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Last updated on April 18, 2014 at 21:21 EDT

Silver Standard Reports Fourth Quarter And Year-end 2012 Results

February 28, 2013

VANCOUVER, Feb. 28, 2013 /PRNewswire/ – Silver Standard Resources Inc. (NASDAQ:
SSRI, TSX: SSO) (“Silver Standard” or the “Company”) reports
consolidated financial results for the fourth quarter and year-ended
December 31, 2012.

“In 2012, Silver Standard delivered on its commitments to the market and
positioned the Company for growth,” said John Smith, President and
CEO.  “We exceeded silver production guidance, achieved cost guidance,
announced the results of the Pitarrilla Feasibility Study and received
approval for the San Luis Environmental Impact Assessment. More
recently, we bolstered our management team and raised $265 million -
enabling us to repay existing debt and helping to fund new mines.”

Full-Year Highlights:
(All figures are in U.S. dollars unless otherwise noted)

        --  Reported strong financial performance: Generated annual sales
            revenue of $241 million, a 63% increase over the $148 million
            generated in 2011.  Increased cash and cash equivalents to $367
            million from $329 million at December 31, 2011.

        --  Delivered at Pirquitas: Produced 8.6 million ounces of silver
            at Pirquitas, exceeding the high-end of the 2012 guidance
            range.  Reported direct mining costs of $12.61 per ounce of
            silver produced, down 8% from $13.65 per ounce in 2011 and
            within the 2012 guidance range.

        --  Executed the sales strategy: Signed multiple long-term silver
            concentrate sales contracts with smelters, diversifying the
            customer base and reducing treatment and refining costs.

        --  Completed the Pitarrilla Feasibility Study: Completed the
            Pitarrilla Feasibility Study, defining a 32-year, high
            production project in Mexico.

        --  Delivered organic growth: Increased the Company's silver
            Mineral Reserve to 566 million ounces, approximately
            three-times the 189 million ounces reported at year-end, 2011.
            Increased Measured and Indicated Mineral Resources to 1,188
            million ounces of silver, up 3% from 1,148 million ounces of
            silver reported at December 31, 2011.

        --  Raised capital for mine development: Subsequent to year-end,
            closed a $265 million offering of convertible notes, the
            proceeds of which are anticipated to be used to repurchase or
            redeem approximately $138 million of the Company's outstanding
            2008 convertible notes and for general corporate purposes,
            which may include developing or advancing the project
            portfolio.

Director, John R. Brodie Passes Away

Silver Standard regrets to announce that director, John R. Brodie,
passed away on Sunday, February 24, 2013. “We would like to express our
sincere appreciation for John’s tremendous contribution to Silver
Standard and for his friendship,” said Peter Tomsett, Chairman of the
Board.  “John’s leadership has been instrumental to the Company’s
development, and he will be greatly missed.”

Pirquitas Mine, Argentina

Summary Mine Operating Statistics ((1))

     _____________________________________________________________________
    |         |       |Q1 2012|Q2 2012|Q3 2012|Q4 2012|Full Year|Full Year|
    |         |       |       |       |       |       |  2012   |  2011   |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Total    |   Kt  |4,297  |4,483  |4,333  |4,415  | 17,528  | 17,480  |
    |material |       |       |       |       |       |         |         |
    |mined    |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Ore      |   Kt  |  416  |  386  |  404  |  417  |  1,623  |  1,089  |
    |milled   |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Silver   |   g/t |  221  |  219  |  214  |  212  |    217  |    253  |
    |mill feed|       |       |       |       |       |         |         |
    |grade    |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Zinc mill|    %  | 0.97  | 0.66  | 0.65  | 0.67  |   0.74  |   1.02  |
    |feed     |       |       |       |       |       |         |         |
    |grade    |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Silver   |    %  | 77.3  | 74.5  | 77.7  | 79.9  |   76.3  |   79.5  |
    |recovery |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Zinc     |    %  |   37  |   35  |   39  |   42  |     38  |     41  |
    |recovery |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Silver   |'000 oz|2,172  |2,021  |2,163  |2,268  |  8,624  |  7,056  |
    |produced |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Zinc     |  '000 |3,324  |1,900  |2,770  |3,176  | 11,171  | 10,122  |
    |produced |   lbs |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Silver   |'000 oz|1,536  |1,859  |2,770  |3,218  |  9,383  |  4,846  |
    |sold     |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Zinc sold|  '000 |1,791  |1,791  |2,152  |2,731  |  8,465  | 12,419  |
    |         |   lbs |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Realized |US$/oz |32.20  |30.06  |29.37  |32.69  |  31.13  |  33.58  |
    |silver   |       |       |       |       |       |         |         |
    |price    |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Cost of  |US$/oz |14.79  |14.42  |14.99  |14.81  |  14.78  |  15.19  |
    |inventory|       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Cash     |US$/oz |19.17  |18.52  |19.56  |19.12  |  19.14  |  19.70  |
    |costs    |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|
    |Total    |US$/oz |28.78  |25.71  |26.76  |27.32  |  27.06  |  26.36  |
    |costs    |       |       |       |       |       |         |         |
    |_________|_______|_______|_______|_______|_______|_________|_________|

    (1) The Company reports non-GAAP cash and total costs per ounce of
        silver produced to manage and evaluate
        operating performance at the Pirquitas mine.  See 'Cautionary Note
        Regarding Non-GAAP Measures.'

Mine production

The Pirquitas mine produced 8.6 million ounces of silver during 2012,
22% more than the 7.1 million ounces produced in 2011.  The higher 2012
production is the result of better mechanical availability in the plant
and operational improvements that led to higher and more consistent
throughput.  The mine also produced 11.2 million pounds of zinc, 10%
more than the 10.1 million pounds produced in 2011, again largely the
result of higher throughput.

During the year, 1.6 million tonnes of ore were processed at an average
milling rate of 4,433 tonnes per day, 11% above the plant’s nominal
design.  This compares to 1.1 million tonnes processed in 2011, at an
average milling rate of 2,983 tonnes per day.  The ongoing performance
above design was the result of continuous improvement initiatives at
the mine, including improved preventative maintenance.

The average silver grade of the ore milled in 2012 declined to 217 g/t
from 253 g/t in 2011.  The average silver recovery rate declined to
76.3% in 2012 from 79.5% in 2011, partly due to a temporary shortage in
the desired reagents.  Despite lower grades and recoveries, overall
production improved due to the higher average milling rate.

Mine operating costs

Cash costs per ounce and total cost per ounce are non-GAAP financial
measures. See “Cautionary Note Regarding Non-GAAP Measures.”

Direct mining costs for 2012, as detailed under the Company’s previous
presentation method for its non-GAAP financial measures were $12.61 per
ounce of silver produced, within the guidance range of $11.85 to $12.85
per ounce.

During 2012, the Company changed its presentation of cash costs, a
non-GAAP financial measure.  Under the revised methodology, the Company
reports “cash costs” and “total costs” on a “per payable ounce sold”
basis. Silver concentrate export duties, that are being accrued but not
paid, are included in total costs to reflect their non-cash nature. 
Previous disclosures have been restated to conform to the amended
presentation.

Cost of inventory in 2012 was $14.78 per payable ounce of silver
compared to $15.19 per payable ounce in 2011. The cost of inventory was
lower in 2012 as operating costs on a per ounce basis improved due to
consistent production and higher throughput.

Cash costs in 2012, which includes treatment and refining costs, freight
and transportation, and by-product credits were $19.14 per payable
ounce of silver compared to $19.70 per payable ounce of silver in 2011.
The lower incremental per ounce impact of off-site costs in 2012
compared with 2011 is due partially to lower silver prices in 2012 and
improved concentrate sales contract terms negotiated in 2012.

Total costs, which includes export duties, depreciation, depletion and
amortization, were $27.06 per payable ounce in 2012 compared to $26.36
per payable ounce in 2011. Depreciation, depletion and amortization
costs on a per ounce basis were higher in 2012 due to a reduction of
Mineral Reserves at Pirquitas at the end of 2011, which increased the
depreciation charge on certain assets in 2012.

Exploration drilling

At Pirquitas, the Company completed an extensive diamond drill program
of 142 holes for approximately 53,000 metres. The program was extended
beyond the planned campaign following positive drilling results and the
discovery of certain geophysical anomalies to the east of the San
Miguel open-pit in the first half of 2012. The drilling program was
principally designed to expand and better define the Cortaderas Breccia
and Cortaderas Valley Mineral Resources as reported in the technical
report entitled “NI 43-101 Technical Report on the Pirquitas Mine,
Jujuy Province, Argentina”, dated effective December 23, 2011 (the
“2011 Pirquitas Technical Report”). An updated Mineral Resource model
was completed, and as of December 31, 2012 the Cortaderas area is
estimated to contain the following Mineral Resources:

     ___________________________________________________________________
    |Cut-off|              |  Tonnes  |        |      |        |        |
    |  Ag   |Classification|(millions)|Ag (g/t)|Zn (%)|Ag (Moz)|Zn (Mlb)|
    | (g/t) |              |          |        |      |        |        |
    |_______|______________|__________|________|______|________|________|
    |   40  |   Indicated  |     3.9  |     128|  5.00|    16.2|     432|
    |_______|______________|__________|________|______|________|________|
    |   50  |   Indicated  |     3.6  |     137|  5.14|    15.6|     403|
    |_______|______________|__________|________|______|________|________|
    |   60  |   Indicated  |     3.2  |     146|  5.29|    15.0|     372|
    |_______|______________|__________|________|______|________|________|
    |       |              |          |        |      |        |        |
    |_______|______________|__________|________|______|________|________|
    |   40  |    Inferred  |     3.0  |     152|  5.29|    14.5|     347|
    |_______|______________|__________|________|______|________|________|
    |   50  |    Inferred  |     2.7  |     162|  5.44|    14.1|     326|
    |_______|______________|__________|________|______|________|________|
    |   60  |    Interred  |     2.4  |     174|  5.61|    13.6|     301|
    |_______|______________|__________|________|______|________|________|

Notes:

      1. Jeremy D. Vincent, B.Sc. (Hons), P.Geo., Senior Geologist employed
         by the Company, is the Qualified Person for the reported Mineral
         Resources estimate.
      2. All Mineral Resource estimates have been classified in accordance
         with current Canadian Institute of Mining, Metallurgy and
         Petroleum ("CIM") definition standards.
      3. The above Mineral Resources are reported at a range of potentially
         economic silver cut-off grades to demonstrate sensitivity, whilst
         retaining reasonable prospects for economic extraction.  The
         cut-off grade of 50 grams per tonne silver has not yet been
         demonstrated by a preliminary economic assessment or higher level
         mine study.
      4. Mineral Resources that are not Mineral Reserves do not have
         demonstrated economic viability. While the classification
         categories of Mineral Resources used in this news release are
         recognized and required under Canadian regulations, the U.S.
         Securities and Exchange Commission ("SEC") does not recognize them
         and U.S. companies are generally not permitted to disclose
         resources in documents they file with the SEC.
      5. The reported tonnes, grade, and metal content may not tally
         precisely due to rounding.

Outlook

This section of the news release provides management’s production and
cost estimates for 2013. Major capital and exploration expenditures are
also discussed.  See “Cautionary Note Regarding Forward-Looking
Statements.”

The Company’s production and cost guidance for 2013 is:

        --  Produce and sell between 8.2 and 8.5 million ounces of silver.
        --  Produce over 20 million pounds of zinc.
        --  Cash costs between $17.00 and $18.50 per silver ounce.
        --  Capital expenditures of $25 million at Pirquitas, including
            approximately $15 million for a tailings facility expansion but
            excluding capitalized stripping costs.
        --  Expenditures of $15 million for exploration across the
            Company's portfolio.
        --  Expenditures of $17 million for development.

At the Pirquitas mine the Company expects to produce between 8.2 and 8.5
million ounces of silver in 2013.  The mine is currently transitioning
from Phase 1 to Phase 2 of the San Miguel open-pit, and due to ore and
stockpile sequencing, the Company plans to produce approximately two
million ounces of silver in the first quarter of 2013.  Production is
expected to increase as the year progresses.

The Company is required to adopt the accounting standard IFRIC 20
“Stripping Costs in the Production Phase of a Surface Mine” effective
January 1, 2013, as discussed in detail under ‘Future Accounting
Changes’ in item 16 of the MD&A.  The Company estimates that the
adoption of IFRIC 20 will result in the capitalization of a significant
amount of stripping costs at Pirquitas in 2013 that will be amortized
in subsequent periods. The estimated impact of this accounting standard
has been included within the cash costs guidance provided.

Cash costs are a non-GAAP financial measure.  See “Cautionary Note
Regarding Non-GAAP Measures.”  Note that the Company changed its “cash
costs” and “total costs” disclosure methodology.

The Company plans to spend approximately $15 million on exploration in
2013.  Approximately $7 million is budgeted for exploration at the
Company’s Mexican projects, with the balance mainly budgeted for
Argentina and Peru.  The Company may increase its exploration budget or
redirect exploration spending in response to positive exploration
results.

The Company expects to spend a minimum of $17 million on development in
2013, including approximately $8 million at Pitarrilla and $7 million
at San Luis, in line with the Company’s goal of advancing these
projects to construction decisions.  In the event that the Company
makes a positive construction decision for one or both of the projects,
development expenditures would increase significantly.  Planned
investments in advance of construction decisions include optimization,
land acquisition, community agreements, permitting and financing.

Financial Results

Mine Operations

        --  Revenues were $241.1 million in the year ended December 31,
            2012, versus $147.8 million in the year ended December 31,
            2011.  Cost of sales was $195.0 million, including $44.7
            million non-cash depletion, depreciation and amortization, in
            the year ended December 31, 2012.  This compares to a cost of
            sales of $95.9 million and non-cash depletion, depreciation and
            amortization of $16.5 million in the year ended December 31,
            2011.
        --  Mine operations at Pirquitas earned $46.1 million in the year
            ended December 31, 2012, compared to $51.9 million in the year
            ended December 31, 2011.

Net Income

        --  Net earnings of $54.8 million, or $0.68 per share, in the year
            ended December 31, 2012, compared to net earnings of $80.1
            million or $1.00 per share in the year ended December 31, 2011.

Liquidity

        --  Cash and cash equivalents were $366.9 million at December 31,
            2012, compared to $329.1 million as of December 31, 2011.
            Working capital was $379.0 million at December 31, 2012,
            compared to $399.1 million at December 31, 2011.
     ___________________________________________________________________
    |                       Selected Financial Data                     |
    |                (US$000's, except per share amounts)               |
    |                                                                   |
    |      This summary of selected financial data should be read in    |
    |   conjunction with the Management Discussion and Analysis of the  |
    |    Financial Position and Results of Operations and the audited   |
    |   consolidated financial statements of the Company for the years  |
    |           ended December 31, 2012 and December 31, 2011.          |
    |___________________________________________________________________|
    |                           |   Three Months    |       Year        |
    |                           |Ended December 31  |Ended December 31  |
    |___________________________|___________________|___________________|
    |                           |  2012 |     2011  |  2012 |     2011  |
    |___________________________|_______|___________|_______|___________|
    |Revenue                    | 86,778|     14,369|241,120|    147,845|
    |___________________________|_______|___________|_______|___________|
    |Income (loss) from mine    | 16,640|    (3,270)| 46,112|     51,919|
    |operations                 |       |           |       |           |
    |___________________________|_______|___________|_______|___________|
    |Operating income (loss)    |  6,026|    (7,137)|  9,748|     22,565|
    |___________________________|_______|___________|_______|___________|
    |Net income for the period  | 23,848|      2,584| 54,826|     80,128|
    |___________________________|_______|___________|_______|___________|
    |Basic earnings per share   |   0.30|       0.03|   0.68|       1.00|
    |___________________________|_______|___________|_______|___________|
    |Cash generated by (used in)| 13,305|    (7,223)|  5,410|      5,679|
    |operating activities       |       |           |       |           |
    |___________________________|_______|___________|_______|___________|
    |Cash generated by (used in)|    203|   (20,507)| 31,864|     70,980|
    |investing activities       |       |           |       |           |
    |___________________________|_______|___________|_______|___________|
    |Cash generated by financing|--|        882|    618|     20,085|
    |activities                 |       |           |       |           |
    |___________________________|_______|___________|_______|___________|
    |                                                                   |
    |___________________________________________________________________|
    |Financial Position         |December 31, 2012  |December 31, 2011  |
    |___________________________|___________________|___________________|
    |Cash and cash equivalents  |          366,947  |          329,055  |
    |___________________________|___________________|___________________|
    |Current assets - total     |          593,771  |          476,676  |
    |___________________________|___________________|___________________|
    |Current liabilities - total|          214,812  |           77,588  |
    |___________________________|___________________|___________________|
    |Working capital            |          378,959  |          399,088  |
    |___________________________|___________________|___________________|
    |Total assets               |        1,316,912  |        1,276,102  |
    |___________________________|___________________|___________________|

Principal Projects

Pitarrilla, Mexico

A total of $23.9 million was spent during 2012 at the wholly-owned
Pitarrilla project located in the State of Durango, Mexico compared to
$18.2 million in 2011.

In a news release dated December 4, 2012, the Company announced the
results of a feasibility study on the project. The following are key
highlights(1):

        --  Probable Mineral Reserves of 479 million ounces of silver,
            approximately 5.2 times greater than the 91.7 million ounces of
            Probable Mineral Reserves reported previously.
        --  A 32-year project life producing an average of approximately 15
            million ounces of silver per year during the first 18 years of
            production.
        --  An after-tax NPV of $737 million at base case metal prices
            using a 5% real discount rate and $1.7 billion at spot prices.
            An after-tax IRR of 12.8% at base case metal prices using a
            discount of 5% and 21.2% at spot prices.
        --  Estimated average cash costs of $10.01 per payable ounce of
            silver over the life of the project.
        --  Total pre-production capital of $741 million, including $157
            million of pre-production operating costs and $131 million of
            pre-operating revenue.
        --  Standard truck-and-shovel open-pit mining methods and
            well-established flotation and leach processing methods.

The feasibility study evaluates the development and construction of an
open-pit mine, processing facilities, a tailings storage facility and
supporting infrastructure. Pitarrilla is expected to be one of the
largest silver mines in Mexico, producing an estimated 333 million
ounces of silver, 582 million pounds of lead and 1,669 million pounds
of zinc over a 32-year project life.

Pitarrilla is expected to use a standard truck and shovel open-pit
mining method, with a fleet of trucks that is expected to haul an
average of over 175,000 tonnes of material per day over 20 years. The
plant will use standard grind, float and agitated leach circuits to
process 16,000 tonnes per day of flotation/leach ore or 12,000 tonnes
per day of direct leach ore.  The plant will produce lead and zinc
concentrates and a silver doré.

Pitarrilla is located approximately 160 kilometres north-northwest of
the city of Durango. A paved roadway extends to within 47 kilometres of
the plant site. The Company has been advised by the Comision Federal De
Electricidad, Mexico’s national power utility, that it will provide
power for the project via a new powerline.

During 2012, the Company completed 34 in-fill drill holes totaling 3,400
metres in the upper zones of the oxide deposit, and 33 closely-spaced
drill holes totaling 8,914 metres for geostatistical studies to refine
the Mineral Resource model in support of the feasibility study. The
Company also successfully closed certain land access rights and
continues to negotiate for the remaining few parcels of land. It also
received approval for the EIA for certain parts of the project
infrastructure. An EIA is expected to be completed and ready for
submission to Mexico’s environmental agency in the first half of 2013.

In connection with the technical report dated December 14, 2012 and
entitled “NI 43-101 Technical Report on the Pitarrilla Project, Durango
State, Mexico” (the “2012 Pitarrilla Technical Report”), the Company
prepared updated estimates of the Pitarrilla project’s Mineral Reserves
and Mineral Resources. The deposit is estimated to comprise Probable
Mineral Reserves of 157 million tonnes containing 479 million ounces of
silver, 1,014 million pounds of lead and 2,722 million pounds of zinc,
and Measured and Indicated Mineral Resources (inclusive of Mineral
Reserves) of 260 million tonnes containing 695 million ounces of
silver, 1,815 million pounds of lead and 4,146 million pounds of zinc,
all at a 30 grams per tonne silver cut-off. The updated Mineral
Reserves estimates for the Pitarrilla project represent an increase of
approximately 422% from the Mineral Reserves estimate for the project
that was reported on September 21, 2009 in a technical report entitled
“NI 43-101 Technical Report – Pitarrilla Property Pre-feasibility
Study”. The Mineral Resources and Mineral Reserve estimates were
prepared respectively by Jeremy Vincent, B.Sc. (Hons), P. Geo. and by
Andrew Sharp, B.Eng., FAusIMM and are presented in the 2012 Pitarrilla
Technical Report, in accordance with the standard of the Canadian
National Instrument 43-101 and the definitions of the CIM standards.

—————————————-

(1) Base case metal prices: $27.50 per ounce silver in the final
pre-production year and the first two years of production, and $25.00
per ounce silver thereafter; $0.90 per pound of lead and $0.95 per
pound of zinc.  Spot case metal prices: $34.13 per ounce of silver,
$0.99 per pound of lead and $0.87 per pound of zinc. See news release
dated December 4, 2012.

San Luis, Peru

A total of $7.9 million was spent during 2012 at the wholly-owned San
Luis project in Peru compared to $5.6 million in 2011.

On September 10, 2012, the Peruvian government approved the EIA for the
mining operation of the Ayelén deposit, completing a significant
milestone for the San Luis Project. Long-term land access negotiations
are continuing with one of the two local communities that control the
rights to surface lands on which the future mine would be located. An
agreement with the other community was completed in late 2011. With the
EIA approved, completion of the final land access agreement will enable
permit applications to be submitted and a development decision to be
made.

The San Luis project comprises Proven and Probable Mineral Reserves of
approximately 0.5 million tonnes containing 7.2 million ounces of
silver at an average grade of 446 g/t silver and 290,000  ounces of
gold at an average grade of 18 g/t gold within the Ayelén vein, with
other identified veins on the 35,000 hectare property requiring further
exploration. The Mineral Reserve estimate for the San Luis project was
prepared by Steve L. Milne, P.E of Tucson, USA and presented in a
technical report dated June 4, 2010 and entitled “Technical Report for
the San Luis Project Feasibility Study, Ancash Department, Peru”, in
accordance with the standard of the Canadian National Instrument 43-101
and the definitions of the CIM standards.

During the year, the Company received approval for an exploration EIA,
allowing for an exploration drilling campaign at the BP Zone, a
high-potential porphyry copper target, located about 4.5 kilometres
southeast of the Ayelén deposit. This target is located in an area
where land access for exploration activities has been previously
granted by the local community. The Company obtained the required water
permit and is now awaiting final government approvals.

Diabillos, Argentina

A total of $2.0 million was spent during 2012 at the Company’s
wholly-owned Diablillos project in Argentina. In the fourth quarter of
2012, the Company drilled 19 diamond boreholes for a combined length of
1,684 metres to test five targets. The targets were zones of gold and
silver mineralization that lie peripheral to the Oculto deposit. 
Initial results demonstrate encouraging mineralization that will be
considered for additional testing in 2013.

Mineral Reserves and Resources

At December 31, 2012, Proven and Probable silver Mineral Reserves
totaled 566 million ounces.  The increase in Mineral Reserves from 189
million ounces at December 31, 2011, is largely driven by an increase
in reserves at Pitarrilla, as announced in a news release dated
December 4, 2012, which exceeded the depletion of Mineral Reserves from
mining activities at Pirquitas.  Measured and Indicated silver Mineral
Resources (inclusive of Mineral Reserves) at year-end totaled 1,188
million ounces and Inferred silver Mineral Resources totaled 343
million ounces.  See Table 1 for details of the Company’s Mineral
Reserves and Mineral Resources by project.

Fiscal stability agreement and Argentine regulatory environment

The Pirquitas mine has a fiscal stability agreement with the government
of Argentina dating from 1998 (the “Fiscal Agreement”).  In December
2007, the National Customs Authority of Argentina (the “NCA”) levied an
export duty of approximately 10% on concentrates, even for projects
with fiscal stability agreements predating 2002.  The legality of the
export duty on silver concentrates has been challenged and is currently
under review by the Federal court in Argentina. The Company has been
advised that the Pirquitas mine is subject to this export duty despite
contrary rights detailed under the Fiscal Agreement.  In December 2012,
the Federal Court of Appeal (Salta) upheld a cease payment order
granted in the Company’s favour by the Federal Court (Jujuy) effective
September 29, 2010, which provided that the Company was not required to
pay the 10% export duty imposed upon us by the NCA in December 2007. 
However, the Federal Government of Argentina has appealed this decision
to the Federal Supreme Court of Argentina. The appeal by the Federal
Government of Argentina has also included the refund claimed by the
Company for the export duties paid before the cease payment order, as
well as matters of procedure related to the uncertainty of the amount
reclaimed.

Until the order to cease payment was granted in 2010, the Pirquitas mine
had paid $6.6 million in export duties, against which it has filed for
recovery.  In accordance with this order, the Company has not been
paying export duties on silver concentrate but continues to accrue
duties in full until the outcome of the claim is known with certainty. 
At December 31, 2012, the Company has accrued a liability totaling
$35.0 million, with a corresponding increase in cost of sales in the
relevant period.  If this export duty is successfully overturned, the
benefit will be recognized in the Consolidated Statement of Income
(Loss) for the full amount of paid and unpaid duty in the period that
recovery becomes virtually certain.  The accrued export duty also has a
significant impact on the Company’s total production cost.  If resolved
in the Company’s favour, the impact would be to reduce total production
costs by approximately 10% of the net sales price on a per ounce basis.

On October 26, 2011, the Argentine government announced a decree that
requires all funds from export sales to be repatriated to Argentina and
converted into Argentine pesos within the Sole Foreign Exchange Market
in Argentina.  The Argentine pesos can then be exchanged back into the
original currency, again through the Sole Foreign Exchange Market,
provided the required authorization is granted by the Argentine Central
Bank and the Federal Administration of Public Income.  Each transfer is
subject to a 0.6% transfer tax.  The mining industry had previously
been exempted from this obligation to bring such foreign currency into
Argentina.  Although the Fiscal Agreement includes stability over
foreign exchange controls, the government removed such benefits with
this decree.

In addition, the regulatory environment in Argentina continues to impact
the business, as outlined in item 3 ‘Business Overview’ of the MD&A. 
Notably, in the second quarter of 2012, the Argentine Ministry of
Economy and Public Finance issued a resolution that reduced the time
permitted to repatriate export proceeds from 180 days to 15 days, which
caused the Pirquitas mine to temporarily suspend shipments while the
Company assessed the impact of this resolution.  Subsequently, the time
permitted to repatriate export proceeds was increased to 30 days and
then to 140 days for silver and zinc concentrates, which enabled the
Company to recommence shipping.  In September 2012, a revised
resolution reinstated the 180 day time limit for silver concentrates
only.  Further, during 2012, the Argentine Central Bank increased its
involvement in U.S. dollar inflows and outflows, and the country
continued to experience high inflation along with a weakening currency.

Management Discussion & Analysis and Conference Call

This news release should be read in conjunction with Silver Standard’s
Consolidated Financial Statements and Management’s Discussion and
Analysis of the Financial Position and Results of Operations for the
Year Ended December 31, 2012 as filed with the Canadian Securities
Regulators and available at www.sedar.com or the Company’s website at
www.silverstandard.com.

        --  Conference call and webcast: Friday, March 1, 2013, at 11:00
            a.m. EST.

Toll-free in North America:  (888) 429-4600
All other callers:    (970) 315-0481
Webcast:     http://ir.silverstandard.com/events.cfm

        --  The conference call will be archived and available at
            www.silverstandard.com.
            Audio replay will be available for one week by calling:

Toll-free in North America:  (855) 859-2056, replay conference ID
91329431
All other callers:    (404) 537-3406, replay conference ID 91329431

Cautionary Note Regarding Forward-Looking Statements:

Statements in this news release are forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and forward-looking information within the meaning of Canadian
securities laws (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” 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 and other metals; future mining
costs and cash costs per ounce of silver; the price of silver and other
metals; the effects of laws, regulations and government policies
affecting the Company’s operations or potential future operations;
future successful development of the Company’s projects; the
sufficiency of the Company’s current working capital, anticipated
operating cash flow or the Company’s ability to raise necessary funds;
estimated production rates for silver and other payable metal produced
by the Company; timing of production and the cash and total costs of
production at the Pirquitas mine; the estimated cost of sustaining
capital; ongoing or future development plans and capital replacement,
improvement or remediation programs; the anticipated use of proceeds
from the Company’s 2013 convertible notes offering; the Company’s
planned changes to the presentation of non-GAAP financial measures; and
the estimates of expected or anticipated economic returns from the
Company’s mining projects including: future sales of the metals,
concentrates or other products produced by the Company; and the
Company’s plans and expectations for its 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 and cost estimates for the Pirquitas mine, the
Pitarrilla project and the San Luis project; future development risks,
including start-up delays and operational issues; inability to replace
Mineral Reserves; the Company’s ability to obtain adequate financing
for further exploration and development programs; commodity price
fluctuations; the possibility of future losses; general economic
conditions; the recoverability of the Company’s interest in Pretium
Resources Inc. (“Pretium”), including the price of and market for
Pretium’s common shares; counterparty and market risks related to the
sale of the Company’s concentrates; political instability and
unexpected regulatory change; potential export tax on production from
the Pirquitas mine; differences in U.S. and Canadian practices for
reporting Mineral Reserves and Mineral Resources; uncertainty in the
accuracy of Mineral Reserves and Mineral Resources estimates and in the
Company’s ability to extract mineralization profitably; uncertainty in
acquiring additional commercially mineable mineral rights; lack of
suitable infrastructure or damage to existing infrastructure; the
Company’s revenue being derived from a single operation; delays in
obtaining or failure to obtain governmental permits, or non-compliance
with permits the Company has obtained; increased costs and restrictions
on operations due to compliance with environmental laws and
regulations; reclamation requirements for the Company’s exploration
properties; unpredictable risks and hazards related to the development
and operation of a mine or mine property that are beyond the Company’s
control; governmental regulations, including environmental regulations;
non-compliance with anti-corruption laws; complying with emerging
climate change regulations and the impact of climate change;
uncertainties related to title to the Company’s mineral properties and
the ability to obtain surface rights; the Company’s insurance coverage;
civil disobedience in the countries where the Company’s properties are
located; operational safety and security risks; actions required to be
taken by the Company under human rights law; currency fluctuations;
competition for mining services and equipment; competition in the
mining industry for properties, qualified personnel and management;
shortage or poor quality of equipment or supplies; the Company’s
ability to attract and retain qualified management to grow its
business; compliance with the requirements of the Sarbanes-Oxley Act;
the Company’s adoption of IFRIC 20; tightened controls over the VAT
collection process in Argentina; increased regulatory compliance costs
related to the Dodd-Frank Act; conflicts of interest that could arise
from some of the Company’s directors’ and officers’ involvement with
other natural resource companies; claims and legal proceedings;
potential difficulty in enforcing judgments or bringing actions against
the Company or its directors or officers outside the United States;
certain terms of the Company’s convertible notes, as well as other
factors described in the Company’s most recent Form 20-F filed with the
U.S. Securities and Exchange Commission and Canadian regulatory
authorities.

This list is not exhaustive of the factors that may affect the Company’s
forward-looking statements. The Company’s forward-looking statements
are based on what the Company’s management considers to be reasonable
assumptions, beliefs, expectations and opinions based on the
information currently available to it. 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. Assumptions have been made regarding, among other things,
the Company’s ability to carry on its exploration and development
activities, the Company’s ability to meet its obligations under its
property agreements, the timing and results of drilling programs, the
discovery of mineral resources and mineral reserves on the Company’s
mineral properties, the timely receipt of required approvals and
permits including obtaining the necessary surface rights for the lands
required for successful project permitting, construction and operation
of the Pitarrilla project, the price of the minerals the Company
produces, the costs of operating and exploration expenditures, the
Company’s ability to operate in a safe, efficient and effective manner
and the Company’s ability to obtain financing as and when required and
on reasonable terms and its ability to continue operating the Pirquitas
mine. You are cautioned that the foregoing list is not exhaustive of
all factors and assumptions which may have been used. The Company’s
forward-looking statements reflect current expectations regarding
future events and operating performance and speak only as of the date
hereof and the Company does 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 new 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 Canadian National Instrument 43-101-Standards of
Disclosure for Mineral Projects (“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.

This news release uses the terms “Proven Mineral Reserves” and “Probable
Mineral Reserves.”  U.S. investors are advised that the definitions of
these terms under NI 43-101 differ from the definitions in SEC Industry
Guide 7.  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.  Among other things, all necessary
permits would be required to be in hand or issuance imminent in order
to classify mineralized material as reserves under SEC standards. 
Accordingly, Mineral Reserves estimates included in this news release
may not qualify as “reserves” under SEC standards.

This news release also uses the terms “Mineral Resources,” “Measured
Mineral Resources,” “Indicated Mineral Resources” and “Inferred Mineral
Resources” to comply with reporting standards in Canada.  The SEC’s
Industry Guide 7 does not recognize Mineral Resources and U.S.
companies are generally not permitted to disclose resources in
documents that they file with the SEC. Furthermore, disclosure of
“contained ounces” is permitted disclosure under Canadian regulations;
however, the SEC permits issuers to report mineralization that does not
constitute “reserves” by SEC standards only as in place tonnage and
grade without reference to unit measures. Investors are specifically
cautioned not to assume that all or any part of the mineral deposits in
these categories will ever be converted into SEC defined Mineral
Reserves.  Further, “Inferred Mineral Resources” have a great amount of
uncertainty as to their existence and as to whether they can be mined
legally or economically.  Therefore, investors are also cautioned not
to assume that all or any part of an Inferred Mineral Resource exists. 
In accordance with Canadian rules, estimates of “Inferred Mineral
Resources” cannot form the basis of feasibility or pre-feasibility
studies.  It cannot be assumed that all or any part of “Mineral
Resources,” “Measured Mineral Resources,” “Indicated Mineral Resources”
or “Inferred Mineral Resources” will ever be upgraded to a higher
category.  Investors are cautioned not to assume that all or any part
of the “Mineral Resources,” “Measured Mineral Resources,” “Indicated
Mineral Resources” or “Inferred Mineral Resources” reported in this
news release is economically or legally mineable.

Cautionary Note Regarding Non-GAAP Measures:

This new release includes certain terms or performance measures commonly
used in the mining industry that are not defined under Canadian GAAP or
IFRS, including direct mining cost, total cash cost and total
production cost per ounce of silver. The Company believes that, in
addition to conventional measures prepared in accordance with Canadian
GAAP and IFRS, certain investors use this information to evaluate its
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
Canadian GAAP and IFRS. These non-GAAP and non-IFRS measures should be
read in conjunction with the Company’s financial statements. For more
information, please see Item 14 of the Management’s Discussion and
Analysis of the Financial Position and Results of Operations for the
Year Ended December 31, 2012.

Table 1. Mineral Reserves and Resources
(as of December 31(st), 2012)


                             Resource   Tonnes   Silver     Gold     Lead     Zinc  Copper   Silver      Gold
                Location     Category  millions   g/t       g/t       %        %      %      Ounces     Ounces
                                                                                           (millions) (millions)

    MINERAL RESERVES:                

    Pirquitas   Argentina Proven            8.3    180.8                       0.51              48.1           

                          Probable          4.8    169.1                       1.03              25.9           

                          Stockpiles*       1.4    137.3                       0.74               6.1           

    Pitarrilla  Mexico    Probable        156.6     95.1              0.29     0.79             478.7           

    San Luis    Peru      Proven           0.06    604.5     28.3                                 1.1       0.05

                          Probable         0.45    426.2     16.7                                 6.1       0.24

    MEASURED AND INDICATED MINERAL RESOURCES (INCLUSIVE OF RESERVES):                                           

    Pirquitas   Argentina Measured         11.1    150.3                       0.49              53.6           

                          Indicated        19.5    141.0                       1.68              88.4           

                          Stockpiles**      1.4    137.3                       0.74               6.1           

    Pitarrilla  Mexico    Measured -       20.3     95.4                                         62.3
                          Ag

                          Indicated -     240.0     81.9                                        632.2
                          Ag

                          Indicated -     260.3                       0.32     0.72
                          Pb/Zn

    San Luis    Peru      Measured         0.06    757.6     34.3                                 1.3       0.06

                          Indicated        0.43    555.0     20.8                                 7.7       0.29

    Diablillos  Argentina Indicated        21.6    111.0      0.9                                77.1       0.64

    San Agustin Mexico    Indicated       121.0     12.3      0.4     0.06     0.49              47.8       1.59

    Berenguela  Peru      Indicated        15.6    132.0                              0.92       66.1           

    Challacollo Chile     Indicated         3.4    170.6                                         18.6           

    Candelaria  U.S.      Measured          3.1    152.2      0.1                                15.1       0.01

                          Indicated         9.3     97.4      0.1                                29.0       0.03

    Maverick
    Springs     U.S.      Indicated        63.2     34.3                                         69.6
    (100% of
    Ag)

    Sunrise     Canada    Indicated         1.5    262.0      0.7     2.39     5.99              12.8       0.03
    Lake

    INFERRED MINERAL RESOURCES:                                                                                 

    Pirquitas   Argentina Inferred          2.8    160.5                       5.38              14.2           

    Pitarrilla  Mexico    Inferred         22.1     62.1              0.21     0.49              44.1           

    San Luis    Peru      Inferred         0.02    270.1      5.6                                 0.2       0.00

    Diablillos  Argentina Inferred          7.2     27.0      0.8                                 6.3       0.19

    San Agustin Mexico    Inferred         91.2     12.6      0.4     0.07     0.48              36.9       1.06

    Berenguela  Peru      Inferred          6.0    111.7                              0.74       21.6           

    Challacollo Chile     Inferred          4.6    160.7                                         23.6           

    Candelaria  U.S.      Inferred         50.5     51.1      0.1                                82.8       0.03

    Maverick
    Springs     U.S.      Inferred         77.6     34.3                                         85.6
    (100% of
    Ag)

    San Marcial Mexico    Inferred          2.3    191.8              0.32     0.66              14.3           

    Sunrise     Canada    Inferred          2.6    169.0      0.5     1.92     4.42              13.9       0.04
    Lake

    * Stockpiles are Probable Mineral
    Reserves.

    ** Stockpiles are Indicated
    Mineral Resources.

Notes to Mineral Reserves and Resources Table:

All estimates of Mineral Reserves and Mineral Resources in Table 1 have
been prepared in accordance with NI 43-101 under the supervision of a
Qualified Person named below for the respective properties. Mineral
Resources which are not Mineral Reserves do not have demonstrated
economic viability. Mineral Resources and Mineral Reserves figures have
been rounded to the nearest 0.1 million tonnes and the nearest 0.1
million ounces for silver and the 0.01 million ounces for gold. Exact
totals can be found in the corresponding NI 43-101 Technical Report for
each property.

All Technical Reports referenced below are available under the Company’s
profile in SEDAR or on the Company’s website at www.silverstandard.com.

Pirquitas

        --  Mineral Reserve and Mineral Resource estimates are reported
            below the as-mined surface as at December 31, 2012. The Mineral
            Reserves estimate was completed by Andrew W. Sharp FAusIMM and
            Trevor J. Yeomans, P.Eng., ACSM, as Qualified Persons in
            accordance with the standards of NI 43-101. Mineral Reserves
            are presented at a cut-off of US$35.52 per tonne net smelter
            return ("NSR"), using US$25.00 per troy ounce silver and
            US$2,403.00 per tonne zinc; these values remain the same as
            used in the 2011 Pirquitas Technical Report. Mineral Resources
            for the Mining Area (includes San Miguel, Potosi, and Oploca
            zones) were estimated by Dr. Warwick S. Board, P.Geo., as a
            Qualified Person in accordance with the standards of NI 43-101
            in the 2011 Pirquitas Technical Report. The Mineral Resources
            estimate of the Cortaderas Area was completed by Jeremy D.
            Vincent, P.Geo., as a Qualified Person in accordance with the
            standards of NI 43-101.  Mineral Resources are reported above a
            cut-off grade of 50 grams per tonne silver and are reported
            inclusive of Mineral Reserves. All Measured Mineral Resources
            are situated in the Mining Area. Indicated Resources in the
            Mining Area comprise 15.9 million tonnes, totalling 72.8
            million ounces of silver.  Stockpile material comprises 1.4
            million tonnes of mined material, totalling 6.1 million ounces
            of silver. Inferred Resources in the Mining Area comprise 0.03
            million tonnes, totalling 0.1 million ounces of silver. For a
            complete description of the key assumptions, parameters and
            methods used to estimate the Mineral Reserves and Mineral
            Resources, please refer to the 2011 Pirquitas Technical Report.

Pitarrilla

        --  Mineral Reserve and Mineral Resource estimates are as at
            December 4, 2012 and are contained in the 2012 Pitarrilla
            Technical Report. The Mineral Reserves estimate was completed
            by Andrew W. Sharp, FAusIMM, as a Qualified Person in
            accordance with the standards of NI 43-101. The Mineral
            Reserves estimate uses a NSR calculation to determine cut-off
            using US$25.00 per troy ounce silver, US$0.90 per pound lead
            and US$0.95 per pound zinc. The Mineral Reserves contain two
            ore types-direct leach ore and flotation/leach ore. The
            constant cut-off value for direct leach ore is US$16.38/tonne
            and for flotation/leach ore is US$16.40/tonne. The NSR
            calculation method varies for the two ore types. For the two
            ore types combined, the overall average process recovery of
            silver, lead, and zinc are 69.6%, 57.4%, and 61.3%,
            respectively. The Mineral Resources estimate is as at December
            4, 2012, was completed by Jeremy D. Vincent, P.Geo., as a
            Qualified Person in accordance with the standards of NI 43-101.
            Mineral Resources are reported above a cut-off grade of 30
            grams per tonne silver and are reported inclusive of Mineral
            Reserves. No mining activity has occurred on the property from
            December 4, 2012 to December 31, 2012. Silver (Ag) was
            estimated using Localised Uniform Conditioning (LUC).  Lead
            (Pb) and Zinc (Zn) were estimated using Ordinary Kriging (OK). 

San Luis

        --  Mineral Reserve and Mineral Resource estimates are as at June
            4, 2010 and are contained in the San Luis Feasibility Study.
            The Mineral Reserves estimate was completed by Steve L. Milne,
            P.E., a Qualified Person in accordance with the standards of NI
            43-101. Mineral Reserves are reported at a cut-off grade of 6.9
            grams per tonne gold equivalent, based on US$800.00 per troy
            ounce gold, US$12.50 per troy ounce silver, and recoveries of
            94% gold and 90% silver, as presented in the San Luis
            Feasibility Study. Mineral Resources estimate was completed by
            Michael J. Lechner, P.Geo., and Donald F. Earnest, P.G., as
            Qualified Persons in accordance with the standards of NI
            43-101. Mineral Resources are reported above a gold-equivalent
            cut-off grade of 6.0 grams per tonne based on US$600.00 per
            troy ounce gold and US$9.25 per troy ounce silver. Mineral
            Resources are reported inclusive of Mineral Reserves. Inferred
            gold resources are less than 0.005 million ounces and are
            presented as 0.00 million ounces due to rounding. No mining
            activity has occurred on the property from June 4, 2010 to
            December 31, 2012.

Diablillos

        --  Mineral Resources estimate was completed by Gilles Arseneau,
            Ph.D., P.Geo., a Qualified Person, in accordance with the
            standards of NI 43-101, in a technical report completed by
            Wardrop, a TetraTech company, entitled "Technical Report on the
            Diablillos Property-Salta and Catamarca Provinces, Argentina"
            dated July, 2009.  Mineral Resources are reported above a
            recoverable metal value (RMV) cut-off value of US$10 RMV based
            on metal prices of US$11.00 per troy ounce silver and US$700.00
            per troy ounce gold using metal recoveries of 40% and 65%,
            respectively.

San Agustin

        --  Mineral Resources estimate was completed by Gilles Arseneau,
            Ph.D., P.Geo., a Qualified Person, in accordance with the
            standards of NI 43-101, in a technical report completed by
            Wardrop, a TetraTech company, entitled "San Agustin Resources
            Estimate" dated March, 2009.  Mineral Resources are reported
            within an optimized pit-shell above RMV cut-off values of
            US$3.40 RMV in oxide mineralization and US$6.25 in sulphide
            mineralization using metal prices of US$11.63 per troy ounce
            silver, US$631.97 per troy ounce gold, US$0.78 per pound lead,
            and US$1.11 per pound zinc, using a RMV formula as follows: (Au
            g/t * 14.63) + (Ag g/t *0.28) + (Pb% * 8.59) + (Zn% * 15.12).
            Recovery rates were 72% for gold, 74% for silver, 50% for lead
            and 62% for zinc.

Berenguela

        --  Mineral Resources estimate was completed by James A. McCrea,
            P.Geo., a Qualified Person, in accordance with the standards of
            NI 43-101, in a technical report dated October 4, 2005. Mineral
            Resources are reported above a 50 gram per tonne silver
            cut-off.

Challacollo

        --  Mineral Resources estimate was completed by the Company in
            accordance with the standards of NI 43-101. Mineral Resources
            are reported above a 50 gram per tonne silver cut-off. C.
            Stewart Wallis, P.Geo., a Qualified Person, reviewed and
            confirmed the estimation methodology and classification of
            Indicated and Inferred Mineral Resources in a report dated
            September 17, 2003.

Candelaria

        --  Mineral Resources estimate was completed by Mark G. Stevens,
            P.G., a Qualified Person, in accordance with the standards of
            NI 43-101, in a technical report completed by Pincock Allen &
            Holt and dated May 24, 2001.  Mineral Resources are reported
            above a 0.5 troy ounces per ton cyanide soluble silver cut-off.

Maverick Springs

        --  We currently hold a 55% interest in the Maverick Springs
            Project through a joint venture. Our 55% interest in the
            Maverick Springs Project entitles the Company to all silver
            produced from the project while the Company's joint venture
            partner is entitled to all gold produced from the project.
            Mineral Resources estimate was completed in accordance with the
            standards of NI 43-101 by Snowden Mining Industry Consultants
            Inc. under the supervision of Neil Burns, P.Geo., a Qualified
            Person, in a technical report dated April 13, 2004. Mineral
            Resources are reported above a 1 ounce per tonne silver
            equivalent cut-off using metal prices of US$327.00 per ounce
            gold and US$4.77 per ounce silver. The silver equivalent grade
            was determined as follows: Ag g/t + (Au g/t * 68.46).

San Marcial

        --  Mineral Resources estimate was prepared by the Company in
            accordance with the standards of NI 43-101 and confirmed by C.
            Stewart Wallis, P. Geo., a Qualified Person, in a technical
            report dated October 15, 2002. Mineral Resources are reported
            above a 30 gram per tonne silver cut-off.

Sunrise Lake

        --  Mineral Resources estimate was completed in accordance with the
            standards of NI 43-101 by C. Stewart Wallis, P.Geo., of Roscoe
            Postle Associates Inc., a Qualified Person, in a technical
            report dated September 3, 2003. Mineral Resources are reported
            above a 30 gram per tonne silver cut-off.

 

 

 

 

SOURCE Silver Standard Resources Inc.


Source: PR Newswire