Last updated on April 17, 2014 at 17:30 EDT

Silver Standard Reports Third Quarter 2013 Results

November 5, 2013

VANCOUVER, Nov. 5, 2013 /PRNewswire/ – Silver Standard Resources Inc. (NASDAQ:
SSRI) (TSX: SSO) reports consolidated financial results for the third
quarter ended September 30, 2013 and other corporate activities.

“Our restructuring program at Pirquitas has now delivered three
consecutive quarters of lower cash costs accompanied by stable
production,” said John Smith, President and CEO. “Cost reduction for
improved, sustainable margins is a priority for our Pirquitas team. At
Pitarrilla, we obtained surface rights for the remaining key parcel of
land and continue progressing the project whilst evaluating the impact
of recent Mexican tax and royalty changes.”

Mr. Smith continued, “The sale of the San Agustin property for
approximately $75 million in cash and shares again demonstrates the
value to be unlocked within our extensive portfolio. The sale adds
further to our significant cash position and allows us to benefit from
the future development of the property. We have the capacity within
these market conditions to be opportunistic to develop, sell and buy

Third Quarter 2013 Highlights:

(All figures are in U.S. dollars unless otherwise noted)

        --  Realized cost savings at Pirquitas:  Reported cash costs of
            $13.32 per payable ounce of silver sold. Continued cash cost
            reduction efforts focused on headcount, third party contract
            services and operational controls at the plant and mine to
            sustainably reposition the mine on the industry cost curve.

        --  Delivered consistent production and sales:Produced and sold 2.0
            million ounces of silver.

        --  Exceeded zinc production forecast: Due to higher zinc grade and
            recovery, produced a record 7.8 million pounds of zinc.

        --  Secured key surface rights at Pitarrilla:Obtained legal access
            to the surface rights for a critical land parcel.

        --  Maintained strong liquidity position:  Cash balance of $401.4
            million as at September 30, 2013.

        --  Created value from project portfolio:  Announced the sale of
            the San Agustin exploration project for approximately $75
            million in cash and shares, subsequent to quarter end.

Pirquitas Mine, Argentina

    Summary Mine Operating Statistics
    |                    |        |Q3 2013|Q2 2013|Q1 2013|Q4 2012|Q3 2012|
    |Total material mined|    Kt  |  4,465|  4,471|  4,210|  4,415|  4,333|
    |Ore milled          |    Kt  |    394|    365|    396|    417|    404|
    |Silver mill feed    |   g/t  |    215|    216|    207|    212|    214|
    |grade               |        |       |       |       |       |       |
    |Zinc mill feed grade|     %  |   1.91|   1.53|   0.92|   0.67|   0.65|
    |Silver recovery     |     %  |   74.6|   74.8|   76.3|   79.9|   77.7|
    |Zinc recovery (zinc |     %  |   47.0|   46.0|   41.1|   41.7|   38.8|
    |concentrate)        |        |       |       |       |       |       |
    |Silver produced     |'000 ozs|  2,028|  1,890|  2,017|  2,268|  2,163|
    |Zinc produced (zinc |'000 lbs|  7,818|  5,589|  3,323|  2,615|  2,256|
    |concentrate)        |        |       |       |       |       |       |
    |Silver sold         |'000 ozs|  1,969|  2,207|  2,018|  3,218|  2,770|
    |Zinc sold (zinc     |'000 lbs|  4,952|  2,217|  2,147|  2,731|  2,152|
    |concentrate)        |        |       |       |       |       |       |
    |Realized silver     | US$/oz |  21.38|  22.47|  30.68|  32.69|  29.37|
    |price               |        |       |       |       |       |       |
    |Cash costs(1)       | US$/oz |  13.32|  13.03|  13.58|  16.13|  17.59|
    |Total costs(1)      | US$/oz |  21.24|  20.05|  20.06|  23.85|  24.43|

      (1) We report non-GAAP cost per payable ounce of silver sold to
          manage and evaluate operating performance at the Pirquitas Mine.
          See "Cautionary Note Regarding Non-GAAP Measures". Information
          has been restated as discussed in section 13 of the Management's
          Discussion and Analysis of the Financial Position and Results of
          Operations for the three and nine months ended September 30, 2013

Mine production

The Pirquitas Mine produced 2.0 million ounces of silver in the third
quarter of 2013, higher than the 1.9 million ounces produced in the
second quarter of 2013. The increase in silver production reflects
planned higher tonnage through the mill.

During the third quarter of 2013, approximately 394,000 tonnes of ore
were milled, compared to 365,000 tonnes in the second quarter of 2013.
Ore was milled at an average rate of 4,283 tonnes per day, 7% above the
mill’s nominal design. This compares to an average milling rate of
4,009 tonnes per day in the second quarter of 2013. Ore milled
contained an average silver grade of 215 g/t, compared to 216 g/t
reported in the second quarter. The average recovery rate for silver
decreased marginally to 74.6% from 74.8% in the previous quarter,
mainly due to higher zinc grades and some oxide ore in the mill feed.
As Phase 2 of the San Miguel open pit deepens, the proportion of oxide
ore in the mill feed is expected to decrease which will eventually
remove this cause of reduced recoveries from the primary feed.

The mine also produced 7.8 million pounds of zinc in zinc concentrate in
the third quarter of 2013, a 40% improvement compared to the second
quarter of 2013 and the highest quarterly zinc production result in the
history of the mine. This record zinc production reflects higher zinc
grades and improved zinc recoveries, as we mined more of the zinc-rich
Potosi area of the San Miguel open pit.

Mine operating costs

Cash costs per payable ounce of silver sold and total cost per payable
ounce of silver sold are non-GAAP financial measures. Please see
“Cautionary Note Regarding Non-GAAP Measures”.

During the first half of 2013, we commenced a cost reduction initiative
at the Pirquitas Mine, which continued through the third quarter and is
anticipated to continue until early 2014. The main focus has been on
replacing third party contract services, reducing headcount and
implementing operational controls at the plant and mine to drive
efficiencies. These activities led to a reduction of site operating
costs of approximately 14% during the third quarter of 2013 compared to
the third quarter of 2012.

The full benefit of these cost savings does not immediately impact the
condensed consolidated interim statements of (loss) income, and hence
our reported cash costs, as cost of inventory, the principal component
of cash costs, is a weighted average cost which has been built up over
an extended period of time.

Cash costs, which include cost of goods sold, treatment and refining
costs, and by-product credits, were $13.32 per payable ounce of silver
sold in the third quarter of 2013 compared to $13.03 per payable ounce
of silver sold in the second quarter of 2013 and $17.59 per payable
ounce of silver sold in the third quarter of 2012. Cash costs in the
third quarter of 2013 benefited from lower operating costs and more
favorable concentrate sales terms compared to the third quarter of
2012. The decline in cash costs was also a result of the adoption of Stripping Costs in the Production Phase of a Surface Mine (“IFRIC 20″), the impact of which commenced as of January 1, 2012. As a result of
the adoption of this new accounting standard, mining costs were removed
from stockpile inventory and capitalized as a Stripping Activity Asset.
Inventory sold in the third quarter of 2012 was at a higher per unit
cost compared to the third quarter of 2013 as the majority of
concentrate sold included previously incurred stripping costs. As we
progressed through 2012 and into 2013, the effect of capitalizing
stripping costs reduced the weighted average cost of finished goods
inventory and hence reduced cost of inventory, on a per payable ounce

Total costs, which include silver export duties, depreciation, depletion
and amortization, were $21.24 per payable ounce of silver sold in the
third quarter of 2013 compared to $20.05 per payable ounce of silver
sold in the second quarter of 2013 and $24.43 per payable ounce of
silver sold in the third quarter of 2012. These non-cash items were
reasonably consistent per payable ounce of silver sold. Therefore, the
main driver for the decrease in total costs is related to the reduction
in cash costs, as discussed above.

Mine sales

We sold 2.0 million ounces of silver during the third quarter of 2013,
compared to 2.2 million ounces in the second quarter of 2013. Sales
were in line with ounces produced as planned. We also sold 5.0 million
pounds of zinc in the third quarter of 2013, well in excess of the 2.2
million pounds sold in the second quarter of 2013, due to the increase
in zinc production through 2013.

Exploration at Pirquitas

During the third quarter of 2013, we completed the Preliminary Economic
Assessment (“PEA”) on the Cortaderas deposit to assess the economic
opportunity of underground mining at Cortaderas and extend the
Pirquitas Mine life. The PEA confirmed that the underground mining
opportunity is technically and economically possible, but due to the
current business environment in Argentina, metal price environment and
our spending controls, we are not advancing to a pre-feasibility level
study at this time, but will continue to monitor the situation closely.

The Cortaderas deposit of silver-zinc mineralization is located
approximately 500 metres north of the San Miguel open pit and is
estimated to contain 3.6 million tonnes of Indicated Mineral Resources
averaging 137 g/t silver at a silver cut-off grade of 50 g/t, for 15.6
million ounces of contained silver. In addition, there are an estimated
2.7 million tonnes of Inferred Mineral Resources averaging 162 g/t at a
silver cut-off grade of 50 g/t, that contains 14.1 million ounces of
silver. The Mineral Resources estimate for the Cortaderas area as of
December 31, 2012 was completed by Jeremy D. Vincent B.Sc. (Hons),
P.Geo, in accordance with the standards of Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101″) and the definition standards of the Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”). For a complete description of
the key assumptions, parameters and methods used to estimate the
Mineral Resources, please refer to the technical report dated December
23, 2011 and entitled “NI 43-101 Technical Report on the Pirquitas
Mine, Jujuy Province, Argentina”.


This section of the news release provides management’s production and
cost estimates for the remainder of 2013. Major capital, exploration
and development expenditures are also discussed. These are
“forward-looking statements” and subject to the cautionary note
regarding the risks associated with forward-looking statements
contained in this news release.

Silver production through the fourth quarter of 2013 is expected to
total approximately 2 million ounces, taking full year guidance to
approximately 8 million ounces. Fourth quarter production is expected
to be similar to the third quarter of 2013, as ore delivery from the
early portions of the Phase 2 benches of the San Miguel open pit
continues to be of a more oxidized nature containing higher zinc grade
which reduces silver recoveries. Zinc production during the fourth
quarter, however, is anticipated to be higher than expected, and
similar to third quarter levels at approximately 8 million pounds.
Higher zinc production is expected to offset lower silver production so
that the value of metals produced will be largely in line with original
guidance for the year.

Based on favourable cash cost performance through the first nine months
of 2013 and continued cost improvements at the Pirquitas Mine, we
expect annual cash costs to be at the lower end of our previously
reduced guidance range of $14.00 to $15.00 per payable ounce of silver

Capital expenditures at the Pirquitas Mine in the fourth quarter are
expected to total approximately $7 million in order to complete the
Phase 4 tailings lift and replace the third party mining fleet with our
own equipment. Deferred stripping expenditures in the fourth quarter
are anticipated to be approximately $3 million as the strip ratio
continues to reduce as Phase 2 of the San Miguel open pit progresses.
Annual exploration and development expenditure guidance remains

In October 2013, the Mexican government enacted significant changes to
the mining tax and royalty regime which have significant impacts on the
mining industry. Given the significance of the taxation and royalty
changes, we have initiated a thorough review of the mine and plant
options at Pitarrilla and no longer anticipate making a construction
decision by the end of the year.

Financial Results

Mine Operations

        --  Revenues were $43.9 million in the third quarter of 2013,
            versus $73.5 million in the quarter ended September 30, 2012.
            Cost of sales was $38.2 million including $10.7 million of
            non-cash depletion, depreciation and amortization in the
            quarter ended September 30, 2013.  This compares to a cost of
            sales of $54.1 million including $12.5 million of non-cash
            depletion, depreciation and amortization in the quarter ended
            September 30, 2012.

        --  Income from mine operations was $5.7 million in the third
            quarter of 2013, compared to $19.4 million in the third quarter
            of 2012.

Net Income

        --  Net loss was $14.3 million, or $0.18 per share, in the quarter
            ended September 30, 2013, compared to net loss of $1.6 million,
            or $0.02 per share, in the quarter ended September 30, 2012.


        --  Cash and cash equivalents were $401.4 million at September 30,
            2013, compared to $366.9 million as of December 31, 2012. The
            increase in cash primarily resulted from the issuance of the
            senior convertible unsecured notes, which after repaying the
            previously issued 4.5% senior convertible notes (the "2008
            Notes") generated $118.1 million. This net cash inflow was
            offset by cash used in operating activities of $5.0 million and
            cash used in investing activities of $88.7 million in the first
            nine months of 2013.

        --  Working capital was $608.2 million at September 30, 2013,
            compared to $350.9 million at December 31, 2012. The primary
            drivers for the increase were the repurchase of the 2008 Notes,
            which extinguished a current liability and the recognition of
            our investment in Pretium Resources Inc. as a current asset,
            which had previously been recorded as a non-current asset.
            Subsequent to the quarter end, our investment in Pretium
            experienced a material decline in value. This decline does not
            impact short-term liquidity or our ability to fund currently
            planned capital, exploration and development expenditures over
            the next twelve months, but reduces our total working capital
    |                                                                     | Selected
    |Financial Data                                                       |
    |                                                                     |
    |(US$000's, except per share amounts)                                 |
    |                                                                     |
    |This summary of selected financial data should be read in conjunction|
    |with the MD&A, the unaudited condensed                               |
    |consolidated interim financial statements for the three and nine     |
    |months ended September 30, 2013, and the audited                     |
    |consolidated annual financial statements for the year ended December |
    |31, 2012.                                                            |
    |                           |Three Months Ended|  Three Months Ended  |
    |                           |September 30, 2013|September 30, 2012 (1)|
    |Revenue                    |            43,944|                73,524|
    |Income from mine operations|            5,732 |                19,411|
    |Operating (loss) income    |           (1,636)|                10,083|
    |Net loss of the period     |          (14,306)|               (1,597)|
    |Basic loss per share       |            (0.18)|                (0.02)|
    |Cash (used) generated by   |           (4,693)|                 6,867|
    |operating activities       |                  |                      |
    |Cash used by investing     |          (29,728)|               (5,218)|
    |activities                 |                  |                      |
    |Cash generated by financing|           --|                   11 |
    |activities                 |                  |                      |
    |                                                                     |
    |Financial Position         |September 30, 2013|December 31, 2012 (1) |
    |Cash and cash equivalents  |           401,384|               366,947|
    |Current assets - total     |           683,284|               565,724|
    |Current liabilities - total|           75,119 |               214,812|
    |Working capital            |          608,165 |               350,912|
    |Total assets               |         1,169,967|             1,324,685|

    (1) Certain information for 2012 has been restated for IFRIC 20 (see
        section 14 of the MD&A).

Principal Projects

Pitarrilla, Mexico

Capitalized expenditures at our wholly-owned Pitarrilla project located
in the State of Durango, Mexico during the three months ended September
30, 2013 amounted to $2.1 million ($5.7 million – nine months ended
September 30, 2013).

During and subsequent to the third quarter of 2013, we have continued to
progress all key areas of the project and reduce project risk in
critical areas, achieving the following:

        --  Received in early October government approval of the 30-year
            temporary occupation application for the last critical surface
            property needed to develop the Pitarrilla project. Our
            occupation could still, however, be subject to legal appeal;
        --  Having submitted the final Project Environmental Impact
            Assessment, we subsequently responded to inquiries received
            from the Mexican Ministry of Environment and Natural Resources,
            SEMARNAT, for clarifying information, and are now awaiting a
            response from the authorities;
        --  Completed a 10 tonne pilot plant test and are awaiting receipt
            of the final metallurgical report;
        --  Advanced work on the access road, finalized construction of the
            initial project landfill and conducted exploration for
            additional water sources;
        --  Undertook technical discussions and explored options with
            potential suppliers of mobile equipment and other equipment
            suppliers; and
        --  Appointed financial advisors, and entered into discussions with
            potential partners, while considering alternative financing

In October 2013, the Mexican government enacted significant changes to
the mining tax and royalty regime which have significant impacts on the
mining industry. Given the significance of these changes, we have
initiated a thorough review of the mine and plant options at the
Pitarrilla project, and no longer anticipate making a construction
decision by the end of the year.

San Luis, Peru

Capitalized expenditures at our wholly-owned San Luis project located in
the Ancash Department, Peru, during the three months ended September
30, 2013 amounted to $1.2 million ($5.1 million – nine months ended
September 30, 2013).

The San Luis project comprises a 35,000 hectare area which includes
several vein systems across an area of land whose surface rights are
held by two separate communities, Ecash and Cochabamba. A feasibility
study was completed on the Ayelén vein, but the execution of the mining
project requires land access negotiations to be completed with both
communities, and to date we have only reached an agreement with the
Cochabamba community. Two additional targets that have been identified,
the Bonita and San Simon Zones, and both appear to have the potential
to be high-grade gold deposits, and are both located entirely within
the area held by Cochabamba.

Earlier in 2013, we signed a five-year extension agreement with the
community of Cochabamba granting us access rights to conduct
exploration activities on the community lands that cover the
southwestern sector of the San Luis mineral property. This extension
enables us to complete exploration work on the Bonita and San Simon
Zones. Preparation of exploration permits for these targets has
commenced with an objective of commencing exploration drilling upon the
conclusion of the Peruvian rainy season in the first half of 2014.

We continue to negotiate with the Ecash community in order to reach
alignment on a benefits and surface use agreement over the remaining
surface rights required for the Ayelén vein project. The completion of
this land access agreement will enable permit applications to be
submitted and a development decision to be made.

Other Exploration Projects

During the second and third quarters of 2013, we completed a detailed
appraisal of our large property portfolio to determine which properties
to advance along with our corporate strategy, and which properties to
relinquish. This resulted in several properties being relinquished to
save property holding costs.

San Luis del Cordero, Mexico

We have an option agreement with respect to the San Luis del Cordero
property in Durango, Mexico, under which we can earn a 51% interest in
the property by drilling a minimum of 4,000 metres within the first
year, making total cash payments of $1.5 million, and incurring
exploration expenditures totaling $3.5 million over the three-year term
of the agreement. During the third quarter of 2013, we completed our
permit applications, and subsequent to quarter end received our
exploration permit which will enable a drill program to be commenced
during the fourth quarter of 2013.

Parral, Mexico

We hold four mineral properties in the mining district of Parral in the
southern Chihuahua State, Mexico and are evaluating them for their
potential to yield economic silver deposits. Our ongoing exploration of
these properties has involved detailed geological mapping and sampling
of outcroppings that host silver-bearing quartz veins and veinlets.
Drilling programs are being designed for the Veta Colorada and Palmilla
properties, with exploration permit applications being prepared for
these programs.

Sale of San Agustin project, Mexico

On November 5, 2013, we entered into a purchase agreement with Argonaut
Gold Inc. (“Argonaut”), a TSX-listed company, to sell our San Agustin
project in Mexico. Under the terms of the agreement, we will receive
total aggregate consideration of approximately $75 million, comprised
of $15 million in cash and $30 million in Argonaut shares (based on the
5-day volume weighted average sale price for Argonaut shares trading on
the TSX prior to signing the agreement) on closing, and deferred cash
consideration of $30 million ($10 million payable on May 5, 2014 and
$20 million payable on May 5, 2015). In addition, we will have a 2% NSR
royalty on sulphide ores from the project. Completion of the
transaction is subject to customary closing conditions, including
receipt of required regulatory and TSX approvals.

Risks and Uncertainties

During the nine months ended September 30, 2013, except as noted, there
were no significant changes in our exposure to risks and uncertainties
from those described in the MD&A for the year ended December 31, 2012,
including risks relating to our foreign operations and environmental

Subsequent to the quarter end, Pretium Resources Inc. and certain of
Pretium’s officers and directors have been named in class action
lawsuits filed with the United States District Court for the Southern
District of New York on behalf of investors of Pretium. Silver Standard
has also been named as a defendant in two of the actions. We believe
that the lawsuits against us are without merit and we intend to
vigorously defend any attempt to obtain court approval to proceed with
the actions against us.

For further information regarding the risks and uncertainties affecting
our business, please refer to the section entitled “Risk Factors” in
our Annual Information Form for the year ended December 31, 2012, which
is available at www.sedar.com, and our Annual Report on Form 40-F for the year ended December 31,
2012, which is available on the EDGAR section of the SEC website at www.sec.gov.

Qualified Person

The scientific and technical data contained in this news release has
been reviewed and approved by the following Qualified Person (“QP”)
under NI 43-101, who consents to having his name included in this news

        --  Andrew W. Sharp, B.Eng., FAusIMM: Mr. Andrew W. Sharp, who has
            been employed as Vice President, Technical Services with Silver
            Standard Resources since September 2011, is the QP responsible
            for the technical content of this news release.

Management’s Discussion & Analysis and Conference Call

This news release should be read in conjunction with our condensed
consolidated interim financial statements and the MD&A as filed with
the Canadian Securities Administrators and available at www.sedar.com or our website at www.silverstandard.com.

        --  Conference call and webcast: Wednesday, November 6, 2013, at
            11:00 a.m. EST.

            Toll-free +1 (888) 429-4600
            in North

            All other +1 (970) 315-0481

            Webcast:  http://ir.silverstandard.com/events.cfm
        --  The conference call will be archived and available at
            Audio replay will be available for one week by calling:

            Toll-free in North America: +1 (855) 859-2056, replay
                                        conference ID 74648812

            All other callers:          +1 (404) 537-3406, replay
                                        conference ID 74648812

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 costs of
inventory and cash costs per payable ounce of silver; the prices of
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 silver and other payable metal produced by us; 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 estimates of expected or anticipated economic returns
from our mining projects including future sales of the metals,
concentrates or other products produced by us; and our plans and
expectations for our properties and operations.

These forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause actual
events or results to differ from those expressed or implied, including,
without limitation, the following: uncertainty of production 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; our ability to replace Mineral Reserves; our
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 our
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 our concentrates and metals; 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 our ability to extract mineralization profitably;
uncertainty in acquiring additional commercially mineable mineral
rights; lack of suitable infrastructure or damage to existing
infrastructure; our revenue being derived from a single operation;
delays in obtaining or failure to obtain governmental permits, or
non-compliance with permits we have obtained; increased costs and
restrictions on operations due to compliance with environmental laws
and regulations; reclamation requirements for our exploration
properties; unpredictable risks and hazards related to the development
and operation of a mine or mine property that are beyond our 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 our mineral properties and the
ability to obtain surface rights; our insurance coverage; civil
disobedience in the countries where our properties are located;
operational safety and security risks; actions required to be taken by
us 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; our ability to attract and retain
qualified management to grow our business; compliance with the
requirements of the Sarbanes-Oxley Act of 2002; our adoption of IFRIC
20; tightened controls over the VAT collection process in Argentina;
increased regulatory compliance costs related to the Dodd-Frank Wall
Street Reform and Consumer Protection Act; conflicts of interest that
could arise from some of our directors’ and officers’ involvement with
other natural resource companies; claims and legal proceedings,
including adverse rulings in current or future litigation against us
and/or our directors or officers; potential difficulty in enforcing
judgments or bringing actions against us or our directors or officers
outside Canada and the United States; certain terms of our convertible
notes; and those other various risks and uncertainties identified under
the heading “Risk Factors” in our most recent Form 40-F and Annual
Information Form filed with the U.S. Securities and Exchange Commission
(the “SEC”) and Canadian securities regulatory authorities.

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 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 we produce, the costs of operating and
exploration expenditures, our ability to operate in a safe, efficient
and effective manner, our ability to obtain financing as and when
required and on reasonable terms and our ability to continue operating
the Pirquitas Mine. You are cautioned that the foregoing list is not
exhaustive of all factors and assumptions which may have been used. We
cannot assure you that actual events, performance or results will be
consistent with these forward-looking statements, and management’s
assumptions may prove to be incorrect. Our forward-looking statements
reflect current expectations regarding future events and operating
performance and speak only as of the date hereof and we do not assume
any obligation to update forward-looking statements if circumstances or
management’s beliefs, expectations or opinions should change other than
as required by applicable law. For the reasons set forth above, you
should not place undue reliance on forward-looking statements.

Cautionary Note to U.S. Investors:

This news release includes Mineral Reserves and Mineral Resources
classification terms that comply with reporting standards in Canada and
the Mineral Reserves and the Mineral Resources estimates are made in
accordance with NI 43-101. NI 43-101 is a rule developed by the
Canadian Securities Administrators that establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. These standards differ
significantly from the requirements of the SEC set out in Industry
Guide 7. Consequently, Mineral Reserves and Mineral Resources
information included in this news release is not comparable to similar
information that would generally be disclosed by domestic U.S.
reporting companies subject to the reporting and disclosure
requirements of the SEC. Under SEC standards, mineralization may not be
classified as a “reserve” unless the determination has been made that
the mineralization could be economically produced or extracted at the
time the reserve determination is made.

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 cost of
inventory, cash costs and total costs per payable ounce of silver sold
and adjusted net income (loss) and adjusted basic earnings (loss) per
share. 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
condensed consolidated interim financial statements.

W. John DeCooman, Jr.
Vice President, Business Development and Strategy
Silver Standard Resources Inc.
Vancouver, B.C.
N.A. toll-free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@silverstandard.com

SOURCE Silver Standard Resources Inc.

Source: PR Newswire