A New Company Built For Growth

NOVEMBER 2012

TSX:USA

OTCQX:USGIF

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

USA – Today

5 M oz Ag by 2014

2.6 - 2.8M oz Silver (Ag)

Established, Long-life Operating Assets

Strong Operating Cash Flow

Significant Ongoing Brownfield Expansion

Dominant Land Position in the Silver Valley

Favourable Environment for Accretive Acquisitions

Proven Management & Board

20,000- 25,000 oz Gold (Au)

3

Darren Blasutti

President and CEO, Director

• Former SVP Corporate Development and Investor Relations for Barrick Gold, reported to President and CEO

• Led Barrick's strategic development for over 13 years executing over 25 gold mining transactions including Sutton Resources,

Homestake Mining, Placer Dome, consolidation of the Cortez property from Rio Tinto. Responsible for creation of Barrick Energy

to hedge Barrick’s exposure to energy prices

Robert Taylor

COO

• Over 35 years of experience in operations, management, engineering, and exploration for underground and open-pit mines

• Most recently VP and President North American Operations for Kinross Gold where he was responsible for all operations

and exploration

• Former VP, Mine Operations at Stillwater Mining in Montana

Warren Varga

CFO

• Over 15 years of progressive financial leadership experience and brings extensive senior management expertise

• Most recently Senior Director, Corporate Development at Barrick Gold Corporation

• Member of the Canadian Institute of Chartered Accountants and a member of the Chartered Financial Analyst Institute

Steve Long

SVP, Operations

• Over 33 years experience in mine engineering and management

• Senior manager for underground mining operations for Newmont Mining Corporation, Barrick Gold, Echo Bay and

Homestake Mining

Jim Atkinson

VP, Exploration

• Licensed Professional Geologist, over 40 years of experience in exploration geology

• Completed more than a dozen exploration programs across North America

Peter McRae

VP, General Counsel

• Most recently at Weil, Gotshal & Manges LLP, a major international law firm based in NY

• Focused on private equity funds, public and private companies acquisitions and divestitures

Management Team Overview

4

Board of Directors Overview

Gordon Pridham

Chairman

• Over 30 years of experience as a global finance executive

• Serves on the public company boards of Newalta Corporation and Titanium Corporation, where he is Chairman of the Board

Hugh Agro

Director

• Former EVP Strategic Development at Kinross Gold, where he oversaw corporate development and exploration until his

retirement in 2009

• Held senior positions with Placer Dome Canada and Deustche Bank

John Brock

Director

• Geologist with over 40 years experience as an executive for 20 public, junior exploration companies , CEO of Pacific Ridge

Exploration

• Participated in 12 major mineral deposit discoveries in north and western Canada, Nevada, Mexico, and Ecuador

Alex Davidson

Director

• Retired in 2009 as EVP Exploration and Corporate Development at Barrick Gold

• 2005 AO Dufresue Award to recognize exceptional achievement and distinguished contribution to mining exploration in Canada

• In 2003 was named Prospector of the Year by PDAC for discovery of Alto Chicama in Peru

Louis Dionne

Director

• Former Senior Vice President Underground Operations at Barrick Gold

• Currently a director of Detour Gold Corporation and Aurizon Mining Ltd.

Alan Edwards

Director

• Board of directors for AuRico Gold Inc., Entrée Gold Inc., Copper One Inc., Oracle Mining Corp. and AQM Copper Inc. (Chairman)

• Senior management positions with Frontera Copper, Apex Silver Mines, Kinross, Cyprus Amax and Phelps Dodge

Tom Ryley

Director

• Board of directors for Newalta Corporation, Tribute Resources and Benefuel Inc., where he is Chairman of the Board

• Former Executive Vice President of Suncor Energy, where he worked for 25 years in a variety of roles

Lorie Waisberg

Director

• Former Senior Partner at Goodmans LLP, and EVP of Finance and Administration of Co-Steel Inc.

• Accredited with Institute of Corporate Directors and sits on Boards of Tembec and Chemtrade Logistics Inc

Darren Blasutti

Director

• President and CEO

5

Asset Overview

Asset Overview

7 Geographic Concentration Of Assets

Galena Mine Complex – 100%

• High grade Cu-Ag and Pb-Ag

• Produced over 240 M oz Ag historically

• Over 35.0 M oz Ag in Reserves & 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

7

Galena Mine Complex

8

Galena and Coeur Areas

• 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

- Current silver M&I resource is 3.3 million oz Ag with drilling underway

targeting 6.0 million oz Ag by end of 2013

• Two separate mills with total 1,500 tons/day capacity, currently

operating 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

Large Reserve and Resource Base

2nd largest

Primary silver

producer in

the U.S.

8

Galena Mine Complex

9 Reducing cash costs in 2013 and beyond

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

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

- High 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

9

Additional

Production

Galena Mine Complex Exploration Upside

10

Western

Coeur Mine

Deep

Coeur Mine Deep

Silver

Vein

Calady Mine

Lead Zone

CDA

“GAP”

Argentine

Vein

Lead Zone (Looking North)

11

1600

2400

4000

3200

5500

4900

Caladay Galena #3 Shaft

E W

Higher grade areas

(block modelled)

Lead Zone

Downdip projection of

lead zone (2013 Target)

2500 0

feet

Drumlummon Mine

12 Process synergies available given excess Galena milling capacity

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 Idado starting at the beginning of 2013 to achieve

stated processing synergies

All required permits in place under small miners exemption

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

12

Drumlummon Mine – Claims and Property Boundaries

13

Near Term Operating Goals

14 Unlocking value of existing operating assets

5.0M oz Ag by 2014

Ensure an effective and efficient integration while

maximizing operating synergies of ~$6-7 million

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

USA -Tomorrow

14

Symbol/Exchange USA-T

Market Cap (CDN$ M) – close Oct 15, 2012 146.2

Shares Basic (M) 59.4

ITM Options & Warrants (M) 2.2

Shares FD ITM (M) 61.6

OTM Options & Warrants (M) 3.5

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

Capital Structure and Key Operating Metrics

15 Corporate office synergies of $3 million/annum achieved in 2013 budget

Strategic Objectives

Strategic Objectives

17 Grow earnings and cash flow per share

Execute on brownfield expansions

Assess exploration, processing and capital

synergies with geographically focused assets

Assess accretive per share acquisition opportunities in North America

Secure line of credit to support future growth initiatives

1

2

3

4

17

Roadmap For

Success

Exceed 5.0 M oz Ag by end of 2014:

EV / M&I Resources* EV / 2013E EBITDA*

Junior Silver Producer Multiples

18 Increase visibility within investment community

$6.27

$5.87 $5.75

$3.28

$2.68 $2.59

$1.10

$0.54

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

FVI FR EDR SVM USA HL SPM RVM

Average: $3.25

EV

/ M

&I R

eso

urc

es (

US

$/o

z A

gE

q)

7.48x

5.79x

5.06x 4.93x

3.72x

2.15x 1.78x

1.05x

0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

6.00x

7.00x

8.00x

FR EDR HL FVI SVM RVM USA SPM

Average: 3.79x

EV

/ 2

013E

EB

ITD

A

* As at October 1, 2012

Re-Rating Potential

$0

$300

$600

$900

$1,200

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

Ente

rpri

se V

alu

e(U

S$ M

M)

2012 Production Guidance (MM oz Ag Eq.)

Mid-Tier Silver Producers

EDR

SVM

FVI

U.S. Silver & Gold

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

U.S. Silver & Gold is attractively positioned amongst its mid-tier silver producer

peers and could experience a significant re-rating

Why USA?

We’re built for growth

2nd largest primary silver producer in the U.S.

Strong operating and market fundamentals

Executing on brownfield expansion opportunities

Disciplined strategy for targeted acquisitions

Large land package with significant organic upside

Experienced management team

Catalysts in place for improved valuation

20

Contact

Darren Blasutti President and CEO

dblasutti@us-silver.com

416-848-9503

www.us-silver.com

Appendix

GALENA LONG SECTION

No

. 3

Sh

aft

Ga

len

a S

ha

ft

Ca

lad

ay S

ha

ft

Co

eu

r S

haft

2400

Sea Level

3700

5500

Ca

lla

ha

n S

ha

ft

4900

2800 3000

3400

1200

Silver

Vein

5200

4600

4300

4000

LEGEND

Ag - Pb Veins

Ag - Cu Veins

Major Production Areas

0 2500

feet

1

South

Drumlummon

Zone

1600 Level

1400

1200

1000 Level

800

400 Level

1.5+

1.00 - 1.49

0.50 - 0.99

0.20 - 0.49

No significant intersection

Grade x Thickness (oz.ft)

Decline

0 1000

feet

Nine-Hour

Workings

#1 Shaft #2 Shaft

A/B Block

A

B

C

D

Jubilee

Sampson

Pixley 1

Pixley 4

Ore Shoots

A

B

C

D

DRUMLUMMON VEIN LONG SECTION (Looking Northwest)

Existing workings

Ore shoots

Drilling station

Mined stopes

D Block

OPEN

OPEN

OPEN

Drilled (assays pending)

2

FRANKIE SECTION

6000’

5900’

5800’

5700’

5600’

5500’

5400’

5300’

5200’

5100’

5000’

400 LEVEL (5430’)

600 LEVEL (5230’)

Veins

Drill holes

Elevations

Frankie Structural Zone

Periodic Veining and Pod

Shaped Ore Zonation

200 Feet Wide

250

feet

0

3

NORTH STAR VEIN LONG SECTION (Looking North)

4

Belmont Long Section

200 Level

300 Level

400 Level

600 Level

750 Level

2 1

Zone 1

19,000T @

0.81 oz/ton Au

2.66 oz/ton Ag Zone 2

32,300T @

0.42 oz/ton Au

1.45 oz/ton Ag

250

feet

0

*

* *

*

Phase 1 proposed drilling

Phase 2 proposed drilling

Possible Ore

Existing Workings

Historical Resources

Mined Out

*

5