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Silver Standard Reports Fourth Quarter and Year-End 2013 Results

February 20, 2014

VANCOUVER, Feb. 20, 2014 /PRNewswire/ – Silver Standard Resources Inc. (NASDAQ:
SSRI) (TSX: SSO) (“Silver Standard”) reports consolidated financial
results for the fourth quarter and year ended December 31, 2013.

“2013 was a positive year for our Company, notwithstanding the lower
silver price environment.” said John Smith, President and CEO. “We
delivered strong results at our Pirquitas mine through our
restructuring program, achieving significantly lower cash costs for the
year. This was done in addition to completing the deepening of the San
Miguel pit, which lowers the future mine strip ratio. These activities
position us for higher production and lower costs in 2014. We also
maintained our strong balance sheet through our convertible note
raising, asset sales and disciplined cost management enabling us to
acquire the Marigold mine in 2014, a transformational growth
opportunity.”

Full-Year Highlights:

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

        --  Delivered strong production at Pirquitas: Produced 8.2 million
            ounces of silver, in line with guidance, and a record 27.0
            million pounds of zinc.

        --  Achieved lower cost profile:  Successful restructuring program
            resulted in cash costs of $12.87 per payable ounce of silver
            sold, down 24% from the $16.88 reported in 2012 and below 2013
            guidance range. Instituted cost discipline throughout the
            organization.

        --  Added to a strong liquidity position:  Completed a $265 million
            convertible note offering and asset sales contributing to our
            cash balance of $415.7 million as at December 31, 2013.

        --  Realigned Pitarrilla development: Deferred the construction
            decision for the larger capital, open pit project and initiated
            review of lower capital, underground project option.

        --  Created value through our portfolio:Completed the sale of the
            San Agustin project for cash and shares valued in excess of $70
            million pre-tax.

        --  Advanced project portfolio:  Commenced drill permitting for the
            Bonita Zone at San Luis in Peru and initiated drill program at
            San Luis del Cordero in Mexico.

        --  Recognized impairment:  Recognized non-cash, pre-tax impairment
            charge and write-downs of $225.7 million related to Pirquitas,
            exploration projects and assets held for sale.

        --  Strengthened senior management team:  Continued to add
            capability and experience in the areas of operations,
            development and safety.

        --  Upgraded our portfolio and production profile:  Subsequent to
            year end, announced the acquisition of the Marigold mine in
            Nevada, U.S. for $275 million in cash.

Pirquitas Mine, Argentina

Summary Mine Operating Statistics

     _____________________________________________________________________
    |        |        |Q1 2013|Q2 2013|Q3 2013|Q4 2013|Full Year|Full Year|
    |        |        |       |       |       |       |  2013   |  2012   |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Total   |        |       |       |       |       |         |   17,528|
    |material|        |  4,210|  4,471|  4,465|  4,277|         |         |
    |mined   |    Kt  |       |       |       |       |   17,423|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Ore     |        |    396|    365|    394|    420|         |    1,623|
    |milled  |    Kt  |       |       |       |       |    1,575|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Silver  |        |       |       |       |       |         |      217|
    |mill    |        |    207|    216|    215|    228|         |         |
    |feed    |        |       |       |       |       |         |         |
    |grade   |   g/t  |       |       |       |       |      217|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Zinc    |        |       |       |       |       |         |     0.74|
    |mill    |        |   0.92|   1.53|   1.91|   2.12|         |         |
    |feed    |        |       |       |       |       |         |         |
    |grade   |     %  |       |       |       |       |     1.63|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Silver  |        |   76.3|   74.8|   74.6|   73.9|         |     76.3|
    |recovery|     %  |       |       |       |       |     74.9|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Zinc    |        |       |       |       |       |         |     38.0|
    |recovery|        |   41.1|   46.0|   47.0|   53.0|         |         |
    |(zinc   |        |       |       |       |       |         |         |
    |con.)   |     %  |       |       |       |       |     48.0|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Silver  |        |  2,017|  1,890|  2,028|  2,281|         |    8,624|
    |produced|'000 oz |       |       |       |       |    8,216|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Zinc    |        |       |       |       |       |         |   11,171|
    |produced|        |  3,323|  5,589|  7,818| 10,307|         |         |
    |(zinc   |        |       |       |       |       |         |         |
    |con.)   |'000 lbs|       |       |       |       |   27,037|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Silver  |        |  2,018|  2,207|  1,969|  2,499|         |    9,383|
    |sold    |'000 oz |       |       |       |       |    8,693|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Zinc    |        |       |       |       |       |         |    8,465|
    |sold    |        |  2,147|  2,217|  4,952| 14,208|         |         |
    |(zinc   |        |       |       |       |       |         |         |
    |con.)   |'000 lbs|       |       |       |       |   23,524|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Realized|        |       |       |       |       |         |    31.33|
    |silver  |        |  30.68|  22.47|  21.38|  20.79|         |         |
    |price   | US$/oz |       |       |       |       |    23.77|         |
    |________|________|_______|_______|_______|_______|_________|_________|
    |Cash    |        |       |       |       |       |         |         |
    |costs   |        |       |       |       |       |         |         |
    |(1)     | US$/oz |  13.58|  13.03|  13.32|  11.75|    12.87|    16.88|
    |________|________|_______|_______|_______|_______|_________|_________|
    |Total   |        |       |       |       |       |         |         |
    |costs   |        |       |       |       |       |         |         |
    |(1)     | US$/oz |  20.06|  20.05|  21.24|  17.75|    19.68|    24.42|
    |________|________|_______|_______|_______|_______|_________|_________|

(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 14 of the Management’s Discussion and Analysis of
the Financial Position and Results of Operations for the year ended
December 31, 2013 (“MD&A”).

Mine production

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.

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, the Pirquitas mine produced a 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,
due to improved jig plant performance. The average silver recovery rate
of 73.9% was largely in line with the third quarter recovery rate of
74.6% and average recovery at 74.9% for the full year 2013.

Mine operating costs

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

Early in 2013, we commenced a cost reduction initiative at the Pirquitas
mine, which continued through the rest of the year and will continue
into 2014 as part of a continuous improvement process. The main focus
has been on replacing third party contract services, reducing staffing
and implementing operational controls at the plant and mine to drive
efficiencies.

Cash costs, which include cost of inventory (excluding adjustments for
write downs and one-off restructuring costs), treatment and refining
costs, and by-product credits, were $12.87 per payable ounce of silver
sold in 2013 compared to $16.88 per payable ounce of silver sold in
2012. Cash costs in 2013 benefited from lower operating costs and more
favorable concentrate sales terms compared to 2012. The decline in cash
costs was also a result of the adoption of the interpretation on
accounting for waste removal costs issued by the IFRS Interpretation
Committee (“IFRIC”) – 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 2013 was
at a lower per unit cost compared to 2012 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
basis.

Total costs, which add silver export duties, depreciation, depletion and
amortization to cash costs, were $19.68 per payable ounce of silver
sold in 2013 compared to $24.42 per payable ounce of silver sold in
2012. Depletion, depreciation and amortization was lower in 2013
compared to 2012 largely due to the asset impairment recorded in the
second quarter. The main driver for the decrease in total costs,
however, is related to the reduction in cash costs, as discussed above.

Mine sales

We sold 8.7 million ounces of silver in 2013, compared to 9.4 million
ounces in 2012. Sales exceeded production as we drew down existing
inventory balances. We also sold 23.5 million pounds of zinc in 2013,
well in excess of the 8.5 million pounds sold in 2012, due to the
increase in zinc production through 2013.

Exploration at Pirquitas

During 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”.

Outlook

This section of the news release provides management’s production and
cost estimates for 2014. Major capital and exploration expenditures are
also discussed. See “Cautionary Note Regarding Forward-Looking
Statements.”

Our production and cost guidance, as detailed below, relates solely to
our Pirquitas mine and exploration and development activities. Our
guidance for 2014 will be adjusted for the recently announced
acquisition of the Marigold mine upon close of the transaction and
development of production, operating and capital budgets for the
remainder of the year.

Our 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.

Subsequent to the end of 2013, the Argentine peso has seen a significant
devaluation, well above the pace of devaluation through 2013, as the
government reduced intervention and relaxed capital controls. We are
still assessing the impact of this devaluation on the Pirquitas mine.
The devaluation will reduce the value of our Argentine peso denominated
assets, principally cash and value added tax (“VAT”) receivables, and
decrease Argentine peso denominated liabilities, principally accounts
payable, when expressed in U.S. dollars, our reporting currency. The
devaluation is expected to positively impact our Argentine-based
operating costs when expressed in U.S. dollars, but we remain cautious
of the impact the devaluation will have on inflation rates in the
country, which would negatively impact our operating cost structure. We
remain active in managing our exposure and risk and our cash resources
in Argentina at present are limited.

Financial Results

Mine Operations

        --  Revenues were $174.7 million in the year ended December 31,
            2013, compared to $241.1 million in the year ended December 31,
            2012. Cost of sales was $169.5 million, including $41.8 million
            non-cash depletion, depreciation and amortization, in the year
            ended December 31, 2013.  This compares to a cost of sales of
            $183.0 million and non-cash depletion, depreciation and
            amortization of $43.3 million in the year ended December 31,
            2012.

        --  Mine operations at Pirquitas earned $5.2 million in the year
            ended December 31, 2013, compared to $58.1 million in the year
            ended December 31, 2012.

Net Income

        --  Net loss of $225.0 million, or $2.79 per share, in the year
            ended December 31, 2013, compared to net earnings of $55.3
            million or $0.69 per share in the year ended December 31, 2012.
            The lower net earnings in 2013 are principally due to pre-tax
            impairment charges and inventory write-downs of $225.7 million.

Liquidity

        --  Cash and cash equivalents were $415.7 million at December 31,
            2013, compared to $366.9 million as of December 31, 2012.
            Working capital was $584.1 million at December 31, 2013,
            compared to $350.9 million at December 31, 2012.
     ___________________________________________________________________
    |                                                                   |            Selected
    |Financial Data                                                     |
    |                                                                   |
    |(US$000's, except per share amounts)                               |
    |                                                                   |
    |This summary of selected financial data should be read in          |
    |conjunction with our MD&A and our audited consolidated financial   |
    |statements for the years ended December 31, 2013 and December 31,  |
    |2012.                                                              |
    |___________________________________________________________________|
    |                           |   Three Months    |       Year        |
    |                           | Ended December 31 | Ended December 31 |
    |___________________________|___________________|___________________|
    |                           |     2013|     2012|     2013|     2012|
    |___________________________|_________|_________|_________|_________|
    |Revenue                    |   49,026|   86,778|  174,686|  241,120|
    |___________________________|_________|_________|_________|_________|
    |Income from mine operations|    3,985|   24,102|    5,184|   58,105|
    |___________________________|_________|_________|_________|_________|
    |Operating (loss) income    |  (2,602)|   13,488|(224,715)|   21,741|
    |___________________________|_________|_________|_________|_________|
    |Net income (loss) for the  |   29,813|   22,948|(224,997)|   55,328|
    |period                     |         |         |         |         |
    |___________________________|_________|_________|_________|_________|
    |Basic earnings (loss) per  |     0.37|     0.28|   (2.79)|     0.69|
    |share                      |         |         |         |         |
    |___________________________|_________|_________|_________|_________|
    |Cash generated by operating|   14,516|   19,329|   19,472|   37,993|
    |activities                 |         |         |         |         |
    |___________________________|_________|_________|_________|_________|
    |Cash generated by (used in)|   12,094|  (2,852)| (76,585)|    2,251|
    |investing activities       |         |         |         |         |
    |___________________________|_________|_________|_________|_________|
    |Cash generated by financing|--  |--  |  118,160|      618|
    |activities                 |         |         |         |         |
    |___________________________|_________|_________|_________|_________|
    |                                                                   |
    |___________________________________________________________________|
    |Financial Position         | December 31, 2013 | December 31, 2012 |
    |___________________________|___________________|___________________|
    |Cash and cash equivalents  |            415,657|            366,947|
    |___________________________|___________________|___________________|
    |Current assets - total     |            688,203|            565,724|
    |___________________________|___________________|___________________|
    |Current liabilities - total|            104,124|            214,813|
    |___________________________|___________________|___________________|
    |Working capital            |            584,079|            350,911|
    |___________________________|___________________|___________________|
    |Total assets               |          1,191,241|          1,317,847|
    |___________________________|___________________|___________________|

Principal Projects

Pitarrilla, Mexico

Capitalized expenditures at our wholly-owned Pitarrilla project located
in the State of Durango, Mexico during 2013 amounted to $9.5 million
compared to $23.9 million in 2012.

The key objective of 2013 was to progress the Pitarrilla open pit
project towards a construction decision by the end of the year. Through
the first three quarters of the year, we were successful in progressing
key areas of the project, while reducing project risk in critical
areas, achieving the following:

        --  Entered into surface land use agreements over two parcels of
            land and received government approval of the 30-year temporary
            occupation application providing surface access to the last
            critical surface property needed to develop the Pitarrilla
            project. Our occupation could still, however, be subject to
            legal appeal;
        --  Submitted the final Project EIA to the Mexican Ministry of
            Environment and Natural Resources (SEMARNAT);
        --  Completed a 10-tonne pilot plant test program on oxide and
            mixed oxide-sulphide (transitional) material;
        --  Advanced work on the access road, finalized construction of the
            initial project landfill and conducted an evaluation of water
            sources;
        --  Undertook technical discussions and explored options with
            potential suppliers of mobile equipment for the mine and other
            equipment suppliers; and
        --  Appointed financial advisors, and entered into discussions with
            potential partners.

In October 2013, the Mexican government enacted significant changes to
the mining tax and royalty regime and introduced other fiscal measures
which have significant impacts on the mining industry. Given the
significance of these changes we deferred the open pit construction
decision, suspended the joint venture process, placed project
activities on hold and initiated a thorough review of the mine and
plant options at the Pitarrilla project. We commenced a revision of
various options for the project that could lead to a lower capital,
smaller starter project with a meaningful production level without
compromising the future option of the original larger open pit project.
The initial focus of this work is on a 3,000 to 4,000 tonnes per day
underground operation, targeting the higher grade, deeper sulphides at
or below the bottom of the open pit project.

On February 14, 2014 we were advised that SEMARNAT did not approve the
EIA for the Pitarrilla open pit mine, primarily because sufficient
water rights could not be secured. Our ability to secure water rights
are currently limited due to a temporary moratorium on subterranean
water exploitation imposed in April 2013 in connection with
uncontrolled and over exploited aquifers located throughout Mexico. For
the Pitarrilla underground development option, the water requirements
are significantly less and previous studies have shown that no external
water sourcing is required.

San Luis, Peru

Capitalized expenditures at our wholly-owned San Luis project located in
the Ancash Department, Peru, during 2013 amounted to $6.4 million
compared to $7.9 million in 2012.

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 and the EIA was approved in
2012. The execution of the mining project requires land access
negotiations to be completed with both communities. To date we have
only reached an agreement with the Cochabamba community while
negotiations are continuing with the Ecash community. We have also
identified an additional potential high grade gold vein target, the
Bonita Zone, which is located entirely within the area held by
Cochabamba and have a 5,000 metre drill program planned and budgeted
for 2014.

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 Zone. Exploration permits for the Bonita
Zone target have been received and, once a water permit is received, we
will commence exploration drilling in the first half of 2014, upon the
conclusion of the Peruvian rainy season.

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

Under current fiscal conditions, we have minimized capital available for
non-core exploration activities, and during 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 the sale of the San Agustin
property in Mexico in 2013 and the completion of the sale of the
Challacollo property in Chile subsequent to the year end, and the
relinquishment of several other properties in Mexico and the United
States in 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.

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 fourth quarter of 2013 and into early
2014, we completed a 5,500 meter drill program in 15 holes and we are
currently considering our options for the property.

Mineral Reserves and Resources

At December 31, 2013, Proven and Probable silver Mineral Reserves
totaled 554 million ounces. The decrease in Mineral Reserves from 566
million ounces at December 31, 2012, is largely driven by milling
depletion at the Pirquitas mine. Measured and Indicated silver Mineral
Resources (inclusive of Mineral Reserves) at year end totaled 1,131
million ounces and Inferred silver Mineral Resources totaled 297
million ounces. See Table 1 for details of our Mineral Reserves and
Mineral Resources by project.

Qualified Person

The scientific and technical data contained in this news release has
been reviewed and approved by Andrew W. Sharp, B.Eng., FAusIMM, a
Qualified Person under National Instrument 43-101–Standards of
Disclosure for Mineral Projects (“NI 43-101″) and our Vice President,
Technical Services.

Risks and Uncertainties

For information regarding the risks and uncertainties affecting our
business, please refer to the section entitled “Other Risk and
Uncertainties” in our MD&A, which is available at www.sedar.com, the EDGAR section of the SEC website at www.sec.gov, and on our website at www.silverstandard.com.

Management Discussion & Analysis and Conference Call

This news release should be read in conjunction with our audited
consolidated 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: Friday, February 21, 2014, at
            11:00 a.m. EST.

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        callers:

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            Audio replay will be available for one week by calling:

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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 acquisition of the Marigold mine, 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: obtaining all required third party
regulatory and governmental approvals to the proposed acquisition of
the Marigold mine and the satisfaction or waiver of all other
conditions to completion of the proposed acquisition; our ability to
successfully integrate an announced acquisition; 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
audited consolidated financial statements.

Table 1. Mineral Reserves and Resources

(As of December 31, 2013)


                            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         7.1    208.0                 0.55             47.3              

                         Probable       2.9    179.0                 1.28             16.6              

                         Stockpiles*    1.1    125.0                 1.39              4.5              

    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       7.9    210.0                 0.35             53.2              

                         Indicated     19.2    162.0                 1.73            100.2              

                         Stockpiles**   1.1    125.0                 1.39              4.5              

    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      

    Berenguela Peru      Indicated     15.6    132.0                           0.92   66.1              

    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   U.S.      Indicated     63.2     34.3                                  69.6
    Springs
    (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       5.4    162.0                 2.38             28.3              

    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      

    Berenguela Peru      Inferred       6.0    111.7                           0.74   21.6              

    Candelaria U.S.      Inferred      50.5     51.1    0.1                           82.8    0.03      

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

    San        Mexico    Inferred       2.3    191.8          0.32   0.66             14.3
    Marcial

    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 each of the respective properties.
Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. Mineral Resources and Mineral Reserves
figures have some rounding applied. Exact totals can be found in the
corresponding NI 43-101 Technical Report for each property.

Table 1 does not include estimates of Mineral Reserves and Mineral
Resources for the San Agustin property, which was sold to Argonaut Gold
Inc. effective December 30, 2013, or the Challacollo property, which
was sold to Mandalay Resources Corporation effective February 6, 2014.

All Technical Reports referenced below are available under our profile
on SEDAR or on our website at www.silverstandard.com.

Pirquitas

        --  Mineral Reserves and Mineral Resources estimates are reported
            below the as-mined surface as at December 31, 2013. The Mineral
            Reserves estimate was completed by Andrew W. Sharp, B.Eng.,
            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 unchanged
            to the values that are reported in a technical report dated
            December 23, 2011 and entitled "NI 43-101 Technical Report on
            the Pirquitas Mine, Jujuy Province, Argentina" (the "2011
            Pirquitas Technical Report"). Mineral Resources for the Mining
            Area (includes San Miguel, Potosi, and Oploca zones) were
            estimated by Janelle Smith, MAIG, as a Qualified Person in
            accordance with the standards of NI 43-101. 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 for the
            Cortaderas area are reported above a cut-off grade of 50 grams
            per tonne silver; San Miguel, Oploca and Potosi are reported at
            65 grams per tonne silver and are reported inclusive of Mineral
            Reserves. 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 Reserves and Mineral Resources estimates are as at
            December 4, 2012 and are contained in a technical report dated
            December 14, 2012 and entitled "NI 43-101 Technical Report on
            the Pitarrilla Project, Durango State, Mexico". The Mineral
            Reserves estimate was completed by Andrew W. Sharp, B.Eng.,
            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 and 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, 2013.

San Luis

        --  Mineral Reserves and Mineral Resources estimates are as at June
            4, 2010 and are contained in a technical report dated effective
            June 4, 2010 and titled "Technical Report for the San Luis
            Project Feasibility Study, Ancash Department, Peru" (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
            estimates 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. The
            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
            estimates are reported at a cut-off grade of 6.0 grams per
            tonne gold equivalent, 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, 2013.

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$10.00 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.

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.

Candelaria

        --  Mineral Resources estimate was completed by Pincock Allen &
            Holt in accordance with the standards of NI 43-101 under the
            supervision of Mark G. Stevens, P.G., a Qualified Person, in a
            technical report 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 us to all silver produced
            from the project while our 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. 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 us 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.

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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