Silver Standard to Purchase Marigold Mine

February 4, 2014

VANCOUVER, Feb. 3, 2014 /PRNewswire/ – Silver Standard Resources Inc. (NASDAQ:
SSRI) (TSX: SSO) (“Silver Standard”) announces today that it has
entered into a Purchase and Sale Agreement (the “Agreement”) with
subsidiaries of Goldcorp Inc. (NYSE: GG) (“Goldcorp”) and Barrick Gold
Corporation (NYSE: ABX) to purchase 100% of the Marigold mine, a
producing gold mine in Nevada, USA (“Marigold”) for cash consideration
of $275 million.

Investment Highlights

        --  Provides immediate positive cash flow from a mine in a prolific
            gold-silver region;
        --  Adds growth from an accretive transaction to create a
            multi-mine precious metals producer;
        --  Maintains financial capacity to advance internal growth
        --  Improves our operating and political risk profile;
        --  Adds to experienced and professional operating team;
        --  Leverages our open-pit operating capabilities;
        --  Adds long-lived reserves from an operationally stable,
            productive mine; and
        --  Preserves shareholder exposure to silver and adds exposure to

“The acquisition of Marigold accomplishes our strategic goal of adding
an operating mine in a well-established, low-risk mining jurisdiction,”
said John Smith, President and CEO. “We are excited to welcome our new
team members as Marigold upgrades our portfolio quality whilst
leveraging our open-pit mine expertise and financial capacity.”

“We retain our financial capacity to continue internal growth and expect
improved corporate operating cash flow going forward as a result of our
2013 cost restructuring program and the addition of the Marigold mine.”

“We are very impressed with the quality of the team at Marigold and look
forward to having them join Silver Standard. They will provide
invaluable expertise as we look to optimize the mine plan and continue
to execute our growth plan.”

Transaction Overview

Under the terms of the Agreement, Silver Standard will acquire a 100%
interest in Marigold for cash consideration of $275 million. The
purchase price will be funded from cash on hand.

Completion of the transaction is subject to customary closing
conditions, including regulatory approvals. Under the terms of the
Agreement, Silver Standard will be required to provide financial
assurances to the environmental regulatory authorities with respect to
Marigold’s long term environmental and reclamation obligations. Silver
Standard expects the transaction to close in April 2014.

Marigold Mine Overview

Marigold is an open-pit gold mine located in Humboldt County, Nevada,
USA, at the northern end of the Battle Mountain-Eureka trend. The mine
has been in continuous production since 1988. Ore is mined by
conventional truck and shovel equipment and processed via a large
run-of-mine heap leach operation with 40,000 tonnes per day capacity.
As disclosed by Goldcorp in its news release dated January 8, 2014, the
mine produced 162,000 ounces of gold in 2013 and it is expected to
produce between 142,000 and 150,000 ounces of gold in 2014 (grossed up
to illustrate 100% production figures). As reported by Goldcorp in its
public disclosures, Marigold has consistently produced over 140,000
ounces of gold per year at gold recoveries in excess of 70%. Production
at Marigold is subject to various net smelter returns royalties. In
2012 and 2013, significant investments were made to purchase new,
larger mining equipment which is expected to improve the efficiency of
future mining operations. The mine currently employs 360 people
including contractors, who manage and maintain the mine and plant to
Goldcorp’s world-class safety and environmental standards.

Nevada is among the world’s most favorable exploration and mining
jurisdictions with a stable tax regime, streamlined permitting process
and access to highly qualified labor.

Mineral Reserves and Resources

As reported by Goldcorp as of December 31, 2012, Mineral Reserves and
Mineral Resources for Marigold are shown below. For Silver Standard’s
purposes, these estimates for Marigold are considered to be historical
estimates under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101″) as they were prepared by Goldcorp prior to Silver
Standard’s involvement with Marigold.

    |                           Mineral Reserves & Resources (1)          |
    |                        |    Tonnes  | Metal grade | Contained metal |
    |                        |____________|_____________|_________________|
    |                        | (M tonnes) |  (g/t Gold) |    (M oz Gold)  |
    | Proven Mineral Reserves|      35.0  |      0.68   |         0.77    |
    | Probable Mineral       |     259.5  |      0.50   |         4.16    |
    |Reserves                |            |             |                 |
    | Total Proven & Probable|     294.5  |      0.52   |         4.92    |
    | Mineral Reserves(2)    |            |             |                 |
    | Measured Mineral       |            |             |                 |
    |Resources               |      1.6   |      0.48   |         0.03    |
    | Indicated Mineral      |      44.0  |      0.42   |         0.60    |
    |Resources               |            |             |                 |
    | Total Measured &       |            |             |                 |
    |Indicated               |      45.6  |      0.42   |         0.62    |
    | Mineral Resources(2)   |            |             |                 |
    |(3)                     |            |             |                 |
    | Inferred Mineral       |      81.2  |      0.43   |         1.12    |
    |Resources (3)           |            |             |                 |

    (1)      Mineral Reserves and Mineral Resources estimate as reported by
             Goldcorp in its Annual Information Form dated March 1, 2013
             ("AIF") for the financial year ended December 31, 2012,
             Goldcorp's profile and
             Mineral Reserves and Mineral Resources disclosed by Goldcorp
             have been grossed up to illustrate 100% Silver Standard
             ownership of Marigold and are subject to rounding. As
             discussed in the AIF, Mineral Reserves and Mineral Resources
             were prepared by Goldcorp in accordance with NI 43-101 under
             the supervision of a qualified person. Silver Standard is not
             treating these historical estimates as current and the
             historical estimates should not be relied upon.

    (2)      As discussed in the AIF, Mineral Reserves were estimated by
             Goldcorp using US$ commodity prices of $1,350 per ounce of
             gold. Mineral Resources were estimated using US$ commodity
             prices of $1,500 per ounce of gold.

    (3)      All Mineral Resources are reported exclusive of Mineral
             Reserves. Mineral Resources that are not Mineral Reserves do
             not have demonstrated economic viability. Inferred Mineral
             Resources have a great amount of uncertainty as to their
             existence and as to whether they can be mined legally or
             economically. There is no assurance that all or part of the
             Inferred Mineral Resources can be upgraded to a higher

Near-Term Strategy and Outlook

Silver Standard’s immediate focus will be on ensuring a smooth
transition in ownership upon closing of the transaction. Work is
underway to implement and analyze projects to enhance the current
operation and lower the cost structure, such as:

        --  Completing the integration of the newly purchased, larger
            scale, and more efficient mining equipment; and

        --  Developing a new life of mine plan targeting a lower strip
            ratio and higher grade with the potential to reduce mining

A NI 43-101 technical report is expected in the third quarter of 2014
with an updated Mineral Reserves and Resources estimate. A second NI
43-101 technical report is expected in the fourth quarter of 2014 with
an optimized mine plan for the current gold price environment. Upon
completion of these technical reports, Silver Standard will provide
production and cost guidance for Marigold.


CIBC is acting as financial advisor to Silver Standard and its Board of
Directors. Silver Standard’s legal counsel is Lawson Lundell LLP and
Holland & Hart LLP.

Marigold Acquisition: Conference Call and Webcast

        --  Conference call and webcast: Tuesday, February 4, 2014, at
            10:00 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

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

To receive Silver Standard’s news releases by e-mail, please register
using the Silver Standard website at www.silverstandard.com.

Cautionary Note Regarding Forward-Looking Statements:

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: the proposed transaction; 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
applicable legislation and government policies on our operations;
future successful development of our projects and capital enhancing
programs; estimated production rates for silver and other payable metal
produced by us; 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: obtaining
all required third party regulatory and governmental approvals to the
proposed transaction and the satisfaction or waiver of all other
conditions to completion of the proposed transaction; our ability to
successfully integrate an announced acquisition; uncertainty of
production and cost estimates for our properties and operations; future
development risks, including start-up delays and operational issues;
risks related to future exploration and development and our ability to
obtain adequate financing for these purposes; Mineral Reserves and
Mineral Resources estimates and our ability to extract mineralization
profitably and replace our Mineral Reserves; fluctuations in exchange
rates and certain commodity prices; economic and market risks;
political, financial, social, legal or economic developments or changes
in any of the countries where we carry on business; lack of suitable
infrastructure; uncertainties related to title to our mineral
properties and the ability to obtain surface rights; regulatory
compliance, including in relation to environmental laws and
regulations; operational safety and security risks; competition in the
mining industry and a shortage of mining services and other resources;
conflicts of interest involving some of our directors and officers;
risks related to claims and legal proceedings, including adverse
rulings in current or future litigation against us and/or our directors
or officers; 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.

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 various exploration and development activities; the
timely receipt of required approvals and permits; 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; and our ability to obtain adequate financing. 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.

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

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