02:34 PM EDT, 03/31/2017 (MT Newswires) -- Silver Standard Resources Inc. (SSRI, SSO.TO) has entered into the tax moratorium system in Argentina to resolve the dispute regarding the application of export duties on its Pirquitas mine. Under the conditions of the moratorium, which converts the tax liability to Argentine pesos, Pirquitas has agreed to pay approximately ARS 1 billion with 5% paid upon entry and the balance in equal installments over 60 months. Outstanding ARS amounts are subject to interest at a rate of 1.5% per month. Upon completion of these payments all liabilities related to historical export duties and interest will be extinguished.

Paul Benson, President and CEO, said, "Resolving the outstanding export duty dispute with the Argentine tax authorities provides us with the certainty required to exercise our option on the Chinchillas project. We are now moving forward to focus on making Chinchillas a successful mine development that extends the life of our Pirquitas operation well into the next decade and enables us to evaluate the viability of an underground operation at Pirquitas."

Silver Standard has also provided Golden Arrow Resources Corporation (GRG.V) with the required notice to exercise its option on the Chinchillas project and form a joint venture with Golden Arrow for the development of the property. The joint venture will be comprised of Silver Standard's Pirquitas property and Golden Arrow's Chinchillas property and will be owned on a 75%/25% basis by each company, respectively. Silver Standard will be the operator.