Shares of U.S Silver Corp. rose nearly 14 percent on Friday after the firm reported strong first quarter profits on higher silver demand and various cost savings despite the economic downturn.

The firm reported a net income of $1.4 million in the first quarter, up from $0.7 million in the same period a year earlier. Revenue rose 51 percent to $11.1 million compared with $7.3 million in the first quarter of 2008.

The company recently invested heavily in capital improvements with purchases of fixed assets and investments in mining assets at the Galena mine. It invested $1.7 million in the first quarter, compared to $5.3 million in the same quarter a year ago because the company focused on maximizing production and cash generation in the just completed quarter.

Shares of U.S. Silver rose 13.9 percent, to close at 20.5 cents on the Canadian Venture Exchange