Mr. Darren Blasutti of U.S. Silver reports

U.S. SILVER AND RX GOLD & SILVER ANNOUNCE CLOSING OF COMBINATION TRANSACTION

U.S. Silver Corp. and RX Gold & Silver Inc. have closed the combination of U.S. Silver and RX Gold to create U.S. Silver & Gold Inc. Each outstanding common share of U.S. Silver has been exchanged for 0.67 of a common share of the combined company and each outstanding common share of RX Gold has been exchanged for 0.109 of a common share of the combined company.

Darren Blasutti, president and chief executive officer of the combined company, stated: "We are delighted to have reached this important first milestone in creating a growing precious-metals company. With two producing properties, numerous opportunities for growth and an experienced team that can deliver in this sector, I am excited and confident in the future of our new company."

It is anticipated that the common shares of the combined company will commence trading on the Toronto Stock Exchange under the stock symbol USA on or after Wednesday, Aug. 15, 2012. Until such time, only the right to receive the share consideration under the transaction at the applicable exchange ratio can be traded. Once the substitutional listing of the combined company is effective, the U.S. Silver shares will be delisted from the TSX and the RX Gold shares will be delisted from the TSX Venture Exchange. The warrants of U.S. Silver will continue to be securities of U.S. Silver but will be exercisable for shares of the combined company based on the applicable exchange ratio. The warrants of U.S. Silver will continue to be listed on the TSX but will be posted for trading under the stock symbol USL.WT.

For shareholders who held their U.S. Silver or RX Gold shares through a broker, the delivery of the share consideration under the transaction at the applicable exchange ratio will be processed through their broker. For shareholders who held their U.S. Silver or RX Gold shares in registered form, the share consideration will be processed after they deposit their share certificates with Equity Financial Trust Co., the depositary for the transaction, in accordance with the instructions in the applicable letter of transmittal previously sent. Any questions regarding delivery of the share consideration, including any request for another form of letter of transmittal, should be directed to your broker, if applicable, or the depositary by telephone at 1-866-393-4891 (toll-free in North America) or 416-361-0152, or by e-mail at corporateactions@equityfinancialtrust.com.

The combined company intends to apply to the relevant securities regulatory authorities so that RX Gold can cease to be a reporting issuer in the applicable jurisdictions and U.S. Silver can obtain an appropriate exemption that allows it to rely on the disclosure record of the combined company.

Conference call

U.S. Silver & Gold's senior management team will host a conference call today at 4 p.m. ET to discuss the future direction of the combined company, including operating and strategic objectives. All interested parties are invited to participate by dialling 647-427-7450 or 1-888-231-8191. Please dial in 15 minutes prior to the call to secure a line. You will be put on hold until the conference call begins.

A question-and-answer session will follow the conference call, at which time the operator will provide instructions for submitting questions. A taped replay of the conference call will be available until Aug. 27, 2012, by calling 416-849-0833 or 1-855-859-2056, reference No. 16744817.

A live audio webcast of the conference call will be available at U.S. Silver's website. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days.

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