Silver Standard Provides Q1 2012 Pirquitas Operations and Corporate Update

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aitakahashi

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Silver Standard Provides Q1 2012 Pirquitas Operations and Corporate Update

posted on Apr 16, 2012 12:03PM

the first quarter had higher production with lower costs, so it looks like pirquitas is finally on track:


--  Produced 2.2 million ounces of silver, a 24% quarter-on-quarter
    increase.

--  Lowered direct mining costs to $11.71 per ounce of silver produced, a
    22% quarter-on-quarter improvement.

--  Operated the debottlenecked plant at an average of 4,567 tonnes per day
    throughput, a rate 14% above nominal design.

--  Contractually delivered 1.5 million ounces of silver through spot sale
    agreements.

--  Entered into two long-term silver concentrate sales contracts with
    smelters for 60% of monthly production commencing April 2012.

--  Subsequent to the quarter, enhanced corporate liquidity by realizing
    gross cash proceeds of C$70 million from exercised Pretium Resources
    Inc. ("Pretium") share purchase warrants pursuant to the secondary
    offering completed last year.

"These first quarter results are a continuation of the strong operating performance since the restart of the ball mill in November 2011," said John Smith, President and CEO. "The operating discipline in place at Pirquitas is focused on consistent, reliable and safe results quarter-on-quarter. Increasing production is one of our approaches to reduce direct mining cost per ounce at Pirquitas, and the first quarter is an example of that. These results, in addition to the Pretium warrant exercise, further strengthen our liquidity and position Silver Standard for a strong 2012."

http://finance.yahoo.com/news/silver-standard-provides-q1-2012-071500153.html

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