VANCOUVER, Oct. 8, 2015 /PRNewswire/ - Silver Standard
Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard")
provides its third quarter 2015 operational results for its
Marigold and Pirquitas mines.
Highlights:
- Delivered gold production to schedule at Marigold:
Produced approximately 41,300 ounces of gold, on track to achieve
increased 2015 production guidance.
- Continued strong production at Pirquitas: Produced 2.6
million ounces of silver, 5% above our second quarter production
and on track to deliver record annual silver production.
- Increased ore tonnes at higher grade to leach pads at
Marigold: Stacked ore increased to 7.2 million tonnes and gold
grade increased to 0.43 g/t as the mine loaded approximately 70,000
recoverable ounces to the leach pads in the third quarter.
- Increased throughput at Pirquitas: Milling rate
increased by 18% to 410,000 tonnes milled in the third
quarter.
Paul Benson, President and CEO
said, "We delivered strong operating results at both mines in the
third quarter of 2015 with increased quarter-on-quarter production
at Pirquitas while Marigold stacked more ore tonnes, setting the
mine up for a strong fourth quarter. Silver Standard is
well-positioned to meet our increased annual production guidance at
both sites through our relentless emphasis on operational
excellence."
Pirquitas mine, Argentina
|
|
Q3
2015
|
Q2
2015
|
%
Change
|
Total material
mined
|
kt
|
2,746
|
3,087
|
(11.0%)
|
Waste
removed
|
kt
|
2,219
|
2,320
|
(4.4%)
|
Strip
ratio
|
w/o
|
4.2
|
3.0
|
40.0%
|
Silver mined
grade
|
g/t
|
188
|
172
|
9.3%
|
Zinc mined
grade
|
%
|
0.33%
|
0.69%
|
(52.2%)
|
Ore milled
|
kt
|
410
|
347
|
18.2%
|
Silver mill feed
grade
|
g/t
|
238
|
262
|
(9.2%)
|
Zinc mill feed
grade
|
%
|
0.57%
|
0.69%
|
(17.4%)
|
Silver
recovery
|
%
|
82.0%
|
83.7%
|
(2.0%)
|
Zinc recovery (zinc
concentrate)
|
%
|
40%
|
51%
|
(21.6%)
|
Silver
produced
|
'000 oz
|
2,576
|
2,443
|
5.4%
|
Zinc produced (zinc
concentrate)
|
'000 lbs
|
2,076
|
2,674
|
(22.4%)
|
Silver
sold
|
'000 oz
|
2,819
|
2,623
|
7.5%
|
Zinc sold (zinc
concentrate)
|
'000 lbs
|
2,352
|
4,936
|
(52.4%)
|
Note:
Percent changes are calculated using rounded numbers presented
in the table.
|
The Pirquitas mine produced 2.6 million ounces of silver during
the third quarter of 2015, higher than the 2.4 million ounces
produced in the second quarter of 2015. The quarter-on-quarter
increase in silver production is primarily due to the higher amount
of ore milled, as silver mill feed grade and recovery remained
relatively in line with the previous quarter. The mine also
produced 2.1 million pounds of zinc in zinc concentrate during the
third quarter. Pirquitas is on track to meet our increased 2015
silver production guidance of between 9.5 and 10.5 million ounces,
which would result in a record annual silver production for the
mine. We recognized sales of 2.8 million ounces of silver and 2.4
million pounds of zinc for the quarter.
Ore was milled at an average rate of 4,454 tonnes per day in the
third quarter of 2015, 17% higher than the average milling rate of
3,815 tonnes per day in the second quarter as the planned mill rate
increased after the second quarter maintenance shutdown. Ore milled
contained an average silver grade of 238 g/t, 9% lower than the 262
g/t reported in the second quarter. The average recovery rate for
silver was 82%, consistent with the average recovery rate in the
previous quarter.
Marigold mine, U.S.
|
|
Q3
2015
|
Q2
2015
|
%
Change
|
Total material
mined
|
kt
|
18,425
|
19,051
|
(3.3%)
|
Waste
removed
|
kt
|
11,242
|
14,163
|
(20.6%)
|
Strip
ratio
|
w/o
|
1.6
|
2.9
|
(44.8%)
|
Ore to leach
pad
|
kt
|
7,183
|
4,888
|
47.0%
|
Gold grade to leach
pad
|
g/t
|
0.43
|
0.33
|
30.3%
|
Gold
recovery
|
%
|
70%
|
68%
|
2.9%
|
Gold
produced
|
oz
|
41,262
|
48,685
|
(15.2%)
|
Gold sold
|
oz
|
39,525
|
48,121
|
(17.9%)
|
Note: Percent changes are
calculated using rounded numbers presented in the
table.
|
The Marigold mine produced 41,262 ounces of gold in the third
quarter of 2015, as expected and on track to meet our increased
2015 production guidance of between 195,000 and 205,000 ounces of
gold. The increase in both tonnes and grade of ore stacked on the
leach pads this quarter is expected to result in increased gold
production in the fourth quarter of 2015. During the third quarter,
we completed construction of the new leach pad and stacked
sufficient ore to commence irrigation. We recognized sales of
39,525 ounces of gold for the quarter.
A total of 18.4 million tonnes of material was mined in the
third quarter of 2015, compared to 19.1 million tonnes mined in the
second quarter. Approximately 7.2 million tonnes of ore were
delivered to the heap leach pads at a grade of 0.43 g/t gold, which
represents approximately 70,000 recoverable ounces of gold stacked
during the quarter. The grade mined in the third quarter was 30%
higher than the second quarter, as mining progressed deeper into
the Mackay pit. The strip ratio decreased by 45% compared to the
second quarter due to the continued positive reconciliation of ore
tonnes. Gold recovery rate was 70% in the third quarter compared to
68% in the second quarter due to the higher grade mined.
Qualified Persons
The scientific and technical data contained in this news release
relating to the Pirquitas mine has been reviewed and approved by
Trevor J. Yeomans, ACSM, P.Eng., a
Qualified Person under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") and our Director,
Metallurgy. The scientific and technical data contained in this
news release relating to the Marigold mine has been reviewed and
approved by Thomas Rice, SME
Registered Member, a Qualified Person under NI 43-101 and our
Technical Services Manager at the Marigold mine.
For further information contact:
W. John DeCooman, Jr.
Vice President, Business Development and Strategy
Silver Standard Resources Inc.
Vancouver, BC
N.A. toll-free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@silverstandard.com
To receive Silver Standard's news releases by e-mail, please
register using the Silver Standard website at
www.silverstandard.com.
Cautionary Note Regarding Forward-Looking
Statements:
This news release contains forward-looking information within
the meaning of Canadian securities laws and forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements") concerning the anticipated developments in our
operations in future periods, and other events or conditions that
may occur or exist in the future. All statements, other than
statements of historical fact, are forward-looking
statements.
Generally, forward-looking statements can be identified by
the use of words or phrases such as "expects," "anticipates,"
"plans," "projects," "estimates," "assumes," "intends," "strategy,"
"goals," "objectives," "potential," or variations thereof, or
stating that certain actions, events or results "may," "could,"
"would," "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms or similar expressions. The
forward-looking statements in this news release relate to, among
other things: future production of silver, gold and other metals;
future costs of inventory, and cash costs and total costs per
payable ounce of silver, gold and other metals sold; the prices of
silver, gold and other metals; the effects of laws, regulations and
government policies affecting our operations or potential future
operations; future successful development of our projects; the
sufficiency of our current working capital, anticipated operating
cash flow or our ability to raise necessary funds; estimated
production rates for silver, gold and other metals produced by us;
timing of production and the cash costs and total costs of
production at the Pirquitas mine and the Marigold mine; the
estimated cost of sustaining capital; ongoing or future development
plans and capital replacement, improvement or remediation programs;
the estimates of expected or anticipated economic returns from our
mining projects, including future sales of metals, concentrate or
other products produced by us; and our plans and expectations for
our properties and operations.
These forward-looking statements are subject to a variety of
known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ from those expressed or
implied, including, without limitation, the following: uncertainty
of production, development plans and cost estimates for the
Pirquitas mine, the Marigold mine and our projects; our ability to
replace Mineral Reserves; commodity price fluctuations; political
or economic instability and unexpected regulatory changes; currency
fluctuations, particularly the value of the Argentine peso against
the U.S. dollar; the possibility of future losses; general economic
conditions; fully realizing our interest in Pretium Resources Inc.
("Pretium") and our other marketable securities, including the
price of and market for Pretium's common shares and such other
marketable securities; potential export duty and related interest
on current and past production of silver concentrate from the
Pirquitas mine; recoverability and tightened controls over the
value added tax collection process in Argentina; counterparty and market risks
related to the sale of our concentrate and metals; uncertainty in
the accuracy of Mineral Reserves and Mineral Resources estimates
and in our ability to extract mineralization profitably;
differences in U.S. and Canadian practices for reporting Mineral
Reserves and Mineral Resources; lack of suitable infrastructure or
damage to existing infrastructure; future development risks,
including start-up delays and operational issues; our ability to
obtain adequate financing for further exploration and development
programs; uncertainty in acquiring additional commercially mineable
mineral rights; delays in obtaining or failure to obtain
governmental permits, or non-compliance with permits we have
obtained; our ability to attract and retain qualified personnel and
management and potential labour unrest, including labour actions by
our unionized employees at the Pirquitas mine; governmental laws
and regulations, including health, safety and environmental laws
and regulations, increased costs and restrictions on operations due
to compliance with such regulations; reclamation and closure
requirements for our mineral properties; unpredictable risks and
hazards related to the development and operation of a mine or
mineral property that are beyond our control; assessments by
taxation authorities in multiple jurisdictions, including the
recent reassessment by the Canada Revenue Agency; claims and legal
proceedings, including adverse rulings in current or future
litigation against us and/or our directors or officers; compliance
with anti-corruption laws and increased regulatory compliance
costs; complying with emerging climate change regulations and the
impact of climate change; recoverability of deferred consideration
to be received in connection with recent divestitures;
uncertainties related to title to our mineral properties and the
ability to obtain surface rights; our insurance coverage; civil
disobedience in the countries where our mineral properties are
located; operational safety and security risks; actions required to
be taken by us under human rights law; our ability to access, when
required, mining equipment and services; competition in the mining
industry for mineral properties; shortage or poor quality of
equipment or supplies; our ability to complete and successfully
integrate an announced acquisition; conflicts of interest that
could arise from some of our directors' and officers' involvement
with other natural resource companies; information systems security
risks; certain terms of our convertible notes; our senior
secured revolving credit facility; and those other various
risks and uncertainties identified under the heading "Risk Factors"
in our most recent Annual Information Form filed with the Canadian
securities regulatory authorities and included in our most recent
Annual Report on Form 40-F filed with the U.S. Securities and
Exchange Commission ("SEC").
This list is not exhaustive of the factors that may affect
any of our forward-looking statements. Our forward-looking
statements are based on what our management considers to be
reasonable assumptions, beliefs, expectations and opinions based on
the information currently available to it. Assumptions have been
made regarding, among other things, our ability to carry on our
exploration and development activities, our ability to meet our
obligations under our property agreements, the timing and results
of drilling programs, the discovery of Mineral Resources and
Mineral Reserves on our mineral properties, the timely receipt of
required approvals and permits, including those approvals and
permits required for successful project permitting, construction
and operation of our projects, the price of the minerals we
produce, the costs of operating and exploration expenditures, our
ability to operate in a safe, efficient and effective manner, our
ability to obtain financing as and when required and on reasonable
terms and our ability to continue operating the Pirquitas mine and
the Marigold mine. You are cautioned that the foregoing list is not
exhaustive of all factors and assumptions which may have been used.
We cannot assure you that actual events, performance or results
will be consistent with these forward-looking statements, and
management's assumptions may prove to be incorrect. Our
forward-looking statements reflect current expectations regarding
future events and operating performance and speak only as of the
date hereof and we do not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change other than as
required by applicable law. For the reasons set forth above, you
should not place undue reliance on forward-looking
statements.
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral
Resources classification terms that comply with reporting standards
in Canada and the Mineral Reserves
and the Mineral Resources estimates are made in accordance with NI
43-101. NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. These standards differ significantly from the
requirements of the SEC set out in Industry Guide 7. Consequently,
Mineral Reserves and Mineral Resources information included in this
news release is not comparable to similar information that would
generally be disclosed by domestic U.S. reporting companies subject
to the reporting and disclosure requirements of the SEC. Under SEC
standards, mineralization may not be classified as a "reserve"
unless the determination has been made that the mineralization
could be economically produced or extracted at the time the reserve
determination is made. In addition, the SEC's disclosure standards
normally do not permit the inclusion of information concerning
"Measured Mineral Resources," "Indicated Mineral Resources" or
"Inferred Mineral Resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves" by U.S. standards in documents filed with the SEC. U.S.
investors should understand that "Inferred Mineral Resources" have
a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. Moreover,
the requirements of NI 43-101 for identification of "reserves" are
also not the same as those of the SEC, and reserves reported by us
in compliance with NI 43-101 may not qualify as "reserves" under
SEC standards. Accordingly, information concerning mineral deposits
set forth herein may not be comparable with information made public
by companies that report in accordance with U.S. standards.
SOURCE Silver Standard Resources Inc.