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Silver Standard Provides 2013 Production Results and Issues 2014 Guidance

January 14, 2014

VANCOUVER, Jan. 14, 2014 /PRNewswire/ – Silver Standard Resources Inc. (NASDAQ:
SSRI) (TSX: SSO) (“Silver Standard”) provides its 2013 operational
update for the Pirquitas mine in Jujuy, Argentina and announces
production and cost guidance for 2014.

2013 Operating Highlights:

        --  Delivered strong silver production: Produced 8.2 million ounces
            of silver in 2013, including 2.3 million ounces in the fourth
            quarter, the highest quarterly production for the year.

        --  Achieved record zinc production:  Produced 27.0 million pounds
            of zinc in 2013, including a record 10.3 million pounds in the
            fourth quarter, exceeding annual zinc production guidance.

        --  Completed transition to the San Miguel Phase 2 open pit:  As
            mining in the fourth quarter occurred in the Phase 2 open pit,
            the major transition is largely complete, leading to lower
            future strip ratios.

        --  Enhanced operating performance through our restructuring
            program:  Milled 4,316 tonnes per day on average during 2013,
            8% above nominal design. Silver recovery averaged 75% during
            the year.           

“2013 was another successful year for Pirquitas, capped off by a great
fourth quarter,” said John Smith, President and CEO. “Our team
continued to deliver strong silver production and sales and achieved
record zinc production. Equally important are the cost restructuring
program and our investments in the mine that showed clear results
through 2013 and have repositioned the asset. In 2014, we will continue
to drive operational effectiveness aimed at further optimizing the mine
and strengthening our platform for the future.”

Summary of Mine Operating Statistics

     _____________________________________________________________________
    |                     |          | Q4 2013| Q3 2013| % Change| FY 2013|
    |_____________________|__________|________|________|_________|________|
    |Total material mined |      Kt  |   4,277|   4,465|   (4.2%)|  17,423|
    |_____________________|__________|________|________|_________|________|
    |Ore milled           |      Kt  |     420|     394|     6.6%|   1,575|
    |_____________________|__________|________|________|_________|________|
    |Silvermill feed grade|     g/t  |     228|     215|     6.0%|     217|
    |_____________________|__________|________|________|_________|________|
    |Zinc mill feed grade |      %   |    2.12|    1.91|    11.0%|    1.63|
    |_____________________|__________|________|________|_________|________|
    |Silver recovery      |      %   |    73.9|    74.6|   (0.9%)|    74.9|
    |_____________________|__________|________|________|_________|________|
    |Zinc recovery (zinc  |      %   |      53|      47|    12.8%|      48|
    |concentrate)         |          |        |        |         |        |
    |_____________________|__________|________|________|_________|________|
    |Silver produced      |  '000 oz |   2,281|   2,028|    12.5%|   8,216|
    |_____________________|__________|________|________|_________|________|
    |Zinc produced (zinc  | '000 lbs |  10,307|   7,818|    31.8%|  27,037|
    |concentrate)         |          |        |        |         |        |
    |_____________________|__________|________|________|_________|________|
    |Silver sold          |  '000 oz |   2,499|   1,969|    26.9%|   8,693|
    |_____________________|__________|________|________|_________|________|
    |Zinc sold (zinc      | '000 lbs |  14,208|   4,952|   186.9%|  23,524|
    |concentrate)         |          |        |        |         |        |
    |_____________________|__________|________|________|_________|________|

    Note: Percent changes are calculated using rounded numbers presented in
    the table.

Mine Operations

The Pirquitas mine produced 2.3 million ounces of silver during the
fourth quarter of 2013, which is a 12.5% quarter-on-quarter improvement
and reflects higher average head grade and mill throughput. During
2013, the mine produced 8.2 million ounces of silver, lower than the
8.6 million ounces produced in 2012, mainly due to more oxidized and
transitional ore in the mill feed. Silver concentrate sales totaled 2.5
million ounces for the fourth quarter of 2013 and 8.7 million ounces of
silver for the year.

The Pirquitas mine produced 10.3 million pounds of zinc in zinc
concentrate in the fourth quarter of 2013, a 31.8% quarter-on-quarter
improvement and the highest quarterly zinc production result in the
history of the mine. In 2013, Pirquitas produced record 27.0 million
pounds of zinc in zinc concentrate, reflecting higher zinc grades as we
mined more of the zinc-rich Potosi area of the San Miguel open pit,
combined with improved recoveries.

Approximately 420,000 tonnes of ore were milled during the fourth
quarter of 2013, compared to 394,000 tonnes in the third quarter of
2013. Ore was milled at an average rate of 4,567 tonnes per day during
the quarter, 14.2% above the mill’s nominal design. This compares to
an average milling rate of 4,283 tonnes per day in the third quarter.
The fourth quarter mill processing rate demonstrates the return to
average annual mill rates comparable to 2012.

Ore milled during the fourth quarter of 2013 contained an average silver
grade of 228 g/t, compared to 215 g/t reported in the third quarter, as
the Phase 2 transition progressed to completion. The average fourth
quarter silver recovery rate of 73.9% was largely in line with the
third quarter recovery rate of 74.6%, with average recovery of 74.9% in
2013.

2014 Outlook

Silver Standard’s production and cost guidance for 2014 is:

        --  Produce and sell 8.2 to 8.6 million ounces of silver.

        --  Produce and sell 25 to 30 million pounds of zinc.

        --  Cash costs of between $12.50 and $13.50 per payable ounce of
            silver sold.

        --  Capital expenditures of $15 million at Pirquitas, including $6
            million for tailings facility expansions.

        --  Capitalized stripping costs at Pirquitas of $5 million.

        --  Exploration and development expenditures of $22 million,
            including:
      o Mexico projects: $8.5 million

      o Peru projects: $7.5 million

      o Argentina, Canada and United States projects: $6 million

Qualified Person

The scientific and technical data contained in this news release has
been reviewed and approved by the following Qualified Person (“QP”)
under Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101″), who consents to having his name included in this news
release.

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

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

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SOURCE Silver Standard Resources Inc.


Source: PR Newswire



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