|
Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") provides an exploration update for first quarter Mineral Resource development activities at its Marigold mine ("Marigold") in Nevada, U.S.
Highlights:
-- Resource development drilling in the Mackay North area
continues to confirm the continuity of mineralization with
higher grades and consistent widths expected to convert Mineral
Resources to Mineral Reserves. Select results included:
o At Terry Zone North, drillhole MR6188 intersected 0.88 g/t
gold over 74.7 meters from 118.9 meters below surface; and
o At HideOut, drillhole MR6186 intersected 1.30 g/t gold over
29.0 meters from 94.5 meters below surface.
-- Valmy project permits are expected in May 2016 and will enable
exploration drilling to begin by the end of the second quarter
of 2016.
Paul Benson, President and CEO said, "Our exploration team continues to unlock additional value at Marigold. The ultimate goal of our work is mine life extension and driving better margins through these higher-grade discoveries and better understanding of the resource model."
Mineral Resource Development Drilling at Mackay North
The most recent phase of the Mackay North Mineral Resources development program consisted of 54 drillholes totaling 11,860 meters and was completed during the first quarter of 2016. Drilling as of quarter-end has continued to confirm the continuity of mineralization with higher grades and consistent widths expected to convert Mineral Resources to Mineral Reserves.
The objectives of the Mackay North Mineral Resources development program are to add Mineral Resources within the Terry Zone North ("TZN"), convert these Mineral Resources to Mineral Reserves by year-end, add definition to the HideOut deposit and conduct step-out drilling to add Mineral Resources on trend.
Drill results as shown on the cross-section A-A' demonstrate the presence and continuity of higher-grade structures with additional drillhole results pending from the continuing program. The best result from the first quarter drilling program was drillhole MR6188 that intersected 0.88 g/t gold over 74.7 meters, including 4.48 g/t over 10.6 meters. This drilling, combined with our program to re-assay historic samples (the "Assay Program") underway within the TZN area, is expected to convert these Mineral Resources to Mineral Reserves upon the completion of the drilling and Assay Program. The TZN deposit has estimated Indicated Mineral Resources of 220,000 ounces of gold at December 31, 2015.
Resource definition drilling in the HideOut deposit has defined and extended gold mineralization south of the discovery hole (MR6127) drilled in 2015 and north of the current Mackay pit limit. The best result from the first quarter drilling program was drillhole MR6186 that intersected 1.30 g/t gold over 29.0 meters, including 3.30 g/t gold over 9.1 meters. The step out drilling in the Hideout deposit area has extended mineralization northward by an additional 125 meters. This drilling within the HideOut deposit area is expected to increase Mineral Resources upon the completion of the drill program later in 2016. The HideOut deposit has estimated Indicated Mineral Resources of 48,500 ounces of gold at December 31, 2015.
Figure 1 shows the location of the 2016 drillhole collars. Figures 2 and 3 are cross-sections through the TZN and HideOut areas, respectively. Results from this quarter's drillholes are included in Table 1. A list of drillhole collar coordinates is included in Table 2. The Mackay North area exploration and development program results will be included in an updated Mineral Resources estimate for Marigold in the fourth quarter of 2016 and reported in our annual 2016 Mineral Resources and Mineral Reserves statement to be published in the first quarter of 2017.
Valmy Property
Valmy property permits are expected to be received in May 2016, which will enable exploration drilling to begin in the second quarter of 2016. The objective of the 2016 Valmy drill program is to convert Mineral Resources to Mineral Reserves. During the quarter, geologic interpretation from historical data was conducted and target areas have been identified. The Valmy property has estimated Inferred Mineral Resources of 300,000 ounces of gold at December 31, 2015.
Assay Program
During 2015, we undertook the Assay Program with the objective of identifying low-grade ore that was not included in the existing Mineral Reserves. In 2015, we assayed a total of 97,950 samples from within the planned production areas through 2019. We anticipate re-assaying up to 60,000 samples in 2016, which is sufficient to cover the remainder of the current mine plan. The Assay Program has allowed better spatial definition of the lower grade portions of the ore body.
During the first quarter of 2016 we have assayed 25,504 samples. Thus far, results from the Assay Program carried out in 2016 are broadly in line with results achieved in 2015. The Assay Program will be completed by the end of the second quarter 2016 having assayed all samples within the current life of mine plan and those within the TZN area.
Table 1. Drillhole results from the 2016 exploration drill program at the Marigold mine, Nevada, U.S.
Hole ID From To Width Gold Grade Area
(meters) (meters) (meters) (g/tonne)
--- ------- ------- ------- ---------
MR6157 0.0 70.1 70.1 0.08 HideOut
------ --- ---- ---- ---- -------
114.3 141.7 27.4 0.44
----- ----- ---- ----
MR6161 0.0 76.2 76.2 0.13 HideOut
------ --- ---- ---- ---- -------
117.3 123.4 6.1 0.24
----- ----- --- ----
MR6162 0.0 76.2 76.2 0.11 HideOut
------ --- ---- ---- ---- -------
189.0 216.4 27.4 1.00
----- ----- ---- ----
225.6 242.3 16.8 0.13
----- ----- ---- ----
MR6163 0.0 73.2 73.2 0.12 HideOut
------ --- ---- ---- ---- -------
182.9 227.1 44.2 0.11
----- ----- ---- ----
MR6169 0.0 76.2 76.2 0.12 HideOut
------ --- ---- ---- ---- -------
164.6 190.5 25.9 0.18
----- ----- ---- ----
MR6171 0.0 73.2 73.2 0.12 HideOut
------ --- ---- ---- ---- -------
MR6172 0.0 57.9 57.9 0.09 HideOut
------ --- ---- ---- ---- -------
161.5 227.1 65.5 0.12
----- ----- ---- ----
MR6173 160.0 185.9 25.9 0.63 TZN
------ ----- ----- ---- ---- ---
MR6174 0.0 45.7 45.7 0.13 8Sx
------ --- ---- ---- ---- ---
153.9 166.1 12.2 0.17
----- ----- ---- ----
MR6175 0.0 42.7 42.7 0.10 8Sx
------ --- ---- ---- ---- ---
MR6176 0.0 48.8 48.8 0.08 8Sx
------ --- ---- ---- ---- ---
175.3 227.1 51.8 0.36
----- ----- ---- ----
242.3 245.4 3.0 0.22
----- ----- --- ----
MR6177 0.0 54.9 54.9 0.07 HideOut
------ --- ---- ---- ---- -------
68.6 164.6 96.0 0.17
---- ----- ---- ----
MR6178 0.0 61.0 61.0 0.10 HideOut
------ --- ---- ---- ---- -------
61.0 128.0 67.1 0.45
---- ----- ---- ----
157.0 178.3 21.3 0.21
----- ----- ---- ----
MR6179 0.0 73.2 73.2 0.13 8Sx Mineralized Stockpile
------ --- ---- ---- ---- -------------------------
MR6180 0.0 97.5 97.5 0.09 8Sx Mineralized Stockpile
------ --- ---- ---- ---- -------------------------
MR6181 0.0 57.9 57.9 0.08 8Sx Mineralized Stockpile
------ --- ---- ---- ---- -------------------------
MR6182 103.6 166.1 62.5 0.45 TZN
------ ----- ----- ---- ---- ---
MR6183 0.0 42.7 42.7 0.08 HideOut
------ --- ---- ---- ---- -------
76.2 97.5 21.3 0.38
---- ---- ---- ----
123.4 128.0 4.6 0.11
----- ----- --- ----
MR6184B 105.2 146.3 41.1 0.48 TZN
------- ----- ----- ---- ---- ---
161.5 164.6 3.0 0.14
----- ----- --- ----
172.2 199.6 27.4 0.68
----- ----- ---- ----
MR6186 0.0 57.9 57.9 0.13 HideOut
------ --- ---- ---- ---- -------
94.5 123.4 29.0 1.30
---- ----- ---- ----
Including 105.2 114.3 9.1 3.30
--------- ----- ----- --- ----
MR6187 0.0 134.1 134.1 0.09 8Sx Mineralized Stockpile
------ --- ----- ----- ---- -------------------------
MR6188 118.9 193.6 74.7 0.88 TZN
------ ----- ----- ---- ---- ---
Including 181.4 192.0 10.6 4.48
--------- ----- ----- ---- ----
MR6189 265.2 277.4 12.2 0.42 TZN
------ ----- ----- ---- ---- ---
MR6190 0.0 67.1 67.1 0.12 HideOut
------ --- ---- ---- ---- -------
85.3 91.4 6.1 0.16
---- ---- --- ----
131.1 138.7 7.6 0.16
----- ----- --- ----
MR6191 0.0 64.0 64.0 0.17 HideOut
------ --- ---- ---- ---- -------
79.2 99.1 19.8 0.67
---- ---- ---- ----
MR6192 0.0 67.1 67.1 0.09 HideOut
------ --- ---- ---- ---- -------
178.3 245.4 67.1 0.21
----- ----- ---- ----
MR6193 0.0 76.2 76.2 0.13 HideOut
------ --- ---- ---- ---- -------
192.0 228.6 36.6 0.25
----- ----- ---- ----
MR6194 131.1 137.2 6.1 0.14 TZN
------ ----- ----- --- ---- ---
157.0 173.7 16.8 0.47
----- ----- ---- ----
182.9 204.2 21.3 2.71
----- ----- ---- ----
MR6195 99.1 118.9 19.8 0.18 TZN
------ ---- ----- ---- ---- ---
150.9 187.5 36.6 1.16
----- ----- ---- ----
208.8 227.1 18.3 0.31
----- ----- ---- ----
MR6196 89.9 137.2 47.2 0.17 TZN
------ ---- ----- ---- ---- ---
172.2 187.5 15.2 0.31
----- ----- ---- ----
MR6197 0.0 76.2 76.2 0.08 HideOut
------ --- ---- ---- ---- -------
195.1 240.8 45.7 0.90
----- ----- ---- ----
MR6198 0.0 77.7 77.7 0.10 HideOut
------ --- ---- ---- ---- -------
196.6 228.6 32.0 0.54
----- ----- ---- ----
MR6199 0.0 77.7 77.7 0.09 HideOut
------ --- ---- ---- ---- -------
198.1 230.1 32.0 0.76
----- ----- ---- ----
MR6200 105.2 121.9 16.8 0.19 TZN
------ ----- ----- ---- ---- ---
155.4 182.9 27.4 0.76
----- ----- ---- ----
182.9 204.2 21.3 0.15
----- ----- ---- ----
MR6201 51.8 57.9 6.1 0.14 TZN
------ ---- ---- --- ---- ---
111.3 143.3 32.0 0.12
----- ----- ---- ----
155.4 170.7 15.2 0.42
----- ----- ---- ----
MR6202 117.3 120.4 3.0 0.11 TZN
------ ----- ----- --- ---- ---
143.3 153.9 10.7 0.20
----- ----- ---- ----
178.3 205.7 27.4 2.01
----- ----- ---- ----
MR6203 41.1 51.8 10.7 0.14 TZN
------ ---- ---- ---- ---- ---
120.4 131.1 10.7 0.22
----- ----- ---- ----
140.2 158.5 18.3 0.15
----- ----- ---- ----
185.9 204.2 18.3 3.77
----- ----- ---- ----
MR6204 30.5 33.5 3.0 0.10 TZN
------ ---- ---- --- ---- ---
111.3 117.3 6.1 0.15
----- ----- --- ----
126.5 190.5 64.0 0.72
----- ----- ---- ----
MR6205 0.0 76.2 76.2 0.05 HideOut
------ --- ---- ---- ---- -------
199.6 204.2 4.6 0.15
----- ----- --- ----
MR6206 0.0 73.2 73.2 0.12 HideOut
------ --- ---- ---- ---- -------
169.2 173.7 4.6 0.36
----- ----- --- ----
309.4 312.4 3.0 0.17
----- ----- --- ----
MR6207 0.0 91.4 91.4 0.13 HideOut
------ --- ---- ---- ---- -------
MR6208 0.0 109.7 109.7 0.06 8Sx Mineralized Stockpile
------ --- ----- ----- ---- -------------------------
MR6209 0.0 48.8 48.8 0.08 8Sx Mineralized Stockpile
------ --- ---- ---- ---- -------------------------
MR6210 0.0 64.0 64.0 0.14 8Sx Mineralized Stockpile
------ --- ---- ---- ---- -------------------------
MR6211 0.0 109.7 109.7 0.09 8Sx Mineralized Stockpile
------ --- ----- ----- ---- -------------------------
MRA6212 25.9 32.0 6.1 0.22 8Sx
------- ---- ---- --- ---- ---
114.3 115.8 1.5 0.23
----- ----- --- ----
MRA6213 85.3 96.0 10.7 0.15 8Sx
------- ---- ---- ---- ---- ---
MR6214 0.0 109.7 109.7 0.09 8Sx Mineralized Stockpile
------ --- ----- ----- ---- -------------------------
MR6215 0.0 140.2 140.2 0.09 8Sx Mineralized Stockpile
------ --- ----- ----- ---- -------------------------
MR6216 0.0 140.2 140.2 0.10 8Sx Mineralized Stockpile
------ --- ----- ----- ---- -------------------------
MR6218 0.0 140.2 140.2 0.10 8Sx Mineralized Stockpile
------ --- ----- ----- ---- -------------------------
MR6219 0.0 140.2 140.2 0.10 8Sx Mineralized Stockpile
------ --- ----- ----- ---- -------------------------
MR6221 0.0 94.5 94.5 0.09 HideOut
------ --- ---- ---- ---- -------
MR6224 0.0 99.1 99.1 0.08 HideOut
------ --- ---- ---- ---- -------
Notes: Width in meters represents
downhole intersected length, which
may or may not be a true thickness
of the mineralization.
Table 2. Drillhole collars (Marigold mine, Nevada, U.S.)
UTM-N (Nad27 Zone 11) UTM-E (Nad27 Zone 11) Elevation (masl) Azimuth (deg.) Dip (deg.) Length (metres) Area
Hole ID
-------
MR6157 4508845 485869 1592 323 -89 276 HideOut
------ ------- ------ ---- --- --- --- -------
MR6161 4508846 485898 1592 37 -89 288 HideOut
------ ------- ------ ---- --- --- --- -------
MR6162 4509030 485815 1605 120 -89 276 HideOut
------ ------- ------ ---- --- --- --- -------
MR6163 4509007 485808 1604 237 -89 277 HideOut
------ ------- ------ ---- --- --- --- -------
MR6169 4508959 485830 1605 36 -90 245 HideOut
------ ------- ------ ---- --- --- --- -------
MR6171 4509171 485876 1591 47 -89 262 HideOut
------ ------- ------ ---- --- --- --- -------
MR6172 4509130 485872 1591 112 -88 276 HideOut
------ ------- ------ ---- --- --- --- -------
MR6173 4510445 485544 1493 165 -89 221 TZN
------ ------- ------ ---- --- --- --- ---
MR6174 4509342 485641 1565 268 -89 245 8Sx
------ ------- ------ ---- --- --- --- ---
MR6175 4509440 485711 1564 7 -89 276 8Sx
------ ------- ------ ---- --- --- --- ---
MR6176 4509543 485776 1560 183 -88 291 8Sx
------ ------- ------ ---- --- --- --- ---
MR6177 4508784 485760 1571 315 -89 245 HideOut
------ ------- ------ ---- --- --- --- -------
MR6178 4508789 485790 1574 232 -89 245 HideOut
------ ------- ------ ---- --- --- --- -------
MR6179 4509602 485872 1561 0 -90 73 8Sx Mineralized
Stockpile
--- ---------
MR6180 4510086 486144 1501 272 -89 107 8Sx Mineralized
Stockpile
--- ---------
MR6181 4510088 486097 1502 90 -90 61 8Sx Mineralized
Stockpile
--- ---------
MR6182 4510408 485390 1496 242 -89 215 TZN
------ ------- ------ ---- --- --- --- ---
MR6183 4508795 485820 1577 275 -89 245 HideOut
------ ------- ------ ---- --- --- --- -------
MR6184B 4510431 485360 1496 360 -89 218 TZN
------- ------- ------ ---- --- --- --- ---
MR6186 4508799 485851 1581 25 -90 245 HideOut
------ ------- ------ ---- --- --- --- -------
MR6187 4509822 486269 1499 324 -90 155 8Sx Mineralized
Stockpile
--- ---------
MR6188 4510409 485328 1496 181 -89 215 TZN
------ ------- ------ ---- --- --- --- ---
MR6189 4510441 485047 1501 78 -90 308 TZN
------ ------- ------ ---- --- --- --- ---
MR6190 4508804 485881 1583 337 -90 245 HideOut
------ ------- ------ ---- --- --- --- -------
MR6191 4508808 485911 1587 334 -89 245 HideOut
------ ------- ------ ---- --- --- --- -------
MR6192 4508918 485794 1605 11 -89 276 HideOut
------ ------- ------ ---- --- --- --- -------
MR6193 4508897 485777 1605 257 -90 276 HideOut
------ ------- ------ ---- --- --- --- -------
MR6194 4510495 485241 1496 119 -89 245 TZN
------ ------- ------ ---- --- --- --- ---
MR6195 4510314 485221 1501 179 -88 251 TZN
------ ------- ------ ---- --- --- --- ---
MR6196 4510558 485361 1493 51 -89 215 TZN
------ ------- ------ ---- --- --- --- ---
MR6197 4509124 485812 1593 20 -90 258 HideOut
------ ------- ------ ---- --- --- --- -------
MR6198 4509132 485845 1592 353 -90 337 HideOut
------ ------- ------ ---- --- --- --- -------
MR6199 4509107 485838 1592 240 -90 306 HideOut
------ ------- ------ ---- --- --- --- -------
MR6200 4510375 485359 1497 312 -89 221 TZN
------ ------- ------ ---- --- --- --- ---
MR6201 4510347 485384 1498 297 -89 215 TZN
------ ------- ------ ---- --- --- --- ---
MR6202 4510345 485328 1498 252 -89 213 TZN
------ ------- ------ ---- --- --- --- ---
MR6203 4510283 485326 1499 340 -90 229 TZN
------ ------- ------ ---- --- --- --- ---
MR6204 4510315 485352 1499 17 -90 229 TZN
------ ------- ------ ---- --- --- --- ---
MR6205 4509055 485866 1591 243 -90 320 HideOut
------ ------- ------ ---- --- --- --- -------
MR6206 4509081 485863 1591 172 -89 337 HideOut
------ ------- ------ ---- --- --- --- -------
MR6207 4509284 485820 1611 77 -89 343 HideOut
------ ------- ------ ---- --- --- --- -------
MR6208 4509771 486369 1495 90 -90 110 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MR6209 4509979 486089 1501 90 -90 49 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MR6210 4509896 486153 1500 90 -90 64 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MR6211 4509972 486172 1499 90 -90 110 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MRA6212 4509680 486334 1499 208 -64 200 8Sx
------- ------- ------ ---- --- --- --- ---
MRA6213 4509679 486336 1499 149 -64 200 8Sx
------- ------- ------ ---- --- --- --- ---
MR6214 4509771 486271 1501 90 -90 110 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MR6215 4509864 486244 1499 90 -90 140 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MR6216 4509895 486234 1499 90 -90 140 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MR6218 4510007 486181 1499 0 -90 140 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MR6219 4510034 486181 1499 0 -90 140 8Sx Mineralized Stockpile
------ ------- ------ ---- --- --- --- -------------------------
MR6221 4509206 485820 1610 0 -90 227 HideOut
------ ------- ------ ---- --- --- --- -------
MR6224 4509287 485872 1609 0 -90 203 HideOut
------ ------- ------ ---- --- --- --- -------
Notes: This table reports
all the drillholes
completed during the first
quarter of 2016. The
numerical gaps in the
drillhole sequence result
from drillholes reported
previously or drillholes
expected to be drilled in
the second quarter of
2016.
Sampling and Analytical Procedures
All drill samples in respect of the program were sent for processing and analysis to the offices of American Assay Laboratories, Inc. ("AAL") in Sparks, Nevada which is an ISO 17025 accredited laboratory independent from Silver Standard. Fire assay was completed on a 30 gram sample (AAL method code FA-PB30-ICP) with an Inductively Coupled Plasma ("ICP") finish after a two acid digestion. Samples with assay results greater than 10 g/t were fire assayed on a 30 gram sample (AAL method code Grav Au30) with a gravimetric finish. We employ a rigorous Quality Assurance/Quality Control ("QA/QC") program, which includes real-time assay quality monitoring through the regular insertion of blanks, duplicates, and certified reference material, as well as reviewing laboratory-provided QA/QC data.
Qualified Persons
The scientific and technical data contained in this news release has been reviewed and approved by James N. Carver, SME Registered Member, and Karthik Rathnam, MAusIMM (CP), each of whom is a Qualified Person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Carver and Mr. Rathnam are employed at Marigold as our Chief Geologist and Senior Resource Geologist, respectively.
About Silver Standard
Silver Standard is a Canadian-based precious metals producer with two wholly-owned and operated mines, including the Marigold gold mine in Nevada, U.S. and the Pirquitas silver mine in Jujuy Province, Argentina. We also have two feasibility stage projects and an extensive portfolio of exploration properties throughout North and South America. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.
For further information contact:W. John DeCooman, Jr.Vice President, Business Development and StrategySilver Standard Resources Inc.Vancouver, BC N.A. toll-free: +1 (888) 338-0046All others: +1 (604) 689-3846E-Mail:[email protected]
To receive Silver Standard's news releases by e-mail, please register using the Silver Standard website atwww.silverstandard.com.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements") concerning the anticipated developments in our operations in future periods, and other events or conditions that may occur or exist in the future. 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 gold, silver and other metals; the effects of laws, regulations and government policies affecting our operations or potential future operations; estimated production rates for gold, silver and other metals produced by us; ongoing or future development plans and capital replacement, improvement or remediation programs; 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, development plans and cost estimates for the Marigold mine, the Pirquitas mine and our projects; our ability to replace Mineral Reserves; our ability to complete and successfully integrate an announced acquisition, including the recently announced acquisition of Claude Resources Inc.; subject to exercising our election to proceed, our ability to complete and successfully integrate Golden Arrow Resources Corporation's Chinchillas project, on a joint venture basis, into our current operations; commodity price fluctuations; political or economic instability and unexpected regulatory changes; currency fluctuations; the possibility of future losses; general economic conditions; fully realizing the value of our shareholdings in Pretium Resources Inc. and our other marketable securities, due to changes in price, liquidity or disposal cost of such marketable securities; potential export duty and related interest on past production and sales of silver concentrate from the Pirquitas mine; counterparty and market risks related to the sale of our concentrate and metals; uncertainty in the accuracy of Mineral Reserves and Mineral Resources estimates and in our ability to extract mineralization profitably; differences in U.S. and Canadian practices for reporting Mineral Reserves and Mineral Resources; lack of suitable infrastructure or damage to existing infrastructure; future development risks, including start-up delays and cost overruns; our ability to obtain adequate financing for further exploration and development programs and opportunities; uncertainty in acquiring additional commercially mineable mineral rights; delays in obtaining or failure to obtain governmental permits, or non-compliance with our permits; our ability to attract and retain qualified personnel and management; potential labour unrest, including labour actions by our unionized employees at the Pirquitas mine; the impact of governmental regulations, including health, safety and environmental regulations, including increased costs and restrictions on operations due to compliance with such regulations; reclamation and closure requirements for our mineral properties; social and economic changes following closure of a mine, including the expected closure of the Pirquitas mine in late 2016, may lead to adverse impacts and unrest; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond our control; indigenous peoples' title claims and rights to consultation and accommodation may affect our existing operations as well as development projects and future acquisitions; assessments by taxation authorities in multiple jurisdictions, including the recent reassessment by the Canada Revenue Agency; recoverability of value added tax and changes to the collection process in Argentina; claims and legal proceedings, including adverse rulings in litigation against us and/or our directors or officers; compliance with anti-corruption laws and internal controls, and increased regulatory compliance costs; 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; the sufficiency of our insurance coverage; civil disobedience in the countries where our mineral properties are located; operational safety and security risks; actions required to be taken by us under human rights law; competition in the mining industry for mineral properties; shortage or poor quality of equipment or supplies; an event of default under our convertible notes may significantly reduce our liquidity and adversely affect our business; failure to meet covenants under our senior secured revolving credit facility; conflicts of interest that could arise from certain of our directors' involvement with other natural resource companies; information systems security threats; and those other various risks and uncertainties identified under the heading "Risk Factors" in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and included in our most recent Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission ("SEC").
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 currently 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 those approvals and permits required for successful project permitting, construction and operation of our projects, 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 Marigold mine and 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 SEC 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. In addition, the SEC's disclosure standards normally do not permit the inclusion of information concerning "Measured Mineral Resources," "Indicated Mineral Resources" or "Inferred Mineral Resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by U.S. standards in documents filed with the SEC. U.S. investors should understand that "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Moreover, the requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by us in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
SOURCE Silver Standard Resources Inc.
Image with caption: "Figure 1. Drillhole location plan map for the 2016 exploration drill program at the Marigold mine, Nevada, U.S. (CNW Group/Silver Standard Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20160509_C1407_PHOTO_EN_685985.jpg
Image with caption: "Figure 2. Cross-section through the Terry Zone North area showing drill results from the 2016 exploration drill program at the Marigold mine, Nevada, U.S. (CNW Group/Silver Standard Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20160509_C1407_PHOTO_EN_685981.jpg
Image with caption: "Figure 3. Cross-section through the HideOut area showing drill results from the 2016 exploration drill program at the Marigold mine, Nevada, U.S. (CNW Group/Silver Standard Resources Inc.)". Image available at:http://photos.newswire.ca/images/download/20160509_C1407_PHOTO_EN_685983.jpg
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2016/09/c1407.html
SOURCE: Silver Standard Resources Inc.
W. John DeCooman, Jr., Vice President, Business Development and Strategy, Silver
Standard Resources Inc., Vancouver, BC, N.A. toll-free: +1 (888) 338-0046, All
others: +1 (604) 689-3846E-Mail: [email protected]
|
