Low Risk, Low Capital, High Growth

FEBRUARY 2013

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. 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.

Please see SEDAR or www.us-silver.com for the 43-101 compliant Technical Report and Resource Estimate on the

Drumlummon Mine Project dated April 9, 2012 and the Galena Project dated March 19, 2012.

2

USA - Today

2012 Production: 2.6M oz Ag and 20,432 oz Gold Au

2.7 – 3.0M oz Silver @ $17-19/ounce

Established, Long-life Operating Asset

Strong Operating Cash Flow

Significant Ongoing Brownfield Expansion

Dominant Land Position in the Prolific Silver Valley

Favourable Environment for Accretive Acquisitions

Proven Management & Board

14 – 18K oz Gold

3

2013 Forecast

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 40 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 17 years of progressive financial leadership experience and brings extensive senior management expertise

• Most recently Senior Director, Corporate Development at Barrick Gold Corporation and former CFO of RX Gold & Silver Inc.

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

Steve Long

SVP, Operations

• Over 35 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

Daren Dell

VP, Technical Services

• Over 20 years experience and brings extensive knowledge gained from evaluating mining assets around the globe

• Formerly Director, Corporate Development and Director, Technical Evaluations at Barrick Gold. Prior to joining Barrick Gold,

Mr. Dell was at Placer Dome for 15 years

Peter McRae

VP, General Counsel

• Most recently VP Corporate Counsel of RX Gold & Silver Inc. and in private practice at Weil, Gotshal & Manges LLP, a major

international law firm based in NY with extensive experience on general corporate, securities law, and governance matters

• Private practice focused on representing private equity funds, public and private companies in connection with complex commercial

transactions including acquisitions, dispositions, minority investments, financings, joint ventures, and restructurings.

Management Team: Experienced + Proven

4

Board of Directors

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

• Retired in 2009 as EVP Strategic Development at Kinross Gold, where he oversaw corporate development and exploration

• Held senior positions with Placer Dome Canada and Deustche Bank

John Brock

Director

• Geologist with 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, 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 Close Proximity Provides Synergies

Galena 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 now operating

• Caladay Zone being assessed for high

grade conventional mining and bulk mining

potential

• Excess hoisting and milling capacity

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

• Evaluating milling of ore at Galena Complex

7

*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.

** See www.fraserinstitute.org for details.

Galena Complex located in mining friendly Idaho • Ranked 5th in the US by The Fraser Institute in 2011/2012**

• Supportive local communities

• Established mining state

• Experienced knowledgeable workforce

* 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. See www.us-

silver.com for NI 43-101 Technical Report.

Galena Complex

8

Galena and Coeur Areas

• Galena 2012 production of 2.25M oz Ag @ ~$20/ounce from 25 production stopes

• Productivity improvements being realized with adoption of new 24/7 shift

schedule

• Q4 silver production of 625,600 under new management

• 2013 production increasing by 10% and reducing cash costs by 10-15%

• Coeur re-development started February 2012 with small production in late 2012

• $5 million budgeted in 2012

• Forecast of 125,000 oz Ag in 2013 with 500,000 oz Ag by 2016

• Current M&I resource is 3.3 million oz Ag*

• Drilling underway targeting 6.0 million oz by end of 2014

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

50%-60%

• Mill recovery rates of 96% for silver-copper and 92% for silver-lead ores

• Continued exploration success and mine life extension at Silver Vein, Caladay Zone

and 350-370 Veins

• Expect to replace silver reserves and significantly increase silver resources in

February or March 2013.

• Discovery of 350-370 vein system and Caladay expected to allow for ramp-up to

1,500 tons over next 3-4 years with modest capital outlays

* See www.us-silver.com for NI 43-101 Technical Report

Large Reserve and Resource Base

2nd largest

Primary silver

producer in

the U.S.

8

Galena Complex – Long Section

Western

Coeur Mine

Deep

Coeur Mine Deep

Silver

Vein

Caladay

Silver-Lead

Zone

Galena

Targets

Opportunities for Significant Brownfield Expansion

Controlled by US Silver & Gold

Galena Complex

10 Supports Lower Cost Mining Techniques

Caladay Zone

• Semi-continuous mineralized zone extending from Galena into Caladay Mine at depth

• Currently 2,800-3,000 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 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 ranging from

5-15 oz/ton Ag and 5-15% Pb

• Global tonnage target of 60-70 million tons and potential silver resource of 150-200

million ounces based on over 800 drill holes

• Area is expected to support lower cost bulk mining methods

• High grade silver copper areas discovered within the broader Caladay Zone are

currently being evaluated and drilled

• Test mining in recently identified high grade areas adjacent to infrastructure at 4900

level will commence in H2 2013

• A preliminary plan will be communicated first half of Q1 2013

• Phase 1 – “Fill the Mill” with high grade areas close to infrastructure

• Phase 2 – Caladay shaft expansion using bulk mining techniques .

10

Caladay Zone

targeting

initial

production in

2014

* Some of the potential quantities and grades disclosed in this presentation are

conceptual in nature. At the current stage of exploration, there is insufficient

drilling to determine the extent of continuity of the mineralization required to

define a mineral resource for all mineralization at the Galena Mine Complex and

Drumlummon Mine. It is uncertain if further exploration will result in certain

exploration targets being delineated as a mineral resource

Caladay Zone (Illustrative View)

New High Grade Ag-Cu Discovery

Caladay Zone - 4900 Level Plan of Mineralization

Close Proximity to Existing Mine Infrastructure

Galena Complex Operating Goals

13 5.0 M oz Ag by end of 2015

Focus 2013 and LOM plan on high-grade profitable ounces

versus arbitrary ounce targets

Increase 2013 productivity at the Galena Complex by moving

to a 24/7 shift schedule and enact labour and processing cost

reductions

Evaluate milling of high gold and silver ore from the

Drumlummon site at Galena Complex in early 2013

Coeur area re-started and ramping up to full production by end

of 2015

“Fill the mill” strategy starting in 2014

Prepare preliminary analysis of the Caladay Zone bulk mining

expansion case

13

Low risk,

low capital,

high growth

Drumlummon Mine

14

• 2012 production of 20,070 oz Au and 316,194 oz Ag

• Mill recoveries averaged ~ 91% for Au and 84% for Ag

• Evaluating options 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

* See November 28th press release for more details and www.us-silver.com for complete drill results.

14 High Grade Gold & Silver Production

Strategic Objectives

Strategic Objectives

16 Grow earnings and cash flow per share

Execute on operational improvements and

brownfield expansions

Secure line of credit to support brownfield

initiatives

Assess exploration, processing and capital

synergies with geographically focused assets

Assess accretive per share acquisition opportunities in North America

1

2

3

4

16

Roadmap For

Success

Exceed 5.0 M oz Ag by end of 2015:

Share Price Performance & Capital Structure

17

Symbol: USA-T

Recent Price*: $1.67

Market Cap (CDN): $100.2 M

Cash Balance: $19.0M

Debt: $7.9M

Shares Basic: 60 M

Options : 5.7 M

Warrants: 2.0 M

Fully Diluted: 67.7 M

*As of Feb. 19, 2013

Vo

lum

e (

TS

X &

OT

CQ

X)

Sh

are

Price

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

8/15/2012 9/15/2012 10/15/2012 11/15/2012 12/15/2012 1/15/2013

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

Junior Silver Producer Multiples

18 Undervalued Relative To Peers

EV

/ M

&I R

eso

urc

es (

US

$/o

z A

gE

q)

EV

/ 2

013E

EB

ITD

A

*As of February 8, 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.

10.14x

7.24x

6.26x

5.63x

4.81x

2.63x 2.11x

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

SPM FR FVI HL EDR SVM USA

Average: 6.12x

$5.82

$5.45

$4.57

$3.19

$2.71

$2.31

$1.76

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

FR FVI EDR USA HL SVM SPM

Average: $3.77

$0

$150

$300

$450

$600

$750

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0

Ente

rpri

se V

alu

e(U

S$ M

M)

2013 Production Guidance (MM oz Ag Eq.)

Mid-Tier Silver Producers

EDR

SVMFVI

U.S. Silver & GoldEXN SPM

Attractively Positioned Among Peers

Re-Rating Potential

Companies Included: FVI – Fortuna Silver Mines Inc.; SVM – Silvercorp Metals Corp.; EDR – Endeavour Silver Corp.; EXN –Excellon Resources Inc.; SPM – Scorpio Mining Corp.

1Research consensus 2Enterprise Value is calculated on a fully-diluted ITM basis 3Silver equivalent based on Cormark research 2013 metal prices of US$1,800/oz Au, US$35.00/oz Ag, US$0.90/lb Pb, US$0.95/lb Zn and US$4.00/lb Cu

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

silver producer peers and could experience a significant re-rating

19

(1)

2013 Milestones

Q1 2013 Q2 2013 Q3 2013 Q4 2013

Reserve & Resource Update Including First Resource Estimate for Caladay

Preliminary Economic Assessment on “Fill The Mill” and Caladay Zone

Test Mining on Caladay begins

Implement Development Plans at Caladay

Near-term

Catalysts

Delivering on Caladay’s Potential

Why U.S. Silver & Gold?

Executing on

operational

improvements and

low risk brownfield

expansion

100% owned, royalty free

Fully permitted

Near existing infrastructure

Excess capacity

Increasing production and reducing costs

Experienced management team

Catalysts in place for improved valuation

Focused on Unlocking Value 21

Contact

Darren Blasutti President and CEO

dblasutti@us-silver.com

416-848-9503

www.us-silver.com

Appendix

Galena Complex Long Section

Galena

Shaft

Caladay

Shaft

Coeur

Shaft

2400

Sea Level

3700

5500

Callahan

Shaft

4900

2800 3000

3400

1200

Silver

Vein

5200

4600

4300

4000

Ag - Pb Veins Ag - Cu Veins Major Production Areas 0 2500

feet

No. 3 Shaft

Galena Caladay Silver-Lead Zone

(Illustrative View)

3000 Level

4000 Level

5500 Level

No. 3

Shaft

Galena

Shaft

0 1000

feet

Silver

Vein

Caladay Silver-

Lead Zone

Caladay

Shaft

Drumlummon Vein Long Section (Looking Northwest)

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

Existing workings

Ore shoots

Drilling station

Mined stopes

D Block

OPEN

OPEN

Drilled (assays pending)

Jubilee Deep

Target Area

Pixley Deep

Target Area #1 South Deep

Target Area

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 Mineralization

Mined Out

*

(1) Note that these are historical estimates that are not NI43-101 compliant.

A qualified person has not done sufficient work to classify this historical estimate

as current mineral resources or mineral reserves.

(1)