A New Company Built For Growth

AUGUST 13, 2012

TSX:USA

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.

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USA Today - Production

5M oz Ag by 2014

2.7M oz Ag

Established Operating Assets

Strong Operating Cash Flow

Focused on Organic and Brownfield Expansion

Dominant Land Position in Silver Valley

Favourable Environment for Accretive Acquisitions

Proven Management & Board

25,000 oz Au

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Asset Overview

Near Term Operating Milestones

5 Unlocking value of asset base

5.0M oz Ag by 2014

Maximize operating synergies of ~$6-7 million and

corporate synergies of ~$3-4 million per year

Deliver Coeur re-development on-time and on-budget

in Q4, 2012

Prepare preliminary analysis of the Caladay lead/silver

zone for future bulk mining development

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

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Asset Overview – Galena Mine Complex

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Galena Mine

High grade copper-silver & lead-silver mine

Over 200 million ounces of silver produced to date

Reserves of 23.2 M oz Ag at average grade of 14.30 oz/t and M&I Resources

of 11.9 M oz Ag at average grade of 13.7 oz/t

First half 2012 production of 1.08 M oz Ag at $20.20/ounce

Two operating mills Galena and Coeur

- 1,400 tons/day capacity currently at 65%

- Consistent mill recovery rates of 96% for silver-copper and

92% for silver-lead ores

Continued exploration success and mine life extension on 2400, 4300

and 5200 levels

- 1,434 oz/t silver over 1.6’ and 112.1 oz/t silver over 2.8’ extending

silver vein down dip

- 110 oz/t silver extension of 350 vein

- Resource development in lead zone at 4900 level

Continue to increase reserves and extend mine life

Large Reserve and Resource

2nd largest

Primary silver

producer in the U.S.

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Asset Overview – Galena Mine Complex

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500,000 oz Ag

Targeted production

Initial Production Q4 2012

Coeur Mine

Historical production of 39 million ounces of silver

- 3.3 million oz of M&I silver resources at average grades of 16.6 oz/t

silver and 0.72% copper

- Targeting 6.0 M Oz Ag Resource from 2012 and 2013 drill program

Re-development started February 2012

- Estimated development costs of $5 million

First production expected in Q4, 2012 with full production estimate at

500,000 oz Ag per year by end of 2013

Drilling commenced; 2,500 feet of 17,000 foot program completed

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Asset Overview – Galena Mine Complex

Brownfield Organic Growth

Caladay Lead Zone

Initial joint venture between Callahan Mining, ASARCO and Day Mines

sank a 5,100 foot shaft in the 1960’s

Drilling in the 1980’s by Coeur d’Alene Mines located a silver-lead deposit

100% owned by U.S. Silver & Gold Inc.

Re-habilitation completed and drilling commenced in the 3rd quarter

Appears to contain a mineable resource between the 4900 and 5500

levels, readily accessible from existing works

- Mineralization comprises broad areas of silver and lead

mineralization often associated with high grade veins

- Zones appear much wider (up to 25 to 30 feet) with grades in the

range of 7 to 9 oz Ag and 7% to 10% Pb

- Area supports lower cost bulk mining methods

Update expected by year-end on economic potential of mineralized area

Significant

Brownfield

Expansion

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Galena Complex Exploration Upside

CDA

“GAP”

Western

Coeur Mine

Argentine

Vein

Deep

Coeur MineDeep

Silver

Vein

Calady Mine

Lead-Silver

Exploration budget of 93,700 feet has been approved for 2012 9

Asset Overview – Drumlummon Mine

10 Potential synergies through excess milling capacity at Galena

High grade narrow vein gold and silver underground mine with extensive infrastructure

Historical production of 1 million ounces of gold and 12 million ounces of silver

All required permits in place under small miners exemption

2012 Plan estimates 110,000 tons of ore at 0.25/t Au and 4 oz/t Ag

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

Continued resource expansion and mine life extension success at Drumlummon and the recently

acquired Belmont mine

- $5.5 million exploration budget approved for 2012

- 106,000 feet of drilling to date

- Exploration success at the Frankie Vein, Sampson area of the Drumlummon Vein and the New

Years Vein, discovered in the foot wall of the Charly Vein

- Discovery of high grade silver veins in the Neenan area near Bald Butte moly project

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Drumlummon Mine – Underground Long Section

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DDH12-567 : 0.973 oz/t Au over 4’ 1.116 oz/t Au over 1’ DDH12-569 : 0.416 oz/t Au over 2’ 0.319 oz/t Au over 14’ DDH12-601 : 0.504 oz/t Au over 6’

Resource Expansion and Mine Life Extension Success 11

Drumlummon Mine – Claims and Property Boundaries

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Pro-Forma U.S. Silver & Gold

Symbol/Exchange USA-T

Market Cap (CDN$ MM) – close August 10, 2012 131.7

Shares Basic (MM) 59.4

ITM Options & Warrants (MM) 8.5

OTM Options & Warrants (MM) 3.5

Shares FD ITM (MM) 67.9

Cash (US$ MM)* $ 21.1

Working Capital (US$ MM)* $ 33.0

Debt (US$ MM)* $ 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%

Capital Structure and Key Metrics

13 * As at June 30, 2012

Strategic Objectives

Strategic Objectives

15 Experience with more than 100 transactions

Exceed

5.0M oz Ag by 2014

Ensure an effective and efficient integration

of the two organizations

Assess exploration, milling and capital

synergies with geographically focused assets

Growth through exploration and accretive acquisitions in North America

Secure line of credit to support future growth initiatives

Increase visibility within the investment

community

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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

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Board of Directors Overview

Gordon Pridham

Chairman

• Over 30 years of experience as a global finance executive

• Extensive special committee and public board experience with a track record of creating value for shareholders

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

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

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

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

• Currently CEO of Pacific Ridge Exploration and an advisor to the Manex Resources Group

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. 17

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

Large land package with significant exploration upside

Experienced management team

Disciplined strategy for targeted acquisitions

Catalysts in place for improved valuation

Focused on Execution 18