VANCOUVER, Jan. 11, 2017 /PRNewswire/ - Silver Standard
Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard")
reports its fourth quarter and full year 2016 operating results.
Additionally, we are providing 2017 production and cost guidance
for our three operations.
Fourth Quarter and 2016 Operating Highlights:
- Consistent record of delivery: Achieved production
guidance for the fifth consecutive year.
- Record annual production: Produced 393,325 gold
equivalent ounces in 2016 as all three operations met or exceeded
previously improved production guidance. During the fourth quarter,
gold equivalent production totaled 110,130 ounces.
- Robust gold production at Marigold: Production in the
fourth quarter was strongest for the year at 59,945 ounces of gold,
taking full year production to 205,116 ounces.
- Exceeded gold production guidance at Seabee: The mine
achieved the highest annual production in its 26-year history,
producing 77,640 ounces of gold in 2016. With fourth quarter
production of 19,711 ounces of gold, production over the second
half of the year exceeded our H2 2016 production guidance
range.
- Record annual silver production at Pirquitas: The mine
concluded a successful year with fourth quarter production of 2.2
million ounces of silver, taking annual production to a record 10.4
million ounces of silver in 2016.
Paul Benson, President and CEO
said, "Our production results continue to demonstrate the strength
of our operating portfolio, following the successful acquisition of
the Seabee Gold Operation earlier this year. I commend our mines
and their respective teams for delivering to or exceeding their
operating plans. Our fourth quarter production of over 110,000 gold
equivalent ounces is a strong finish to a very successful year.
These results are underpinned by our operational excellence
program, commitment to safe production and strong balance sheet
positioning us to continue creating shareholder value in 2017."
Marigold mine, U.S.
|
|
Q4
2016
|
Q3
2016
|
% Change
1
|
FY
2016
|
FY
2015
|
% Change
1
|
Total material
mined
|
kt
|
19,559
|
19,558
|
0.0%
|
75,093
|
74,592
|
0.7%
|
Waste
removed
|
kt
|
13,123
|
14,741
|
(11.0%)
|
51,480
|
54,054
|
(4.8%)
|
Ore to leach
pad
|
kt
|
6,436
|
4,817
|
33.6%
|
23,613
|
20,538
|
15.0%
|
Strip
ratio
|
w/o
|
2.0
|
3.1
|
(35.5%)
|
2.2
|
2.6
|
(15.4%)
|
Gold grade to leach
pad
|
g/t
|
0.48
|
0.42
|
14.3%
|
0.45
|
0.45
|
0.0%
|
Gold
recovery
|
%
|
75%
|
71%
|
5.6%
|
72%
|
71%
|
1.4%
|
Gold
produced
|
oz
|
59,945
|
47,456
|
26.3%
|
205,116
|
207,006
|
(0.9%)
|
Gold sold
|
oz
|
61,308
|
47,278
|
29.7%
|
204,315
|
206,338
|
(1.0%)
|
Notes:
|
1. Percent changes are
calculated using rounded numbers presented in the
table.
|
In 2016, the Marigold mine produced 205,116 ounces, compared to
207,006 ounces of gold produced in 2015, achieving the mid-point of
our improved 2016 production guidance. Gold sales were
204,315 ounces for the year.
Total material mined and ore stacked on leach pads of 75.1
million tonnes and 23.6 million tonnes, respectively, in 2016, were
record amounts for the Marigold mine, due to the increased hauling
capacity added to the fleet earlier in the year.
In the fourth quarter of 2016, Marigold produced 59,945 ounces
of gold, 26% higher than the previous quarter as expected, due to
higher grade ore tonnes sourced from the deeper benches of the
current Mackay pit phase during the third and fourth quarters of
2016. Higher grade ore was placed on the new leach pad,
completed in the third quarter of 2016, which assisted in
accelerated gold recovery. Gold sales totaled 61,308 ounces for the
quarter.
A total of 19.6 million tonnes of material were mined in the
fourth quarter of 2016, in line with material mined in the third
quarter. Approximately 6.4 million tonnes of ore were delivered to
the heap leach pads at a gold grade of 0.48 g/t, containing
approximately 75,000 recoverable ounces of gold stacked during the
quarter. This compares to 4.8 million tonnes of ore delivered to
the heap leach pads at a gold grade of 0.42 g/t in the third
quarter of 2016, containing approximately 47,000 recoverable ounces
of gold. Gold grade mined in the fourth quarter was 14% higher than
the third quarter. The strip ratio declined to 2.0:1 in the
quarter, a 36% reduction compared to the previous quarter.
Seabee Gold Operation, Canada
|
|
Q4
2016
|
Q3
2016
|
% Change
1
|
Period from
Acquisition to
December 31, 2016 2
|
2016
3
|
Total ore
milled
|
t
|
84,526
|
82,756
|
2.1%
|
186,138
|
312,679
|
Ore milled per
day
|
t/day
|
919
|
900
|
2.1%
|
870
|
854
|
Gold mill feed
grade
|
g/t
|
7.40
|
7.40
|
0.0%
|
7.44
|
7.91
|
Gold
recovery
|
%
|
97.0%
|
96.5%
|
0.5%
|
96.7%
|
96.7%
|
Gold
produced
|
oz
|
19,711
|
20,142
|
(2.1%)
|
46,574
|
77,640
|
Gold sold
|
oz
|
17,229
|
21,911
|
(21.4%)
|
50,445
|
76,474
|
Notes:
|
1.
|
Percent changes
are calculated using rounded numbers presented for Q4 2016 and Q3
2016 in the table.
|
2.
|
The data presented
in this column is for the period from and after May 31, 2016, the
effective date of our acquisition of Claude Resources Inc., to and
including December 31, 2016.
|
3.
|
The data presented
in this column is for the period from January 1, 2016 to December
31, 2016 and includes operating results for the Seabee Gold
Operation for the period from January 1, 2016 to May 30, 2016
prior to our acquisition.
|
The Seabee Gold Operation consists of the Seabee and Santoy
underground mines, both of which feed a single processing facility.
During the period since acquisition, from May 31, 2016 to December
31, 2016, the mine produced a total of 46,574 ounces of gold
with gold sales of 50,445 ounces. For the full year 2016,
production totaled 77,640 ounces of gold, marking record annual
production since the beginning of operations in 1991.
In the fourth quarter, the Seabee Gold Operation produced 19,711
ounces of gold, largely in line with the 20,142 ounces of gold
produced during the third quarter of 2016. Production during the
second half of the year of 39,853 ounces of gold exceeded our
second half 2016 production guidance range of 32,000 to 35,000
ounces of gold.
A record 84,526 tonnes of ore were milled at an average gold
grade of 7.40 g/t and recovery of 97.0% during the fourth quarter.
This compares to a total of 82,756 tonnes of ore milled at an
average gold grade of 7.40 g/t and recovery of 96.5% in the third
quarter. Gold sales totaled 17,229 ounces during the quarter.
During the fourth quarter, the mill was maintained at a higher
throughput of 919 tonnes per day, a record quarterly performance.
The Santoy complex mined approximately 92% of total ore milled,
with the remainder mined from Seabee. Mining continues to
transition to long hole stope ore from Santoy and we are reviewing
the mine plan to determine the feasibility of higher, sustainable
production rates in excess of our 2017 Outlook.
Pirquitas mine, Argentina
|
|
Q4
2016
|
Q3
2016
|
% Change
1
|
FY
2016
|
FY
2015
|
% Change
1
|
Total material
mined
|
kt
|
1,694
|
2,385
|
(29.0%)
|
9,142
|
11,900
|
(23.2%)
|
Waste
removed
|
kt
|
1,193
|
1,584
|
(24.7%)
|
6,317
|
9,090
|
(30.5%)
|
Ore mined
|
kt
|
501
|
801
|
(37.5%)
|
2,825
|
2,810
|
0.5%
|
Strip
ratio
|
w/o
|
2.4
|
2.0
|
20.0%
|
2.2
|
3.2
|
(31.3%)
|
Silver mined
grade
|
g/t
|
168
|
190
|
(11.6%)
|
183
|
183
|
0.0%
|
Ore milled
|
kt
|
476
|
455
|
4.6%
|
1,774
|
1,557
|
13.9%
|
Silver mill feed
grade
|
g/t
|
194
|
264
|
(26.5%)
|
235
|
250
|
(6.0%)
|
Silver
recovery
|
%
|
74.5%
|
79.0%
|
(5.7%)
|
77.8%
|
82.6%
|
(5.8%)
|
Silver
produced
|
'000 oz
|
2,210
|
3,047
|
(27.5%)
|
10,422
|
10,339
|
0.8%
|
Silver
sold
|
'000 oz
|
2,633
|
2,947
|
(10.7%)
|
11,397
|
10,294
|
10.7%
|
Notes:
|
1. Percent changes are
calculated using rounded numbers presented in the
table.
|
In 2016, the Pirquitas mine produced a record 10.4 million
ounces of silver, close to the upper end of our increased annual
production guidance range. This was largely the result of achieving
a 14% increase in daily milling rate during the year. Silver mined
grade of 183 g/t was in line with that realized in 2015, while
silver mill feed grade was 6% lower than the previous year, in line
with expectations as medium grade stockpiled ore supplemented the
mill feed. Silver recovery of 77.8% was lower compared to 2015, due
to a combination of closing down the zinc circuit in January 2016, lower silver grade throughout the
year and higher mill throughput in the latter half of 2016. Silver
sales totaled 11.4 million ounces for the year.
In the fourth quarter of 2016, Pirquitas production declined
relative to the third quarter, as expected, producing 2.2 million
ounces of silver. Silver sales totaled 2.6 million ounces for the
quarter.
Ore was milled at an average rate of 5,175 tonnes per day in the
fourth quarter, 5% higher than the previous quarter and a record
quarterly result. Additionally, the average milling rate was 29%
above the mill's nominal design of 4,000 tonnes per day, which is
the result of a successful 14-month operational excellence project.
Ore milled in the fourth quarter of 2016 contained an average
silver grade of 194 g/t, 27% lower than the 264 g/t reported in the
third quarter as the availability of ore in the lower benches of
the San Miguel open pit was reduced, resulting in medium grade
stockpile ore supplementing mill feed.
The average silver recovery in the fourth quarter was 74.5%,
lower than the 79.0% recovery in the previous quarter, in line with
reduced silver mill feed grade that resulted from the increasing
proportion of stockpiled material in the mill feed.
Detailed planning and consultation with the workforce, union,
communities and government for the cessation of open pit mining in
January 2017 is well-advanced.
Thereafter, medium grade stockpile material will be processed
through the plant in 2017. Low grade stockpiles may be processed in
late 2017, and potentially in early 2018, depending on prevailing
economic conditions.
2017 Outlook
This section of the news release provides management's
production and cost estimates. See "Cautionary Note Regarding
Forward-Looking Statements."
For the full year 2017, we expect:
Operating
Guidance
|
|
Marigold
mine
|
Seabee Gold
Operation
|
Pirquitas
mine
|
Gold
Production
|
oz
|
205,000 -
215,000
|
72,000 -
82,000
|
—
|
Silver
Production
|
Moz
|
—
|
—
|
4.5 - 5.5
|
Cash costs per
payable ounce sold 1
|
$/oz
|
655 - 705
|
575 - 625
|
13.50 –
16.00
|
Capital
Expenditures
|
$M
|
30
|
8
|
5
|
Capitalized Stripping
/
Capitalized Development
|
$M
|
17
|
11
|
—
|
Exploration
Expenditures 2
|
$M
|
5
|
5
|
—
|
Notes:
|
1.
|
We report the
non-GAAP financial measures of cash costs per payable ounce of
silver and gold sold to manage and evaluate operating performance
at the Marigold mine, the Seabee Gold Operation and the Pirquitas
mine. See "Cautionary Note Regarding Non-GAAP
Measures".
|
2.
|
Includes
capitalized and expensed exploration expenses.
|
In 2017, on a consolidated basis at mid-point of guidance,
Silver Standard expects to produce 355,000 gold equivalent ounces
at gold equivalent cash costs of $735
per ounce. Cash costs and capital guidance are based on
$55 per barrel oil price and 1.30
Canadian to U.S. dollar exchange rate. Gold equivalent figures are
based on a $1,250 per ounce gold
price and a $17.50 per ounce silver
price.
Marigold production is expected to increase compared to 2016 as
the mine benefits from the gold ounces stacked on the leach pads
through the latter months of 2016 and from continued strong
performance in 2017. As a result, production is expected to be
weighted towards the first half of the year. Capital expenditures
total $30 million and are primarily
attributable to mining equipment components of $17 million and replacement of support equipment
of $5 million, with $2.5 million allocated for permitting.
Capitalized stripping is expected to decline significantly relative
to 2016 as mining focuses on the current phases of the Mackay pit.
Approximately $11 million of
capitalized stripping are expected to be incurred in the second
half of the year as we commence stripping of the next phase of the
Mackay pit. Despite the decline in mining costs capitalized, cash
costs per payable ounce are expected to be similar to 2016.
At the Seabee Gold Operation, 2017 will mark our first full year
of ownership with production expected to remain near record levels
of between 72,000 and 82,000 ounces of gold at low cash costs,
based on mill throughput of 900 tonnes per day. Annual production
is expected to be weighted toward the second half of the year as
mine grade is expected to increase as additional levels are
developed at the Santoy mine complex through early 2017. Capital
investments at Seabee of $8 million
include $2 million for improvement of
gravity recovery in the plant, $2
million for ventilation improvements to the Santoy mine
complex to support a higher mining rate and $3 million for a water treatment plant related to
tailings water discharge. Capitalized development of $11 million is principally for Santoy decline
development and to establish stations for underground definition
and exploration drilling.
At the Pirquitas mine, as previously disclosed, mining of the
San Miguel open pit is expected to cease in January 2017. Medium grade stockpiles are
expected to constitute the mill feed upon cessation of open pit
mining activities. As a result, silver production is expected to
decline and cash costs are expected to be higher in 2017, compared
to 2016. Zinc production is not expected in 2017 due to lower zinc
grades in the stockpiled material. As we report cash costs on a per
payable ounce sold basis, 2017 expected cash costs include
stockpile inventory costs of approximately $3.50 per ounce of silver that were previously
incurred. Capital expenditures include approximately $1 million for completion of the tailings
facility lift, which commenced in the fourth quarter of 2016 and is
scheduled for completion in the first quarter of 2017. The
remaining sustaining capital is for maintaining the re-handle fleet
and the mill in fully operational condition. Further, we
expect to incur approximately $6
million related to remediation of mining areas in 2017,
mainly on surface water control measures. The Pirquitas plant is
expected to operate through 2017, conditional upon profitable
processing of stockpiles at prevailing market conditions, and to
close in late 2017 or early 2018, subject to our investment
decision on the Chinchillas project.
We continue to evaluate our right to exercise our option to form
a joint venture on the Chinchillas project as an opportunity to
extend the mine life at Pirquitas. The completion of our technical
evaluation combined with the assessment of market conditions and
country risk factors, including the status of our export duty
litigation, will determine our decision on exercising the option in
advance of its expiry on March 30,
2017.
Exploration and development expenditures are forecast at
$15 million. Approximately
$5 million of exploration at Marigold
is for Mineral Resource discovery and conversion of Mineral
Resources to Reserves with particular focus on the Valmy property.
At the Seabee Gold Operation, $5
million of expenditures are to be incurred targeting Mineral
Resource discovery and conversion of Mineral Resources to Reserves,
including Mineral Resource discovery contiguous to Seabee at the
Fisher property, where we hold an option. The remaining
expenditures are attributable to our development portfolio,
including $1 million at the Perdito
early-stage exploration property.
Qualified Persons
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 National Instrument 43-101 – Standards
of Disclosure for Mineral Projects ("NI 43-101") and our
Technical Services Manager at the Marigold mine. The scientific and
technical data contained in this news release relating to the
Seabee Gold Operation has been reviewed and approved by
Cameron Chapman, P.Eng., a Qualified
Person under NI 43-101 and General Manager at the Seabee Gold
Operation. The scientific and technical data contained in this news
release relating to the Pirquitas mine has been reviewed and
approved by Bruce Butcher, P.Eng., a
Qualified Person under NI 43-101 and our Director, Mine Planning.
About Silver Standard
Silver Standard is a Canadian-based precious metals producer
with three wholly-owned and operated mines, including the Marigold
gold mine in Nevada, U.S., the
Seabee Gold Operation in Saskatchewan,
Canada and the Pirquitas silver mine in Jujuy Province,
Argentina. We also have two
feasibility stage projects and an extensive portfolio of
exploration properties throughout North and South America. We are committed to delivering
safe production through relentless emphasis on Operational
Excellence. We are also focused on growing production and Mineral
Reserves through the exploration and acquisition of assets for
accretive growth, while maintaining financial strength.
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"). 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," "believes," 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 gold, silver and other metals;
future costs of inventory, and cash costs and total costs per
payable ounce of gold, silver and other metals sold;
expected exploration and development expenditures; the
prices of gold, silver and other metals; the timing of
cessation of San Miguel open pit mining activities and stockpile
processing at the Pirquitas mine; 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 gold, silver and other metals
produced by us; timing of production and the cash costs and total
costs of production at the Marigold mine, the Seabee Gold Operation
and the Pirquitas 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; our ability to expand Mineral Resources and convert
Mineral Resources into Mineral Reserves; 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 Marigold mine, the Seabee Gold Operation, the Pirquitas mine
and our projects; our ability to replace Mineral Reserves; subject
to exercising our election to proceed, our ability to complete and
successfully integrate Golden Arrow Resources Corporation's
Chinchillas project, on a joint venture basis, into our current
operations; commodity price fluctuations; political or economic
instability and unexpected regulatory changes; currency
fluctuations; the possibility of future losses; general economic
conditions; fully realizing the value of our shareholdings in
Pretium Resources Inc. and our other marketable securities, due to
changes in price, liquidity or disposal cost of such marketable
securities; potential export duty and related interest on past
production and sales of silver concentrate from the Pirquitas mine;
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 cost overruns; our ability to obtain adequate financing for
further exploration and development programs and opportunities;
uncertainty in acquiring additional commercially mineable mineral
rights; delays in obtaining or failure to obtain governmental
permits, or non-compliance with our permits; our ability to attract
and retain qualified personnel and management; potential labour
unrest, including labour actions by our unionized employees at the
Pirquitas mine; the impact of governmental regulations, including
health, safety and environmental regulations, including increased
costs and restrictions on operations due to compliance with such
regulations; reclamation and closure requirements for our mineral
properties; failure to effectively manage our tailings
facilities; social and economic changes following closure of
a mine, including the expected closure of the Pirquitas mine in
2017, may lead to adverse impacts and unrest; unpredictable risks
and hazards related to the development and operation of a mine or
mineral property that are beyond our control; indigenous peoples'
title claims and rights to consultation and accommodation may
affect our existing operations as well as development projects and
future acquisitions; assessments by taxation authorities in
multiple jurisdictions; recoverability of value added tax and
changes to the collection process in Argentina; claims and legal proceedings,
including adverse rulings in litigation against us and/or our
directors or officers; compliance with anti-corruption laws and
internal controls, and increased regulatory compliance costs;
complying with emerging climate change regulations and the impact
of climate change, including extreme weather
conditions; uncertainties related to title to our mineral
properties and the ability to obtain surface rights; the
sufficiency of 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; competition in the mining industry for mineral
properties; shortage or poor quality of equipment or supplies; an
event of default under our convertible notes may significantly
reduce our liquidity and adversely affect our business; failure to
meet covenants under our senior secured revolving credit facility;
conflicts of interest that could arise from certain of our
directors' involvement with other natural resource companies;
information systems security threats; 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 Marigold mine, the
Seabee Gold Operation and the Pirquitas 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 SEC 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. 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.
Cautionary Note Regarding Non-GAAP Measures
This news release includes certain terms or performance
measures commonly used in the mining industry that are not defined
under International Financial Reporting Standards ("IFRS"),
including cash costs per payable ounce of precious metals sold and
realized metal prices. Non-GAAP financial measures do not
have any standardized meaning prescribed under IFRS and, therefore,
they may not be comparable to similar measures reported by other
companies. We believe that, in addition to conventional
measures prepared in accordance with IFRS, certain investors use
this information to evaluate our performance. The data presented is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. These non-GAAP
measures should be read in conjunction with our consolidated
financial statements. Readers should refer to "Non-GAAP
and Additional GAAP Financial Measures" in section 12 of our most
recent MD&A, available under our corporate profile at
www.sedar.com or on our website at www.silverstandard.com, for a
more detailed discussion of how we calculate such measures and for
a reconciliation of such measures to IFRS terms.
SOURCE Silver Standard Resources Inc.