Corporate Presentation - December 19, 2012

1. A New Company Built For Growth
DECEMBER 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. 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 Asset
2.6 - 2.8M
oz Silver (Ag) Strong Operating Cash Flow
Significant Ongoing Brownfield Expansion
20,000- 25,000 Dominant Land Position in the Prolific Silver Valley
oz Gold (Au) Favourable Environment for Accretive Acquisitions
Proven Management & Board
5 M oz Ag by end of 2015 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
Director
• Responsible for creation of Barrick Energy to hedge Barrick’s exposure to energy prices
• Over 40 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 17 years of progressive financial leadership experience and brings extensive senior management expertise
Warren Varga
• Most recently Senior Director, Corporate Development at Barrick Gold Corporation and former CFO of RX Gold & Silver Inc.
CFO
• Member of the Canadian Institute of Chartered Accountants and the Chartered Financial Analyst Institute
• Over 35 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
Daren Dell • Over 20 years experience and brings extensive knowledge gained from evaluating mining assets around the globe
VP, Technical • Formerly Director, Corporate Development and Director, Technical Evaluations at Barrick Gold. Prior to joining Barrick Gold,
Services Mr. Dell was at Placer Dome for 15 years 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
Hugh Agro • Retired in 2009 as EVP Strategic Development at Kinross Gold, where he oversaw corporate development and exploration
Director • Held senior positions with Placer Dome Canada and Deustche Bank
John Brock • Geologist with 40 years experience as an executive for 20 public junior exploration companies. CEO of Pacific Ridge 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, 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 being re-started
• Lead-Silver 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
• Galena Q3 YTD 2012 production of 1.62 M oz Ag @ $20/ounce from 25
production stopes
• A month of lost time in 2012 due to shaft and mill re-habilitation
largest • Coeur re-development started February 2012 with small production starting
late 2012
• $5 million budgeted in 2012
Primary silver • Ramping up over the course of 2013, expecting 300,000-500,000 in 2014
• Current M&I resource is 3.3 million oz Ag* with drilling underway
producer in targeting 6.0 million oz Ag by end of 2014.
the U.S. • Two separate mills with total 1,500 tons/day capacity, currently operating at
50%
• 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
• Focused on increasing resources near existing infrastructure
• Expecting an increase in silver reserves and significant increases in silver
resources at year-end 2012.
* See www.us-silver.com for NI 43-101 Technical Report
Large Reserve and Resource Base 8 8

9. Galena Mine Complex Long Section
Controlled by US Silver & Gold
CDA
“GAP”
Argentine
Western
Vein
Coeur Mine
Deep
Coeur Mine Lead Zone
Deep
Silver
Vein
9

10. Galena Mine Complex
Lead-Silver 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 containing both
Additional higher and lower grade areas
- Global grades of 3-4 oz/ton Ag and 3 - 5% Pb
- Higher grades are 30-40 % with continuous widths of 15-30 feet
Brownfield ranging from 5-10 oz/ton Ag and 5-11% Pb
• Global tonnage target of 60-70 million tons and potential silver
Production resource of 150-200 million ounces based on 785 drill holes
• Area is expected to support lower cost bulk mining methods
• Re-habilitation at 4900 level completed and further drilling commenced
in the 3rd quarter, 2012 including
• 86 feet of 6.13 oz/ton Ag and 9% Pb
• 21 feet of 9.82 oz/ton Ag and 17.4% Pb
• 10.1 feet of 10.6 oz/ton Ag and 23.10% Pb
• A preliminary plan will be communicated first half of Q1, 2013
Reducing cash costs in 2013 and beyond
10 10

11. Galena Complex Lead-Silver 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
• Q3 YTD 2012 production of 16,600 oz Au and 280,000 oz Ag
• Q3 YTD 2012 mill recoveries averaged 91% for Au and 84% for Ag
• 2012 Plan estimates 110,000 tons of ore at 0.25 oz/t Au and 4 oz/t Ag
• Labour and cost reductions being rolled out in Q4, 2012
• Plan in place to process Drumlummon ore in Idaho starting in early 2013 to achieve expected processing
synergies
• All current required permits in place under small miners exemption. In process of renewing appropriate
water discharge permit.
• 2012 exploration success at the Frankie Vein, the Northstar Vein, Sampson and Pixley areas of the
Drumlummon Vein and the New Years Vein
• Recently acquired Belmont Mine being reviewed for development late 2013, drilling commenced in Q4,
2012 including
• 3.5 feet of 0.50 oz/ton Au and 3.8 oz/ton Ag
• 8.0 feet of 0.47 oz/ton Au and 0.9 oz/ton Ag
• 3.0 feet of 2.67 oz/ton Au and 7.4 oz/ton Ag
12 12

13. 13
Drumlummon Mine – Claims and Property Boundaries

14. Near Term Operating Goals
Focus 2013 and LOM plan on high-grade profitable
ounces versus arbitrary ounce targets
USA -Tomorrow
Increase 2013 productivity at the Galena Complex by
5.0M
oz Ag by 2015
moving to a 24/7 shift schedule
Enact labour cost reductions at the Drumlummon site
and begin processing high gold and silver ore at
Galena Complex in early 2013
Deliver Coeur area re-development ramp-up
Prepare preliminary analysis of the Lead Zone for
future bulk mining development
Assess the Belmont property for mid to late
2013 development
Unlocking value of existing operating assets
14 14

15. Key Operating Metrics
Cash (US M)* $ 16.8
Working Capital (US M)* $ 30.1
Current Debt (US M)* $ 7.9
Q3 YTD 2012 Production oz (Ag) 1,903,600
Q3 YTD 2012 Cash costs per oz (Ag)* $ 18.61
Q3 YTD 2012 Production oz (Au)* 16,600
Q3 YTD 2012 Average Recoveries (Ag)* 94.0%
Q3 YTD 2012 Average Recoveries (Au)* 92.0%
Adjusted Q3 Net Income (US M) $3.7
Adjusted Q3 YTD Net Income (US M) $5.3
* As at September 30 , 2012
Corporate office synergies of $3 million/annum achieved in 2013 budget
15

16. Share Price Performance & Capital Structure
1,000,000
750,000
500,000
250,000
0
Symbol: USA-T
Shares Basic: 59.9 M
Options : 5.4 M
Warrants: 2.0 M
Fully Diluted: 67.3 M
Recent Price*: $1.93
Market Cap (CDN): $116 M
*As of Dec 12, 2012 16

17. Strategic Objectives

18. Strategic Objectives
Exceed 5.0 M oz Ag by end of 2015:
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
18 18

19. Junior Silver Producer Multiples
EV / M&I Resources* EV / 2013E EBITDA*
* As at November 10, 2012 based on Cormark Securities Estimates
Market data and other statistical information used in this presentation may be based on independent industry publications, government publications, reports by market research firms, or other published
independent sources. Some data is also based on U.S. Silver & Gold’s good faith estimates that are derived from its review of internal data and information, as well as the sources listed above.
Although U.S. Silver & Gold believes these sources are reliable, U.S. Silver & Gold has not independently verified the information and cannot guarantee its accuracy or completeness.
Increase visibility within investment community 19

20. 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)
$900 EDR
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

21. Why USA?
2nd largest primary silver producer in the U.S.
We’re 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
21

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

23. Appendix

24. 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

25. DRUMLUMMON VEIN LONG SECTION (Looking Northwest)
Nine-Hour surfac
e
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

26. FRANKIE SECTION
in
6000’
Ve
Veins
ie
nk
5900’
Fra
Drill holes
in
5800’
Ma
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

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

28. 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 (1)
Historical Mineralization
32,300T @
Mined Out
(1) Note that these are historical estimates that are not NI43-101 compliant. 0.42 oz/ton Au
A qualified person has not done sufficient work to classify this historical estimate
as current mineral resources or mineral reserves.
1.45 oz/ton Ag
5

29. Galena Lead Zone
#3 Galena Caladay
Shaft Shaft Shaft
0 1000
Silver
Vein feet
3000 Level
4000 Level
Lead
Zone
5500 Level
29