Enterprise Value (US$ MM)
EDR
$900
SVM
$600 FVI
$300
U.S. Silver & Gold
$0
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
2012 Production Guidance (MM oz Ag Eq.)
Companies Included: FVI – Fortuna Silver Mines Inc.; SVM – Silvercorp Metals Corp.; EDR – Endeavour Silver Corp.
1Enterprise Value is calculated on a fully-diluted ITM basis
2Silver equivalent based on Cormark research 2012 metal prices of US$1,800/oz Au, US$32.50/oz Ag, US$0.90/lb Pb, US$0.89/lb Zn
and US$3.71/lb Cu
3U.S. Silver & Gold production guidance is sum of RX Gold Q1 results annualized and latest U.S. Silver production guidance
Attractively Positioned Among Peers

20. Why USA?
We’re
2nd largest primary silver producer in the U.S.
Strong operating and market fundamentals
built for Executing on brownfield expansion opportunities
growth Disciplined strategy for targeted acquisitions
Large land package with significant organic upside
Experienced management team
Catalysts in place for improved valuation
20

21. Contact
Darren Blasutti
President and CEO
dblasutti@us-silver.com
416-848-9503
www.us-silver.com

22. Appendix

23. GALENA COMPLEX LONG SECTION
LEGEND
Ag - Pb Veins 0 2500
Caladay Shaft
Ag - Cu Veins
feet
Callahan Shaft
Major Production Areas
No. 3 Shaft
Galena Shaft
Coeur Shaft
1200
2400
2800 Sea Level
3000
3400
Silver
3700
Vein 4000
4300
4600
4900
5200
5500
1

24. DRUMLUMMON VEIN LONG SECTION (Looking Northwest)
Nine-Hour
Workings
B D
A/B Block
400 Level
OPEN A
South
Decline
Drumlummon C
Zone
800
1000 Level
OPEN
1200
Jubilee Deep Pixley Deep
Target Area #1 South Deep Target Area
1400
Target Area
1600 Level
#2 Shaft #1 Shaft
Drilled (assays pending) Ore Shoots Grade x Thickness (oz.ft)
Existing workings A Jubilee 1.5+ 0 1000
Ore shoots B Sampson 1.00 - 1.49
Drilling station C Pixley 1 0.50 - 0.99 feet
Mined stopes D Pixley 4 0.20 - 0.49
D Block No significant intersection 2

25. FRANKIE SECTION
6000’
Veins
5900’
Drill holes
5800’
Elevations
5700’
5600’
5500’
Frankie Structural Zone
Periodic Veining and Pod 400 LEVEL (5430’)
5400’
Shaped Ore Zonation
200 Feet Wide 5300’
600 LEVEL (5230’)
5200’
0 250
5100’
feet
5000’
3

26. NORTH STAR VEIN LONG SECTION (Looking North)
4

27. BELMONT LONG SECTION
200 Level 0 250
feet
300 Level
400 Level
*
*
600 Level * *
750 Level
1 Phase 1 proposed drilling
Zone 1 2 Phase 2 proposed drilling
19,000T @ Possible Ore
*
0.81 oz/ton Au
Existing Workings
2.66 oz/ton Ag Zone 2
Historical Resources
32,300T @
Mined Out
0.42 oz/ton Au
1.45 oz/ton Ag
5