VANCOUVER, Jan. 15, 2018 /CNW/ - SSR Mining Inc.
(NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining") reports fourth quarter
and year-end 2017 operating results. Additionally, we are providing
2018 guidance.
Fourth Quarter and 2017 Operating Highlights
- Achieved total production guidance: Produced over
370,000 gold equivalent ounces in 2017, meeting or exceeding
initial guidance for a sixth consecutive year. Delivered
attributable gold equivalent production of over 358,000 ounces in
2017 and over 88,000 ounces in the fourth quarter, 14% higher than
the third quarter of 2017.
- Achieved gold production guidance at Marigold: Quarterly
gold production of 52,768 ounces, 36% higher than the third quarter
of 2017, resulted in annual production of 202,240 ounces of gold in
2017.
- Record quarterly production at Seabee: Achieved record
mill throughput of 89,237 tonnes or 970 tonnes per day during the
fourth quarter, which combined with higher milled grades and
improved recovery resulted in record quarterly gold production of
24,227 ounces.
- Delivered record annual gold production at Seabee: The
mine achieved the highest annual production in its 27-year history,
producing 83,998 ounces of gold in 2017, at the upper end of the
upwardly revised annual guidance.
- Exceeded annual production guidance at Puna Operations:
Exceeded the upper end of the upwardly revised annual production
guidance with a total of 6.2 million ounces of silver. Continued
excellent performance of stockpile processing resulted in silver
production of 1.2 million ounces in the fourth quarter.
Paul Benson, President and CEO
said, "A strong fourth quarter at all three operations resulted in
annual production of over 370,000 gold equivalent ounces. This
marks the sixth consecutive year that we have met or exceeded our
production guidance. All three operations performed well,
particularly Puna Operations which exceeded the top end of its
improved production guidance. These results are driven by our teams
and their continued focus on Operational Excellence to optimize our
operations. In the year ahead, we are positioning the company
to grow production as Seabee ramps up and the Chinchillas deposit
comes on-line in Argentina.
Importantly, our exceptionally strong balance sheet enables us to
increase our investment in brownfields exploration at both Marigold
and Seabee."
Marigold Mine, U.S.
|
|
Q4
2017
|
Q3
2017
|
% Change
1
|
FY
2017
|
FY
2016
|
% Change
1
|
Total material
mined
|
kt
|
13,979
|
20,311
|
(31.2%)
|
69,011
|
75,093
|
(8.1%)
|
Waste
removed
|
kt
|
8,136
|
13,149
|
(38.1%)
|
43,422
|
51,480
|
(15.7%)
|
Ore to leach
pad
|
kt
|
5,843
|
7,162
|
(18.4%)
|
25,589
|
23,613
|
8.4%
|
Strip
ratio
|
w/o
|
1.4
|
1.8
|
(22.2%)
|
1.7
|
2.2
|
(22.7%)
|
Gold grade to leach
pad
|
g/t
|
0.37
|
0.31
|
19.4%
|
0.35
|
0.45
|
(22.2%)
|
Gold
recovery
|
%
|
74%
|
72%
|
2.8%
|
73%
|
72%
|
1.4%
|
Gold
produced
|
oz
|
52,768
|
38,699
|
36.4%
|
202,240
|
205,116
|
(1.4%)
|
Gold sold
|
oz
|
51,420
|
38,818
|
32.5%
|
200,192
|
204,315
|
(2.0%)
|
|
Notes:
|
(1)
|
Percent changes
are calculated using rounded numbers presented in the
table.
|
In 2017, the Marigold mine produced 202,240 ounces of gold,
achieving the upper end of our revised production guidance. This
compares to 205,116 ounces of gold produced in 2016. Gold sales
were 200,192 ounces for the year.
Material mined during the year totaled 69.0 million tonnes, 8%
lower compared to the record tonnage moved in 2016, due to adverse
weather conditions in the first quarter of 2017 and a lower mining
rate in the fourth quarter as discussed below. The mine achieved a
record 25.6 million tonnes of ore stacked on leach pads in
2017.
During the fourth quarter of 2017, a total of 14.0 million
tonnes of material were mined, down 31% from the third quarter due
to planned maintenance of the rope shovel and operational
shut-downs and interruptions resulting from the fatal incident in
October. The operation focused on addressing the leaching
constraints related to clay ore encountered in the second half of
the year. Multiple actions were implemented resulting in
improvement of the leach pad operation over the last three months
of the year. A combination of ore blending, adding
surfactants to reduce ponding and improving ripping practices have
allowed solution application rates to return to normal and recovery
rates to expected levels. This was reflected in the increased gold
production in the fourth quarter.
Approximately 5.8 million tonnes of ore were delivered to the
heap leach pads at a gold grade of 0.37 g/t in the fourth quarter.
This compares to 7.2 million tonnes of ore delivered to the leach
pads at a gold grade of 0.31 g/t in the third quarter. Gold grade
mined in the fourth quarter was 19% higher than the third quarter
due to mining deeper in the current phase of the Mackay pit. The
strip ratio declined to 1.4:1 in the quarter, a 22% reduction
compared to the previous quarter.
In the fourth quarter of 2017, Marigold produced 52,768 ounces
of gold, 36% higher than the previous quarter. Gold sales totaled
51,420 ounces for the quarter.
Seabee Gold Operation, Canada
|
|
Q4
2017
|
Q3
2017
|
% Change
1
|
FY
2017
|
FY 2016
2
|
% Change
1
|
Total ore
milled
|
t
|
89,237
|
84,315
|
5.8%
|
330,415
|
312,679
|
5.7%
|
Ore milled per
day
|
t/day
|
970
|
916
|
5.9%
|
905
|
854
|
6.0%
|
Gold mill feed
grade
|
g/t
|
8.89
|
7.03
|
26.5%
|
8.25
|
7.91
|
4.3%
|
Gold
recovery
|
%
|
97.4%
|
97.2%
|
0.2%
|
97.4%
|
96.7%
|
0.7%
|
Gold
produced
|
oz
|
24,227
|
18,058
|
34.2%
|
83,998
|
77,640
|
8.2%
|
Gold sold
|
oz
|
23,969
|
21,798
|
10.0%
|
86,087
|
76,474
|
12.6%
|
|
Notes:
|
(1)
|
Percent changes
are calculated using rounded numbers presented in the
table.
|
(2)
|
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 produced 83,998 ounces of gold in
2017, marking record annual production in its 27-year history,
resulting from an improved milling rate and higher gold grades. A
total of 86,087 ounces of gold were sold during the year.
In 2017, the operation milled 330,415 tonnes of ore, another
operating record, due largely to our ongoing Operational Excellence
initiatives. During the year, average gold mill feed grade was 8.25
g/t, 4% higher compared to the average gold grade milled in 2016.
The Santoy mine supplied 82% of ore milled, predominantly from long
hole stopes, with the remaining ore sourced from the Seabee
mine.
In the fourth quarter of 2017, the operation produced 24,227
ounces of gold, a 34% increase compared to the previous quarter and
a quarterly record mainly due to record throughput and higher gold
grades. Gold sales totaled 23,969 ounces during the quarter.
A record 89,237 tonnes of ore were milled during the fourth
quarter at an average gold grade of 8.89 g/t and recovery of 97.4%.
This compares to a total of 84,315 tonnes of ore milled at an
average gold grade of 7.03 g/t and recovery of 97.2% in the third
quarter of 2017. During the fourth quarter, the mill maintained a
higher throughput of 970 tonnes per day, a record quarterly
performance. The Santoy mine supplied approximately 72% of total
ore milled, with the remainder sourced from the Seabee mine.
Puna Operations, Argentina (1)
|
|
Q4
2017
|
Q3
2017
|
% Change
1
|
FY
2017
|
FY
2016
|
% Change
1
|
Ore milled
|
kt
|
442
|
461
|
(4.1%)
|
1,798
|
1,774
|
1.4%
|
Silver mill feed
grade
|
g/t
|
125
|
153
|
(18.3%)
|
152
|
235
|
(35.3%)
|
Silver
recovery
|
%
|
66.0%
|
67.8%
|
(2.7%)
|
70.3%
|
77.8%
|
(9.6%)
|
Silver
produced
|
koz
|
1,169
|
1,541
|
(24.1%)
|
6,177
|
10,422
|
(40.7%)
|
Silver produced
(attributable) (2)
|
koz
|
877
|
1,156
|
(24.1%)
|
5,330
|
10,422
|
n/a
|
Silver
sold
|
koz
|
820
|
2,076
|
(60.5%)
|
5,994
|
11,397
|
(47.4%)
|
Silver sold
(attributable) (2)
|
koz
|
615
|
1,557
|
(60.5%)
|
5,088
|
11,397
|
n/a
|
|
Notes:
|
(1)
|
Figures are on
100% basis unless otherwise
noted.
|
(2)
|
Figures for the
third and fourth quarter of 2017 are on 75% attributable basis.
Figures for 2017 represent 100% for the period from January to May
2017 and 75% for the period from June to December
2017.
|
(3)
|
Percent changes
are calculated using rounded numbers presented in the
table.
|
In 2017, the operation produced a total of 6.2 million ounces of
silver, exceeding our increased annual production guidance. This
was largely due to stockpile grades and metallurgical performance
exceeding plan. Silver sales for the year totaled 6.0 million
ounces. Attributable share of silver production and sales in 2017
was 5.3 million ounces and 5.1 million ounces, respectively.
During the year, ore was milled at an average rate of 4,927
tonnes per day. Stockpile ore milled contained an average silver
grade of 152 g/t, higher than planned. While the average silver
recovery of 70.3% was lower than the previous year due to planned
lower silver mill feed grade, it was above our planned recovery for
the year.
In the fourth quarter of 2017, silver production of 1.2 million
ounces declined relative to the third quarter, as expected, due to
processing lower grade stockpile ore. Silver sales totaled 0.8
million ounces. Attributable share of silver production and sales
for the quarter was 0.9 million ounces and 0.6 million ounces,
respectively.
During the fourth quarter, ore was milled at an average rate of
4,800 tonnes per day. Ore milled contained an average silver grade
of 125 g/t, 18% lower than the 153 g/t reported in the third
quarter of 2017 as we continue to process lower grade stockpiles.
The average silver recovery in the fourth quarter was 66.0%.
Outlook
This section of the news release provides management's
production and cost estimates. See "Cautionary Note Regarding
Forward-Looking Statements."
Operating
Guidance
|
|
Marigold
mine
|
Seabee Gold
Operation
|
Puna
Operations
(75% interest) (4)
|
Gold
Production
|
oz
|
190,000 –
210,000
|
85,000 –
92,000
|
—
|
Silver
Production
|
Moz
|
—
|
—
|
3.0 –
4.4
|
Silver Production
(attributable)
|
Moz
|
—
|
—
|
2.3 – 3.3
|
Lead
Production
|
Mlb
|
—
|
—
|
7.0 – 12.5
|
Lead Production
(attributable)
|
Mlb
|
—
|
—
|
5.3 – 9.4
|
Zinc
Production
|
Mlb
|
—
|
—
|
5.5 – 7.5
|
Zinc Production
(attributable)
|
Mlb
|
—
|
—
|
4.1 – 5.6
|
Cash Costs per
Payable Ounce Sold (1)
|
$/oz
|
$725 –
$775
|
$560 –
$610
|
$12.50 –
$15.00
|
Sustaining Capital
Expenditures (2)
|
$M
|
$35.0
|
$10.0
|
$10.0
|
Capitalized Stripping
/ Capitalized Development
|
$M
|
$15.0
|
$9.0
|
$10.0
|
Exploration
Expenditures (3)
|
$M
|
$9.0
|
$9.0
|
$1.0
|
|
Notes:
|
(1)
|
We report the
non-GAAP financial measure of cash costs per payable ounce of gold
and silver sold to manage and evaluate operating performance at the
Marigold mine, the Seabee Gold Operation and Puna Operations. See
"Cautionary Note Regarding Non-GAAP Measures". Cash costs figures
are presented on a by-product basis.
|
(2)
|
Sustaining capital
expenditures for Puna Operations exclude initial capital
expenditures related to the development of the Chinchillas
project.
|
(3)
|
Includes
capitalized and expensed exploration expenses.
|
(4)
|
Shown on a 100%
basis unless otherwise
indicated.
|
On a consolidated basis, we expect to produce 340,000 gold
equivalent ounces in 2018 at gold equivalent cash costs of between
$715 and $770 per ounce. On an attributable basis, we
expect to produce 325,000 gold equivalent ounces in 2018 at gold
equivalent cash costs of between $705
and $760 per ounce.
Marigold production is expected to remain at or near the levels
achieved in 2017 as the mine benefits from sustaining higher mining
rates and expanded leach pad infrastructure. Due to the ongoing
positive operating performance, cash cost guidance of $725 to $775 per
payable gold ounce is materially lower than that forecast in the
5-year Outlook published in 2016. Sustaining capital expenditures
are expected to total approximately $35
million including $18 million
for maintenance and purchase of mobile fleet and $10 million for leach pad construction and
pumping upgrades. Quarterly production is expected to range between
40,000 ounces and 60,000 ounces of gold during the year. Production
in the first quarter is expected to be near the lower end and
production in the fourth quarter near the upper end of the range,
due to higher amount of gold ounces stacked in the first half of
the year and faster leaching in the second half of the year
associated with the new leach pad. Capitalized stripping is
expected to total $15 million with
the majority to be incurred in the second half of the year as the
mine commences stripping the next phase of the Mackay pit.
At the Seabee Gold Operation, we expect to build on the mine's
record 2017 operating performance and continue the implementation
of the development and expansion scenario contemplated in the
Preliminary Economic Assessment ("PEA"), which was published in
October 2017. Our focus remains on
increasing production from the Santoy mine to support higher mill
throughput levels and lower unit costs. The original Seabee mine
will be closed by mid-2018 after remnant ore extraction and removal
of infrastructure, contributing in part to the lower unit costs.
Gold production is expected to increase by approximately 5% while
cash costs per payable ounce of gold is expected to further
decline.
Sustaining capital expenditures of $10
million at Seabee include additions to the underground and
surface mobile equipment fleet, tailings expansion and upgrade to
site camp infrastructure to support the longer mine life, all
expenditures contemplated in the PEA. Capitalized development of
$9 million is principally related to
Santoy decline development and to establish stations for
underground definition and exploration drilling.
With the receipt of permits in December
2017 to construct the Chinchillas project, Puna Operations
will complete development of this deposit in 2018 to materially
extend its operating life. Consistent with the pre-feasibility
study on this high return project, project development expenditures
are expected to total $81 million
with $70 million remaining to be
invested in 2018. Our 75% share of project capital before VAT is,
therefore, $53 million for 2018.
First ore delivery to the Pirquitas mill is expected in the second
half of 2018 with sequential ramp up through the remaining months
of 2018. Once Chinchillas ore is being processed, Puna Operations
will produce lead-silver and zinc concentrates. The operation is
expected to produce between 3.0 million and 4.4 million ounces of
silver in 2018, with approximately 1.6 million ounces of production
anticipated in the first half of the year based solely on
processing of stockpiles and Chinchillas production anticipated in
the second half of 2018.
Due to the success of our 2016 and 2017 exploration programs and
consistent with our strategy to invest in our assets, we are
increasing exploration investment at Marigold and Seabee to
$9 million at each asset.
Marigold exploration will target infill drilling of higher grade
zones within the Mackay zone and commence a more focused program on
the Red Dot deposit among additional ongoing programs. The Seabee
exploration programs are focused in three areas including infill
drilling and exploration at Santoy Gap, exploration on the Seabee
land package for new deposits, including follow-up on the 2017 Carr
project results, and initial drill programs on the Fisher
property. Exploration at Puna Operations, SIB, Perdito and
other projects as well as property holding costs amount to
$10 million for a total exploration
and development investment of $28
million in 2018.
Gold equivalent figures for our 2018 operating guidance are
based on gold-to-silver ratio of 73:1. Cash costs and capital
expenditures guidance is based on an oil price of $60 per barrel and exchange rate of 1.25 Canadian dollar to U.S. dollar.
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 Puna Operations has been reviewed and approved
by Bruce Butcher, P.Eng., a
Qualified Person under NI 43-101 and our Director, Mine Planning.
About SSR Mining
SSR Mining Inc. is a Canadian-based precious metals producer
with three operations, including the Marigold gold mine in
Nevada, U.S., the Seabee Gold
Operation in Saskatchewan, Canada
and the 75%-owned and operated Puna Operations joint venture in
Jujuy, Argentina. We also have two
feasibility stage projects and a portfolio of exploration
properties in 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
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@ssrmining.com
To receive SSR Mining's news releases by e-mail, please
register using the SSR Mining website at
www.ssrmining.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 gold, silver and other metals;
the prices of gold, silver 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 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 Puna Operations; timing and expected expenditures of our
exploration and development programs; expected timing for
capitalized stripping at the Marigold mine; expected timing for the
closure of the original Seabee mine; expansion of the Seabee Gold
Operation based on the results of the PEA; the PEA representing
production growth, improved margins and processing plant
performance, low capital investment and extended mine life at the
Seabee Gold Operation; expected timing of construction of and ore
delivery from the Chinchillas project; 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 achieve our production guidance; 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, Puna Operations and our
projects; our ability to replace Mineral Reserves; our ability to
obtain necessary permits for the Chinchillas project; commodity
price fluctuations; political or economic instability and
unexpected regulatory changes; currency and interest rate
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; 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; differing results from
technical studies and reports; our ability to attract and retain
qualified personnel and management; potential labour unrest,
including labour actions by our unionized employees at Puna
Operations; 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 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; potential impacts of the Marigold mine
incident, including with respect to operation continuity;
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
VAT and significant delays in 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;
fully realizing our interest in deferred consideration received in
connection with recent divestitures; 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; our ability to complete and successfully integrate an
announced acquisition; 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' and officers' 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 currently 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 Puna Operations. 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. 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.
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 gold and silver sold.
Non-GAAP measures do not have any standardized meaning prescribed
under IFRS and, therefore, they may not be comparable to similar
measures employed 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. Readers
should also refer to our management's discussion and analysis,
available under our corporate profile at www.sedar.com or on our
website at www.ssrmining.com, under the heading "Non-GAAP and
Additional GAAP Financial Measures" for a more detailed discussion
of how we calculate such measures.
SOURCE SSR Mining Inc.